3556 S Belgrave Dr · Inverness Highlands South, FL 34452

$224,900

2 bd · 2.0 ba · 1,266 sqft · Condo public records · 38 Days on market

Built 1994

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +6.2/30.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Turn Key! Newly remodeled, new heating and air, tile throughout.

Key facts

• Tile throughout
• New heating
• Newly remodeled

Tags

• NEWLY REMODELED
• NEW HEATING
• TILE THROUGHOUT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-414 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (17.6% below list).
• Recommended offer: $185k (17.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#508 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, health & safety C-, schools F.
• Citrus (rural): math 49% / reading 50% proficiency, ranked #44 of 73 in FL (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 260 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,443 units permitted in Citrus County in 2024 (0 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 $7k of value loss. Plan a longer hold.
• Citrus County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $100k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $185,261 (17.6% 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 38 days. Have you received any prior offers? Is the seller open to a 18% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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 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: 0.82% ✗
• Cap rate: 4.08%
• Cash-on-cash: -7.89%
• DSCR: 0.65
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -30.0%
• Equity multiple: 0.01×
• Total profit: $-62,602
• Equity at exit: $33,533

10-year hold

• IRR: -30.7%
• Equity multiple: -0.39×
• Total profit: $-87,567
• Equity at exit: $19,445

Cash invested: $62,972 (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 34452

• Home prices YoY: -25.2%
• Active inventory: 260
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,853 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$198 /mo · $2,373/yr
• Insurance: −$94
• HOA est. from 2 same-building comps: −$407
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $-414

Break-even live

Break-even rent $2,377

Max offer price $151,716

Occupancy floor —

Sensitivity live

Price	-10% $-287	-5% $-351	+0% $-414	+5% $-478	+10% $-542
Rent	-10% $-561	-5% $-487	+0% $-414	+5% $-341	+10% $-268
Rate	-1.0pp $-301	-0.5pp $-357	base $-414	+0.5pp $-473	+1.0pp $-532

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3521 S Belgrave Dr Inverness, FL	2.0	2.0	1554	$2,250	$1.45	21d	1	0.07mi
6874 E Culpepper Ct Inverness, FL	2.0	2.0	1233	$1,600	$1.30	21d	1	0.12mi
3367 S Dalton Ter Inverness, FL	3.0	2.0	1357	$1,795	$1.32	21d	1	0.30mi
908 Columbia Ln Inverness, FL	3.0	2.0	1334	$1,800	$1.35	21d	1	0.36mi
6106 E Calico Ln Inverness, FL	2.0	1.0	1126	$1,500	$1.33	21d	1	0.69mi
1112 Eden Dr Inverness, FL	3.0	2.0	1334	$1,750	$1.31	21d	1	0.95mi
1017 Carnegie Dr Inverness, FL	3.0	2.0	1334	$1,800	$1.35	21d	1	1.09mi
608 Whitney Ave Inverness, FL	3.0	2.0	1288	$1,660	$1.29	21d	1	1.11mi
732 Sinclair Ter Inverness, FL	3.0	2.0	1347	$1,700	$1.26	21d	1	1.24mi
415 W Circlewood St Inverness, FL	3.0	2.0	1621	$1,850	$1.14	21d	1	1.31mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-19
   days on market $224,900 Active 38 DOM
2. 2026-06-18
   days on market $224,900 Active 37 DOM
3. 2026-06-17
   days on market $224,900 Active 36 DOM
4. 2026-06-16
   days on market $224,900 Active 35 DOM
5. 2026-06-15
   days on market $224,900 Active 34 DOM
6. 2026-06-14
   days on market $224,900 Active 32 DOM
7. 2026-06-13
   days on market $224,900 Active 31 DOM
8. 2026-06-09
   days on market $224,900 Active 28 DOM
9. 2026-06-08
   days on market $224,900 Active 27 DOM
10. 2026-06-03
    days on market $224,900 Active 22 DOM
11. 2026-06-02
    days on market $224,900 Active 21 DOM
12. 2026-06-01
    days on market $224,900 Active 20 DOM
13. 2026-05-31
    days on market $224,900 Active 19 DOM
14. 2026-05-30
    days on market $224,900 Active 18 DOM
15. 2026-05-13
    price $224,900
16. 2026-05-12
    listed $324,900 Active
17. 2026-04-30
    listed $224,900 Active
18. 2023-07-03
    soldstatus $190,000
19. 1994-05-01
    soldstatus $75,000

ⓘ 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: $2,373 · $198/mo
• Projected year-2 tax: $2,373 · $198/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 9/10 Extreme 7 d/yr ≥108°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,231
• − Mortgage interest: −$12,598
• − Property taxes: −$2,373
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,779
• − Management: −$1,779
• − HOA: −$4,884
• − Depreciation: −$6,543
• Taxable loss: −$8,847
• Est. tax savings @ 24.0%: +$2,123
• After-tax cash flow: $-2,848/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: Citrus
• NCES district ID: 1200270
• Math proficiency: 49% ▼ -10.00%
• Reading proficiency: 50% ▼ -6.00%
• Median HH income: $38,618
• Composite: 41.28/100
• National rank: #3519
• State rank: #44 of 73 in FL

Livability — Inverness Highlands South

• Score: 68/100
• State rank: #508
• US rank: #9372

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Inverness Highlands South, FL
• Population (ZIP): 13,729

Population outlook (Citrus County) Hauer SSP2

• Today (2025): 138,622 people
• By 2030: 136,886 · -1.3%
• By 2040: 132,009 · -4.8%
• By 2050: 125,196 · -9.7%
• By 2075: 108,570 · -21.7%
• By 2100: 84,454 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Lithuanian 3% Romanian 2% Slovak 2%
• Foreign-born: 4% · Canada, Jamaica, Dominican Republic
• Languages at home: 92% English-only · Spanish 6%

Political lean MEDSL · Citrus

• 2024 margin: Solid R (+45.9) · D 26.8% · R 72.6%
• 2008→2024 swing: -29.8pp toward R · 2008: -16.1pp · 2024: -45.9pp
• All cycles: 2024: R+45.9 2020: R+41.0 2016: R+39.7 2012: R+21.9 2008: R+16.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.43%
• Current HPI: 312.8871
• 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

+199.9% since first listed

5 events — show timeline

• 2026-05-13 Price Changed $224,900 FSBO.com
• 2026-05-12 Listed $324,900 FSBO.com
• 2026-04-30 Listed $224,900 FSBO.com
• 2023-07-03 Sold (Public Records) $190,000 Public Records
• 1994-05-01 Sold (Public Records) $75,000 Public Records

Property tax history

+14.8%/yr

Latest (2025): $2,373 · -3.7% YoY. Source: county tax records.