1685 W Spring Meadow Loop · Pine Ridge, FL 34461

$232,500

3 bd · 2.5 ba · 1,663 sqft · Condo public records · 232 Days on market

Built 2005 $345/mo HOA · 14% of rent ↓ 3% since listing

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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 +14.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• DSCR +4.3/10.0
• 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

BRENTWOOD TOWNHOME 2 BEDROOM 2.5 BATH 1 CAR GARAGE with a spectacular location overlooking the Brentwood Townhome community pool that feels as if it is in your backyard. Completely updated with new paint and stainless appliances, new carpet on the stairs and beautiful wood flooring on the second level. Washer and Dryer are located on the second level to make this floor-plan so very convenient. Master Bedroom has a very spacious master bath and walk-in closet. This home also has privileges to Citrus Hills Golf and Country Club Social Membership. Come and enjoy the lifestyle of Citrus Hills Golf and Country Club!

Key facts

• Hardwood flooring
• Community pool
• End unit

Tags

• END UNIT
• SCREENED LANAI
• COMMUNITY POOL
• FLEX ROOM
• HARDWOOD FLOORING
• CERAMIC TILE FLOORING

Property features AI

Finance

• Other: Direction to property: From CR486 turn right into Brentwood. Stay right onto Brentwood Circle. Right on Spring Meadow Loop. Home will be on the left.
• Financial info: Monthly total community fees approximately $345.86; Total annual fees approximately $4,150.32; Lease restrictions apply
• HOA & community: Has HOA (Dora; Brentwood Farms POA); Monthly HOA fees around $172 and $173.86; HOA services include cable TV, pool, internet, maintenance (structure & grounds), pest control and security; Association recreation owned, community mailbox, deed restrictions, dog park, fitness center, golf, pool, tennis courts, street lights; Pets allowed (cats and dogs, with number limits)

Exterior

• Parking: Attached garage (1 car)
• Security: Community security included in association services
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable connected; Internet available; Sewer connected; Water connected
• Home design: Residential townhouse; Two stories; Faces west; Homestead exempt
• Construction: Block and stucco construction; Tile roof; Slab foundation; Built with public records living area of 1,663 (units per public records)
• Exterior features: Covered, enclosed and screened rear porch; Patio / porch with sliding doors; Sliding doors; Irrigation equipment; Paved road; Private maintained road

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Solid surface counters; Solid wood cabinets; Eat-in kitchen
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Wood; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Solid surface countertops; Solid wood cabinets; Split bedroom floor plan; Thermostat; Walk-in closets; Window treatments; Blinds
• Laundry & utility: Inside laundry; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $232k.

Deal economics

• At list price, monthly cash flow is $37 ($439/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $232k).
• Recommended offer: $205k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 3.4% in Pine Ridge — 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 67/100 on livability (#565 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living 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.
• Zoned schools: Forest Ridge Elementary School (math 55% / reading 59%, grade C+, #781 of 2,144 statewide, top 38%, 708 students, 67% FRL); Lecanto High School (math 46% / reading 53%, grade D, #179 of 667 statewide, top 29%, 1,630 students, 46% FRL) — zoned schools at 56% FRL track the district average.
• Market conditions: 197 active listings in the ZIP; 21 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).
• At $2,408/mo this rent would consume 46% of the median local household income ($63k/yr) (locally 41% 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 $2k of loan paydown is wiped out by about $7k 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 232 days — a 12% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $204,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 232 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
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. 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?
8. 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.
9. 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.
10. 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: 1.04% ✓
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• GRM: 8.0

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: -15.1%
• Equity multiple: 0.46×
• Total profit: $-35,148
• Equity at exit: $34,667

10-year hold

• IRR: -6.4%
• Equity multiple: 0.59×
• Total profit: $-26,811
• Equity at exit: $20,102

Cash invested: $65,100 (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 34461

• Home prices YoY: -10.2%
• Active inventory: 197
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,408 high
• Mortgage (P&I): −$1,219
• Tax from tax record: −$205 /mo · $2,454/yr
• Insurance: −$97
• HOA: −$345
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $37

Break-even live

Break-even rent $2,362

Max offer price $232,500

Occupancy floor 93%

Sensitivity live

Price	-10% $168	-5% $102	+0% $37	+5% $-29	+10% $-95
Rent	-10% $-154	-5% $-59	+0% $37	+5% $132	+10% $227
Rate	-1.0pp $154	-0.5pp $96	base $37	+0.5pp $-24	+1.0pp $-85

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: $58,125
• Closing costs: $6,975
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1658 W Spring Meadow Loop Lecanto, FL	2.0	2.5	1359	$1,775	$1.31	22d	1	0.05mi
1610 W Spring Meadow Loop Lecanto, FL	2.0	2.5	1359	$2,700	$1.99	22d	1	0.09mi
1973 N Ember Path Hernando, FL	2.0	2.0	1786	$2,800	$1.57	22d	1	0.22mi
2443 N Andrea Pt Lecanto, FL	3.0	2.5	1988	$2,500	$1.26	22d	1	0.26mi
1876 W Shanelle Path Lecanto, FL	3.0	2.0	1675	$2,100	$1.25	22d	1	0.42mi
1933 W Shanelle Path Lecanto, FL	3.0	2.0	1690	$2,300	$1.36	22d	1	0.47mi
1281 W Diamond Shore Loop Hernando, FL	2.0	2.0	1686	$3,000	$1.78	22d	1	0.57mi
2131 N Pinecone Ave Lecanto, FL	2.0	2.0	1438	$2,000	$1.39	22d	1	0.63mi
1240 W Diamond Shore Loop Hernando, FL	2.0	2.0	1770	$2,900	$1.64	22d	1	0.66mi
1882 W Angelica Loop Lecanto, FL	3.0	2.0	1706	$1,900	$1.11	22d	1	0.70mi
1020 W Rollingwood Ct Hernando, FL	3.0	2.5	2146	$3,400	$1.58	22d	1	0.78mi
877 W Silver Meadow Loop Hernando, FL	3.0	2.0	1637	$2,500	$1.53	22d	1	0.84mi
1984 W Marsten Ct Lecanto, FL	3.0	2.0	1854	$2,000	$1.08	22d	1	0.86mi
12 Montana St Beverly Hills, FL	2.0	1.0	1088	$1,700	$1.56	22d	1	1.03mi
1024 W Beagle Run Loop Hernando, FL	3.0	2.5	2177	$3,500	$1.61	22d	1	1.08mi
209 S Tyler St Beverly Hills, FL	2.0	2.0	1604	$1,500	$0.94	22d	1	1.21mi
95 S Desoto St Beverly Hills, FL	2.0	2.0	1152	$1,435	$1.25	22d	1	1.24mi
3263 N Maidencane Dr Beverly Hills, FL	2.0	1.0	1380	$1,350	$0.98	22d	1	1.27mi
703 W Sunbird Path Hernando, FL	2.0	2.0	1298	$1,700	$1.31	22d	1	1.29mi
95 S Fillmore St Beverly Hills, FL	2.0	1.0	1056	$1,300	$1.23	22d	1	1.33mi
1559 N Killebrew Pt Unit NA Hernando, FL	3.0	2.0	1771	$2,900	$1.64	22d	1	1.46mi

HOA detail condo

• Monthly dues: $345 · $4,140/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-02-26
   price $232,500
2. 2025-10-07
   listed $237,500 Active
3. 2022-06-13
   soldstatus $225,000
4. 2018-11-25
   soldstatus $137,000 618-char remark

   Show marketing remark (618 chars)

   BRENTWOOD TOWNHOME 2 BEDROOM 2.5 BATH 1 CAR GARAGE with a spectacular location overlooking the Brentwood Townhome community pool that feels as if it is in your backyard. Completely updated with new paint and stainless appliances, new carpet on the stairs and beautiful wood flooring on the second level. Washer and Dryer are located on the second level to make this floor-plan so very convenient. Master Bedroom has a very spacious master bath and walk-in closet. This home also has privileges to Citrus Hills Golf and Country Club Social Membership. Come and enjoy the lifestyle of Citrus Hills Golf and Country Club!

5. 2018-11-20
   soldstatus $137,000
6. 2018-06-14
   listed $145,000 618-char remark

   Show marketing remark (618 chars)

   BRENTWOOD TOWNHOME 2 BEDROOM 2.5 BATH 1 CAR GARAGE with a spectacular location overlooking the Brentwood Townhome community pool that feels as if it is in your backyard. Completely updated with new paint and stainless appliances, new carpet on the stairs and beautiful wood flooring on the second level. Washer and Dryer are located on the second level to make this floor-plan so very convenient. Master Bedroom has a very spacious master bath and walk-in closet. This home also has privileges to Citrus Hills Golf and Country Club Social Membership. Come and enjoy the lifestyle of Citrus Hills Golf and Country Club!

7. 2012-03-08
   soldstatus $52,500 216-char remark

   Show marketing remark (216 chars)

   2/2.5/1 Brentwood Townhouse. Home features corian counters, great room, eat in kitchen, breakfast bar, office/den, inside laundry, rear screen porch, community pool and more! Home is in need of repairs. Only $55,000

8. 2011-12-20
   listed $55,000 216-char remark

   Show marketing remark (216 chars)

   2/2.5/1 Brentwood Townhouse. Home features corian counters, great room, eat in kitchen, breakfast bar, office/den, inside laundry, rear screen porch, community pool and more! Home is in need of repairs. Only $55,000

9. 2006-12-12
   historical
10. 2006-07-12
    listed $239,000

ⓘ 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: $2,454 · $205/mo
• Projected year-2 tax: $2,454 · $205/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 · 24 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: $28,895
• − Mortgage interest: −$13,024
• − Property taxes: −$2,454
• − Insurance: −$1,162
• − Repairs & maintenance: −$2,312
• − Management: −$2,312
• − HOA: −$4,140
• − Depreciation: −$6,764
• Taxable loss: −$3,272
• Est. tax savings @ 24.0%: +$785
• After-tax cash flow: $1,225/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 — Pine Ridge

• Score: 67/100
• State rank: #565
• US rank: #10798

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pine Ridge, FL
• County: Citrus County · 111,314 people
• City population: 18,514
• Metro: Homosassa Springs, FL
• Population (ZIP): 13,377
• Household income: $63,418
• Rent vs Own: 10.7% rent · 89.3% own
• Severe rent burden: 41.0

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% Hispanic / Latino 8% Two or more races 7% Black 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 3%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -29.48%
• Current HPI: 258.0866
• 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

-2.7% since first listed

10 events — show timeline

• 2026-02-26 Price Changed $232,500 Stellar MLS as Distributed by MLS Grid
• 2025-10-07 Listed $237,500 Stellar MLS as Distributed by MLS Grid
• 2022-06-13 Sold (Public Records) $225,000 Public Records
• 2018-11-25 Sold (MLS) $137,000 RACC
• 2018-11-20 Sold (Public Records) $137,000 Public Records
• 2018-06-14 Listed $145,000 RACC
• 2012-03-08 Sold (MLS) $52,500 RACC
• 2011-12-20 Listed $55,000 RACC
• 2006-12-12 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2006-07-12 Listed $239,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+5.0%/yr

Latest (2025): $2,454 · +5.2% YoY. Source: county tax records.