3373 S Royal Oaks Dr · Inverness Highlands South, FL 34452

$129,900

2 bd · 2.0 ba · 970 sqft · Condo public records · 38 Days on market

Built 1974

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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 +9.7/30.0
• ARV discount +7.5/15.0
• 1% rule +4.6/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The perfect opportunity! This Royal Oaks Condo has everything you could want. .. .minimal upkeep and an active community with a club house, library, exercise room, pool and tennis courts. This community is not far from the heart of Inverness where you will find shopping and medical facilities, our local festivals and car shows. There's lots to love here, come and take a look.

Key facts

• Front patio
• New lvp floors
• Rear patio

Tags

• NEW LVP FLOORS
• NEW WHIRLPOOL APPLIANCES
• NEW GE WASHER DRYER
• FRONT PATIO
• REAR PATIO
• NEAR WITHLACOOCHEE TRAIL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (3.6% below list).
• Recommended offer: $125k (3.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#508 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, health & safety C-, schools 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: 260 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $898 of loan paydown is wiped out by about $4k 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 38 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $43k; list at $130k implies a 202% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• 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 $125,179 (3.6% 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 38 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 0.96% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.79%
• DSCR: 0.88
• GRM: 8.6

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: -20.8%
• Equity multiple: 0.28×
• Total profit: $-26,314
• Equity at exit: $19,369

10-year hold

• IRR: -13.9%
• Equity multiple: 0.19×
• Total profit: $-29,340
• Equity at exit: $11,231

Cash invested: $36,372 (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 34452

• Home prices YoY: -25.2%
• Active inventory: 260
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,252 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$24 /mo · $291/yr
• Insurance: −$54
• HOA est. from 1 same-building comp: −$314
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $-85

Break-even live

Break-even rent $1,359

Max offer price $114,946

Occupancy floor —

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 S Pine Ave Unit 10 Inverness, FL	2.0	1.0	700	$1,200	$1.71	21d	1	1.32mi
315 S Seminole Ave Inverness, FL	3.0	1.0	792	$1,300	$1.64	21d	1	1.38mi

HOA detail condo

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

Listing history 19 events

1. 2026-06-19
   days on market $129,900 Active 38 DOM
2. 2026-06-18
   days on market $129,900 Active 37 DOM
3. 2026-06-17
   days on market $129,900 Active 36 DOM
4. 2026-06-16
   days on market $129,900 Active 35 DOM
5. 2026-06-15
   days on market $129,900 Active 34 DOM
6. 2026-06-14
   days on market $129,900 Active 32 DOM
7. 2026-06-13
   days on market $129,900 Active 31 DOM
8. 2026-06-09
   days on market $129,900 Active 28 DOM
9. 2026-06-08
   days on market $129,900 Active 27 DOM
10. 2026-06-03
    days on market $129,900 Active 22 DOM
11. 2026-06-02
    days on market $129,900 Active 21 DOM
12. 2026-06-01
    days on market $129,900 Active 20 DOM
13. 2026-05-31
    days on market $129,900 Active 19 DOM
14. 2026-05-30
    days on market $129,900 Active 18 DOM
15. 2026-05-12
    listed $129,900 Active
16. 2018-06-07
    soldstatus $43,000 379-char remark

    Show marketing remark (379 chars)

    The perfect opportunity! This Royal Oaks Condo has everything you could want. .. .minimal upkeep and an active community with a club house, library, exercise room, pool and tennis courts. This community is not far from the heart of Inverness where you will find shopping and medical facilities, our local festivals and car shows. There's lots to love here, come and take a look.

17. 2018-01-16
    listed $49,000 379-char remark

    Show marketing remark (379 chars)

    The perfect opportunity! This Royal Oaks Condo has everything you could want. .. .minimal upkeep and an active community with a club house, library, exercise room, pool and tennis courts. This community is not far from the heart of Inverness where you will find shopping and medical facilities, our local festivals and car shows. There's lots to love here, come and take a look.

18. 1996-07-11
    soldstatus $39,800
19. 1988-12-01
    soldstatus $43,200

ⓘ 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: $291 · $24/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$787/yr (+$66/mo · 270.8%)

ⓘ 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: $15,021
• − Mortgage interest: −$7,276
• − Property taxes: −$291
• − Insurance: −$650
• − Repairs & maintenance: −$1,202
• − Management: −$1,202
• − HOA: −$3,768
• − Depreciation: −$3,779
• Taxable loss: −$3,146
• Est. tax savings @ 24.0%: +$755
• After-tax cash flow: $-261/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 Highlands South

• Score: 68/100
• State rank: #508
• US rank: #9372

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Inverness Highlands South, FL
• Population (ZIP): 13,729

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Lithuanian 3% Romanian 2% Slovak 2%
• Foreign-born: 4% · Canada, Jamaica, Dominican Republic
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -105.43%
• Current HPI: 312.8871
• 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

+200.7% since first listed

5 events — show timeline

• 2026-05-12 Listed $129,900 FSBO.com
• 2018-06-07 Sold (MLS) $43,000 RACC
• 2018-01-16 Listed $49,000 RACC
• 1996-07-11 Sold (Public Records) $39,800 Public Records
• 1988-12-01 Sold (Public Records) $43,200 Public Records

Property tax history

+10.2%/yr

Latest (2025): $291 · +25.9% YoY. Source: county tax records.