10823 Sparkly Way · San Antonio, FL 33576

$233,890

2 bd · 2.0 ba · 1,398 sqft · Townhouse · 106 Days on market

Built 2026 Good condition 1-car garage $167/sqft · 24% below area Est $309k · 24% under

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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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Schools +4.3/10.0
• Condition / age +4.0/5.0
• Appreciation +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.6/5.0

Listing remarks

This convenient single-story home features two bedrooms, including a privately situated owner's suite with an attached full bathroom and walk-in closet. On the opposite side, there is an open floorplan showcasing the stylish kitchen, dining room and inviting family room in a cohesive flow to deliver seamless everyday living. Nearby are glass-sliders that lead to a cozy covered patio, ideal for outdoor activities. Plus, this home includes a convenient storage space for a golf cart or other recreational vehicles.

Key facts

• Garage
• Built 2026
• Listed 106 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $234k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $169 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (3.4% below list).
• Recommended offer: $213k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.5% in San Antonio — 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 69/100 on livability (#454 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety D-.
• Pasco (suburban): math 50% / reading 52% proficiency, ranked #32 of 73 in FL (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: San Antonio Elementary School (math 49% / reading 52%, grade D+, #1,055 of 2,144 statewide, top 50%, 573 students, 50% FRL); Pasco Middle School (math 38% / reading 38%, grade F, #388 of 571 statewide, top 69%, 903 students, 73% FRL); Pasco High School (math 40% / reading 40%, grade F, #296 of 667 statewide, top 45%, 1,639 students, 66% FRL).
• Market conditions: Rents flat; 510 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 74d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• This rent runs 36% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-2.3%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($213k) is reasonable based on typical stale-listing flexibility.

Recommended offer $212,839 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-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: 0.97% ✗
• Cap rate: 7.16%
• Cash-on-cash: 3.10%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (median comp): $308,520
• List price: $233,890
• Delta: -24.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31781 Kestrel Calling Dr	0.52mi	3/2.5 (+1)	1,419 (+2%)	1mo	$279,990	$197	66
31792 Kestrel Calling Dr	0.53mi	3/2.5 (+1)	1,419 (+2%)	4mo	$274,990	$194	63
31791 Kestrel Calling Dr	0.53mi	3/2.5 (+1)	1,602 (+15%)	1mo	$269,990	$169	43
31785 Kestrel Calling Dr	0.52mi	3/2.5 (+1)	1,602 (+15%)	2mo	$260,990	$163	43
31788 Kestrel Calling Dr	0.52mi	3/2.5 (+1)	1,602 (+15%)	2mo	$255,990	$160	43
31799 Kestrel Calling Dr	0.54mi	3/2.5 (+1)	1,602 (+15%)	2mo	$260,900	$163	42
31784 Kestrel Calling Dr	0.52mi	3/2.5 (+1)	1,602 (+15%)	3mo	$259,990	$162	42
31837 Kestrel Calling Dr	0.57mi	3/2.5 (+1)	1,602 (+15%)	2mo	$270,000	$169	41
31829 Kestrel Calling Dr	0.56mi	3/2.5 (+1)	1,602 (+15%)	3mo	$259,990	$162	40
31825 Kestrel Calling Dr	0.56mi	3/2.5 (+1)	1,602 (+15%)	6mo	$279,990	$175	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.32% appreciation · 0.37% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.60×
• Total profit: $-26,194
• Equity at exit: $42,028

10-year hold

• IRR: -5.9%
• Equity multiple: 0.61×
• Total profit: $-25,585
• Equity at exit: $32,729

Cash invested: $65,489 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 70 active · 22 under contract
• Months of supply: 21.0 mo (5%/mo absorbed)
• Median asking: $273,445 ($165/sqft)
• Median days on market: 82 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +33.4% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33576

• Home prices YoY: -0.8%
• Rents YoY: 0.4%
• Active inventory: 510
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,260 high
• Mortgage (P&I): −$1,227
• Tax est. 1.5%: −$292 /mo · $3,508/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $169

Break-even live

Break-even rent $2,046

Max offer price $233,890

Occupancy floor 88%

Sensitivity live

Price	-10% $331	-5% $250	+0% $169	+5% $88	+10% $8
Rent	-10% $-9	-5% $80	+0% $169	+5% $258	+10% $348
Rate	-1.0pp $287	-0.5pp $229	base $169	+0.5pp $109	+1.0pp $47

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: $58,472
• Closing costs: $7,017
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10835 Sparkly Way San Antonio, FL	2.0	2.0	1405	$2,395	$1.70	10d	1	0.04mi
31457 Mango Fade Way San Antonio, FL	3.0	2.0	1587	$2,200	$1.39	7d	1	0.31mi
31536 Azure Beach Dr San Antonio, FL	3.0	2.5	1788	$2,500	$1.40	62d	1	0.33mi
11126 Tidepool Ct San Antonio, FL	3.0	2.5	1788	$3,200	$1.79	117d	1	0.33mi
11126 Tidepool Ct Unit Na San Antonio, FL	3.0	2.5	1788	$3,200	$1.79	115d	1	0.33mi
31530 Azure Beach Dr San Antonio, FL	3.0	2.5	1788	$2,500	$1.40	62d	1	0.33mi
31524 Magna Gulf Loop San Antonio, FL	2.0	2.0	1405	$2,000	$1.42	74d	1	0.35mi
31555 Azure Beach Dr San Antonio, FL	3.0	2.5	1600	$2,300	$1.44	29d	1	0.35mi
31555 Azure Beach Dr San Antonio, FL	3.0	2.5	1600	$2,300	$1.44	27d	1	0.35mi
31555 Azure Beach Dr Unit 1 San Antonio, FL	3.0	2.5	1674	$2,300	$1.37	10d	1	0.35mi
31427 Cannon Rush Dr San Antonio, FL	2.0	2.0	1800	$2,575	$1.43	4d	1	0.37mi
10817 Ironwood Tree Way San Antonio, FL	3.0	2.5	1694	$2,250	$1.33	97d	1	0.39mi
10817 Ironwood Tree Way San Antonio, FL	3.0	2.5	1694	$2,250	$1.33	120d	1	0.39mi
10777 Ironwood Tree Way San Antonio, FL	3.0	2.5	1694	$2,300	$1.36	32d	1	0.41mi
10462 Weldon Cork Way San Antonio, FL	2.0	2.5	1747	$2,200	$1.26	110d	1	0.42mi
10771 Ironwood Tree Way San Antonio, FL	3.0	2.5	1694	$2,450	$1.45	27d	1	0.42mi
10765 Ironwood Tree Way San Antonio, FL	3.0	2.5	1674	$2,300	$1.37	85d	1	0.42mi
10759 Ironwood Tree Way San Antonio, FL	3.0	2.5	1674	$2,200	$1.31	27d	1	0.42mi
32067 Eastern Redbud Br San Antonio, FL	3.0	2.5	1639	$2,250	$1.37	120d	1	0.44mi
10864 Penny Gale Loop Zephyrhills, FL	3.0	2.0	1504	$2,299	$1.53	83d	1	0.44mi
10715 Ironwood Tree Way San Antonio, FL	3.0	2.5	1681	$2,050	$1.22	110d	1	0.45mi
32079 Eastern Redbud Br San Antonio, FL	3.0	2.5	1639	$2,200	$1.34	64d	1	0.45mi
10708 Ironwood Tree Way San Antonio, FL	3.0	2.5	1600	$2,100	$1.31	113d	1	0.47mi
10647 Ironwood Tree Way San Antonio, FL	3.0	2.5	1712	$2,400	$1.40	120d	1	0.48mi
10583 Tupper Cay Dr San Antonio, FL	3.0	2.0	1770	$2,950	$1.67	99d	1	0.48mi
32103 Pond Apple Bnd San Antonio, FL	3.0	2.5	1681	$2,000	$1.19	32d	1	0.49mi
32108 Pond Apple Bnd San Antonio, FL	3.0	2.5	1694	$2,200	$1.30	64d	1	0.50mi
32123 Pond Apple Bnd San Antonio, FL	3.0	2.5	1708	$1,990	$1.17	10d	1	0.51mi
32129 Pond Apple Bnd San Antonio, FL	3.0	2.5	1681	$2,050	$1.22	84d	1	0.51mi
32118 Pond Apple Bnd San Antonio, FL	3.0	2.5	1732	$2,200	$1.27	64d	1	0.51mi
31799 Kestrel Calling Dr San Antonio, FL	3.0	2.5	1602	$2,100	$1.31	32d	1	0.54mi
10443 Lavender Aster Trl San Antonio, FL	3.0	2.5	1666	$1,950	$1.17	120d	1	0.54mi
11629 Radiant Shore Loop San Antonio, FL	3.0	2.0	1448	$2,145	$1.48	88d	1	0.55mi
11629 Radiant Shore Loop San Antonio, FL	3.0	2.0	1448	$2,100	$1.45	56d	1	0.55mi
31825 Kestrel Calling Dr San Antonio, FL	3.0	2.5	1602	$2,300	$1.44	32d	1	0.56mi
32077 Powderpuff Mimosa Dr San Antonio, FL	2.0	2.5	1541	$2,100	$1.36	120d	1	0.59mi
11545 Radiant Shore Loop San Antonio, FL	3.0	2.0	1451	$2,250	$1.55	120d	1	0.61mi
32127 Powderpuff Mimosa Dr San Antonio, FL	3.0	2.5	1634	$2,100	$1.29	120d	1	0.64mi
32146 Powderpuff Mimosa Dr San Antonio, FL	3.0	2.5	1801	$2,050	$1.14	115d	1	0.66mi
32201 Powderpuff Mimosa Dr San Antonio, FL	3.0	3.0	1634	$2,000	$1.22	64d	1	0.69mi

Property features AI

Exterior

• Parking: 1-car garage / 1 total parking space
• Home design: Single-family new construction (Spec) — Plan: Sunrise II*

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Open living area (1,398 living area noted)

Listing history 50 events

1. 2026-09-13
   days on market $233,890 Active 106 DOM
2. 2026-09-12
   days on market $233,890 Active 105 DOM
3. 2026-09-11
   pricedays on market $233,890 Active 104 DOM
4. 2026-09-05
   days on market $233,640 Active 98 DOM
5. 2026-09-04
   days on market $233,640 Active 97 DOM
6. 2026-09-03
   days on market $233,640 Active 96 DOM
7. 2026-08-31
   days on market $233,640 Active 93 DOM
8. 2026-08-30
   days on market $233,640 Active 92 DOM
9. 2026-08-29
   days on market $233,640 Active 91 DOM
10. 2026-08-28
    days on market $233,640 Active 90 DOM
11. 2026-08-26
    days on market $233,640 Active 88 DOM
12. 2026-08-25
    price $233,640 Active 87 DOM
13. 2026-08-25
    days on market $228,640 Active 87 DOM
14. 2026-08-24
    days on market $228,640 Active 86 DOM
15. 2026-08-23
    pricedays on market $228,640 Active 85 DOM
16. 2026-07-28
    days on market $239,290 Active 83 DOM
17. 2026-07-26
    days on market $239,290 Active 81 DOM
18. 2026-07-24
    days on market $239,290 Active 79 DOM
19. 2026-07-23
    days on market $239,290 Active 78 DOM
20. 2026-07-22
    days on market $239,290 Active 77 DOM
21. 2026-07-21
    days on market $239,290 Active 76 DOM
22. 2026-07-20
    pricedays on market $239,290 Active 75 DOM
23. 2026-07-18
    pricedays on market $238,290 Active 72 DOM
24. 2026-07-16
    days on market $238,190 Active 71 DOM
25. 2026-07-15
    pricedays on market $238,190 Active 70 DOM
26. 2026-07-13
    days on market $244,090 Active 68 DOM
27. 2026-07-13
    pricedays on market $244,090 Active 67 DOM
28. 2026-07-12
    price $243,990 Active 66 DOM
29. 2026-07-11
    pricedays on market $243,490 Active 66 DOM
30. 2026-07-10
    days on market $243,390 Active 65 DOM
31. 2026-07-09
    pricedays on market $243,390 Active 64 DOM
32. 2026-07-07
    price $258,290 Active 62 DOM
33. 2026-07-07
    days on market $258,190 Active 62 DOM
34. 2026-07-06
    days on market $258,190 Active 61 DOM
35. 2026-07-06
    days on market $258,190 Active 60 DOM
36. 2026-07-05
    days on market $258,190 Active 59 DOM
37. 2026-07-03
    days on market $258,190 Active 58 DOM
38. 2026-07-03
    pricedays on market $258,190 Active 57 DOM
39. 2026-07-01
    days on market $273,090 Active 56 DOM
40. 2026-06-30
    days on market $273,090 Active 55 DOM
41. 2026-06-29
    days on market $273,090 Active 54 DOM
42. 2026-06-28
    days on market $273,090 Active 53 DOM
43. 2026-06-27
    pricedays on market $273,090 Active 52 DOM
44. 2026-06-26
    days on market $272,990 Active 51 DOM
45. 2026-06-24
    pricedays on market $272,990 Active 49 DOM
46. 2026-06-18
    days on market $272,890 Active 43 DOM
47. 2026-06-17
    days on market $272,890 Active 42 DOM
48. 2026-06-16
    days on market $272,890 Active 41 DOM
49. 2026-06-15
    days on market $272,890 Active 40 DOM
50. 2026-06-13
    pricedays on market $272,890 Active 38 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,122
• − Mortgage interest: −$13,101
• − Property taxes: −$3,508
• − Insurance: −$1,169
• − Repairs & maintenance: −$2,170
• − Management: −$2,170
• − Depreciation: −$6,804
• Taxable loss: −$1,801
• Est. tax savings @ 24.0%: +$432
• After-tax cash flow: $2,462/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.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab Est. rehab $6,990–$20,970 screening

This single-story townhouse is in good condition with a good condition score of 80. It requires minor cosmetic updates such as painting the exterior siding and replacing double-pane windows to enhance its curb appeal and value.

Value-add opportunities

• Resale Paint exterior siding — Fresh paint enhances curb appeal and property value. ↑
• Both Replace double-pane windows — Newer windows improve energy efficiency and reduce utility costs. ↑
• Both Upgrade HVAC system — A modern HVAC system enhances comfort and energy efficiency, attracting more tenants and buyers. ↑
• Resale Landscaping improvements — Enhanced landscaping can increase property value and attract more potential buyers. ↑
• Resale Update kitchen appliances — Modern appliances can make the kitchen more appealing to potential buyers. ↑
• Both Install smart home features — Smart home features can increase property value and attract tech-savvy tenants and buyers. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 43/100

Zoned Schools

Elementary San Antonio Elementary School D+ FL #1,055/2,144 Nat'l #12,398/41,679 Middle Pasco Middle School F FL #388/571 Nat'l #6,571/14,009 High Pasco High School F FL #296/667 Nat'l #8,112/17,239

Schools (NCES district)

• District: Pasco
• NCES district ID: 1201530
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 52% ▼ -5.00%
• Median HH income: $45,039
• Composite: 43.14/100
• National rank: #3074
• State rank: #32 of 73 in FL

C Composite livability gradescore 69/100

Livability — San Antonio

• Score: 69/100
• State rank: #454
• US rank: #8221

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasco County · 570,045 people
• City population: 6,273
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 6,273
• Household income: $76,388
• Rent vs Own: 4.5% rent · 95.5% own

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Population outlook (Pasco County) Hauer SSP2

• Today (2025): 570,045 people
• By 2030: 605,844 · +6.3%
• By 2040: 674,806 · +18.4%
• By 2050: 736,022 · +29.1%
• By 2075: 862,900 · +51.4%
• By 2100: 906,364 · +59.0%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 12% Two or more races 5% Black 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1%

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Political lean MEDSL · Pasco

• 2024 margin: Strong R (+25.2) · D 36.9% · R 62.1% · Other 1.0%
• 2008→2024 swing: -21.6pp toward R · 2008: -3.6pp · 2024: -25.2pp
• All cycles: 2024: R+25.2 2020: R+20.1 2016: R+21.6 2012: R+6.7 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.32%
• Current HPI: 281.7138
• Rent YoY: ▲ 0.37%
• Metro: Tampa-St. Petersburg-Clearwater, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Exterior

• Parking: 1-car garage / 1 total parking space
• Home design: Single-family new construction (Spec) — Plan: Sunrise II*

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Open living area (1,398 living area noted)