3831 Benham Rise Rd · Spring Hill, FL 34609

$315,990

4 bd · 2.0 ba · 1,580 sqft · Land · 31 Days on market

Built 2026 9,238 sqft lot $47/mo HOA · 2% of rent ↓ 2% since listing

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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).

• Cash flow +11.5/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• DSCR +3.4/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Rent growth +1.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Pulte Homes is Selling in Caldera! Caldera features new homes ideally located in Spring Hill, FL, minutes from the Suncoast Parkway, US-41, US-19, and Florida's beautiful Nature Coast. This Pulte Homes community offers resort-style amenities, including a clubhouse, pool, playground, sports courts, game room, and so much more. Featuring the perfectly sized Daylen floor plan, this home has the layout you've been looking for. The designer kitchen showcases a center island, stylish woodgrain cabinets, quartz countertops with a 4'' quartz backsplash, a pantry, and Whirlpool stainless steel appliances, including a dishwasher, refrigerator, microwave, and range. The bathrooms have matching cabinets and quartz countertops and a walk-in shower and dual sinks in the Owner's bath. There is luxury vinyl plank flooring in the main living areas, 18''x18'' floor tile in the baths, and laundry room, and stain-resistant carpet in the bedrooms. This home makes great use of space with four bedrooms, two full baths, a convenient laundry room with Whirlpool wash and dryer, a covered lanai, and a 2-car garage. Additional upgrades include faux wood blinds, whole house cabinet hardware and a Smart Home technology package with a video doorbell. Enjoy peace of mind with Pulte's transferable, 10-year Limited Structural Warranty that covers materials and workmanship in the 1st year, workability of plumbing, electrical, HVAC, and other mechanical systems through the 2nd year, various types of water infiltration and internal leaks through the 5th year, and the structural integrity of the home through the 10th year. Plus, we're currently offering limited-time incentives and below-market rates!

Key facts

• Dual sinks
• Designer kitchen
• Quartz countertops

Tags

• DESIGNER KITCHEN
• CENTER ISLAND
• QUARTZ COUNTERTOPS
• WALK IN SHOWER
• DUAL SINKS
• LUXURY VINYL PLANK FLOORING

Property features AI

Finance

• Other: Lease restrictions apply; Pets allowed (number limit)
• Financial info: Other annual assessment: $1,750; Monthly HOA amount listed as $47.24
• HOA & community: HOA required; monthly fee approximately $47.24; Association approval required; Association management: Folio Association Management

Exterior

• Parking: Driveway; Attached 2-car garage with garage door opener
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Phone available; Underground utilities; Water connected; Sewer connected
• Home design: Single-family residence; Under construction (projected completion July 21, 2026); One story; Northwest-facing; Builder model: DAYLEN; Builder: Pulte Home Company, LLC
• Construction: Block, stucco, and frame construction; Shingle roof; Slab foundation; New construction
• Exterior features: Sidewalk; Sliding doors; Landscaped lot; Oversized lot; Paved; Street lights (community)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Solid surface counters; Eat-in kitchen
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Eat-in kitchen; In-wall pest system; Open floorplan; Solid surface counters; Thermostat; Walk-in closets; Blinds; Smoke detectors
• Laundry & utility: Laundry room inside; Washer; Dryer; Electric water heater

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $316k.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $233k (26.4% below list).
• Recommended offer: $233k (26.4% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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); Powell Middle School (math 54% / reading 50%, grade C+, #217 of 571 statewide, top 40%, 1,004 students, 50% FRL); Central High School (math 34% / reading 44%, grade F, #312 of 667 statewide, top 48%, 1,426 students, 53% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents falling (-4.8%/yr); 742 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• This rent runs 35% of the median local income ($79k/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 $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

• It's been on market 31 days — a 3% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $232,639 (26.4% 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. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.74% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.40%
• DSCR: 0.94
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.7%
• Equity multiple: 0.27×
• Total profit: $-64,726
• Equity at exit: $47,115

10-year hold

• IRR: -23.5%
• Equity multiple: -0.04×
• Total profit: $-91,658
• Equity at exit: $27,321

Cash invested: $88,477 (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 34609

• Home prices YoY: -23.2%
• Rents YoY: -4.8%
• Active inventory: 742
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,326 high
• Mortgage (P&I): −$1,657
• Tax from tax record: −$106 /mo · $1,267/yr
• Insurance: −$132
• HOA: −$47
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $-103

Break-even live

Break-even rent $2,457

Max offer price $297,712

Occupancy floor 99%

Sensitivity live

Price	-10% $75	-5% $-14	+0% $-103	+5% $-193	+10% $-282
Rent	-10% $-287	-5% $-195	+0% $-103	+5% $-12	+10% $80
Rate	-1.0pp $56	-0.5pp $-23	base $-103	+0.5pp $-185	+1.0pp $-269

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: $78,998
• Closing costs: $9,480
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4154 Obsidian Dr Spring Hill, FL	3.0	2.0	1662	$2,149	$1.29	16d	1	0.19mi
3556 Hornbeam Rd Spring Hill, FL	4.0	2.0	1580	$2,049	$1.30	6d	1	0.25mi
3567 Hornbeam Rd Spring Hill, FL	4.0	3.0	2207	$2,499	$1.13	26d	1	0.25mi
3548 Hornbeam Rd Spring Hill, FL	4.0	3.0	2207	$2,449	$1.11	21d	1	0.25mi
3545 Hornbeam Rd Spring Hill, FL	4.0	2.0	1580	$2,049	$1.30	6d	1	0.27mi
3537 Hornbeam Rd Spring Hill, FL	4.0	3.0	2207	$2,399	$1.09	6d	1	0.27mi
4119 Autumn Amber Dr Spring Hill, FL	3.0	2.0	1812	$2,175	$1.20	26d	1	0.53mi
13035 Haverhill Dr Spring Hill, FL	3.0	2.0	1973	$2,090	$1.06	26d	1	0.54mi
4138 Autumn Amber Dr Spring Hill, FL	4.0	2.0	1812	$2,200	$1.21	26d	1	0.56mi
4449 Chamber Ct Spring Hill, FL	3.0	2.0	1608	$1,895	$1.18	26d	1	0.59mi
13346 Westbridge Blvd Spring Hill, FL	3.0–4.0	2.0–3.0	1739	$2,520	$1.45	1d	8	0.60mi
13196 Golden Lime Ave Spring Hill, FL	4.0	2.0	1812	$2,200	$1.21	26d	1	0.60mi
4330 Crosswhite Ct Spring Hill, FL	4.0	2.0	1872	$1,800	$0.96	26d	1	0.66mi
3407 Lema Dr Spring Hill, FL	4.0	2.0	1754	$2,100	$1.20	13d	1	0.67mi
13322 Golden Lime Ave Spring Hill, FL	3.0	2.0	1405	$2,200	$1.57	1d	1	0.70mi
4247 Bramblewood Loop Spring Hill, FL	3.0	2.0	1672	$2,000	$1.20	26d	1	0.72mi
3241 Bluestone Ave Spring Hill, FL	4.0	2.0	1809	$2,470	$1.37	4d	1	0.75mi
3339 Gretna Dr Spring Hill, FL	3.0	2.0	1547	$1,850	$1.20	23d	1	0.78mi
12042 Villa Rd Spring Hill, FL	4.0	2.5	2142	$2,425	$1.13	23d	1	0.78mi
3217 Bluestone Ave Spring Hill, FL	3.0	2.0	1106	$2,150	$1.94	22d	1	0.79mi
4582 Sheringham Ct Spring Hill, FL	3.0	2.0	2080	$2,350	$1.13	26d	1	0.92mi
3284 Lema Dr Spring Hill, FL	3.0	2.0	1694	$1,900	$1.12	5d	1	0.92mi
12207 Bluefield St Spring Hill, FL	3.0	2.0	1314	$1,829	$1.39	6d	1	0.97mi
5038 Ayrshire Dr Spring Hill, FL	3.0	2.0	1418	$1,850	$1.30	23d	1	0.98mi
11404 Pike Ave Spring Hill, FL	3.0	2.0	1614	$1,795	$1.11	6d	1	0.99mi
5085 Courtland Rd Spring Hill, FL	3.0	2.0	1312	$1,800	$1.37	1d	1	1.08mi
3302 Coronet Ct Spring Hill, FL	3.0	2.0	1432	$2,120	$1.48	26d	1	1.08mi
11228 Roman St Spring Hill, FL	4.0	2.5	2222	$2,400	$1.08	26d	1	1.28mi
5327 Baldock Ave Spring Hill, FL	3.0	2.0	1711	$1,995	$1.17	19d	1	1.28mi
3017 Lema Dr Spring Hill, FL	3.0	2.0	1296	$1,920	$1.48	6d	1	1.36mi
4036 Montano Ave Spring Hill, FL	3.0	2.0	1600	$2,380	$1.49	26d	1	1.38mi
11349 Sand Hill Ave Spring Hill, FL	3.0	2.0	1473	$2,500	$1.70	4d	1	1.43mi
3041 Hoban Ave Spring Hill, FL	3.0	2.0	1344	$1,849	$1.38	26d	1	1.43mi
12095 Elgin Blvd Spring Hill, FL	3.0	2.0	1284	$1,849	$1.44	26d	1	1.43mi
3280 Ambassador Ave Spring Hill, FL	3.0	2.0	1268	$1,780	$1.40	1d	1	1.44mi

HOA detail

• Monthly dues: $47 · $564/yr
• Likely covers: waterelectricpool

Listing history 19 events

1. 2026-06-21
   days on market $315,990 Active 31 DOM
2. 2026-06-18
   days on market $315,990 Active 28 DOM
3. 2026-06-17
   days on market $315,990 Active 27 DOM
4. 2026-06-16
   days on market $315,990 Active 26 DOM
5. 2026-06-15
   days on market $315,990 Active 25 DOM
6. 2026-06-13
   days on market $315,990 Active 23 DOM
7. 2026-06-13
   days on market $315,990 Active 22 DOM
8. 2026-06-09
   days on market $315,990 Active 19 DOM
9. 2026-06-08
   days on market $315,990 Active 18 DOM
10. 2026-06-07
    days on market $315,990 Active 17 DOM
11. 2026-06-04
    days on market $315,990 Active 14 DOM
12. 2026-06-03
    days on market $315,990 Active 13 DOM
13. 2026-06-02
    days on market $315,990 Active 12 DOM
14. 2026-06-01
    days on market $315,990 Active 11 DOM
15. 2026-05-31
    days on market $315,990 Active 10 DOM
16. 2026-05-21
    listed $315,990 Active

    Show marketing remark (1691 chars)

    Pulte Homes is Selling in Caldera! Caldera features new homes ideally located in Spring Hill, FL, minutes from the Suncoast Parkway, US-41, US-19, and Florida's beautiful Nature Coast. This Pulte Homes community offers resort-style amenities, including a clubhouse, pool, playground, sports courts, game room, and so much more. Featuring the perfectly sized Daylen floor plan, this home has the layout you've been looking for. The designer kitchen showcases a center island, stylish woodgrain cabinets, quartz countertops with a 4'' quartz backsplash, a pantry, and Whirlpool stainless steel appliances, including a dishwasher, refrigerator, microwave, and range. The bathrooms have matching cabinets and quartz countertops and a walk-in shower and dual sinks in the Owner's bath. There is luxury vinyl plank flooring in the main living areas, 18''x18'' floor tile in the baths, and laundry room, and stain-resistant carpet in the bedrooms. This home makes great use of space with four bedrooms, two full baths, a convenient laundry room with Whirlpool wash and dryer, a covered lanai, and a 2-car garage. Additional upgrades include faux wood blinds, whole house cabinet hardware and a Smart Home technology package with a video doorbell. Enjoy peace of mind with Pulte's transferable, 10-year Limited Structural Warranty that covers materials and workmanship in the 1st year, workability of plumbing, electrical, HVAC, and other mechanical systems through the 2nd year, various types of water infiltration and internal leaks through the 5th year, and the structural integrity of the home through the 10th year. Plus, we're currently offering limited-time incentives and below-market rates!

17. 2026-05-21
    listed $315,990 Active 1691-char remark

    Show marketing remark (1691 chars)

    Pulte Homes is Selling in Caldera! Caldera features new homes ideally located in Spring Hill, FL, minutes from the Suncoast Parkway, US-41, US-19, and Florida's beautiful Nature Coast. This Pulte Homes community offers resort-style amenities, including a clubhouse, pool, playground, sports courts, game room, and so much more. Featuring the perfectly sized Daylen floor plan, this home has the layout you've been looking for. The designer kitchen showcases a center island, stylish woodgrain cabinets, quartz countertops with a 4'' quartz backsplash, a pantry, and Whirlpool stainless steel appliances, including a dishwasher, refrigerator, microwave, and range. The bathrooms have matching cabinets and quartz countertops and a walk-in shower and dual sinks in the Owner's bath. There is luxury vinyl plank flooring in the main living areas, 18''x18'' floor tile in the baths, and laundry room, and stain-resistant carpet in the bedrooms. This home makes great use of space with four bedrooms, two full baths, a convenient laundry room with Whirlpool wash and dryer, a covered lanai, and a 2-car garage. Additional upgrades include faux wood blinds, whole house cabinet hardware and a Smart Home technology package with a video doorbell. Enjoy peace of mind with Pulte's transferable, 10-year Limited Structural Warranty that covers materials and workmanship in the 1st year, workability of plumbing, electrical, HVAC, and other mechanical systems through the 2nd year, various types of water infiltration and internal leaks through the 5th year, and the structural integrity of the home through the 10th year. Plus, we're currently offering limited-time incentives and below-market rates!

18. 2026-05-10
    price $315,990 237-char remark

    Show marketing remark (237 chars)

    Discover the Daylen, a brand-new construction home offering 4 spacious bedrooms, 2 modern baths, and an open-concept layout. Enjoy outdoor living on the covered lanai plus the convenience of a 2-car garage-designed for comfort and style.

19. 2026-05-09
    listed $320,990 Active 237-char remark

    Show marketing remark (237 chars)

    Discover the Daylen, a brand-new construction home offering 4 spacious bedrooms, 2 modern baths, and an open-concept layout. Enjoy outdoor living on the covered lanai plus the convenience of a 2-car garage-designed for comfort and style.

ⓘ 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: $1,267 · $106/mo
• Projected year-2 tax: $2,623 · $219/mo
• Expected delta: +$1,356/yr (+$113/mo · 107.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $27,917
• − Mortgage interest: −$17,700
• − Property taxes: −$1,267
• − Insurance: −$1,580
• − Repairs & maintenance: −$2,233
• − Management: −$2,233
• − HOA: −$564
• − Depreciation: −$9,192
• Taxable loss: −$6,854
• Est. tax savings @ 24.0%: +$1,645
• After-tax cash flow: $403/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): 47,257
• Household income: $79,442
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 663.0

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 (65%)
• Race & ethnicity: White 65% Hispanic / Latino 22% Two or more races 13% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 12% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 1%
• Foreign-born: 11% · Canada, Jamaica, Philippines
• Languages at home: 81% English-only · Spanish 15% Other Asian/Pacific 1% Other Indo-European 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: ▼ -86.49%
• Current HPI: 286.5885
• Rent YoY: ▼ -4.82%
• 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

-1.6% since first listed

4 events — show timeline

• 2026-05-21 Listed $315,990 HCAR
• 2026-05-21 Listed $315,990 Stellar MLS as Distributed by MLS Grid
• 2026-05-10 Price Changed $315,990 Zillow
• 2026-05-09 Listed $320,990 Zillow