35120 Whispering Oaks Blvd · Ridge Manor, FL 33523

$227,500

2 bd · 2.0 ba · 1,444 sqft · SingleFamily public records · 78 Days on market

Built 1984 4,953 sqft lot Est $235k · at est. $23/mo HOA · 1% of rent

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Why this score? — see what drove the C- 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 +12.9/30.0
• Appreciation +10.0/10.0
• ARV discount +9.0/15.0
• Schools +4.2/10.0
• DSCR +3.9/10.0
• 1% rule +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

BEAUTIFUL 3/2 END UNIT VILLA located in the highly desirable Whispering Oaks Estates community! This light and bright home features a beautifully renovated eat-in kitchen highlighted by a charming bow window, perfect for enjoying your morning coffee. The spacious great room offers upgraded laminate flooring and a convenient dry bar with a dark walnut surface and a stone backdrop - ideal for entertaining. The split-bedroom floor plan provides privacy for family and guests alike. Relax in the cozy Florida room that opens to an oversized lanai with wonderful golf course views. Enjoy the perfect combination of comfort, style, and location in this inviting home! Reasonable deed restrictions ensu

Key facts

• Dry bar
• Florida room
• Oversized lanai

Tags

• RENOVATED EAT-IN KITCHEN
• DRY BAR
• FLORIDA ROOM
• OVERSIZED LANAI
• GOLF COURSE VIEWS
• WELL MAINTAINED COMMUNITY

Property features AI

Finance

• Other: Unfurnished; No home warranty; No lease restrictions indicated
• HOA & community: HOA with required annual fee ($277); Monthly HOA approximately $23.08; Association covers common area taxes, private road, and recreational facilities; Association amenities include recreation facilities; vehicle restrictions; Community features: association-owned recreation, deed restrictions, golf, golf carts allowed, special community restrictions; Pets: cats and dogs allowed (limits apply)

Exterior

• Parking: Carport (1 space); Guest parking available
• Utilities: Public water; Sewer: septic needed; Electricity connected; Water connected; Sewer connected; Cable available; Phone available; BB/HS internet available; Fire hydrant nearby; Underground utilities; Sprinkler meter
• Home design: Residential villa; Single-story (one level); North-facing entry
• Construction: Brick and frame construction; Shingle roof; Slab foundation; Completed condition; Built within a planned unit development
• Exterior features: Enclosed rear porch/Florida room; Attic and additional storage rooms; Rain gutters; Metered sprinkler system; Mature landscaping with trees; Corner lot, level and private; Near golf course; Paved asphalt road; private maintained road

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric, heat pump); Central air conditioning
• Interior features: Built-in features; Ceiling fans; Eat-in kitchen; High ceilings; Living room/dining room combo; Open floorplan; Split bedroom layout; Thermostat; Vaulted ceilings; Walk-in closets; Window treatments; Aluminum window frames; Double-pane/insulated/thermal windows
• Laundry & utility: Washer; Dryer; Washer and dryer hookups inside; Electric dryer hookup; Common area laundry available

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $228k.

Deal economics

• At list price, monthly cash flow is $-15 ($-176/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (14.1% below list).
• Recommended offer: $196k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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, 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: Eastside Elementary School (math 37% / reading 32%, grade F, #1,709 of 2,144 statewide, top 81%, 737 students, 73% FRL); Hernando High School (math 42% / reading 42%, grade F, #275 of 667 statewide, top 42%, 1,299 students, 58% FRL).
• Market conditions: 295 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $12k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $228k implies a 203% 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; major 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 $195,509 (14.1% 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 78 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $235,372
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35118 Whispering Oaks Blvd	0.01mi	3/2.0 (+1)	1,564 (+8%)	9mo	$220,000	$141	73
6126 Beechwood Dr	0.09mi	3/2.0 (+1)	1,564 (+8%)	14mo	$220,000	$141	65
35062 Whispering Oaks Blvd	0.10mi	3/2.0 (+1)	1,564 (+8%)	18mo	$203,000	$130	62
35138 Whispering Oaks Blvd	0.03mi	2/2.0	1,256 (-13%)	22mo	$205,000	$163	58
5495 Emerald Dr	0.69mi	3/2.0 (+1)	1,563 (+8%)	5mo	$325,000	$208	45
6103 Fairway Dr	0.55mi	3/2.0 (+1)	1,658 (+15%)	10mo	$337,500	$204	36

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: 24.1%
• Equity multiple: 2.93×
• Total profit: $122,989
• Equity at exit: $204,950

10-year hold

• IRR: 21.4%
• Equity multiple: 6.70×
• Total profit: $362,961
• Equity at exit: $441,982

Cash invested: $63,700 (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: 9.7×

Monthly cashflow live

• Estimated rent: $1,955 medium
• Mortgage (P&I): −$1,193
• Tax from tax record: −$248 /mo · $2,980/yr
• Insurance: −$95
• HOA: −$23
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $-15

Break-even live

Break-even rent $1,974

Max offer price $224,907

Occupancy floor 96%

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: $56,875
• Closing costs: $6,825
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5431 Tower St Dade City, FL	2.0	1.5	1188	$2,000	$1.68	17d	1	1.12mi
34807 Evergreen Way Dade City, FL	3.0	1.0	1000	$1,900	$1.90	20d	1	1.15mi

HOA detail

• Monthly dues: $23 · $276/yr

Listing history 16 events

1. 2026-06-04
   status $227,500 Pending 78 DOM
2. 2026-06-03
   days on market $227,500 Active 78 DOM
3. 2026-06-02
   days on market $227,500 Active 77 DOM
4. 2026-06-01
   days on market $227,500 Active 76 DOM
5. 2026-05-31
   days on market $227,500 Active 75 DOM
6. 2026-04-10
   price $227,500
7. 2026-03-17
   listed $240,000 Active
8. 2018-04-09
   soldstatus $75,000
9. 2014-02-14
   soldstatus $65,000
10. 2011-06-27
    soldstatus $56,100
11. 2009-03-23
    historical
12. 2008-12-05
    listed $112,500
13. 2007-07-23
    historical
14. 2007-04-23
    listed $149,000
15. 1996-09-20
    soldstatus $65,000
16. 1985-11-01
    soldstatus $73,917

ⓘ 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: $2,980 · $248/mo
• Projected year-2 tax: $2,980 · $248/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 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 26 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: $23,461
• − Mortgage interest: −$12,744
• − Property taxes: −$2,980
• − Insurance: −$1,138
• − Repairs & maintenance: −$1,877
• − Management: −$1,877
• − HOA: −$276
• − Depreciation: −$6,618
• Taxable loss: −$4,048
• Est. tax savings @ 24.0%: +$972
• After-tax cash flow: $795/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

+207.8% since first listed

11 events — show timeline

• 2026-04-10 Price Changed $227,500 Stellar MLS as Distributed by MLS Grid
• 2026-03-17 Listed $240,000 Stellar MLS as Distributed by MLS Grid
• 2018-04-09 Sold (Public Records) $75,000 Public Records
• 2014-02-14 Sold (Public Records) $65,000 Public Records
• 2011-06-27 Sold (Public Records) $56,100 Public Records
• 2009-03-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-12-05 Listed $112,500 Stellar MLS as Distributed by MLS Grid
• 2007-07-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2007-04-23 Listed $149,000 Stellar MLS as Distributed by MLS Grid
• 1996-09-20 Sold (Public Records) $65,000 Public Records
• 1985-11-01 Sold (Public Records) $73,917 Public Records

Property tax history

+8.2%/yr

Latest (2025): $2,980 · +5.6% YoY. Source: county tax records.