3851 S Sandpiper Ter · Homosassa Springs, FL 34448

$69,950

2 bd · 1.0 ba · 637 sqft · SingleFamily public records · 22 Days on market

Built 1984 7,594 sqft lot Est $127k · 45% under $8/mo HOA · 1% of rent

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Two bedroom one bath Absolutely adorable completely refurbished block home with fresh paint, ceramic tile floor, nuetral colors, new blinds, new central heat/air, Washer and Dryer included, new screened carport fenced yard, ready to move in!

Key facts

• Easy access
• Generous yard
• Spacious lot

Tags

• SPACIOUS LOT
• FUNCTIONAL LAYOUT
• GENEROUS YARD
• OUTDOOR LIVING
• EASY ACCESS

Property features AI

Finance

• Other: Property type: Residential — Single Family Residence; Zoning: PDR
• Financial info: Annual taxes listed (not included per instructions)
• HOA & community: HOA required (annual fee $100; approx. $8.33/month); Association: Joyce Longfellow; Pets allowed

Exterior

• Parking: No parking details provided
• Utilities: Public water; Public sewer; Other utilities
• Home design: Single family residence; One story; Faces west
• Construction: Brick and vinyl siding construction; Other roof type; Slab foundation; Built on less than 1/4 acre (approx. 0.17 acres)
• Exterior features: Other exterior features; Concrete road access

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms
• Flooring: Tile flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $545 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.8% 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-, schools F, 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.
• Market conditions: 307 active listings in the ZIP; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($46k/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 $484 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,900 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.06% ✓
• Cap rate: 16.78%
• Cash-on-cash: 37.44%
• DSCR: 2.67
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $127,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6632 W Pelican Ln	0.13mi	2/1.0	720 (+13%)	21mo	$144,300	$200	54

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: 28.7%
• Equity multiple: 2.20×
• Total profit: $23,444
• Equity at exit: $10,430

10-year hold

• IRR: 36.1%
• Equity multiple: 4.34×
• Total profit: $65,452
• Equity at exit: $6,048

Cash invested: $19,586 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,444 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$126 /mo · $1,508/yr
• Insurance: −$29
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$8
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $545

Break-even live

Break-even rent $755

Max offer price $69,950

Occupancy floor 57%

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: $17,488
• Closing costs: $2,098
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $8 · $96/yr

Listing history 10 events

1. 2026-05-12
   status Pending
2. 2026-04-20
   listed $69,950 Active
3. 2006-01-03
   soldstatus $80,000
4. 2005-12-30
   soldstatus $82,000 241-char remark

   Show marketing remark (241 chars)

   Two bedroom one bath Absolutely adorable completely refurbished block home with fresh paint, ceramic tile floor, nuetral colors, new blinds, new central heat/air, Washer and Dryer included, new screened carport fenced yard, ready to move in!

5. 2005-10-17
   listed $82,000 241-char remark

   Show marketing remark (241 chars)

   Two bedroom one bath Absolutely adorable completely refurbished block home with fresh paint, ceramic tile floor, nuetral colors, new blinds, new central heat/air, Washer and Dryer included, new screened carport fenced yard, ready to move in!

6. 2003-07-10
   soldstatus $36,000
7. 2003-07-03
   soldstatus $36,000 199-char remark

   Show marketing remark (199 chars)

   Owner says "refurbished and ready to move in to". Around $169 to have water turned on and a $10 volunteer association fee per year. Absolutely adorable, gotta see this one! Vacant/lockbox.

8. 2003-04-04
   listed $39,900 199-char remark

   Show marketing remark (199 chars)

   Owner says "refurbished and ready to move in to". Around $169 to have water turned on and a $10 volunteer association fee per year. Absolutely adorable, gotta see this one! Vacant/lockbox.

9. 2002-01-17
   soldstatus $30,000
10. 2001-11-11
    listed $35,900

ⓘ 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: $1,508 · $126/mo
• Projected year-2 tax: $1,508 · $126/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 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 27 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: $17,328
• − Mortgage interest: −$3,918
• − Property taxes: −$1,508
• − Insurance: −$1,147
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − HOA: −$96
• − Depreciation: −$2,035
• Taxable income: $5,851
• Est. tax owed @ 24.0%: −$1,404
• After-tax cash flow: $5,131/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

+94.8% since first listed

10 events — show timeline

• 2026-05-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-20 Listed $69,950 Stellar MLS as Distributed by MLS Grid
• 2006-01-03 Sold (Public Records) $80,000 Public Records
• 2005-12-30 Sold (MLS) $82,000 RACC
• 2005-10-17 Listed $82,000 RACC
• 2003-07-10 Sold (Public Records) $36,000 Public Records
• 2003-07-03 Sold (MLS) $36,000 RACC
• 2003-04-04 Listed $39,900 RACC
• 2002-01-17 Sold (MLS) $30,000 RACC
• 2001-11-11 Listed $35,900 RACC

Property tax history

+29.6%/yr

Latest (2025): $1,508 · +3.0% YoY. Source: county tax records.