3922 S Apopka Ave · Inverness Highlands South, FL 34452

$171,600

3 bd · 2.0 ba · 1,940 sqft · SingleFamily public records · 18 Days on market

Built 1973 9,465 sqft lot Est $305k · 44% under

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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 +23.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.9/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all Investors or anyone looking for a project! This home has major potential. 4 Bedrooms, lovely lanaii, and fantastic . 44 acre fenced yard just a few miles from downtown Inverness! Includes 6262 E IVY LN. The Withlacoochee bike trail is also within 5 miles. Its a block home on a dry lot (X). It needs work, but will be a lovely home for someone. Listed at recently appraised value.

Key facts

• Fenced yard
• 9,465 sq ft lot
• Built 1973

Tags

• FENCED YARD

Property features AI

Finance

• Other: Zoning: MDR; Living area about 1,940 sq ft (public records); Corner directions: From Apopka/44 E Gulf to Lake Hwy, go S on Apopka. Property on corner of Apopka/Ivy.
• HOA & community: No association indicated

Exterior

• Utilities: Well water; Septic tank sewer; Electricity connected; Water connected; Cable available
• Home design: Single family residence; Residential property; One-story; Faces east; Listed as fixer condition; Has additional parcels
• Construction: Concrete construction; Shingle roof; Block foundation; Built on a 0.44-acre lot (approx. 1/4 to 1/2 acre)
• Exterior features: Enclosed patio/porch; Front porch; Rear porch; Corner lot; Paved lot and road

Interior

• Kitchen: No appliances listed
• Bedrooms: 4 bedrooms
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Ceramic tile flooring; No kitchen appliances listed
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $172k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• Recommended offer: $169k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 5.0% in Inverness Highlands South — 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 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-, amenities 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.
• Zoned schools: Inverness Primary School (math 54% / reading 55%, grade C, #892 of 2,144 statewide, top 44%, 683 students, 65% FRL); Citrus High School (math 34% / reading 51%, grade F, #264 of 667 statewide, top 41%, 1,503 students, 54% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: 262 active listings in the ZIP; 5 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 $1k of loan paydown is wiped out by about $5k 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 18 days — a 2% lower offer ($169k) 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,026 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — 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. 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?
4. 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.
5. 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.
6. 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: 1.09% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.59%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $304,580
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3988 S Highlands Ave	0.28mi	4/2.0 (+1)	1,818 (-6%)	5mo	$288,990	$159	67
4011 S Tom Ave	0.44mi	2/2.0 (-1)	1,817 (-6%)	2mo	$292,487	$161	63
6376 E Gentry St	0.29mi	2/2.0 (-1)	1,792 (-8%)	7mo	$205,000	$114	63
3565 & 3553 S Oakdale Ter	0.51mi	3/2.0	1,874 (-3%)	10mo	$335,000	$179	62
3754 S Diamond Ave	0.19mi	3/2.0	2,224 (+15%)	8mo	$270,000	$121	60
5885 E Arbor St	0.67mi	3/2.0	1,986 (+2%)	10mo	$335,000	$169	56
6671 Kent	0.47mi	2/2.0 (-1)	2,144 (+10%)	1mo	$325,000	$152	55
6149 E Malverne St	0.48mi	3/2.0	1,683 (-13%)	9mo	$205,000	$122	48
3367 S Oakdale Ter	0.67mi	3/2.0	2,175 (+12%)	3mo	$373,500	$172	46
3529 S Belgrave Dr	0.68mi	2/2.0 (-1)	1,738 (-10%)	4mo	$233,000	$134	42
3339 S Highgate Pt	0.74mi	2/2.0 (-1)	1,732 (-11%)	1mo	$243,000	$140	42
4465 S Worldwide Dr	0.59mi	3/2.0	2,217 (+14%)	11mo	$349,000	$157	40

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: -4.7%
• Equity multiple: 0.82×
• Total profit: $-8,431
• Equity at exit: $25,586

10-year hold

• IRR: 5.0%
• Equity multiple: 1.37×
• Total profit: $17,665
• Equity at exit: $14,837

Cash invested: $48,048 (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: 262
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,870 high
• Mortgage (P&I): −$900
• Tax from tax record: −$202 /mo · $2,419/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $304

Break-even live

Break-even rent $1,485

Max offer price $171,600

Occupancy floor 79%

Sensitivity live

Price	-10% $401	-5% $352	+0% $304	+5% $255	+10% $207
Rent	-10% $156	-5% $230	+0% $304	+5% $378	+10% $452
Rate	-1.0pp $390	-0.5pp $348	base $304	+0.5pp $259	+1.0pp $214

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: $42,900
• Closing costs: $5,148
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3367 S Dalton Ter Inverness, FL	3.0	2.0	1357	$1,795	$1.32	22d	1	0.60mi
3521 S Belgrave Dr Inverness, FL	2.0	2.0	1554	$2,250	$1.45	22d	1	0.67mi
6874 E Culpepper Ct Inverness, FL	2.0	2.0	1233	$1,600	$1.30	22d	1	0.76mi
908 Columbia Ln Inverness, FL	3.0	2.0	1334	$1,800	$1.35	22d	1	0.98mi
608 Whitney Ave Inverness, FL	3.0	2.0	1288	$1,660	$1.29	22d	1	1.47mi

Listing history 4 events

1. 2026-05-01
   status Pending 392-char remark

   Show marketing remark (392 chars)

   Calling all Investors or anyone looking for a project! This home has major potential. 4 Bedrooms, lovely lanaii, and fantastic . 44 acre fenced yard just a few miles from downtown Inverness! Includes 6262 E IVY LN. The Withlacoochee bike trail is also within 5 miles. Its a block home on a dry lot (X). It needs work, but will be a lovely home for someone. Listed at recently appraised value.

2. 2026-05-01
   status Pending

   Show marketing remark (392 chars)

   Calling all Investors or anyone looking for a project! This home has major potential. 4 Bedrooms, lovely lanaii, and fantastic . 44 acre fenced yard just a few miles from downtown Inverness! Includes 6262 E IVY LN. The Withlacoochee bike trail is also within 5 miles. Its a block home on a dry lot (X). It needs work, but will be a lovely home for someone. Listed at recently appraised value.

3. 2026-04-13
   listed $171,600 Active 392-char remark

   Show marketing remark (392 chars)

   Calling all Investors or anyone looking for a project! This home has major potential. 4 Bedrooms, lovely lanaii, and fantastic . 44 acre fenced yard just a few miles from downtown Inverness! Includes 6262 E IVY LN. The Withlacoochee bike trail is also within 5 miles. Its a block home on a dry lot (X). It needs work, but will be a lovely home for someone. Listed at recently appraised value.

4. 2026-04-13
   listed $171,600 Active

   Show marketing remark (392 chars)

   Calling all Investors or anyone looking for a project! This home has major potential. 4 Bedrooms, lovely lanaii, and fantastic . 44 acre fenced yard just a few miles from downtown Inverness! Includes 6262 E IVY LN. The Withlacoochee bike trail is also within 5 miles. Its a block home on a dry lot (X). It needs work, but will be a lovely home for someone. Listed at recently appraised value.

ⓘ 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: $2,419 · $202/mo
• Projected year-2 tax: $2,419 · $202/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 · 23 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: $22,434
• − Mortgage interest: −$9,612
• − Property taxes: −$2,419
• − Insurance: −$858
• − Repairs & maintenance: −$1,795
• − Management: −$1,795
• − Depreciation: −$4,992
• Taxable income: $963
• Est. tax owed @ 24.0%: −$231
• After-tax cash flow: $3,416/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

+0.0% since first listed

4 events — show timeline

• 2026-05-01 Pending — RACC
• 2026-05-01 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-13 Listed $171,600 RACC
• 2026-04-13 Listed $171,600 Stellar MLS as Distributed by MLS Grid

Property tax history

+8.2%/yr

Latest (2025): $2,419 · +6.4% YoY. Source: county tax records.