7346 Philatelic Dr · Spring Hill, FL 34606

$219,000

2 bd · 2.0 ba · 1,417 sqft · SingleFamily public records · 12 Days on market

Built 1986 0.26 ac lot Est $273k · 20% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.8/30.0
• Schools +4.2/10.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• 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

Home needs some TLC, paint & flooring. This a 2-bedroom 2 bath home, Master bedroom has an attached room perfect for a home office, nursery or reading room. Has a wood burning fireplace in the Living Room, eat-in kitchen with an additional breakfast bar and a screen porch for some you time to relax & unwind. Hurricane shutters are included for all window. Inside laundry room & a two car garage with automatic door opener.

Key facts

• Eat in kitchen
• Attached office
• Indoor laundry room

Tags

• INDOOR LAUNDRY ROOM
• WOOD BURNING FIREPLACE
• EAT IN KITCHEN
• BREAKFAST BAR
• SCREEN PORCH
• ATTACHED OFFICE

Property features AI

Finance

• Other: Zoning: RO81; Property type: Residential — Single Family Residence; Listed as unfurnished; Home warranty not included
• HOA & community: No HOA/association indicated

Exterior

• Parking: Attached 2-car garage (20 x 22) with garage door opener; Driveway
• Utilities: Well water; Septic tank; Electricity connected; Cable available; Private utilities; water available
• Home design: Single-family residence; One story; East-facing; Property listed as fixer
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Building area approximately 2,094 total (1,417 living area)
• Exterior features: Paved road access; Sliding doors; Lot approximately 0.26 acres

Interior

• Kitchen: Dishwasher; Range; Range hood; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Heat pump; Central air conditioning; Wood-burning fireplace in family room
• Interior features: Ceiling fans; Eat-in kitchen; High ceilings; Split bedroom layout; Walk-in closets; Sliding doors (exterior-interior access); Bonus room; Inside utility
• Laundry & utility: Laundry room with washer and electric dryer hookups; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $219k.

Deal economics

• At list price, monthly cash flow is $-19 ($-226/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (13.7% below list).
• Recommended offer: $189k (13.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 soft (-0.9%/yr); 386 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• This rent runs 40% of the median local income ($57k/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 $7k 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 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 12y ago 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 $70k; list at $219k implies a 213% 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; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,081 (13.7% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 6.19%
• Cash-on-cash: -0.37%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $273,481
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7376 Philatelic Dr	0.07mi	3/2.0 (+1)	1,350 (-5%)	1mo	$250,000	$185	83
8082 Pagoda Dr	0.32mi	3/2.0 (+1)	1,368 (-4%)	3mo	$305,000	$223	72
4076 Monona Ave	0.51mi	3/2.0 (+1)	1,408 (-1%)	1mo	$304,990	$217	69
8448 Foxboro Ln	0.59mi	2/2.0	1,385 (-2%)	1mo	$267,900	$193	68
8040 Cessna Dr	0.40mi	3/2.0 (+1)	1,304 (-8%)	1mo	$194,900	$149	62
3250 Painters St	0.61mi	3/2.0 (+1)	1,382 (-2%)	0mo	$250,000	$181	62
8264 Goodrich St	0.42mi	2/2.0	1,230 (-13%)	3mo	$268,500	$218	56
8447 Elgrove St	0.63mi	2/2.0	1,288 (-9%)	2mo	$254,000	$197	54
4236 Bayridge Ct	0.60mi	3/2.0 (+1)	1,533 (+8%)	3mo	$270,000	$176	51
3394 Memory Ln	0.60mi	2/2.0	1,215 (-14%)	0mo	$215,000	$177	48
7452 Wabash Trl	0.64mi	3/2.0 (+1)	1,267 (-11%)	1mo	$260,000	$205	47
4342 Las Palmas Ave	0.69mi	2/2.0	1,606 (+13%)	2mo	$195,000	$121	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: -20.3%
• Equity multiple: 0.31×
• Total profit: $-42,200
• Equity at exit: $32,654

10-year hold

• IRR: -21.9%
• Equity multiple: 0.03×
• Total profit: $-59,592
• Equity at exit: $18,935

Cash invested: $61,320 (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: 386
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,891 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$273 /mo · $3,274/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-19

Break-even live

Break-even rent $1,915

Max offer price $215,674

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7483 Apache Trl Spring Hill, FL	3.0	2.0	1587	$1,795	$1.13	5d	1	0.47mi
3191 Deltona Blvd Spring Hill, FL	3.0	2.0	1366	$1,815	$1.33	24d	1	0.52mi
4108 Monona Ave Spring Hill, FL	3.0	2.0	1508	$1,900	$1.26	24d	1	0.56mi
7423 Apache Trl Spring Hill, FL	3.0	2.0	1711	$2,200	$1.29	24d	1	0.60mi
7423 Mohawk Trl Spring Hill, FL	3.0	2.0	1114	$1,795	$1.61	18d	1	0.61mi
8316 Nevada St Spring Hill, FL	2.0	1.0	1722	$2,100	$1.22	24d	1	0.62mi
7410 Cherokee Trl Spring Hill, FL	3.0	2.0	1196	$1,725	$1.44	12d	1	0.63mi
8397 Coral St Spring Hill, FL	3.0	2.0	1202	$1,689	$1.41	3d	1	0.67mi
8513 Beach Rd Spring Hill, FL	3.0	2.0	1378	$1,990	$1.44	18d	1	0.71mi
7369 Sealawn Dr Spring Hill, FL	2.0	2.0	1154	$2,500	$2.17	3d	1	0.86mi
7272 Apache Trl Spring Hill, FL	3.0	2.0	1408	$2,650	$1.88	24d	1	0.88mi
4628 Bayridge Ct Spring Hill, FL	3.0	2.0	1756	$1,995	$1.14	4d	1	0.90mi
9483 Bayside Ct Spring Hill, FL	3.0	2.0	1788	$1,911	$1.07	5d	1	1.07mi
4300 Bridgewater Club Loop Spring Hill, FL	2.0–4.0	2.0–3.0	1214	$1,268	$1.04	2d	13	1.09mi
4470 Cynthia Ln Spring Hill, FL	2.0	1.0	1016	$1,400	$1.38	20d	1	1.19mi
9156 Century Dr Spring Hill, FL	2.0	2.0	1170	$1,500	$1.28	5d	1	1.21mi
4398 Plumosa St Spring Hill, FL	3.0	2.0	1646	$1,985	$1.21	24d	1	1.24mi
4514 Cynthia Ln Spring Hill, FL	2.0	2.0	1280	$1,550	$1.21	18d	1	1.26mi
3933 Antigua Way Spring Hill, FL	3.0–5.0	2.0–3.0	1975	$2,109	$1.07	5d	1	1.27mi
4335 Pallas Ave Spring Hill, FL	3.0	2.0	1248	$1,685	$1.35	24d	1	1.35mi

Listing history 11 events

1. 2026-06-17
   remarks 506-char remark
2. 2026-06-17
   status $219,000 Pending 12 DOM
3. 2026-06-17
   days on market $219,000 Active 12 DOM
4. 2026-06-16
   days on market $219,000 Active 11 DOM
5. 2026-06-15
   days on market $219,000 Active 10 DOM
6. 2026-06-13
   days on market $219,000 Active 8 DOM
7. 2026-06-13
   days on market $219,000 Active 7 DOM
8. 2026-06-09
   days on market $219,000 Active 4 DOM
9. 2026-06-08
   days on market $219,000 Active 3 DOM
10. 2026-06-07
    remarks 466-char remark
11. 2026-06-07
    listed $219,000 Active 2 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: $3,274 · $273/mo
• Projected year-2 tax: $3,274 · $273/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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥110°F today · 25 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: $22,690
• − Mortgage interest: −$12,267
• − Property taxes: −$3,274
• − Insurance: −$1,095
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − Depreciation: −$6,371
• Taxable loss: −$3,948
• Est. tax savings @ 24.0%: +$948
• After-tax cash flow: $722/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

+1522.2% since first listed

10 events — show timeline

• 2026-06-06 Listed $219,000 HCAR
• 2026-06-05 Listed $219,000 Stellar MLS as Distributed by MLS Grid
• 2014-05-20 Sold (Public Records) $70,000 Public Records
• 2014-05-09 Sold (MLS) $70,000 St. Augustine and St. Johns County Board of REALTORS®
• 2014-05-09 Sold (MLS) $70,000 HCAR
• 2014-05-09 Sold (MLS) $70,000 Stellar MLS as Distributed by MLS Grid
• 2014-04-30 Listed $74,500 St. Augustine and St. Johns County Board of REALTORS®
• 2014-04-30 Listed $74,500 HCAR
• 2014-04-24 Listed $74,500 Stellar MLS as Distributed by MLS Grid
• 1986-06-01 Sold (Public Records) $13,500 Public Records

Property tax history

+14.2%/yr

Latest (2025): $3,274 · -0.4% YoY. Source: county tax records.