979 Pritchard Island Rd · Inverness, FL 34450

$279,900

3 bd · 2.0 ba · 1,649 sqft · Condo public records · 235 Days on market

Built 2003

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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 +10.0/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• 1% rule +3.1/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this inviting home located in the Waterfront Community of Pritchard Island. This charming three-bedroom, two-bathroom, two car garage residence offers a great room perfect for relaxation and entertaining, alongside a spacious dining room and breakfast nook that enhance the home's open layout. The galley kitchen comes equipped with new appliances, ensuring convenience for any cook. This home has been freshly painted and features modern upgrades, including a roof replacement in 2022 for peace of mind, all new LED lights, fire detectors and new screens. The screened back lanai is a favorite where you can watch the sun set over the water while sipping a glass of sweet tea! In addition to the beautiful property, the community offers amenities including a refreshing pool, tennis courts and boat docks. You are within a couple minutes to the Inverness Downtown area and the Withlacoochee rails to trails bike path. If you are looking for a waterfront community that is close to town this one is hard to beat. Call for your personal viewing today!

Key facts

• Boating
• Lake community
• Historic downtown

Tags

• LAKE COMMUNITY
• HISTORIC DOWNTOWN
• BIG LAKE HENDERSON
• TSALA-APOPKA NAVIGABLE CHAIN
• FISHING
• BOATING

Property features AI

Exterior

• Home design: House
• Exterior features: Lot of approximately 7,373 sq ft

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $280k.

Deal economics

• At list price, monthly cash flow is $-168 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (19.2% below list).
• Recommended offer: $226k (19.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#564 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; 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.
• Market conditions: 208 active listings in the ZIP; 9 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 $8k 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 235 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

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

Recommended offer $226,138 (19.2% 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 235 days. Have you received any prior offers? Is the seller open to a 19% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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?
9. 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.
10. 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.
11. 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: 0.81% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.57%
• DSCR: 0.89
• GRM: 10.3

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: -20.5%
• Equity multiple: 0.29×
• Total profit: $-55,982
• Equity at exit: $41,734

10-year hold

• IRR: -13.7%
• Equity multiple: 0.21×
• Total profit: $-62,302
• Equity at exit: $24,201

Cash invested: $78,372 (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 34450

• Home prices YoY: -18.7%
• Active inventory: 208
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,261 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$232 /mo · $2,779/yr
• Insurance: −$117
• HOA est. from 1 same-building comp: −$138
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $-168

Break-even live

Break-even rent $2,473

Max offer price $250,300

Occupancy floor —

Sensitivity live

Price	-10% $-9	-5% $-88	+0% $-168	+5% $-247	+10% $-326
Rent	-10% $-346	-5% $-257	+0% $-168	+5% $-78	+10% $11
Rate	-1.0pp $-27	-0.5pp $-96	base $-168	+0.5pp $-240	+1.0pp $-314

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
876 Pritchard Island Rd Inverness, FL	2.0	2.0	1148	$2,200	$1.92	22d	1	0.11mi
908 Pritchard Island Rd Inverness, FL	2.0	2.0	1148	$2,200	$1.92	22d	1	0.13mi
988 Ibis Ct Inverness, FL	4.0	2.0	1820	$2,800	$1.54	22d	1	0.69mi
419 N Apopka Ave Inverness, FL	2.0	2.0	1503	$3,500	$2.33	22d	1	0.72mi
215 Bittern Loop Inverness, FL	3.0	2.0	1529	$1,900	$1.24	22d	1	0.85mi
415 W Circlewood St Inverness, FL	3.0	2.0	1621	$1,850	$1.14	22d	1	1.20mi
426 Ella Ave Inverness, FL	2.0	2.0	1304	$2,100	$1.61	22d	1	1.30mi
210 Talmage Ave Inverness, FL	3.0	2.0	1400	$1,600	$1.14	22d	1	1.36mi
608 Whitney Ave Inverness, FL	3.0	2.0	1288	$1,660	$1.29	22d	1	1.47mi

HOA detail condo

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

Listing history 26 events

1. 2026-06-19
   days on market $279,900 Active 235 DOM
2. 2026-06-18
   days on market $279,900 Active 234 DOM
3. 2026-06-17
   days on market $279,900 Active 233 DOM
4. 2026-06-16
   days on market $279,900 Active 232 DOM
5. 2026-06-15
   days on market $279,900 Active 231 DOM
6. 2026-06-14
   days on market $279,900 Active 229 DOM
7. 2026-06-13
   days on market $279,900 Active 228 DOM
8. 2026-06-09
   days on market $279,900 Active 225 DOM
9. 2026-06-08
   days on market $279,900 Active 224 DOM
10. 2026-06-03
    days on market $279,900 Active 219 DOM
11. 2026-06-02
    days on market $279,900 Active 218 DOM
12. 2026-06-01
    days on market $279,900 Active 217 DOM
13. 2026-05-31
    days on market $279,900 Active 216 DOM
14. 2026-05-30
    days on market $279,900 Active 215 DOM
15. 2026-02-18
    soldstatus $258,000
16. 2026-02-17
    soldstatus $258,000 Closed 1062-char remark

    Show marketing remark (1062 chars)

    Welcome to this inviting home located in the Waterfront Community of Pritchard Island. This charming three-bedroom, two-bathroom, two car garage residence offers a great room perfect for relaxation and entertaining, alongside a spacious dining room and breakfast nook that enhance the home's open layout. The galley kitchen comes equipped with new appliances, ensuring convenience for any cook. This home has been freshly painted and features modern upgrades, including a roof replacement in 2022 for peace of mind, all new LED lights, fire detectors and new screens. The screened back lanai is a favorite where you can watch the sun set over the water while sipping a glass of sweet tea! In addition to the beautiful property, the community offers amenities including a refreshing pool, tennis courts and boat docks. You are within a couple minutes to the Inverness Downtown area and the Withlacoochee rails to trails bike path. If you are looking for a waterfront community that is close to town this one is hard to beat. Call for your personal viewing today!

17. 2026-01-10
    status Pending 1062-char remark

    Show marketing remark (1062 chars)

    Welcome to this inviting home located in the Waterfront Community of Pritchard Island. This charming three-bedroom, two-bathroom, two car garage residence offers a great room perfect for relaxation and entertaining, alongside a spacious dining room and breakfast nook that enhance the home's open layout. The galley kitchen comes equipped with new appliances, ensuring convenience for any cook. This home has been freshly painted and features modern upgrades, including a roof replacement in 2022 for peace of mind, all new LED lights, fire detectors and new screens. The screened back lanai is a favorite where you can watch the sun set over the water while sipping a glass of sweet tea! In addition to the beautiful property, the community offers amenities including a refreshing pool, tennis courts and boat docks. You are within a couple minutes to the Inverness Downtown area and the Withlacoochee rails to trails bike path. If you are looking for a waterfront community that is close to town this one is hard to beat. Call for your personal viewing today!

18. 2025-12-01
    listed $265,000 Active 1062-char remark

    Show marketing remark (1062 chars)

    Welcome to this inviting home located in the Waterfront Community of Pritchard Island. This charming three-bedroom, two-bathroom, two car garage residence offers a great room perfect for relaxation and entertaining, alongside a spacious dining room and breakfast nook that enhance the home's open layout. The galley kitchen comes equipped with new appliances, ensuring convenience for any cook. This home has been freshly painted and features modern upgrades, including a roof replacement in 2022 for peace of mind, all new LED lights, fire detectors and new screens. The screened back lanai is a favorite where you can watch the sun set over the water while sipping a glass of sweet tea! In addition to the beautiful property, the community offers amenities including a refreshing pool, tennis courts and boat docks. You are within a couple minutes to the Inverness Downtown area and the Withlacoochee rails to trails bike path. If you are looking for a waterfront community that is close to town this one is hard to beat. Call for your personal viewing today!

19. 2025-11-24
    price $279,900
20. 2025-11-11
    price $292,900
21. 2025-10-27
    listed $293,000 Active
22. 2015-08-25
    soldstatus $129,900 605-char remark

    Show marketing remark (605 chars)

    INVERNESS WATERFRONT MAINTENANCE FREE COMMUNITY on the shores of Lake Tsala Apopka * Boat docks, Community swimming pool, tennis courts and located only minutes from historic downtown Inverness and the Withlacoochee bike trail * 2 bedrooms with Den/Office OPEN GREAT ROOM * * Tile in all living area except bedrooms * Fully equipped kitchen with wood cabinets, pull outs, pantry, and large nook area * Inside laundry * 2 car garage * Superior location this home as built in 2003 * Open back yard views ---backs to tennis and view of pool area. Great location for owners with small dogs.

23. 2015-08-25
    soldstatus $129,900

    Show marketing remark (605 chars)

    INVERNESS WATERFRONT MAINTENANCE FREE COMMUNITY on the shores of Lake Tsala Apopka * Boat docks, Community swimming pool, tennis courts and located only minutes from historic downtown Inverness and the Withlacoochee bike trail * 2 bedrooms with Den/Office OPEN GREAT ROOM * * Tile in all living area except bedrooms * Fully equipped kitchen with wood cabinets, pull outs, pantry, and large nook area * Inside laundry * 2 car garage * Superior location this home as built in 2003 * Open back yard views ---backs to tennis and view of pool area. Great location for owners with small dogs.

24. 2015-07-27
    listed $129,900 605-char remark

    Show marketing remark (605 chars)

    INVERNESS WATERFRONT MAINTENANCE FREE COMMUNITY on the shores of Lake Tsala Apopka * Boat docks, Community swimming pool, tennis courts and located only minutes from historic downtown Inverness and the Withlacoochee bike trail * 2 bedrooms with Den/Office OPEN GREAT ROOM * * Tile in all living area except bedrooms * Fully equipped kitchen with wood cabinets, pull outs, pantry, and large nook area * Inside laundry * 2 car garage * Superior location this home as built in 2003 * Open back yard views ---backs to tennis and view of pool area. Great location for owners with small dogs.

25. 2003-07-30
    soldstatus $127,160
26. 2003-05-07
    listed $127,160

ⓘ 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: $2,779 · $232/mo
• Projected year-2 tax: $2,779 · $232/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 5/10 Major
• 🌡 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: $27,137
• − Mortgage interest: −$15,679
• − Property taxes: −$2,779
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,171
• − Management: −$2,171
• − HOA: −$1,656
• − Depreciation: −$8,143
• Taxable loss: −$6,861
• Est. tax savings @ 24.0%: +$1,647
• After-tax cash flow: $-364/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

• Score: 67/100
• State rank: #564
• US rank: #10791

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Inverness, FL
• City population: 10,621
• Population (ZIP): 10,408

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 (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 8% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 3% Tagalog/Filipino 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: ▼ -72.56%
• Current HPI: 315.9725
• 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

+102.9% since first listed

12 events — show timeline

• 2026-02-18 Sold (Public Records) $258,000 Public Records
• 2026-02-17 Sold (MLS) $258,000 RACC
• 2026-01-10 Pending — RACC
• 2025-12-01 Listed $265,000 RACC
• 2025-11-24 Price Changed $279,900 ForSaleByOwner.com
• 2025-11-11 Price Changed $292,900 ForSaleByOwner.com
• 2025-10-27 Listed $293,000 ForSaleByOwner.com
• 2015-08-25 Sold (Public Records) $129,900 Public Records
• 2015-08-25 Sold (MLS) $129,900 RACC
• 2015-07-27 Listed $129,900 RACC
• 2003-07-30 Sold (MLS) $127,160 RACC
• 2003-05-07 Listed $127,160 RACC

Property tax history

+6.4%/yr

Latest (2025): $2,779 · +3.0% YoY. Source: county tax records.