3856 S Sandpiper Ter · Homosassa Springs, FL 34448

$163,987

3 bd · 1.0 ba · 896 sqft · SingleFamily public records · 151 Days on market

Built 1984 7,071 sqft lot Est $152k · 8% over $7/mo HOA

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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 +25.7/30.0
• DSCR +8.6/10.0
• 1% rule +6.1/10.0
• ARV discount +4.1/15.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BACK ON THE MARKET - BUYER'S FUNDING FELL THROUGH. 3BR BLOCK HOME UNDER 170K, including $3,000 in seller concessions! This Florida Cottage is cute as a button and is great for 1st time home buyers, snow birds, or retirees boasting 3 bedrooms, vaulted ceilings, great room for living and dining, and more. The architectural shingle roof, windows, doors, kitchen cabinets and granite counter tops with breakfast bar have all been recently updated in 2021. Also updated is the side patio. It's now a screen-enclosed lanai, and includes a laundry closet where you can run a load of laundry while enjoying your morning coffee. The backyard is fully fenced, perfect for kids or fur babies, just waiting for you to add your special touch. There is also an attached exterior storage room for your lawn mower and garden tools. All appliances are included, even the washer and dryer! This home's layout allows for comfortable living. Come see this sweet home, with all it has to offer. It is close to amenities yet has that relaxing, friendly neighborhood feel, at a price that will put a smile on your face! Seller is motivated and as stated, includes $3,000 in seller concessions for those finishing touches or use it towards closing costs. Don't miss out!

Key facts

• Vaulted great room
• Granite counters
• 7,071 sq ft lot

Tags

• VAULTED GREAT ROOM
• GRANITE COUNTERS
• ARCHITECTURAL SHINGLE ROOF
• LUXURY VINYL PLANK FLOORING
• SCREEN ENCLOSED PATIO
• FULLY FENCED BACK YARD

Property features AI

Finance

• Other: Homestead exempt; No lease restrictions
• HOA & community: HOA (Meadow) with annual fee of $90 (monthly equivalent $7.50); Pets allowed

Exterior

• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable connected; BB/HS internet available; Electricity connected; Water connected; Sewer connected
• Home design: Single family residence; One story; East-facing; Completed condition
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as existing (public records)
• Exterior features: Enclosed patio; Front porch; Screened porch; Side porch; Detached storage; Chain link fencing; Cleared, level lot; Paved access; Trees and landscaping

Interior

• Kitchen: Range; Range hood; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (heat pump); Central air conditioning
• Interior features: Cathedral ceilings; Vaulted ceiling; High ceilings; Open floor plan; Ceiling fans; Stone countertops; Thermostat; Blinds
• Laundry & utility: Washer hookup; Dryer hookup; Laundry closet; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $164k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $164k).
• Recommended offer: $144k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 5.9% in Homosassa Springs — 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 71/100 on livability (#391 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute 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: Lecanto Primary School (math 55% / reading 53%, grade C, #936 of 2,144 statewide, top 44%, 820 students, 63% FRL); Lecanto High School (math 46% / reading 53%, grade D, #179 of 667 statewide, top 29%, 1,630 students, 46% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: 307 active listings in the ZIP; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• At $1,822/mo this rent would consume 48% of the median local household income ($46k/yr) (locally 113% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 151 days — a 12% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 6 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 $133k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,308 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.29%
• DSCR: 1.46
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $152,320
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6629 W Seagull Ln	0.09mi	2/2.0 (-1)	899 (+0%)	13mo	$152,500	$170	76
3803 S Sandpiper Ter	0.06mi	2/2.0 (-1)	996 (+11%)	12mo	$142,500	$143	60
3981 S Emma Jane Ter	0.68mi	2/2.0 (-1)	816 (-9%)	24mo	$233,000	$286	24

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: -3.3%
• Equity multiple: 0.88×
• Total profit: $-5,722
• Equity at exit: $24,451

10-year hold

• IRR: 6.4%
• Equity multiple: 1.48×
• Total profit: $21,906
• Equity at exit: $14,179

Cash invested: $45,916 (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 34448

• Home prices YoY: -26.1%
• Active inventory: 307
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,822 medium
• Mortgage (P&I): −$860
• Tax from tax record: −$111 /mo · $1,328/yr
• Insurance: −$68
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$7
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $327

Break-even live

Break-even rent $1,408

Max offer price $163,987

Occupancy floor 77%

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: $40,997
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $7 · $84/yr

Listing history 16 events

1. 2026-05-18
   price $163,987 1248-char remark

   Show marketing remark (1248 chars)

   BACK ON THE MARKET - BUYER'S FUNDING FELL THROUGH. 3BR BLOCK HOME UNDER 170K, including $3,000 in seller concessions! This Florida Cottage is cute as a button and is great for 1st time home buyers, snow birds, or retirees boasting 3 bedrooms, vaulted ceilings, great room for living and dining, and more. The architectural shingle roof, windows, doors, kitchen cabinets and granite counter tops with breakfast bar have all been recently updated in 2021. Also updated is the side patio. It's now a screen-enclosed lanai, and includes a laundry closet where you can run a load of laundry while enjoying your morning coffee. The backyard is fully fenced, perfect for kids or fur babies, just waiting for you to add your special touch. There is also an attached exterior storage room for your lawn mower and garden tools. All appliances are included, even the washer and dryer! This home's layout allows for comfortable living. Come see this sweet home, with all it has to offer. It is close to amenities yet has that relaxing, friendly neighborhood feel, at a price that will put a smile on your face! Seller is motivated and as stated, includes $3,000 in seller concessions for those finishing touches or use it towards closing costs. Don't miss out!

2. 2026-05-14
   price $163,987
3. 2026-05-01
   listed $169,900 Active 1248-char remark

   Show marketing remark (1248 chars)

   BACK ON THE MARKET - BUYER'S FUNDING FELL THROUGH. 3BR BLOCK HOME UNDER 170K, including $3,000 in seller concessions! This Florida Cottage is cute as a button and is great for 1st time home buyers, snow birds, or retirees boasting 3 bedrooms, vaulted ceilings, great room for living and dining, and more. The architectural shingle roof, windows, doors, kitchen cabinets and granite counter tops with breakfast bar have all been recently updated in 2021. Also updated is the side patio. It's now a screen-enclosed lanai, and includes a laundry closet where you can run a load of laundry while enjoying your morning coffee. The backyard is fully fenced, perfect for kids or fur babies, just waiting for you to add your special touch. There is also an attached exterior storage room for your lawn mower and garden tools. All appliances are included, even the washer and dryer! This home's layout allows for comfortable living. Come see this sweet home, with all it has to offer. It is close to amenities yet has that relaxing, friendly neighborhood feel, at a price that will put a smile on your face! Seller is motivated and as stated, includes $3,000 in seller concessions for those finishing touches or use it towards closing costs. Don't miss out!

4. 2026-04-28
   status Active
5. 2026-04-03
   status Pending
6. 2026-02-18
   price $169,900
7. 2025-12-04
   listed $174,900 Active
8. 2021-08-12
   soldstatus $133,000
9. 2021-08-05
   soldstatus $133,000 25-char remark

   Show marketing remark (25 chars)

   statistical purposes only

10. 2021-08-05
    soldstatus $133,000

    Show marketing remark (25 chars)

    statistical purposes only

11. 2021-08-05
    soldstatus $133,000 Closed

    Show marketing remark (25 chars)

    statistical purposes only

12. 2021-08-05
    listed $130,000 25-char remark

    Show marketing remark (25 chars)

    statistical purposes only

13. 2021-08-05
    listed $130,000

    Show marketing remark (25 chars)

    statistical purposes only

14. 2021-07-02
    status Pending
15. 2021-06-26
    listed $130,000 Active
16. 1988-12-01
    soldstatus $28,500

ⓘ 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: $1,328 · $111/mo
• Projected year-2 tax: $1,361 · $113/mo
• Expected delta: +$33/yr (+$3/mo · 2.5%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 26 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: $21,867
• − Mortgage interest: −$9,186
• − Property taxes: −$1,328
• − Insurance: −$1,617
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − HOA: −$84
• − Depreciation: −$4,771
• Taxable income: $1,382
• Est. tax owed @ 24.0%: −$332
• After-tax cash flow: $3,594/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 — Homosassa Springs

• Score: 71/100
• State rank: #391
• US rank: #6877

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homosassa Springs, FL
• County: Citrus County · 111,314 people
• Metro: Homosassa Springs, FL
• Population (ZIP): 10,817
• Household income: $45,916
• Rent vs Own: 14.6% rent · 85.4% own
• Severe rent burden: 113.0

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Slovak 3% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1%

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: ▼ -110.27%
• Current HPI: 312.4302
• Rent YoY: —
• Metro: Homosassa Springs, 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

+475.4% since first listed

16 events — show timeline

• 2026-05-18 Price Changed $163,987 RACC
• 2026-05-14 Price Changed $163,987 Stellar MLS as Distributed by MLS Grid
• 2026-05-01 Listed $169,900 RACC
• 2026-04-28 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-03 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-02-18 Price Changed $169,900 Stellar MLS as Distributed by MLS Grid
• 2025-12-04 Listed $174,900 Stellar MLS as Distributed by MLS Grid
• 2021-08-12 Sold (Public Records) $133,000 Public Records
• 2021-08-05 Listed $130,000 St. Augustine and St. Johns County Board of REALTORS®
• 2021-08-05 Listed $130,000 HCAR
• 2021-08-05 Sold (MLS) $133,000 Stellar MLS as Distributed by MLS Grid
• 2021-08-05 Sold (MLS) $133,000 St. Augustine and St. Johns County Board of REALTORS®
• 2021-08-05 Sold (MLS) $133,000 HCAR
• 2021-07-02 Pending — Stellar MLS as Distributed by MLS Grid
• 2021-06-26 Listed $130,000 Stellar MLS as Distributed by MLS Grid
• 1988-12-01 Sold (Public Records) $28,500 Public Records

Property tax history

+7.3%/yr

Latest (2025): $1,328 · -1.6% YoY. Source: county tax records.