11234 Elgin Blvd · Spring Hill, FL 34608

$229,900

3 bd · 2.0 ba · 1,526 sqft · SingleFamily public records · 5 Days on market

Built 1987 10,000 sqft lot Est $313k · 27% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.9/30.0
• DSCR +4.2/10.0
• Schools +4.2/10.0
• 1% rule +3.8/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

TOTALLY UPDATED 3 BRMS 2 BATH 2 CAR GARAGE (TILE) FORMAL DINING PLUS FLORIDA ROOM, NEW KITCHEN, APPLIANCES,PAINT INSIDE/OUT. NEW BATH FIXTURES, NEW ROOF, GUTTERS, UTILITY SHED. SHOW SELL!

Key facts

• New drain field
• Screened in patio
• 0.23 acre lot

Tags

• SCREENED IN PATIO
• NEW DRAIN FIELD

Property features AI

Finance

• HOA & community: Community has street lights

Exterior

• Parking: Attached garage with 2 spaces
• Security: Smoke detectors
• Utilities: Public water available; Public sewer and septic tank listed; Electricity connected; Cable available; Water available
• Home design: Single family residence; One-story
• Construction: Block and stucco construction
• Exterior features: Patio; Rear screened porch; Street lights in the community; County road frontage; Lot approximately 0.23 acres; Lot zoned Other

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Total rooms: 9
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Breakfast bar; Open floor plan; Double vanity
• Laundry & utility: Laundry area located in the garage; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $25 ($299/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (11.8% below list).
• Recommended offer: $203k (11.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• Zoned schools: Spring Hill Elementary School (math 50% / reading 51%, grade D+, #1,055 of 2,144 statewide, top 50%, 893 students, 68% FRL); West Hernando Middle School (math 36% / reading 37%, grade F, #405 of 571 statewide, top 72%, 695 students, 58% FRL); Central High School (math 34% / reading 44%, grade F, #312 of 667 statewide, top 48%, 1,426 students, 53% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents soft (-0.7%/yr); 389 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• This rent runs 38% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $123k; list at $230k implies a 87% 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,725 (11.8% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.88% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.46%
• DSCR: 1.02
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $312,830
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5347 Harbinger Rd	0.23mi	3/2.0	1,523 (-0%)	2mo	$312,000	$205	88
11357 Elgin Blvd	0.23mi	4/2.0 (+1)	1,430 (-6%)	0mo	$279,900	$196	73
5068 Harbinger Rd	0.55mi	3/2.0	1,542 (+1%)	0mo	$340,000	$220	72
11349 Sand Hill Ave	0.60mi	3/2.0	1,473 (-4%)	0mo	$340,000	$231	66
12076 Elgin Blvd	0.68mi	3/2.0	1,534 (+0%)	2mo	$280,000	$183	66
5341 Abagail Dr	0.68mi	3/2.0	1,588 (+4%)	2mo	$318,000	$200	60
5101 Elwood Rd	0.59mi	3/2.0	1,391 (-9%)	1mo	$232,000	$167	57
11224 Sheffield Rd	0.38mi	2/2.0 (-1)	1,325 (-13%)	0mo	$289,900	$219	55
11329 Sheffield Rd	0.37mi	2/2.0 (-1)	1,298 (-15%)	2mo	$300,000	$231	52
5346 Pierpoint Ave	0.67mi	3/2.0	1,696 (+11%)	2mo	$400,000	$236	49
5447 Abagail Dr	0.53mi	2/2.0 (-1)	1,326 (-13%)	1mo	$260,000	$196	47
5051 Teather St	0.67mi	3/2.0	1,330 (-13%)	2mo	$240,000	$180	46

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.35×
• Total profit: $-41,586
• Equity at exit: $34,279

10-year hold

• IRR: -19.1%
• Equity multiple: 0.11×
• Total profit: $-57,036
• Equity at exit: $19,878

Cash invested: $64,372 (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 34608

• Home prices YoY: -24.7%
• Rents YoY: -0.7%
• Active inventory: 389
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,027 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$275 /mo · $3,303/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $25

Break-even live

Break-even rent $1,996

Max offer price $229,900

Occupancy floor 94%

Sensitivity live

Price	-10% $155	-5% $90	+0% $25	+5% $-40	+10% $-105
Rent	-10% $-135	-5% $-55	+0% $25	+5% $105	+10% $185
Rate	-1.0pp $141	-0.5pp $83	base $25	+0.5pp $-35	+1.0pp $-95

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11201 Kangley Ln Spring Hill, FL	2.0	2.0	1105	$1,695	$1.53	6d	1	0.46mi
5294 Fairhaven Ave Spring Hill, FL	2.0	2.0	1105	$1,600	$1.45	26d	1	0.50mi
11349 Sand Hill Ave Spring Hill, FL	3.0	2.0	1473	$2,500	$1.70	5d	1	0.58mi
5363 Pierpoint Ave Spring Hill, FL	3.0	2.0	1722	$2,200	$1.28	26d	1	0.62mi
12095 Elgin Blvd Spring Hill, FL	3.0	2.0	1284	$1,849	$1.44	26d	1	0.70mi
5085 Courtland Rd Spring Hill, FL	3.0	2.0	1312	$1,800	$1.37	1d	1	0.85mi
5327 Baldock Ave Spring Hill, FL	3.0	2.0	1711	$1,995	$1.17	19d	1	0.92mi
10449 Mayflower Rd Spring Hill, FL	3.0	2.0	1502	$1,849	$1.23	22d	1	0.97mi
12042 Villa Rd Spring Hill, FL	4.0	2.5	2142	$2,425	$1.13	23d	1	1.22mi
10117 Elgin Blvd Spring Hill, FL	4.0	2.0	1400	$1,995	$1.43	6d	1	1.23mi
2459 Landover Blvd Spring Hill, FL	3.0	2.0	1139	$1,900	$1.67	23d	1	1.25mi
12454 Seagate St Spring Hill, FL	3.0	2.0	1114	$1,690	$1.52	0d	1	1.33mi
4253 Central Park Dr Spring Hill, FL	2.0–3.0	2.0	1107	$1,677	$1.51	3d	8	1.34mi
4518 Yorkshire Ave Spring Hill, FL	2.0	1.5	1119	$1,600	$1.43	26d	1	1.36mi
4224 Portillo Rd Spring Hill, FL	2.0	2.0	1100	$1,462	$1.33	1d	2	1.47mi

Listing history 6 events

1. 2026-06-21
   days on market $229,900 Active 5 DOM
2. 2026-06-18
   days on market $229,900 Active 2 DOM
3. 2026-06-17
   days on marketlisting id $229,900 Active 1 DOM
4. 2026-06-16
   days on market $229,900 Active 3 DOM
5. 2026-06-15
   remarks 302-char remark
6. 2026-06-15
   listed $229,900 Active 2 DOM

ⓘ 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: $3,303 · $275/mo
• Projected year-2 tax: $3,303 · $275/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 · 25 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: $24,327
• − Mortgage interest: −$12,878
• − Property taxes: −$3,303
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − Depreciation: −$6,688
• Taxable loss: −$3,583
• Est. tax savings @ 24.0%: +$860
• After-tax cash flow: $1,159/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): 36,658
• Household income: $64,345
• Rent vs Own: 19.6% rent · 80.4% own
• Severe rent burden: 647.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 18% Two or more races 11% Black 4% Asian 2%
• Hispanic origin (detail): Puerto Rican 9% Cuban 3%
• Common ancestry: Slovak 4% Romanian 3% Lithuanian 3%
• Foreign-born: 9% · Canada, Jamaica, China
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -99.94%
• Current HPI: 305.1933
• Rent YoY: ▼ -0.68%
• 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

+318.0% since first listed

7 events — show timeline

• 2026-06-13 Listed $229,900 HCAR
• 2004-06-30 Sold (Public Records) $123,000 Public Records
• 2004-06-25 Sold (MLS) $123,000 HCAR
• 2004-04-18 Listed $127,900 HCAR
• 2003-06-03 Sold (Public Records) $83,000 Public Records
• 2003-01-10 Listed $86,900 HCAR
• 1998-07-09 Sold (Public Records) $55,000 Public Records

Property tax history

+9.4%/yr

Latest (2025): $3,303 · +2.2% YoY. Source: county tax records.