85 Sweet Honey Ln · World Golf Village, FL 32092

$383,990

2 bd · 2.0 ba · 1,709 sqft · MultiFamily · 56 Days on market

Built 2026 4,356 sqft lot $225/sqft · 7% above area Est $359k · 7% over $419/mo HOA · 22% of rent

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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 +18.8/30.0
• Schools +6.4/10.0
• DSCR +5.9/10.0
• 1% rule +5.1/10.0
• ARV discount +4.4/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

The Bourton, part of our highly sought-after Paired Villa Collection, combines thoughtful design with effortless style. Featuring two spacious bedrooms and a versatile flex space, ideal for a home office, study, or creative retreat. This plan adapts seamlessly to your lifestyle. At its core, the open-concept layout connects the kitchen, dining area, and great room into one inviting space, perfect for everyday living and entertaining. With its blend of flexibility, comfort, and low-maintenance convenience, the Bourton is a villa that truly stands out. * Images are for reference only.

Key facts

• Water views
• Charming front porch
• Gourmet kitchen

Tags

• WATER VIEWS
• FLEX ROOM
• GOURMET KITCHEN
• COVERED LANAI
• CHARMING FRONT PORCH
• BARN DOOR PREP

Property features AI

Finance

• Other: Property currently used as residential / single family; Unfurnished
• HOA & community: Homeowners association with monthly fee; Community amenities include clubhouse, dog park, jogging path, pickleball courts, and spa/hot tub; Gated community; Annual additional association fee

Exterior

• Parking: Attached 2-car garage with garage door opener
• Security: Smoke detectors; Carbon monoxide detectors; Gated community
• Utilities: Public sewer; Water connected; Electricity connected; Natural gas connected; Cable available
• Home design: Townhouse (attached property); One level; Southeast facing
• Construction: Built with fiber cement and frame construction; Shingle roof
• Exterior features: Covered front and rear porches (front porch, back lanai); Sprinklers in front and rear; Cleared lot; Private road frontage (asphalt); Security gate

Interior

• Kitchen: Walk-in pantry; Gas range; Dishwasher; Microwave; Disposal; Tankless water heater
• Bedrooms: 2 bedrooms (both on first floor); Primary suite with en suite bathroom and walk-in closet; Second bedroom with built-in closet; Additional study/flex room
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Thermostat (energy efficient feature)
• Interior features: Open floorplan with kitchen island; Pantry / walk-in pantry; Split bedroom layout; Primary bathroom with shower (no tub); Primary bedroom on main level; Walk-in closet(s)
• Laundry & utility: Washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $384k.

Deal economics

• At list price, monthly cash flow is $383 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $384k).
• Recommended offer: $372k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.0% in World Golf Village — 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 78/100 on livability (#168 in FL, #2,512 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• St. Johns (rural): math 75% / reading 73% proficiency, ranked #2 of 73 in FL (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 1323 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 5,575 units permitted in St. Johns County in 2024 (584 in 5+ unit buildings).
• This rent runs 36% of the median local income ($131k/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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• St. Johns County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($372k) is reasonable based on typical stale-listing flexibility.
• 2 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 $372,470 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.49%
• Cash-on-cash: 4.28%
• DSCR: 1.19
• GRM: 8.2

CMA / ARV

• ARV (median comp): $359,495
• List price: $383,990
• Delta: 6.81%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.08% rent growth · sell at horizon

5-year hold

• IRR: -13.0%
• Equity multiple: 0.55×
• Total profit: $-48,821
• Equity at exit: $57,254

10-year hold

• IRR: -9.3%
• Equity multiple: 0.50×
• Total profit: $-53,703
• Equity at exit: $33,200

Cash invested: $107,517 (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 32092

• Home prices YoY: -32.2%
• Rents YoY: 0.1%
• Active inventory: 1323
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $3,888 medium
• Mortgage (P&I): −$2,014
• Tax from tax record: −$95 /mo · $1,145/yr
• Insurance: −$160
• HOA: −$419
• Vacancy / Maint / Mgmt: −$816
• Net cashflow: $383

Break-even live

Break-even rent $3,403

Max offer price $383,990

Occupancy floor 85%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,888
Total (2 units)			$3,888

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: $95,998
• Closing costs: $11,520
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 Aspire Dr St. Augustine, FL	1.0–3.0	1.0–3.0	1110	$2,182	$1.97	1d	78	0.42mi
300 Brandon Lakes Dr Saint Augustine, FL	3.0	2.5	1434	$1,850	$1.29	23d	1	0.57mi
46 Fieldfare Ln Jacksonville, FL	3.0	2.5	1396	$1,995	$1.43	3d	1	0.63mi
419 Brandon Lakes Dr Saint Augustine, FL	3.0	2.5	1400	$2,100	$1.50	23d	1	0.66mi
427 Brandon Lakes Dr Saint Augustine, FL	3.0	2.5	1445	$1,900	$1.31	23d	1	0.67mi
24 Thurnham Ln Saint Augustine, FL	3.0	2.5	1445	$1,950	$1.35	17d	1	0.69mi
33 Thurnham Ln Saint Augustine, FL	3.0	2.5	1445	$1,950	$1.35	17d	1	0.71mi
545 Brandon Lakes Dr Saint Augustine, FL	3.0	2.5	1396	$2,095	$1.50	7d	1	0.79mi
157 Hubbard Bnd Unit 157 St. Augustine, FL	3.0	3.0	1707	$2,400	$1.41	17d	1	0.90mi
207 Hubbard Bnd St. Augustine, FL	3.0	2.5	1750	$2,000	$1.14	23d	1	0.93mi
319 Greenway Ln Saint Augustine, FL	3.0	2.0	1948	$2,850	$1.46	3d	1	0.96mi
64 Rose Dew Dr Saint Augustine, FL	3.0	2.0	1713	$2,695	$1.57	19d	1	1.08mi
378 Varner Way St Augustine, FL	3.0	2.0	2126	$2,799	$1.32	23d	1	1.26mi

HOA detail

• Monthly dues: $419 · $5,028/yr

Listing history 15 events

1. 2026-06-18
   days on market $383,990 Active 56 DOM
2. 2026-06-17
   days on market $383,990 Active 55 DOM
3. 2026-06-16
   days on market $383,990 Active 54 DOM
4. 2026-06-15
   days on market $383,990 Active 53 DOM
5. 2026-06-13
   days on market $383,990 Active 51 DOM
6. 2026-06-13
   days on market $383,990 Active 50 DOM
7. 2026-06-10
   days on market $383,990 Active 47 DOM
8. 2026-06-08
   days on market $383,990 Active 46 DOM
9. 2026-06-07
   pricedays on market $383,990 Active 45 DOM
10. 2026-06-03
    days on market $372,990 Active 41 DOM
11. 2026-06-02
    days on market $372,990 Active 40 DOM
12. 2026-06-01
    days on market $372,990 Active 39 DOM
13. 2026-05-31
    days on market $372,990 Active 38 DOM
14. 2026-05-01
    price $370,990 946-char remark
15. 2026-04-23
    listed $368,990 Active 946-char remark

ⓘ 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: $1,145 · $95/mo
• Projected year-2 tax: $3,187 · $266/mo
• Expected delta: +$2,042/yr (+$170/mo · 178.4%)

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

Taxation est. · year 1

• Rental income: $46,656
• − Mortgage interest: −$21,509
• − Property taxes: −$1,145
• − Insurance: −$1,920
• − Repairs & maintenance: −$3,732
• − Management: −$3,732
• − HOA: −$5,028
• − Depreciation: −$11,171
• Taxable loss: −$1,582
• Est. tax savings @ 24.0%: +$380
• After-tax cash flow: $4,981/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: St. Johns
• NCES district ID: 1201740
• Math proficiency: 75% ▼ -5.00%
• Reading proficiency: 73% ▼ -2.00%
• Median HH income: $66,842
• Composite: 64.31/100
• National rank: #556
• State rank: #2 of 73 in FL

Livability — World Golf Village

• Score: 78/100
• State rank: #168
• US rank: #2512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Johns County · 301,599 people
• City population: 48,288
• Metro: Jacksonville, FL
• Population (ZIP): 53,071
• Household income: $131,020
• Rent vs Own: 12.8% rent · 87.2% own
• Severe rent burden: 706.0

Population outlook (St. Johns County) Hauer SSP2

• Today (2025): 303,941 people
• By 2030: 342,590 · +12.7%
• By 2040: 417,328 · +37.3%
• By 2050: 487,011 · +60.2%
• By 2075: 635,395 · +109.1%
• By 2100: 717,469 · +136.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 9% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 3% Scotch-Irish 3% Slovak 3%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 6% Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · St. Johns

• 2024 margin: Solid R (+31.4) · D 33.9% · R 65.2%
• 2008→2024 swing: +0.2pp no change · 2008: -31.6pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+26.7 2016: R+33.4 2012: R+37.8 2008: R+31.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.26%
• Current HPI: 259.732
• Rent YoY: ▲ 0.08%
• Metro: Jacksonville, 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

+3.3% since first listed

5 events — show timeline

• 2026-06-05 Listed $380,990 Zillow
• 2026-06-05 Price Changed $383,990 realMLS
• 2026-05-27 Price Changed $372,990 realMLS
• 2026-05-01 Price Changed $370,990 realMLS
• 2026-04-23 Listed $368,990 realMLS

Property tax history

+30.4%/yr

Latest (2025): $1,145 · +30.4% YoY. Source: county tax records.