35005 Fraser St · Ridge Manor, FL 33523

$179,000

3 bd · 2.0 ba · 1,164 sqft · Manufactured public records · 75 Days on market

Built 2002 5,500 sqft lot Est $199k · 10% under $12/mo HOA · 1% of rent

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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 +15.6/30.0
• ARV discount +12.0/15.0
• Appreciation +10.0/10.0
• DSCR +4.8/10.0
• 1% rule +4.2/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Fort Dade Mobile Home Park is a 55+ community. You OWN THE LAND with a low annual community fee: $150.00. This adorable very clean well maintained home is a fully furnished. Kitchen and living room open floor plan with beautiful laminate flooring in kitchen. There is a separate Florida Room off the living room with beautiful french doors between the rooms. Comes with a 1 car garage and separate storage space for golf cart, measuring 7x12. Several shopping and restaurant options with Dade City and Brooksville only minutes away.

Key facts

• 5,500 sq ft lot
• Garage
• Built 2002

Property features AI

Finance

• Other: Property type: Residential manufactured home; Lot size approximately 0.13 acres; Living area about 1,164 (public records); Building area about 1,211 (public records); Furnished (yes)
• HOA & community: Has HOA (optional membership); Annual association fee $150 (monthly equivalent $12.50); Association covers maintenance of structure and grounds; Community amenities: clubhouse, park, shuffleboard court, dog park, street lights; Golf carts allowed; Senior community; Pets allowed

Exterior

• Parking: 1-car garage (12x20) with garage door opener; Golf cart garage; Carport with space for 2 vehicles
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Underground utilities
• Home design: Manufactured home (double wide); Single-story; Faces south
• Construction: Vinyl siding; Membrane roof; Crawlspace foundation; Built as a double wide manufactured home
• Exterior features: Covered front porch; Awnings; Private mailbox; Rain gutters; Mature landscaping with oak trees; Asphalt road access (public maintained)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Open floor plan
• Laundry & utility: Washer; Dryer; Inside laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $179k.

Deal economics

• At list price, monthly cash flow is $75 ($900/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 $165k (7.7% below list).
• Recommended offer: $165k (7.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 comparable units currently listed for rent nearby; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k 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 $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $135k; 33% 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; major wildfire risk; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $165,291 (7.7% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 8% 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. 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: 0.92% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.80%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $199,044
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34960 Fraser St	0.09mi	3/2.0	1,248 (+7%)	3mo	$100,000	$80	81
34930 Emily Dr	0.29mi	3/2.0	1,144 (-2%)	8mo	$230,000	$201	77
35016 Major Dade Dr	0.13mi	2/2.0 (-1)	1,056 (-9%)	4mo	$85,000	$80	71
34941 Punch Rd	0.32mi	3/2.0	1,248 (+7%)	7mo	$229,900	$184	67
34903 Romar St	0.18mi	3/2.0	1,000 (-14%)	16mo	$145,000	$145	55
34976 Major Dade Dr	0.14mi	2/2.0 (-1)	1,024 (-12%)	17mo	$175,000	$171	54

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: 25.6%
• Equity multiple: 3.04×
• Total profit: $102,287
• Equity at exit: $161,257

10-year hold

• IRR: 22.5%
• Equity multiple: 6.94×
• Total profit: $297,502
• Equity at exit: $347,758

Cash invested: $50,120 (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 33523

• Home prices YoY: 3.8%
• Active inventory: 295
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,653 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$206 /mo · $2,466/yr
• Insurance: −$75
• HOA: −$12
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $75

Break-even live

Break-even rent $1,558

Max offer price $179,000

Occupancy floor 90%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34934 Punch Rd Dade City, FL	2.0	2.0	924	$1,550	$1.68	24d	1	0.37mi
34807 Evergreen Way Dade City, FL	3.0	1.0	1000	$1,900	$1.90	20d	1	0.96mi

HOA detail

• Monthly dues: $12 · $144/yr

Listing history 19 events

1. 2026-06-18
   days on market $179,000 Active 75 DOM
2. 2026-06-17
   days on market $179,000 Active 74 DOM
3. 2026-06-16
   days on market $179,000 Active 73 DOM
4. 2026-06-15
   days on market $179,000 Active 72 DOM
5. 2026-06-13
   days on market $179,000 Active 70 DOM
6. 2026-06-13
   days on market $179,000 Active 69 DOM
7. 2026-06-09
   days on market $179,000 Active 66 DOM
8. 2026-06-08
   days on market $179,000 Active 65 DOM
9. 2026-06-07
   days on market $179,000 Active 64 DOM
10. 2026-06-04
    days on market $179,000 Active 61 DOM
11. 2026-06-03
    days on market $179,000 Active 60 DOM
12. 2026-06-02
    days on market $179,000 Active 59 DOM
13. 2026-06-01
    days on market $179,000 Active 58 DOM
14. 2026-05-31
    days on market $179,000 Active 57 DOM
15. 2026-04-04
    listed $179,000 Active
16. 2022-03-02
    soldstatus $134,900 Closed 532-char remark

    Show marketing remark (532 chars)

    Fort Dade Mobile Home Park is a 55+ community. You OWN THE LAND with a low annual community fee: $150.00. This adorable very clean well maintained home is a fully furnished. Kitchen and living room open floor plan with beautiful laminate flooring in kitchen. There is a separate Florida Room off the living room with beautiful french doors between the rooms. Comes with a 1 car garage and separate storage space for golf cart, measuring 7x12. Several shopping and restaurant options with Dade City and Brooksville only minutes away.

17. 2022-01-21
    status Pending 532-char remark

    Show marketing remark (532 chars)

    Fort Dade Mobile Home Park is a 55+ community. You OWN THE LAND with a low annual community fee: $150.00. This adorable very clean well maintained home is a fully furnished. Kitchen and living room open floor plan with beautiful laminate flooring in kitchen. There is a separate Florida Room off the living room with beautiful french doors between the rooms. Comes with a 1 car garage and separate storage space for golf cart, measuring 7x12. Several shopping and restaurant options with Dade City and Brooksville only minutes away.

18. 2022-01-18
    listed $134,900 Active 532-char remark

    Show marketing remark (532 chars)

    Fort Dade Mobile Home Park is a 55+ community. You OWN THE LAND with a low annual community fee: $150.00. This adorable very clean well maintained home is a fully furnished. Kitchen and living room open floor plan with beautiful laminate flooring in kitchen. There is a separate Florida Room off the living room with beautiful french doors between the rooms. Comes with a 1 car garage and separate storage space for golf cart, measuring 7x12. Several shopping and restaurant options with Dade City and Brooksville only minutes away.

19. 1980-04-01
    soldstatus $13,000

ⓘ 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: $2,466 · $206/mo
• Projected year-2 tax: $2,466 · $206/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 6/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥108°F today · 19 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: $19,835
• − Mortgage interest: −$10,027
• − Property taxes: −$2,466
• − Insurance: −$895
• − Repairs & maintenance: −$1,587
• − Management: −$1,587
• − HOA: −$144
• − Depreciation: −$5,207
• Taxable loss: −$2,078
• Est. tax savings @ 24.0%: +$499
• After-tax cash flow: $1,399/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

+1276.9% since first listed

5 events — show timeline

• 2026-04-04 Listed $179,000 Stellar MLS as Distributed by MLS Grid
• 2022-03-02 Sold (MLS) $134,900 Stellar MLS as Distributed by MLS Grid
• 2022-01-21 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-01-18 Listed $134,900 Stellar MLS as Distributed by MLS Grid
• 1980-04-01 Sold (Public Records) $13,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $2,466 · -5.1% YoY. Source: county tax records.