3264 Stephens Blvd · Spring Hill, FL 34606

$254,000

3 bd · 2.0 ba · 1,272 sqft · Land · 40 Days on market

Built 2026 9,974 sqft lot

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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 +12.1/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• 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

Welcome to this brand new Nobility-built 3 bedroom, 2 bath manufactured home in Spring Hill, offering modern comfort, an open floor plan, and a convenient location close to shopping, dining, and Florida's Gulf Coast lifestyle. Built in 2026, this thoughtfully designed home features a bright and open layout that creates an inviting atmosphere for both everyday living and entertaining. The spacious living and dining areas flow seamlessly into the kitchen, making the home feel comfortable, functional, and welcoming. The kitchen offers ample cabinetry and workspace with an easy connection to the main living areas, allowing everyone to stay connected while cooking, dining, or relaxing. A large laundry room provides extra storage space and is spacious enough to accommodate a freezer, adding convenience for everyday living. The primary suite offers a private retreat complete with a relaxing garden tub, creating the perfect space to unwind at the end of the day. Additional bedrooms provide flexibility for guests, a home office, or hobbies. Conveniently located just minutes from US 19/Commercial Way, this home offers quick access to shopping, restaurants, medical facilities, and everyday conveniences. Enjoy being a short distance from the waterfront, where boating, fishing, kayaking, and waterfront dining can all be part of your Florida lifestyle. An adjoining corner lot property with a new home is also available, creating a unique opportunity for investment, extended living, or multi-property ownership. With brand new construction, an open floor plan, modern features, and a desirable Spring Hill location near amenities and the Gulf Coast, this home offers comfort, convenience, and easy Florida living. Schedule your private showing today.

Key facts

• Open floor plan
• Large laundry room
• Private retreat

Tags

• OPEN FLOOR PLAN
• LARGE LAUNDRY ROOM
• PRIVATE RETREAT
• GARDEN TUB
• QUICK ACCESS TO SHOPPING
• SHORT DISTANCE FROM WATERFRONT

Property features AI

Finance

• Other: Property type: Residential (manufactured home); Lot approx. 0.23 acres (80 x 160); Living area approx. 1,272 square feet
• HOA & community: No HOA/association indicated

Exterior

• Parking: Paved parking (details not specified)
• Utilities: Well water; Public sewer; Broadband/high-speed internet available; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured double-wide home; One level; South-facing; Completed (new construction)
• Construction: Vinyl siding; Shingle roof; Pillar/post/pier foundation; Built by Nobility Homes (Peyton model)
• Exterior features: Private mailbox; Cleared, paved lot; Asphalt/paved road access

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Open floorplan with kitchen/family room combo; Split bedroom layout; Thermostat; Walk-in closets; Inside utility/additional room
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry room inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $254k.

Deal economics

• At list price, monthly cash flow is $-55 ($-660/yr) — negative.
• To cash-flow at today's rent, offer at most $246k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (15.3% below list).
• Recommended offer: $215k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: Deltona Elementary School (math 45% / reading 50%, grade D, #1,182 of 2,144 statewide, top 55%, 843 students, 72% FRL); Fox Chapel Middle School (math 39% / reading 44%, grade F, #348 of 571 statewide, top 62%, 862 students, 69% FRL); Central High School (math 34% / reading 44%, grade F, #312 of 667 statewide, top 48%, 1,426 students, 53% FRL).
• Market conditions: Rents soft (-0.9%/yr); 392 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• At $2,152/mo this rent would consume 45% of the median local household income ($57k/yr) (locally 733% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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

• It's been on market 40 days — a 3% lower offer ($246k) 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.

Recommended offer $215,232 (15.3% 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 40 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.93%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.2%
• Equity multiple: 0.28×
• Total profit: $-50,937
• Equity at exit: $37,872

10-year hold

• IRR: -23.9%
• Equity multiple: -0.03×
• Total profit: $-73,111
• Equity at exit: $21,961

Cash invested: $71,120 (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 34606

• Home prices YoY: -24.7%
• Rents YoY: -0.9%
• Active inventory: 392
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,152 high
• Mortgage (P&I): −$1,332
• Tax est. 1.5%: −$318 /mo · $3,810/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $-55

Break-even live

Break-even rent $2,222

Max offer price $246,041

Occupancy floor 98%

Sensitivity live

Price	-10% $121	-5% $33	+0% $-55	+5% $-143	+10% $-231
Rent	-10% $-225	-5% $-140	+0% $-55	+5% $30	+10% $115
Rate	-1.0pp $73	-0.5pp $10	base $-55	+0.5pp $-121	+1.0pp $-188

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: $63,500
• Closing costs: $7,620
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7369 Sealawn Dr Spring Hill, FL	2.0	2.0	1154	$2,500	$2.17	5d	1	0.31mi
7272 Apache Trl Spring Hill, FL	3.0	2.0	1408	$2,650	$1.88	26d	1	0.49mi
7423 Apache Trl Spring Hill, FL	3.0	2.0	1711	$2,200	$1.29	26d	1	0.63mi
7410 Cherokee Trl Spring Hill, FL	3.0	2.0	1196	$1,725	$1.44	14d	1	0.67mi
7483 Apache Trl Spring Hill, FL	3.0	2.0	1587	$1,795	$1.13	6d	1	0.72mi
7423 Mohawk Trl Spring Hill, FL	3.0	2.0	1114	$1,795	$1.61	19d	1	0.75mi
4108 Monona Ave Spring Hill, FL	3.0	2.0	1508	$1,900	$1.26	26d	1	0.97mi
3191 Deltona Blvd Spring Hill, FL	3.0	2.0	1366	$1,815	$1.33	26d	1	1.08mi
4300 Bridgewater Club Loop Spring Hill, FL	2.0–3.0	2.0	1078	$1,484	$1.38	1d	13	1.27mi
4398 Plumosa St Spring Hill, FL	3.0	2.0	1646	$1,985	$1.21	26d	1	1.35mi
2052 Deltona Blvd Spring Hill, FL	2.0	2.0	1345	$1,775	$1.32	23d	1	1.47mi

Listing history 17 events

1. 2026-06-21
   days on market $254,000 Active 40 DOM
2. 2026-06-18
   days on market $254,000 Active 37 DOM
3. 2026-06-17
   days on market $254,000 Active 36 DOM
4. 2026-06-16
   days on market $254,000 Active 35 DOM
5. 2026-06-15
   days on market $254,000 Active 34 DOM
6. 2026-06-13
   days on market $254,000 Active 32 DOM
7. 2026-06-13
   days on market $254,000 Active 31 DOM
8. 2026-06-09
   days on market $254,000 Active 28 DOM
9. 2026-06-08
   days on market $254,000 Active 27 DOM
10. 2026-06-07
    days on market $254,000 Active 26 DOM
11. 2026-06-04
    days on market $254,000 Active 23 DOM
12. 2026-06-03
    days on market $254,000 Active 22 DOM
13. 2026-06-02
    days on market $254,000 Active 21 DOM
14. 2026-06-01
    days on market $254,000 Active 20 DOM
15. 2026-05-31
    days on market $254,000 Active 19 DOM
16. 2026-05-12
    listed $254,000 Active
17. 2026-05-06
    listed $254,000 Active 1759-char remark

    Show marketing remark (1759 chars)

    Welcome to this brand new Nobility-built 3 bedroom, 2 bath manufactured home in Spring Hill, offering modern comfort, an open floor plan, and a convenient location close to shopping, dining, and Florida's Gulf Coast lifestyle. Built in 2026, this thoughtfully designed home features a bright and open layout that creates an inviting atmosphere for both everyday living and entertaining. The spacious living and dining areas flow seamlessly into the kitchen, making the home feel comfortable, functional, and welcoming. The kitchen offers ample cabinetry and workspace with an easy connection to the main living areas, allowing everyone to stay connected while cooking, dining, or relaxing. A large laundry room provides extra storage space and is spacious enough to accommodate a freezer, adding convenience for everyday living. The primary suite offers a private retreat complete with a relaxing garden tub, creating the perfect space to unwind at the end of the day. Additional bedrooms provide flexibility for guests, a home office, or hobbies. Conveniently located just minutes from US 19/Commercial Way, this home offers quick access to shopping, restaurants, medical facilities, and everyday conveniences. Enjoy being a short distance from the waterfront, where boating, fishing, kayaking, and waterfront dining can all be part of your Florida lifestyle. An adjoining corner lot property with a new home is also available, creating a unique opportunity for investment, extended living, or multi-property ownership. With brand new construction, an open floor plan, modern features, and a desirable Spring Hill location near amenities and the Gulf Coast, this home offers comfort, convenience, and easy Florida living. Schedule your private showing today.

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

Taxation est. · year 1

• Rental income: $25,828
• − Mortgage interest: −$14,228
• − Property taxes: −$3,810
• − Insurance: −$1,270
• − Repairs & maintenance: −$2,066
• − Management: −$2,066
• − Depreciation: −$7,389
• Taxable loss: −$5,002
• Est. tax savings @ 24.0%: +$1,200
• After-tax cash flow: $540/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): 28,668
• Household income: $57,337
• Rent vs Own: 23.2% rent · 76.8% own
• Severe rent burden: 733.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 13% Black 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 10% Cuban 2%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 87% English-only · Spanish 11% German/W. Germanic 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: ▼ -98.11%
• Current HPI: 298.5201
• Rent YoY: ▼ -0.89%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-12 Listed $254,000 Stellar MLS as Distributed by MLS Grid
• 2026-05-06 Listed $254,000 HCAR

Property tax history

+46.1%/yr

Latest (2025): $443 · +46.1% YoY. Source: county tax records.