33073 Cassandra Way · Ridge Manor, FL 33523

$65,000

2 bd · 2.0 ba · 880 sqft · SingleFamily public records · 155 Days on market

Built 1964 0.30 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

CASH ONLY! Investor alert! This property is all about location and land value. The existing 2/2 structure is best suited for a full rebuild since the repairs must meet current flood regulations, including elevating the home at least 1 foot above base flood elevation. What you’re really buying here is the corner lot, the proximity to the river, and the potential to start fresh.

Key facts

• Corner lot
• 0.3 acre lot
• Built 1964

Tags

• CORNER LOT
• PROXIMITY TO THE RIVER

Property features AI

Finance

• Other: Property type: Single Family Residence; Zoning: R1A; Lot size approximately 0.3 acres (quarter to half acre)
• HOA & community: No HOA/association reported

Exterior

• Utilities: Well water; Septic tank sewer; Electricity available
• Home design: Single Family Residence; Residential property; One story; Faces west; Entry level: One
• Construction: Frame construction; Shingle roof; Slab foundation; Built on/total building area reported
• Exterior features: Private mailbox; Corner lot; Paved road access

Interior

• Kitchen: Other appliances
• Bedrooms: 2 bedrooms
• Flooring: Other flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Other heating; Other cooling
• Interior features: Fireplace; Other interior features
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $654 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.4% 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; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($449 loan paydown + $6k 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $50k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.07% ✓
• Cap rate: 18.36%
• Cash-on-cash: 43.10%
• DSCR: 2.92
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $250,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4332 Pocahontas Dr	0.07mi	2/2.0	864 (-2%)	13mo	$65,000	$75	83
4447 Pocahontas Dr	0.13mi	2/1.5	825 (-6%)	20mo	$235,000	$285	65

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: 57.8%
• Equity multiple: 5.23×
• Total profit: $77,031
• Equity at exit: $58,557

10-year hold

• IRR: 51.3%
• Equity multiple: 11.66×
• Total profit: $194,091
• Equity at exit: $126,281

Cash invested: $18,200 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,343 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$39 /mo · $467/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $654

Break-even live

Break-even rent $515

Max offer price $65,000

Occupancy floor 46%

Sensitivity live

Price	-10% $691	-5% $672	+0% $654	+5% $635	+10% $617
Rent	-10% $548	-5% $601	+0% $654	+5% $707	+10% $760
Rate	-1.0pp $686	-0.5pp $670	base $654	+0.5pp $637	+1.0pp $620

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $65,000 Active 155 DOM
2. 2026-06-17
   days on market $65,000 Active 154 DOM
3. 2026-06-16
   days on market $65,000 Active 153 DOM
4. 2026-06-15
   days on market $65,000 Active 152 DOM
5. 2026-06-13
   days on market $65,000 Active 150 DOM
6. 2026-06-13
   days on market $65,000 Active 149 DOM
7. 2026-06-09
   days on market $65,000 Active 146 DOM
8. 2026-06-08
   days on market $65,000 Active 145 DOM
9. 2026-06-07
   days on market $65,000 Active 144 DOM
10. 2026-06-04
    days on market $65,000 Active 141 DOM
11. 2026-06-03
    days on market $65,000 Active 140 DOM
12. 2026-06-02
    days on market $65,000 Active 139 DOM
13. 2026-06-01
    days on market $65,000 Active 138 DOM
14. 2026-05-31
    days on market $65,000 Active 137 DOM
15. 2026-01-21
    status Active
16. 2026-01-14
    status Pending
17. 2026-01-07
    listed $65,000 Active
18. 2005-11-17
    soldstatus $50,000
19. 1980-01-01
    soldstatus $23,000

ⓘ 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: $467 · $39/mo
• Projected year-2 tax: $540 · $45/mo
• Expected delta: +$72/yr (+$6/mo · 15.5%)

ⓘ 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 8/10 Severe 6 d/yr ≥108°F today · 21 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: $16,110
• − Mortgage interest: −$3,641
• − Property taxes: −$467
• − Insurance: −$325
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$1,891
• Taxable income: $7,209
• Est. tax owed @ 24.0%: −$1,730
• After-tax cash flow: $6,115/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

+182.6% since first listed

5 events — show timeline

• 2026-01-21 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-01-14 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-01-07 Listed $65,000 Stellar MLS as Distributed by MLS Grid
• 2005-11-17 Sold (Public Records) $50,000 Public Records
• 1980-01-01 Sold (Public Records) $23,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $467 · -79.0% YoY. Source: county tax records.