10823 Sparkly Way

San Antonio, FL 33576

$233,890C+

2 bd · 2.0 ba · 1,398 sqft · Built 2026 · Townhouse · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,260/mo
• Mortgage (P&I): −$1,227
• Tax + insurance: −$390
• HOA: −$0
• Vac / Maint / Mgmt: −$475
• Net cashflow: $169/mo
• Annual: $2,030/yr
• Cap rate: 7.16%
• Cash-on-cash: 3.10%
• DSCR: 1.14
• 1% rule: 0.97%
• Cash to close: $65,489

Investor read

• This is a 2-bed/2.0-bath townhouse listed at $234k. Condition is rated good.
• 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).
• It's been on market 106 days — a 9% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (9.0% below list) — sets the bar for market timing.
• 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.
• 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 75d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• This rent runs 36% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.