16165 Narrow St · Spring Hill, FL 34604

$185,000

3 bd · 2.0 ba · 1,728 sqft · Manufactured public records · 245 Days on market

Built 1987 0.34 ac lot Est $238k · 22% under

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +6.4/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3-2 in Brooksville, FL!

Key facts

• New well pump
• New gutters
• Recently renovated

Tags

• RECENTLY RENOVATED
• NEW ROOF
• NEW GUTTERS
• SCREENED-IN BACK PORCH
• NEW WELL PUMP
• NEW AC

Property features AI

Finance

• Other: Lot size approximately 0.34 acres (0.25–0.5 acre); Asphalt road access; Living area about 1728 square feet; Total rooms: 5
• HOA & community: No HOA association; Community street lights

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Septic tank; Electricity connected; Water connected; Sewer available; Broadband/high-speed internet available
• Home design: Manufactured double wide home; Residential property; One story; Faces north; Entry level: One
• Construction: Vinyl siding and frame construction; Shingle roof; Pillar/post/pier foundation; Built in 1 building (double wide)
• Exterior features: Sidewalk; Storage

Interior

• Kitchen: Cooktop; Dishwasher; Disposal; Microwave
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Built-in features
• Laundry & utility: Laundry room; Washer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.4% in Spring Hill — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 63/100 on livability (#738 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Hernando (suburban): math 50% / reading 50% proficiency, ranked #38 of 73 in FL (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.6%/yr); 196 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Hernando County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 245 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $30k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $83k; list at $185k implies a 123% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 245 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 9.11%
• Cash-on-cash: 10.07%
• DSCR: 1.45
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $238,464
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4357 Orlando Ave	0.27mi	3/2.0	1,620 (-6%)	0mo	$134,000	$83	77
16125 Putnam St	0.29mi	3/2.0	1,836 (+6%)	2mo	$175,000	$95	74
16077 Bradenton St	0.71mi	4/2.0 (+1)	1,813 (+5%)	3mo	$251,000	$138	51
16109 La Bella St	0.41mi	4/2.0 (+1)	1,512 (-12%)	13mo	$219,000	$145	44
5139 Orlando Ave	0.71mi	4/2.0 (+1)	1,832 (+6%)	11mo	$264,200	$144	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.61% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-5,199
• Equity at exit: $27,584

10-year hold

• IRR: 5.4%
• Equity multiple: 1.38×
• Total profit: $19,527
• Equity at exit: $15,995

Cash invested: $51,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 34604

• Home prices YoY: -23.4%
• Rents YoY: 1.6%
• Active inventory: 196
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,108 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$184 /mo · $2,205/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $435

Break-even live

Break-even rent $1,558

Max offer price $185,000

Occupancy floor 74%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
286 Cherry Birch LN Masaryktown, FL	3.0	1.0–2.0	964	$1,884	$1.95	1d	44	0.75mi
14499 Tamarind Loop Spring Hill, FL	3.0	2.0	1688	$2,200	$1.30	12d	1	1.24mi
14501 Silversmith Cir Spring Hill, FL	3.0	2.0	1557	$2,000	$1.28	24d	1	1.34mi

Listing history 37 events

1. 2026-06-18
   days on market $185,000 Active 245 DOM
2. 2026-06-17
   days on market $185,000 Active 244 DOM
3. 2026-06-16
   days on market $185,000 Active 243 DOM
4. 2026-06-15
   days on market $185,000 Active 242 DOM
5. 2026-06-13
   days on market $185,000 Active 240 DOM
6. 2026-06-13
   days on market $185,000 Active 239 DOM
7. 2026-06-09
   days on market $185,000 Active 236 DOM
8. 2026-06-08
   days on market $185,000 Active 235 DOM
9. 2026-06-07
   pricedays on market $185,000 Active 234 DOM
10. 2026-06-04
    days on market $192,000 Active 231 DOM
11. 2026-06-03
    days on market $192,000 Active 230 DOM
12. 2026-06-02
    days on market $192,000 Active 229 DOM
13. 2026-06-01
    days on market $192,000 Active 228 DOM
14. 2026-05-31
    days on market $192,000 Active 227 DOM
15. 2026-05-07
    price $192,000
16. 2026-04-30
    price $201,000
17. 2026-03-10
    price $202,999
18. 2026-02-18
    price $203,999
19. 2026-01-20
    price $205,000
20. 2025-11-21
    price $209,000
21. 2025-10-17
    listed $215,000 Active
22. 2023-11-02
    soldstatus $83,000 Closed 23-char remark

    Show marketing remark (23 chars)

    3-2 in Brooksville, FL!

23. 2023-09-19
    soldstatus $83,000
24. 2023-08-10
    status Pending 23-char remark

    Show marketing remark (23 chars)

    3-2 in Brooksville, FL!

25. 2023-07-28
    status Active 23-char remark

    Show marketing remark (23 chars)

    3-2 in Brooksville, FL!

26. 2023-07-11
    status Pending 23-char remark

    Show marketing remark (23 chars)

    3-2 in Brooksville, FL!

27. 2023-06-06
    price $109,900 23-char remark

    Show marketing remark (23 chars)

    3-2 in Brooksville, FL!

28. 2023-05-15
    listed $124,900 Active 23-char remark

    Show marketing remark (23 chars)

    3-2 in Brooksville, FL!

29. 2020-09-29
    historical
30. 2020-09-29
    historical
31. 2019-10-31
    soldstatus $35,000
32. 2012-05-12
    listed $37,000
33. 2011-11-26
    historical
34. 2011-08-26
    listed $40,000
35. 2010-12-30
    listed $56,000
36. 2004-03-31
    soldstatus $34,000
37. 2004-02-23
    listed $34,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,205 · $184/mo
• Projected year-2 tax: $2,205 · $184/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,302
• − Mortgage interest: −$10,363
• − Property taxes: −$2,205
• − Insurance: −$925
• − Repairs & maintenance: −$2,024
• − Management: −$2,024
• − Depreciation: −$5,382
• Taxable income: $2,379
• Est. tax owed @ 24.0%: −$571
• After-tax cash flow: $4,645/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hernando
• NCES district ID: 1200810
• Math proficiency: 50% ▼ -8.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $41,985
• Composite: 42.03/100
• National rank: #3329
• State rank: #38 of 73 in FL

Livability — Spring Hill

• Score: 63/100
• State rank: #738
• US rank: #15937

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment D+ Housing A+ Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spring Hill, FL
• County: Hernando County · 169,677 people
• City population: 83,915
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 13,642
• Household income: $84,833
• Rent vs Own: 8.5% rent · 91.5% own
• Severe rent burden: 142.0

Population outlook (Hernando County) Hauer SSP2

• Today (2025): 189,218 people
• By 2030: 194,367 · +2.7%
• By 2040: 203,398 · +7.5%
• By 2050: 209,589 · +10.8%
• By 2075: 218,452 · +15.4%
• By 2100: 205,923 · +8.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 10% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 10% Cuban 3%
• Common ancestry: Romanian 3% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 4% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Hernando

• 2024 margin: Solid R (+37.0) · D 31.1% · R 68.2%
• 2008→2024 swing: -33.5pp toward R · 2008: -3.6pp · 2024: -37.0pp
• All cycles: 2024: R+37.0 2020: R+30.2 2016: R+29.0 2012: R+8.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.38%
• Current HPI: 276.4751
• Rent YoY: ▲ 1.61%
• Metro: Tampa-St. Petersburg-Clearwater, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+450.1% since first listed

23 events — show timeline

• 2026-05-07 Price Changed $192,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-30 Price Changed $201,000 Stellar MLS as Distributed by MLS Grid
• 2026-03-10 Price Changed $202,999 Stellar MLS as Distributed by MLS Grid
• 2026-02-18 Price Changed $203,999 Stellar MLS as Distributed by MLS Grid
• 2026-01-20 Price Changed $205,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-21 Price Changed $209,000 Stellar MLS as Distributed by MLS Grid
• 2025-10-17 Listed $215,000 Stellar MLS as Distributed by MLS Grid
• 2023-11-02 Sold (MLS) $83,000 Stellar MLS as Distributed by MLS Grid
• 2023-09-19 Sold (Public Records) $83,000 Public Records
• 2023-08-10 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-07-28 Relisted — Stellar MLS as Distributed by MLS Grid
• 2023-07-11 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-06-06 Price Changed $109,900 Stellar MLS as Distributed by MLS Grid
• 2023-05-15 Listed $124,900 Stellar MLS as Distributed by MLS Grid
• 2020-09-29 Listing Removed — HCAR
• 2020-09-29 Listing Removed — HCAR
• 2019-10-31 Sold (Public Records) $35,000 Public Records
• 2012-05-12 Listed $37,000 HCAR
• 2011-11-26 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2011-08-26 Listed $40,000 Stellar MLS as Distributed by MLS Grid
• 2010-12-30 Listed $56,000 HCAR
• 2004-03-31 Sold (MLS) $34,000 HCAR
• 2004-02-23 Listed $34,900 HCAR

Property tax history

+9.7%/yr

Latest (2025): $2,205 · -7.9% YoY. Source: county tax records.