4235 Tahiti Dr · Hernando Beach, FL 34607

$299,999

2 bd · 2.0 ba · 1,056 sqft · SingleFamily public records · 3 Days on market

Built 1976 6,668 sqft lot Est $382k · 22% under

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Why this score? — see what drove the B- 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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Shows like a model. Little doll house, large corner lot on wide deep canal w/direct Gulf access. Double seawall, floating dock, brick front fireplace.

Key facts

• Direct gulf access
• Fenced back yard
• Seawall

Tags

• DIRECT GULF ACCESS
• WATERFRONT PROPERTY
• SEAWALL
• BOAT DOCK
• FENCED BACK YARD

Property features AI

Exterior

• Parking: Attached garage with garage door opener (1 car)
• Utilities: Public water; Public sewer; Electricity connected; Cable available
• Home design: Single-family residence; One-story; Fixer condition; On waterfront with canal front and seawall; Corner lot
• Construction: Block, concrete and stucco construction; Built with concrete foundation
• Exterior features: Dock; Chain link fenced backyard; Shingle roof

Interior

• Flooring: Concrete flooring; Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Ceiling fans; Open floor plan; Wood-burning fireplace
• Laundry & utility: Washer and electric dryer hookups in unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Cap rate 8.8% vs local median 3.5% in Hernando Beach — 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 64/100 on livability (#672 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: health & safety C-, amenities F, commute 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: 347 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

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $299,999

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 1.14% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.08%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $382,272
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4243 Tahiti Dr	0.02mi	3/2.0 (+1)	1,000 (-5%)	7mo	$339,000	$339	79
4085 Gulfview Dr	0.14mi	3/2.0 (+1)	1,020 (-3%)	7mo	$400,000	$392	77
4499 Bahama Dr	0.49mi	2/2.0	958 (-9%)	5mo	$325,000	$339	57
3403 Holly Springs Dr	0.61mi	2/2.0	992 (-6%)	11mo	$305,000	$307	52
4452 Kingston Dr	0.35mi	3/2.0 (+1)	1,204 (+14%)	4mo	$615,000	$511	52
4447 Bahama Dr	0.42mi	3/1.0 (+1)	1,186 (+12%)	4mo	$435,000	$367	47
4446 Bahama Dr	0.40mi	3/3.0 (+1)	1,193 (+13%)	5mo	$590,000	$495	46
3387 Minnow Creek Dr	0.61mi	2/1.5	1,214 (+15%)	2mo	$355,000	$292	43
3393 Poinsettia Dr	0.65mi	2/1.0	912 (-14%)	0mo	$330,000	$362	43
4031 Eagle Nest Dr	0.69mi	3/2.0 (+1)	1,144 (+8%)	10mo	$375,000	$328	40
3416 Fernleaf Dr	0.61mi	3/2.0 (+1)	1,204 (+14%)	8mo	$520,000	$432	36
3340 Oleander Dr	0.72mi	2/2.0	1,200 (+14%)	10mo	$418,000	$348	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-34,988
• Equity at exit: $44,731

10-year hold

• IRR: -2.1%
• Equity multiple: 0.86×
• Total profit: $-12,048
• Equity at exit: $25,938

Cash invested: $84,000 (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 34607

• Home prices YoY: -9.1%
• Active inventory: 347
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,432 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$378 /mo · $4,530/yr
• Insurance: −$125
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$721
• Net cashflow: $209

Break-even live

Break-even rent $3,167

Max offer price $299,999

Occupancy floor 89%

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4446 San Juan Dr Hernando Beach, FL	2.0	2.0	1245	$3,500	$2.81	24d	1	0.33mi
4021 Eagle Nest Dr Hernando Beach, FL	3.0	2.0	1199	$3,300	$2.75	18d	1	0.66mi

Listing history 4 events

1. 2026-06-18
   days on market $299,999 Active 3 DOM
2. 2026-06-17
   days on market $299,999 Active 2 DOM
3. 2026-06-15
   remarks 258-char remark
4. 2026-06-15
   listed $299,999 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: $4,530 · $378/mo
• Projected year-2 tax: $4,530 · $378/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥110°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,184
• − Mortgage interest: −$16,805
• − Property taxes: −$4,530
• − Insurance: −$6,618
• − Repairs & maintenance: −$3,295
• − Management: −$3,295
• − Depreciation: −$8,727
• Taxable loss: −$2,086
• Est. tax savings @ 24.0%: +$501
• After-tax cash flow: $3,008/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 — Hernando Beach

• Score: 64/100
• State rank: #672
• US rank: #13911

Category grades

Amenities F Commute F Cost of living C Crime A+ Employment A- Housing A+ Health & safety C- User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hernando Beach, FL
• Population (ZIP): 9,046

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 6% Black 2%
• Hispanic origin (detail): Puerto Rican 8% Cuban 2%
• Common ancestry: Romanian 4% Lithuanian 3% Iranian 2%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 7% Arabic 1% 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: ▼ -56.89%
• Current HPI: 567.35
• 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

+1400.0% since first listed

6 events — show timeline

• 2026-06-13 Listed $299,999 HCAR
• 2005-02-08 Sold (Public Records) $270,000 Public Records
• 2005-02-03 Sold (MLS) $270,000 HCAR
• 2004-11-20 Listed $299,900 HCAR
• 1995-05-03 Sold (Public Records) $79,000 Public Records
• 1987-09-01 Sold (Public Records) $20,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $4,530 · -0.4% YoY. Source: county tax records.