9474 Nakoma Way Unit E · North Weeki Wachee, FL 34613

$119,900

2 bd · 2.0 ba · 1,163 sqft · Condo · 154 Days on market

Built 1988 $424/mo HOA · 25% of rent ↓ 21% since listing

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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 +17.1/30.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained first-floor 2 bedroom, 2 bath condo located in the desirable Greens at The Heather. This inviting home features spacious bedrooms with large closets, a bright kitchen offering abundant cabinetry, generous counter space, and a cozy breakfast nook. Enjoy relaxing in the screened and window-enclosed porch, perfect for year-round enjoyment. The property association covers trash removal, all exterior maintenance, lawn irrigation, roof replacement, internet, basic cable, as well as exterior homeowners insurance. Residents also enjoy membership to the private pool, featuring a heated spa, large screened outdoor dining area, barbecue grills, and sunbathing areas and

Key facts

• Private pool
• First-floor condo
• Heated spa

Tags

• FIRST-FLOOR CONDO
• SCREENED PORCH
• PRIVATE POOL
• HEATED SPA
• OUTDOOR DINING AREA
• BARBECUE GRILLS

Property features AI

Finance

• Other: Homestead exemption: yes; Property subtype: Condominium; Property type: Residential
• Financial info: Total annual fees: $5,088; Total monthly fees: $424
• HOA & community: HOA required; association name listed; Monthly HOA fee: $24; Monthly condo fee: $400; Association fees include cable TV, internet, grounds maintenance, security, and trash; Community features: clubhouse, pool, deed restrictions, buyer approval required; Pets allowed: cats and dogs

Exterior

• Security: Community security included in association
• Utilities: Public water; Private sewer; Electricity connected; Water connected
• Home design: Residential condominium; Single-story (one level); Faces north; Floor 1
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as part of a multi-unit building (building number 14)
• Exterior features: Exterior lighting; Paved road access

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Open floorplan; Split bedroom layout; 5 total rooms
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $83 ($991/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.9% in North Weeki Wachee — 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 68/100 on livability (#534 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, schools F, 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: 691 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• This rent runs 35% of the median local income ($59k/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 $829 of loan paydown is wiped out by about $4k 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 154 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.41% ✓
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -11.4%
• Equity multiple: 0.59×
• Total profit: $-13,883
• Equity at exit: $17,877

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-4,154
• Equity at exit: $10,367

Cash invested: $33,572 (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 34613

• Home prices YoY: -17.2%
• Active inventory: 691
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,690 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$424
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $83

Break-even live

Break-even rent $1,586

Max offer price $119,900

Occupancy floor 90%

Sensitivity live

Price	-10% $165	-5% $124	+0% $83	+5% $41	+10% $0
Rent	-10% $-51	-5% $16	+0% $83	+5% $149	+10% $216
Rate	-1.0pp $143	-0.5pp $113	base $83	+0.5pp $52	+1.0pp $20

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7569 Heather Walk Dr Weeki Wachee, FL	2.0	2.0	1211	$1,595	$1.32	18d	1	0.40mi
7744 St Andrews Blvd Weeki Wachee, FL	2.0	2.0	1142	$1,450	$1.27	25d	1	0.45mi
8992 Hernando Way Weeki Wachee, FL	2.0	2.0	1490	$1,695	$1.14	5d	1	0.65mi
7251 Mc Ginnes Ct Weeki Wachee, FL	2.0	2.0	1360	$1,695	$1.25	5d	1	0.87mi
7425 Galloway Rd Weeki Wachee, FL	2.0	2.0	936	$1,600	$1.71	13d	1	0.87mi

HOA detail condo

• Monthly dues: $424 · $5,088/yr
• Likely covers: trashinternetcableexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $119,900 Active 154 DOM
2. 2026-06-17
   days on market $119,900 Active 153 DOM
3. 2026-06-16
   days on market $119,900 Active 152 DOM
4. 2026-06-15
   days on market $119,900 Active 151 DOM
5. 2026-06-13
   days on market $119,900 Active 149 DOM
6. 2026-06-13
   days on market $119,900 Active 148 DOM
7. 2026-06-09
   days on market $119,900 Active 145 DOM
8. 2026-06-08
   days on market $119,900 Active 144 DOM
9. 2026-06-07
   days on market $119,900 Active 143 DOM
10. 2026-06-04
    days on market $119,900 Active 140 DOM
11. 2026-06-03
    days on market $119,900 Active 139 DOM
12. 2026-06-02
    days on market $119,900 Active 138 DOM
13. 2026-06-01
    days on market $119,900 Active 137 DOM
14. 2026-05-31
    days on market $119,900 Active 136 DOM
15. 2026-03-03
    price $129,900
16. 2026-01-15
    listed $139,900 Active
17. 2025-12-23
    historical
18. 2025-09-20
    price $154,888
19. 2025-09-17
    price $159,888
20. 2025-06-24
    listed $164,888 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥110°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,281
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,623
• − Management: −$1,623
• − HOA: −$5,088
• − Depreciation: −$3,488
• Taxable loss: −$654
• Est. tax savings @ 24.0%: +$157
• After-tax cash flow: $1,148/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 — North Weeki Wachee

• Score: 68/100
• State rank: #534
• US rank: #10019

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Weeki Wachee, FL
• County: Hernando County · 169,677 people
• City population: 18,280
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 19,337
• Household income: $58,596
• Rent vs Own: 9.2% rent · 90.8% own
• Severe rent burden: 307.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -57.51%
• Current HPI: 276.2229
• Rent YoY: —
• 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

-21.2% since first listed

6 events — show timeline

• 2026-03-03 Price Changed $129,900 Stellar MLS as Distributed by MLS Grid
• 2026-01-15 Listed $139,900 Stellar MLS as Distributed by MLS Grid
• 2025-12-23 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-09-20 Price Changed $154,888 Stellar MLS as Distributed by MLS Grid
• 2025-09-17 Price Changed $159,888 Stellar MLS as Distributed by MLS Grid
• 2025-06-24 Listed $164,888 Stellar MLS as Distributed by MLS Grid