6229 Waycross Dr · Spring Hill, FL 34606

$169,900

2 bd · 2.0 ba · 1,025 sqft · SingleFamily public records · 10 Days on market

Built 1977 0.30 ac lot Est $206k · 18% 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 +13.6/30.0
• Schools +4.2/10.0
• DSCR +4.1/10.0
• 1% rule +3.8/10.0
• 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

Great location, conveniently located off Spring Hill Drive near all the conveniences. This home features 2 bedrooms, 2 full bathrooms, large master bedroom 14x12 with large walk in closet, large open great room floor plan/ dining room, all kitchen appliances convey, sliding glass door leads to patio area, garage was converted into Florida room 14x12 with large walk in closet, mature landscaping located on a corner lot. This home has lots of potential. Make an appointment to see it today!

Key facts

• Separate entrance
• Corner lot location
• 0.3 acre lot

Tags

• SEPARATE ENTRANCE
• OPEN LIVING AND DINING AREA
• INTERIOR LAUNDRY ROOM
• CORNER LOT LOCATION

Property features AI

Exterior

• Parking: Other parking
• Utilities: Public water; Septic tank sewer; Cable available; Electricity available; Water available
• Home design: Single-family residence; Residential property; Current use as single family
• Construction: Block construction; Shingle roof; Built year not provided
• Exterior features: Corner lot

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher not listed
• Flooring: Laminate; Other
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Laminate and other flooring; Dryer; Washer; Electric range; Refrigerator
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $11 ($126/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 $149k (12.5% below list).
• Recommended offer: $149k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: Westside Elementary School (math 53% / reading 46%, grade D, #1,088 of 2,144 statewide, top 53%, 523 students, 76% FRL); Fox Chapel Middle School (math 39% / reading 44%, grade F, #348 of 571 statewide, top 62%, 862 students, 69% FRL); Weeki Wachee High School (math 41% / reading 42%, grade F, #284 of 667 statewide, top 43%, 1,435 students, 52% FRL).
• Market conditions: Rents soft (-0.9%/yr); 392 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 31% 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 $1k of loan paydown is wiped out by about $5k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $29k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $170k implies a 240% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $148,715 (12.5% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.88% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.27%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $206,025
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6211 Waycross Dr	0.04mi	2/2.0	1,152 (+12%)	2mo	$255,000	$221	76
6224 Alderwood St	0.33mi	2/1.0	990 (-3%)	4mo	$193,000	$195	71
2079 Trenton Ave	0.43mi	2/2.0	1,088 (+6%)	1mo	$239,000	$220	69
6423 Skyline Ct	0.23mi	3/1.5 (+1)	1,100 (+7%)	2mo	$262,000	$238	68
6078 Spring Hill Dr	0.23mi	2/2.0	1,121 (+9%)	7mo	$225,000	$201	68
6431 Spring Hill Dr	0.42mi	2/1.0	988 (-4%)	8mo	$195,000	$197	64
6328 Ocean Pines Ln	0.61mi	2/2.0	1,082 (+6%)	1mo	$220,000	$203	62
2132 Sea Pines Ct	0.74mi	2/2.0	995 (-3%)	2mo	$188,500	$189	59
2127 Sea Pines Ct	0.71mi	2/2.0	995 (-3%)	7mo	$170,000	$171	56
6375 Ocean Pines Ln	0.56mi	2/2.0	1,146 (+12%)	6mo	$229,000	$200	49
6634 Pinehurst Dr	0.47mi	3/1.0 (+1)	1,173 (+14%)	2mo	$200,000	$171	44
6364 Post Ct	0.70mi	2/1.5	884 (-14%)	1mo	$229,000	$259	42

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: -19.3%
• Equity multiple: 0.34×
• Total profit: $-31,204
• Equity at exit: $25,333

10-year hold

• IRR: -19.7%
• Equity multiple: 0.09×
• Total profit: $-43,086
• Equity at exit: $14,690

Cash invested: $47,572 (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 34606

• Home prices YoY: -24.7%
• Rents YoY: -0.9%
• Active inventory: 392
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,487 high
• Mortgage (P&I): −$891
• Tax from tax record: −$203 /mo · $2,431/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $11

Break-even live

Break-even rent $1,474

Max offer price $169,900

Occupancy floor 94%

Sensitivity live

Price	-10% $107	-5% $59	+0% $11	+5% $-38	+10% $-86
Rent	-10% $-107	-5% $-48	+0% $11	+5% $69	+10% $128
Rate	-1.0pp $96	-0.5pp $54	base $11	+0.5pp $-34	+1.0pp $-78

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6334 Talbot Cir Spring Hill, FL	2.0	1.0	766	$1,295	$1.69	6d	1	0.41mi
6334 Talbot Cir Spring Hill, FL	2.0	1.0	766	$1,340	$1.75	26d	1	0.41mi
6441 Holiday Dr Spring Hill, FL	2.0	1.0	730	$1,395	$1.91	26d	1	0.56mi
1246 Newhope Rd Spring Hill, FL	2.0	1.0	766	$1,575	$2.06	26d	1	0.71mi
1241 Pilgrim Rd Spring Hill, FL	2.0	1.0	1030	$1,600	$1.55	6d	1	0.81mi
513 Hollyhock Ln Spring Hill, FL	3.0	1.0	1100	$1,495	$1.36	4d	1	0.92mi
7176 Lockwood St Spring Hill, FL	3.0	2.0	1272	$1,795	$1.41	26d	1	1.00mi
595 Swallow Ln Spring Hill, FL	2.0	1.0	756	$1,495	$1.98	26d	1	1.02mi
1277 Sylvia Ave Spring Hill, FL	2.0	1.0	1040	$1,225	$1.18	12d	1	1.05mi
1277 Sylvia Ave Spring Hill, FL	2.0	1.0	1040	$1,250	$1.20	26d	1	1.05mi
1273 Sylvia Ave Spring Hill, FL	2.0	1.0	1040	$1,225	$1.18	19d	1	1.07mi
1273 Sylvia Ave Spring Hill, FL	2.0	1.0	1040	$1,225	$1.18	1d	1	1.07mi
1271 Sylvia Ave Unit 1273 Spring Hill, FL	2.0	1.0	1040	$1,225	$1.18	26d	1	1.07mi
7261 Pond Cir Unit B Spring Hill, FL	2.0	1.5	1000	$1,350	$1.35	26d	1	1.09mi
1264 Sylvia Ave Spring Hill, FL	3.0	2.0	1000	$1,595	$1.59	26d	1	1.09mi
7419 Mead Dr Spring Hill, FL	2.0	2.0	1002	$1,400	$1.40	1d	1	1.37mi

Listing history 12 events

1. 2026-05-03
   status Pending
2. 2026-04-30
   price $169,900
3. 2026-04-21
   listed $198,900 Active
4. 2016-03-15
   soldstatus $50,000
5. 2016-03-10
   soldstatus $50,000 492-char remark

   Show marketing remark (492 chars)

   Great location, conveniently located off Spring Hill Drive near all the conveniences. This home features 2 bedrooms, 2 full bathrooms, large master bedroom 14x12 with large walk in closet, large open great room floor plan/ dining room, all kitchen appliances convey, sliding glass door leads to patio area, garage was converted into Florida room 14x12 with large walk in closet, mature landscaping located on a corner lot. This home has lots of potential. Make an appointment to see it today!

6. 2016-03-10
   soldstatus $50,000 492-char remark

   Show marketing remark (492 chars)

   Great location, conveniently located off Spring Hill Drive near all the conveniences. This home features 2 bedrooms, 2 full bathrooms, large master bedroom 14x12 with large walk in closet, large open great room floor plan/ dining room, all kitchen appliances convey, sliding glass door leads to patio area, garage was converted into Florida room 14x12 with large walk in closet, mature landscaping located on a corner lot. This home has lots of potential. Make an appointment to see it today!

7. 2016-03-10
   soldstatus $50,000

   Show marketing remark (492 chars)

   Great location, conveniently located off Spring Hill Drive near all the conveniences. This home features 2 bedrooms, 2 full bathrooms, large master bedroom 14x12 with large walk in closet, large open great room floor plan/ dining room, all kitchen appliances convey, sliding glass door leads to patio area, garage was converted into Florida room 14x12 with large walk in closet, mature landscaping located on a corner lot. This home has lots of potential. Make an appointment to see it today!

8. 2015-10-12
   listed $58,000 492-char remark

   Show marketing remark (492 chars)

   Great location, conveniently located off Spring Hill Drive near all the conveniences. This home features 2 bedrooms, 2 full bathrooms, large master bedroom 14x12 with large walk in closet, large open great room floor plan/ dining room, all kitchen appliances convey, sliding glass door leads to patio area, garage was converted into Florida room 14x12 with large walk in closet, mature landscaping located on a corner lot. This home has lots of potential. Make an appointment to see it today!

9. 2015-10-12
   listed $58,000 492-char remark

   Show marketing remark (492 chars)

   Great location, conveniently located off Spring Hill Drive near all the conveniences. This home features 2 bedrooms, 2 full bathrooms, large master bedroom 14x12 with large walk in closet, large open great room floor plan/ dining room, all kitchen appliances convey, sliding glass door leads to patio area, garage was converted into Florida room 14x12 with large walk in closet, mature landscaping located on a corner lot. This home has lots of potential. Make an appointment to see it today!

10. 2015-10-12
    listed $58,000

    Show marketing remark (492 chars)

    Great location, conveniently located off Spring Hill Drive near all the conveniences. This home features 2 bedrooms, 2 full bathrooms, large master bedroom 14x12 with large walk in closet, large open great room floor plan/ dining room, all kitchen appliances convey, sliding glass door leads to patio area, garage was converted into Florida room 14x12 with large walk in closet, mature landscaping located on a corner lot. This home has lots of potential. Make an appointment to see it today!

11. 1980-01-01
    soldstatus $32,100
12. 1980-01-01
    soldstatus $31,000

ⓘ 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: $2,431 · $203/mo
• Projected year-2 tax: $2,431 · $203/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 · 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: $17,846
• − Mortgage interest: −$9,517
• − Property taxes: −$2,431
• − Insurance: −$850
• − Repairs & maintenance: −$1,428
• − Management: −$1,428
• − Depreciation: −$4,943
• Taxable loss: −$2,750
• Est. tax savings @ 24.0%: +$660
• After-tax cash flow: $786/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

+429.3% since first listed

12 events — show timeline

• 2026-05-03 Pending — HCAR
• 2026-04-30 Price Changed $169,900 HCAR
• 2026-04-21 Listed $198,900 HCAR
• 2016-03-15 Sold (Public Records) $50,000 Public Records
• 2016-03-10 Sold (MLS) $50,000 Stellar MLS as Distributed by MLS Grid
• 2016-03-10 Sold (MLS) $50,000 St. Augustine and St. Johns County Board of REALTORS®
• 2016-03-10 Sold (MLS) $50,000 HCAR
• 2015-10-12 Listed $58,000 Stellar MLS as Distributed by MLS Grid
• 2015-10-12 Listed $58,000 St. Augustine and St. Johns County Board of REALTORS®
• 2015-10-12 Listed $58,000 HCAR
• 1980-01-01 Sold (Public Records) $31,000 Public Records
• 1980-01-01 Sold (Public Records) $32,100 Public Records

Property tax history

+9.7%/yr

Latest (2025): $2,431 · +0.7% YoY. Source: county tax records.