5023 Bobwhite Ct · Ridge Manor, FL 33523

$234,900

3 bd · 2.0 ba · 1,288 sqft · SingleFamily public records · 37 Days on market

Built 1979 Est $207k · 13% over

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Why this score? — see what drove the D+ 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 +14.7/30.0
• Appreciation +10.0/10.0
• DSCR +4.5/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0

Listing remarks MLS

Don't miss out on the opportunity to own this 3-bedroom, 2-bathroom home situated on a spacious . 96-acre corner lot, conveniently located near I-75. This home offers an open floor plan with a large Florida room currently being used as a separate living space. Master bedroom features a large walk-in closet and shower/tub combo. Split floor plan separates the master from the additional 2 bedrooms. Property is adjacent to a no-build lot, providing extra privacy and a sense of openness. With its convenient location and spacious lot, this property offers a great opportunity to create your ideal living space. Schedule your showing today to view this home and explore the possibilities it holds.

Key facts

• Fenced yard
• Florida room
• New shed

Tags

• FLORIDA ROOM
• FENCED YARD
• NEW SHED
• SOLID BLOCK CONSTRUCTION
• QUIET AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-368 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (27.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (19.7% below list).
• Recommended offer: $170k (27.7% below list) — sets the bar for cash-flow.
• Cap rate 6.6% vs local median 4.3% in Ridge Manor — 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 (#736 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, employment D, schools 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: 295 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Hernando County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $182k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,819 (27.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $207,368
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34739 Hibiscus Dr	0.26mi	3/2.0	1,323 (+3%)	3mo	$289,000	$218	81
5287 Azalea Cir	0.27mi	3/2.0	1,312 (+2%)	9mo	$265,000	$202	77
34796 Hibiscus St	0.29mi	3/2.0	1,265 (-2%)	12mo	$215,000	$170	73
5072 Lakewood Dr	0.42mi	3/2.0	1,397 (+8%)	1mo	$225,000	$161	66
34799 Evergreen Way	0.10mi	3/2.5	1,444 (+12%)	10mo	$135,000	$93	64
5028 Cardinal Dr	0.18mi	3/2.0	1,456 (+13%)	7mo	$264,000	$181	64
34534 Orchid Pkwy	0.57mi	3/2.0	1,390 (+8%)	1mo	$272,500	$196	59
5067 Mockingbird Dr	0.36mi	2/2.0 (-1)	1,432 (+11%)	3mo	$205,625	$144	57
4979 Lakewood Dr	0.47mi	2/2.0 (-1)	1,432 (+11%)	5mo	$110,000	$77	50
34577 Orchid Pkwy	0.64mi	2/1.0 (-1)	1,250 (-3%)	7mo	$189,000	$151	50
34708 Hibiscus Dr	0.34mi	2/1.5 (-1)	1,104 (-14%)	7mo	$175,000	$159	48
34382 Orchid Pkwy	0.42mi	2/2.0 (-1)	1,103 (-14%)	10mo	$95,000	$86	43

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 2.59×
• Total profit: $104,642
• Equity at exit: $211,617

10-year hold

• IRR: 18.0%
• Equity multiple: 5.97×
• Total profit: $326,951
• Equity at exit: $456,359

Cash invested: $65,772 (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 33523

• Home prices YoY: 3.8%
• Active inventory: 295
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,887 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$103 /mo · $1,235/yr
• Insurance: −$98
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $-368

Break-even live

Break-even rent $2,353

Max offer price $169,819

Occupancy floor —

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34807 Evergreen Way Dade City, FL	3.0	1.0	1000	$1,900	$1.90	20d	1	0.11mi
5431 Tower St Dade City, FL	2.0	1.5	1188	$2,000	$1.68	17d	1	1.24mi
34934 Punch Rd Dade City, FL	2.0	2.0	924	$1,550	$1.68	24d	1	1.40mi

Listing history 33 events

1. 2026-06-18
   days on market $234,900 Active 37 DOM
2. 2026-06-17
   pricedays on market $234,900 Active 36 DOM
3. 2026-06-16
   days on market $249,900 Active 35 DOM
4. 2026-06-15
   days on market $249,900 Active 34 DOM
5. 2026-06-13
   days on market $249,900 Active 32 DOM
6. 2026-06-13
   days on market $249,900 Active 31 DOM
7. 2026-06-09
   days on market $249,900 Active 28 DOM
8. 2026-06-08
   days on market $249,900 Active 27 DOM
9. 2026-06-07
   days on market $249,900 Active 26 DOM
10. 2026-06-04
    days on market $249,900 Active 23 DOM
11. 2026-06-03
    days on market $249,900 Active 22 DOM
12. 2026-06-02
    days on market $249,900 Active 21 DOM
13. 2026-06-01
    days on market $249,900 Active 20 DOM
14. 2026-05-31
    days on market $249,900 Active 19 DOM
15. 2026-05-12
    listed $249,900 Active
16. 2023-08-09
    soldstatus $181,600
17. 2023-08-04
    soldstatus $181,600 Closed 697-char remark

    Show marketing remark (697 chars)

    Don't miss out on the opportunity to own this 3-bedroom, 2-bathroom home situated on a spacious . 96-acre corner lot, conveniently located near I-75. This home offers an open floor plan with a large Florida room currently being used as a separate living space. Master bedroom features a large walk-in closet and shower/tub combo. Split floor plan separates the master from the additional 2 bedrooms. Property is adjacent to a no-build lot, providing extra privacy and a sense of openness. With its convenient location and spacious lot, this property offers a great opportunity to create your ideal living space. Schedule your showing today to view this home and explore the possibilities it holds.

18. 2023-06-19
    status Pending 697-char remark

    Show marketing remark (697 chars)

    Don't miss out on the opportunity to own this 3-bedroom, 2-bathroom home situated on a spacious . 96-acre corner lot, conveniently located near I-75. This home offers an open floor plan with a large Florida room currently being used as a separate living space. Master bedroom features a large walk-in closet and shower/tub combo. Split floor plan separates the master from the additional 2 bedrooms. Property is adjacent to a no-build lot, providing extra privacy and a sense of openness. With its convenient location and spacious lot, this property offers a great opportunity to create your ideal living space. Schedule your showing today to view this home and explore the possibilities it holds.

19. 2023-06-14
    listed $200,000 Active 697-char remark

    Show marketing remark (697 chars)

    Don't miss out on the opportunity to own this 3-bedroom, 2-bathroom home situated on a spacious . 96-acre corner lot, conveniently located near I-75. This home offers an open floor plan with a large Florida room currently being used as a separate living space. Master bedroom features a large walk-in closet and shower/tub combo. Split floor plan separates the master from the additional 2 bedrooms. Property is adjacent to a no-build lot, providing extra privacy and a sense of openness. With its convenient location and spacious lot, this property offers a great opportunity to create your ideal living space. Schedule your showing today to view this home and explore the possibilities it holds.

20. 2021-02-11
    soldstatus $148,000
21. 2021-02-05
    soldstatus $148,900 470-char remark

    Show marketing remark (470 chars)

    Call today for your opportunity to own this 3/2 on 1 acre (MOL) on corner lot conveniently located to I-75. Home offers open floor plan with large florida room currently being used as a separate living space. Master bedroom features a large walk in closet, shower/tub combo with a split bedroom plan. Backyard is fully fenced with newer above ground pool, adjacent lot is a no build. Septic drain field has been recently updated. Call today for your appointment to view!

22. 2021-02-05
    soldstatus $148,900

    Show marketing remark (470 chars)

    Call today for your opportunity to own this 3/2 on 1 acre (MOL) on corner lot conveniently located to I-75. Home offers open floor plan with large florida room currently being used as a separate living space. Master bedroom features a large walk in closet, shower/tub combo with a split bedroom plan. Backyard is fully fenced with newer above ground pool, adjacent lot is a no build. Septic drain field has been recently updated. Call today for your appointment to view!

23. 2021-02-05
    soldstatus $148,900

    Show marketing remark (470 chars)

    Call today for your opportunity to own this 3/2 on 1 acre (MOL) on corner lot conveniently located to I-75. Home offers open floor plan with large florida room currently being used as a separate living space. Master bedroom features a large walk in closet, shower/tub combo with a split bedroom plan. Backyard is fully fenced with newer above ground pool, adjacent lot is a no build. Septic drain field has been recently updated. Call today for your appointment to view!

24. 2020-11-04
    listed $148,900 470-char remark

    Show marketing remark (470 chars)

    Call today for your opportunity to own this 3/2 on 1 acre (MOL) on corner lot conveniently located to I-75. Home offers open floor plan with large florida room currently being used as a separate living space. Master bedroom features a large walk in closet, shower/tub combo with a split bedroom plan. Backyard is fully fenced with newer above ground pool, adjacent lot is a no build. Septic drain field has been recently updated. Call today for your appointment to view!

25. 2020-11-04
    listed $148,900

    Show marketing remark (470 chars)

    Call today for your opportunity to own this 3/2 on 1 acre (MOL) on corner lot conveniently located to I-75. Home offers open floor plan with large florida room currently being used as a separate living space. Master bedroom features a large walk in closet, shower/tub combo with a split bedroom plan. Backyard is fully fenced with newer above ground pool, adjacent lot is a no build. Septic drain field has been recently updated. Call today for your appointment to view!

26. 2020-11-03
    listed $148,900
27. 2014-04-29
    soldstatus $64,500
28. 2014-04-24
    soldstatus $64,500
29. 2014-01-28
    listed $64,500
30. 2011-09-23
    soldstatus $19,900
31. 2011-09-07
    listed $19,900
32. 1996-11-18
    soldstatus $68,500
33. 1991-10-01
    soldstatus $60,500

ⓘ 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: $1,235 · $103/mo
• Projected year-2 tax: $1,950 · $162/mo
• Expected delta: +$714/yr (+$60/mo · 57.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,645
• − Mortgage interest: −$13,158
• − Property taxes: −$1,235
• − Insurance: −$6,293
• − Repairs & maintenance: −$1,812
• − Management: −$1,812
• − Depreciation: −$6,833
• Taxable loss: −$8,498
• Est. tax savings @ 24.0%: +$2,040
• After-tax cash flow: $-2,381/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 — Ridge Manor

• Score: 63/100
• State rank: #736
• US rank: #15912

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ridge Manor, FL
• Population (ZIP): 19,296

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 57% Hispanic / Latino 28% Black 10% Two or more races 10% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 21% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 5% Slovak 1% Romanian 1%
• Foreign-born: 13% · Canada, China, Jamaica
• Languages at home: 75% English-only · Spanish 21% Other Indo-European 2% Chinese 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: ▲ 16.36%
• Current HPI: 448.7
• Rent YoY: —
• Metro: —
• 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

+313.1% since first listed

19 events — show timeline

• 2026-05-12 Listed $249,900 FSBO.com
• 2023-08-09 Sold (Public Records) $181,600 Public Records
• 2023-08-04 Sold (MLS) $181,600 Stellar MLS as Distributed by MLS Grid
• 2023-06-19 Pending — Stellar MLS as Distributed by MLS Grid
• 2023-06-14 Listed $200,000 Stellar MLS as Distributed by MLS Grid
• 2021-02-11 Sold (Public Records) $148,000 Public Records
• 2021-02-05 Sold (MLS) $148,900 Stellar MLS as Distributed by MLS Grid
• 2021-02-05 Sold (MLS) $148,900 St. Augustine and St. Johns County Board of REALTORS®
• 2021-02-05 Sold (MLS) $148,900 HCAR
• 2020-11-04 Listed $148,900 St. Augustine and St. Johns County Board of REALTORS®
• 2020-11-04 Listed $148,900 HCAR
• 2020-11-03 Listed $148,900 Stellar MLS as Distributed by MLS Grid
• 2014-04-29 Sold (Public Records) $64,500 Public Records
• 2014-04-24 Sold (MLS) $64,500 Stellar MLS as Distributed by MLS Grid
• 2014-01-28 Listed $64,500 Stellar MLS as Distributed by MLS Grid
• 2011-09-23 Sold (MLS) $19,900 Stellar MLS as Distributed by MLS Grid
• 2011-09-07 Listed $19,900 Stellar MLS as Distributed by MLS Grid
• 1996-11-18 Sold (Public Records) $68,500 Public Records
• 1991-10-01 Sold (Public Records) $60,500 Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,235 · +0.4% YoY. Source: county tax records.