2 Cypress Blvd. Blvd · Sugarmill Woods, FL 34446

$167,500

2 bd · 2.0 ba · 1,430 sqft · Land · 88 Days on market

Built 1981 436 sqft lot $10/mo HOA · 1% of rent

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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 +27.0/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spaceous corner building lot in desirable Sugarmill Woods/Cypress Village. Greenbelts are a part of every lot, which offers a combination of nature and privacy. This community offers access to all outdoor activities, such as kayaking, fishing, boating, and even hunting if that is your passion. Tampa is less than an hour away with all it has to offer.

Key facts

• Split-bedroom layout
• Expansive great room
• Inviting clubhouse

Tags

• SCENIC GREENBELT VIEWS
• EXPANSIVE GREAT ROOM
• SPLIT-BEDROOM LAYOUT
• HEATED POOL
• INVITING CLUBHOUSE
• EASY ACCESS TO FISHING

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $125 (about $10.42/month); Community pool

Exterior

• Parking: Assigned parking; Detached carport; 1 total parking space
• Security: Carbon monoxide detector(s)
• Utilities: Public water
• Home design: Residential condominium
• Construction: Block and concrete construction; Block foundation; Flat roof; Built as condominium (year not provided)
• Exterior features: In-ground pool; Level lot; City street frontage; Public maintained road

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Range hood; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: High ceilings; Blinds and window treatments
• Laundry & utility: Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $168k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $157k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.0% in Sugarmill Woods — 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 59/100 on livability (#825 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety 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 Middle School (math 49% / reading 49%, grade C-, #265 of 571 statewide, top 48%, 809 students, 55% 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: 582 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($59k/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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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 $28k; list at $168k implies a 509% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,450 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.10% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.05%
• DSCR: 1.54
• GRM: 7.6

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,770
• Equity at exit: $24,975

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $40,714
• Equity at exit: $14,482

Cash invested: $46,900 (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 34446

• Home prices YoY: -10.4%
• Active inventory: 582
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,845 high
• Mortgage (P&I): −$878
• Tax from tax record: −$28 /mo · $337/yr
• Insurance: −$70
• HOA: −$10
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $471

Break-even live

Break-even rent $1,248

Max offer price $167,500

Occupancy floor 69%

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: $41,875
• Closing costs: $5,025
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Black Cherry Dr Homosassa, FL	2.0	2.0	1140	$1,600	$1.40	21d	1	0.47mi
5 Jamaica St Homosassa, FL	2.0	2.0	1353	$1,500	$1.11	21d	1	0.50mi
17 Jamaica St Homosassa, FL	2.0	2.0	1100	$1,500	$1.36	21d	1	0.55mi
17 Dogwood Dr Homosassa, FL	2.0	2.0	1400	$1,600	$1.14	21d	1	0.72mi
23 Dogwood Dr Homosassa, FL	2.0	2.0	1492	$2,200	$1.47	21d	1	0.73mi
57 Chinaberry Cir Homosassa, FL	2.0	2.0	1132	$1,575	$1.39	21d	1	0.74mi
117 Golfview Dr Homosassa, FL	2.0	2.0	1507	$2,000	$1.33	21d	1	0.74mi
51 Golfview Ct Homosassa, FL	2.0	2.0	1553	$1,900	$1.22	21d	1	0.88mi
5538 W Oak Park Blvd Homosassa, FL	2.0	2.0	1439	$1,700	$1.18	20d	1	1.23mi
6270 W Oak Park Blvd Unit 6270 Homosassa, FL	3.0	2.0	1500	$1,850	$1.23	15d	1	1.26mi
5356 W Oak Park Blvd Homosassa, FL	3.0	2.0	1451	$2,750	$1.90	24d	1	1.33mi
5356 W Oak Park Blvd Homosassa, FL	3.0	2.0	1451	$2,750	$1.90	20d	1	1.33mi

HOA detail

• Monthly dues: $10 · $120/yr

Listing history 24 events

1. 2026-06-19
   days on market $167,500 Active 88 DOM
2. 2026-06-18
   days on market $167,500 Active 87 DOM
3. 2026-06-17
   days on market $167,500 Active 86 DOM
4. 2026-06-16
   days on market $167,500 Active 85 DOM
5. 2026-06-15
   days on market $167,500 Active 84 DOM
6. 2026-06-14
   days on market $167,500 Active 82 DOM
7. 2026-06-13
   days on market $167,500 Active 81 DOM
8. 2026-06-09
   days on market $167,500 Active 78 DOM
9. 2026-06-08
   days on market $167,500 Active 77 DOM
10. 2026-06-07
    days on market $167,500 Active 76 DOM
11. 2026-06-03
    days on market $167,500 Active 72 DOM
12. 2026-06-02
    days on market $167,500 Active 71 DOM
13. 2026-06-01
    days on market $167,500 Active 70 DOM
14. 2026-05-31
    days on market $167,500 Active 69 DOM
15. 2026-05-30
    days on market $167,500 Active 68 DOM
16. 2026-03-19
    listed $167,500 Active
17. 2025-09-02
    soldstatus $27,500
18. 2025-08-29
    soldstatus $27,500 Closed 352-char remark

    Show marketing remark (352 chars)

    Spaceous corner building lot in desirable Sugarmill Woods/Cypress Village. Greenbelts are a part of every lot, which offers a combination of nature and privacy. This community offers access to all outdoor activities, such as kayaking, fishing, boating, and even hunting if that is your passion. Tampa is less than an hour away with all it has to offer.

19. 2025-08-11
    status Pending 352-char remark

    Show marketing remark (352 chars)

    Spaceous corner building lot in desirable Sugarmill Woods/Cypress Village. Greenbelts are a part of every lot, which offers a combination of nature and privacy. This community offers access to all outdoor activities, such as kayaking, fishing, boating, and even hunting if that is your passion. Tampa is less than an hour away with all it has to offer.

20. 2025-03-10
    listed $35,000 Active 352-char remark

    Show marketing remark (352 chars)

    Spaceous corner building lot in desirable Sugarmill Woods/Cypress Village. Greenbelts are a part of every lot, which offers a combination of nature and privacy. This community offers access to all outdoor activities, such as kayaking, fishing, boating, and even hunting if that is your passion. Tampa is less than an hour away with all it has to offer.

21. 2005-03-30
    soldstatus $36,000
22. 2005-03-18
    soldstatus $36,000 45-char remark

    Show marketing remark (45 chars)

    Nice, wooded corner lot in upscale community.

23. 2004-12-13
    listed $36,000 45-char remark

    Show marketing remark (45 chars)

    Nice, wooded corner lot in upscale community.

24. 1998-12-11
    soldstatus $20,000

ⓘ 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: $337 · $28/mo
• Projected year-2 tax: $1,390 · $116/mo
• Expected delta: +$1,053/yr (+$88/mo · 312.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 25 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: $22,134
• − Mortgage interest: −$9,383
• − Property taxes: −$337
• − Insurance: −$838
• − Repairs & maintenance: −$1,771
• − Management: −$1,771
• − HOA: −$120
• − Depreciation: −$4,873
• Taxable income: $3,042
• Est. tax owed @ 24.0%: −$730
• After-tax cash flow: $4,920/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 — Sugarmill Woods

• Score: 59/100
• State rank: #825
• US rank: #20184

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sugarmill Woods, FL
• County: Citrus County · 111,314 people
• City population: 18,797
• Metro: Homosassa Springs, FL
• Population (ZIP): 19,102
• Household income: $58,802
• Rent vs Own: 6.9% rent · 93.1% own
• Severe rent burden: 121.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 4% Lithuanian 4% Slovak 3%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -32.11%
• Current HPI: 277.2576
• 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

+737.5% since first listed

9 events — show timeline

• 2026-03-19 Listed $167,500 RACC
• 2025-09-02 Sold (Public Records) $27,500 Public Records
• 2025-08-29 Sold (MLS) $27,500 RACC
• 2025-08-11 Pending — RACC
• 2025-03-10 Listed $35,000 RACC
• 2005-03-30 Sold (Public Records) $36,000 Public Records
• 2005-03-18 Sold (MLS) $36,000 RACC
• 2004-12-13 Listed $36,000 RACC
• 1998-12-11 Sold (Public Records) $20,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $337 · +16.9% YoY. Source: county tax records.