6402 Covewood Dr · Spring Hill, FL 34609

$250,000

2 bd · 1.0 ba · 1,038 sqft · SingleFamily public records · 9 Days on market

Built 1983 10,000 sqft lot Est $251k · at est.

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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 +19.5/30.0
• ARV discount +7.7/15.0
• DSCR +6.2/10.0
• 1% rule +4.4/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Conveniently located in the heart of Spring Hill, this well-maintained fully fenced block home offers flexibility, comfort, and easy access to everything you need. Featuring 2 bedrooms, 1 bathroom, and 1,038 square feet of living space, the home includes a converted garage currently serving as a third bedroom, providing additional space for guests, a home office, hobby room, or growing household. The conversion can easily be returned to a one-car garage if desired. Situated on a spacious 0.20-acre lot, you'll enjoy room to relax, entertain, garden, or store your outdoor equipment. Major updates include a newer A/C installed in 2022 for added peace of mind. Location is key, and this property

Key facts

• Converted garage
• Newer a/c
• Spacious lot

Tags

• CONVERTED GARAGE
• SPACIOUS LOT
• NEWER A/C
• QUICK ACCESS TO SHOPPING
• CLOSE TO OAK HILL HOSPITAL
• EASY COMMUTE TO TAMPA

Property features AI

Finance

• Other: Homestead exemption indicated
• Financial info: No lease restrictions reported
• HOA & community: No secondary association reported

Exterior

• Parking: Attached garage (1 car)
• Security: Security system
• Utilities: Public water; Septic tank; Electricity available; Cable available; Phone available; Fiber optics available; Broadband/high-speed internet available
• Home design: Single family residence; One story; Faces west; Residential property
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built on 0.23-acre lot
• Exterior features: Private mailbox; Asphalt road access; Street lights in community

Interior

• Kitchen: Range; Range hood; Microwave; Refrigerator
• Bedrooms: 2 bedrooms (one level)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Thermostat; Walk-in closet(s); Security system
• Laundry & utility: Washer hookup; Dryer hookup (electric); Laundry room inside

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/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 $235k (6.0% below list).
• Recommended offer: $235k (6.0% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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.
• Market conditions: Rents falling (-4.8%/yr); 738 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• This rent runs 36% of the median local income ($79k/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 $8k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $42k; list at $250k implies a 495% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,102 (6.0% 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: 0.94% ✗
• Cap rate: 7.65%
• Cash-on-cash: 4.83%
• DSCR: 1.22
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $251,196
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6347 Shadydale Ave	0.27mi	2/1.0	1,086 (+5%)	10mo	$258,000	$238	72
13186 Thrush St	0.17mi	3/2.0 (+1)	1,114 (+7%)	2mo	$240,000	$215	69
12463 Tansboro St	0.30mi	2/2.0	968 (-7%)	4mo	$235,000	$243	67
13082 Lola Dr	0.27mi	2/1.0	910 (-12%)	2mo	$218,000	$240	66
6208 Layton Ave	0.40mi	2/2.0	1,105 (+6%)	2mo	$240,000	$217	65
6450 Crowley Ct	0.27mi	2/2.0	1,159 (+12%)	3mo	$280,000	$242	62
6168 Mariner Blvd	0.48mi	2/2.0	1,088 (+5%)	5mo	$195,000	$179	61
13035 Santee St	0.41mi	2/2.0	1,138 (+10%)	3mo	$277,000	$243	58
12484 Curry Dr	0.62mi	3/1.0 (+1)	990 (-5%)	3mo	$195,000	$197	56
13180 Lawrence St	0.49mi	2/1.0	924 (-11%)	10mo	$240,000	$260	50
6012 Landover Blvd	0.62mi	2/1.0	924 (-11%)	5mo	$224,900	$243	49
13208 Siam Dr	0.67mi	2/1.0	884 (-15%)	0mo	$215,000	$243	44

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: -12.0%
• Equity multiple: 0.58×
• Total profit: $-29,504
• Equity at exit: $37,276

10-year hold

• IRR: -7.6%
• Equity multiple: 0.58×
• Total profit: $-29,435
• Equity at exit: $21,615

Cash invested: $70,000 (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 34609

• Home prices YoY: -23.2%
• Rents YoY: -4.8%
• Active inventory: 738
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,351 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$160 /mo · $1,922/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $282

Break-even live

Break-even rent $1,994

Max offer price $250,000

Occupancy floor 83%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13186 Thrush St Spring Hill, FL	3.0	2.0	1114	$1,950	$1.75	24d	1	0.15mi
13109 Lola Dr Spring Hill, FL	2.0	2.0	1483	$4,900	$3.30	24d	1	0.26mi
6289 Mariner Blvd Spring Hill, FL	3.0	2.0	1212	$1,850	$1.53	17d	1	0.31mi
13097 Scottville St Unit 1234463P Spring Hill, FL	3.0	2.0	1463	$3,890	$2.66	1d	1	0.72mi
12454 Seagate St Spring Hill, FL	3.0	2.0	1114	$1,735	$1.56	24d	1	0.80mi
7402 Eastern Circle Dr Brooksville, FL	2.0	1.0	720	$1,200	$1.67	24d	1	1.07mi
7124 Barclay Ave Unit A Spring Hill, FL	2.0	2.0	927	$1,500	$1.62	24d	1	1.30mi
12095 Elgin Blvd Spring Hill, FL	3.0	2.0	1284	$1,849	$1.44	24d	1	1.37mi
14373 Irving St Spring Hill, FL	2.0	1.0	828	$1,750	$2.11	24d	1	1.38mi
5038 Ayrshire Dr Spring Hill, FL	3.0	2.0	1418	$1,850	$1.30	21d	1	1.46mi

Listing history 8 events

1. 2026-06-18
   days on market $250,000 Active 9 DOM
2. 2026-06-17
   days on market $250,000 Active 8 DOM
3. 2026-06-16
   days on market $250,000 Active 7 DOM
4. 2026-06-15
   days on market $250,000 Active 6 DOM
5. 2026-06-13
   days on market $250,000 Active 4 DOM
6. 2026-06-13
   days on market $250,000 Active 3 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   listed $250,000 Active 1 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: $1,922 · $160/mo
• Projected year-2 tax: $2,075 · $173/mo
• Expected delta: +$153/yr (+$13/mo · 7.9%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥110°F today · 26 d/yr by 30 yrs out
• 💨 Wind 9/10 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: $28,212
• − Mortgage interest: −$14,004
• − Property taxes: −$1,922
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,257
• − Management: −$2,257
• − Depreciation: −$7,273
• Taxable loss: −$751
• Est. tax savings @ 24.0%: +$180
• After-tax cash flow: $3,563/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): 47,257
• Household income: $79,442
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 663.0

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 (65%)
• Race & ethnicity: White 65% Hispanic / Latino 22% Two or more races 13% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 12% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 1%
• Foreign-born: 11% · Canada, Jamaica, Philippines
• Languages at home: 81% English-only · Spanish 15% Other Asian/Pacific 1% Other Indo-European 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: ▼ -86.49%
• Current HPI: 286.5885
• Rent YoY: ▼ -4.82%
• 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

+495.2% since first listed

2 events — show timeline

• 2026-06-09 Listed $250,000 Stellar MLS as Distributed by MLS Grid
• 1990-12-01 Sold (Public Records) $42,000 Public Records

Property tax history

+14.5%/yr

Latest (2025): $1,922 · +0.8% YoY. Source: county tax records.