5380 Alice St · Spring Hill, FL 34604

$115,000

1 bd · 1.0 ba · 432 sqft · Manufactured public records · 15 Days on market

Built 1969 0.26 ac lot

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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 +24.0/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Quaint, quiet county enclave of manufactured homes. Spacious corner lot, property is well kept. Patio with covering, bright large, enclosed sunroom. Good sized utility and work shop area perfect for storage. Living room addition brings total living square footage to 712. New water heater. Partially furnished. Great for a seasonal home, come live your slice of life in the sunshine.

Key facts

• No cdd
• No hoa
• Corner lot

Tags

• CORNER LOT
• LARGE ENCLOSED FRONT PORCH
• SPACIOUS LIVING ROOM
• TWO CONVENIENT ENTRANCES
• NO HOA
• NO CDD

Property features AI

Finance

• Other: Corner lot zoning: R1A; Total acreage: between 1/4 and less than 1/2 acre
• Financial info: Property is homesteaded
• HOA & community: No homeowners association

Exterior

• Parking: No specific parking details provided
• Security: No specific security features listed
• Utilities: Well water; Septic tank; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Residential mobile home (double wide); One story; Faces north; Entry level: One
• Construction: Metal siding; Metal roof; Pillar/post/pier foundation; Built as a double wide mobile home
• Exterior features: Covered, enclosed side porch; Outdoor lighting; Private mailbox; Rain gutters; Shed(s); Cleared and landscaped yard; Corner lot on a dead-end street; Paved, asphalt road access; Lot dimensions approximately 75 x 150

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Living room/dining room combo; Thermostat; Walk-in closet(s); Florida room
• Laundry & utility: No laundry hook-ups or dedicated laundry room indicated

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: Pine Grove Elementary School (math 60% / reading 45%, grade C-, #976 of 2,144 statewide, top 46%, 991 students, 60% FRL); Hernando High School (math 42% / reading 42%, grade F, #275 of 667 statewide, top 42%, 1,299 students, 58% FRL) — zoned schools at 59% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 196 active listings in the ZIP; solid renter incomes; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• This rent is only 17% of the median local income ($85k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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 15 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $73k; list at $115k implies a 58% 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; moderate wildfire risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1969 — 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. 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.
4. 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.
5. 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: 1.05% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.43%
• DSCR: 1.37
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.61% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.82×
• Total profit: $-5,920
• Equity at exit: $17,147

10-year hold

• IRR: 3.1%
• Equity multiple: 1.21×
• Total profit: $6,664
• Equity at exit: $9,943

Cash invested: $32,200 (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 34604

• Home prices YoY: -23.4%
• Rents YoY: 1.6%
• Active inventory: 196
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,202 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$73 /mo · $873/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $226

Break-even live

Break-even rent $916

Max offer price $115,000

Occupancy floor 76%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $115,000 Active 15 DOM
2. 2026-06-17
   days on market $115,000 Active 14 DOM
3. 2026-06-16
   days on market $115,000 Active 13 DOM
4. 2026-06-15
   days on market $115,000 Active 12 DOM
5. 2026-06-13
   days on market $115,000 Active 10 DOM
6. 2026-06-13
   days on market $115,000 Active 9 DOM
7. 2026-06-09
   days on market $115,000 Active 6 DOM
8. 2026-06-08
   days on market $115,000 Active 5 DOM
9. 2026-06-07
   days on market $115,000 Active 4 DOM
10. 2026-06-04
    remarks 699-char remark
11. 2026-06-04
    listed $115,000 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: $873 · $73/mo
• Projected year-2 tax: $954 · $80/mo
• Expected delta: +$81/yr (+$7/mo · 9.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 25 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,428
• − Mortgage interest: −$6,442
• − Property taxes: −$873
• − Insurance: −$575
• − Repairs & maintenance: −$1,154
• − Management: −$1,154
• − Depreciation: −$3,345
• Taxable income: $884
• Est. tax owed @ 24.0%: −$212
• After-tax cash flow: $2,501/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): 13,642
• Household income: $84,833
• Rent vs Own: 8.5% rent · 91.5% own
• Severe rent burden: 142.0

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 10% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 10% Cuban 3%
• Common ancestry: Romanian 3% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 4% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -84.38%
• Current HPI: 276.4751
• Rent YoY: ▲ 1.61%
• 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

+495.9% since first listed

7 events — show timeline

• 2026-06-03 Listed $115,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-08 Sold (Public Records) $73,000 Public Records
• 2021-04-01 Sold (MLS) $73,000 St. Augustine and St. Johns County Board of REALTORS®
• 2021-04-01 Sold (MLS) $73,000 HCAR
• 2021-02-20 Listed $73,000 St. Augustine and St. Johns County Board of REALTORS®
• 2021-02-20 Listed $73,000 HCAR
• 1991-03-01 Sold (Public Records) $19,300 Public Records

Property tax history

+3.5%/yr

Latest (2025): $873 · -34.8% YoY. Source: county tax records.