1981 Built Waterfront 3/2/2 in Homosassa

This 3-bedroom, 2-bathroom waterfront home is located in the Riverhaven area of Homosassa, offering deep water access. Built in 1981, the property has 2,186 sq. ft. of living space, a 2-car garage, and sits on a 0.3-acre lot. The home comes with solid mechanicals – 1-year-old A/C, 9 year old roof, and a newer water heater (0-5 yrs). However, the property is in Flood Zone AE and sustained flooding during recent storms, requiring some remediation and a full interior renovation.

🛠️ Rehab Scope (Estimated)

• Interior Restoration: Replacement of bottom 4ft (or full) drywall, insulation, baseboards, and flooring
• Kitchen & Bath: Full gut and replacement of lower cabinetry (likely water damaged), appliances, and bathroom vanities.
• Exterior/Waterfront: Inspection of the seawall and dock; pressure wash and landscaping cleanup.

🟣 Comparable Sales

1. 11631 W Clubview Dr – 3/2 | 2,034 sf | Sold $465,000 ($229/sf) | 1987 Built | 0.45 Acres
2. 11673 W Riverhaven Dr – 2/2 | 1,811 sf | Sold $405,000 ($224/sf) | 1979 Built | 2 Bed / 2 Bath
3. 11590 W Waterway Dr – 3/4 | 2,778 sf | Sold $730,000 ($263/sf) | 1985 Built | Luxury/Larger Comp

💰 ARV Logic & Analysis

The data shows a clear hierarchy in Riverhaven values based on size and flood impact. The Floor ($405k): Smaller 2-bedroom homes like 11673 W Riverhaven (1,811 sf) establish the absolute floor at $405,000. The Benchmark ($465k): The sale of 11631 W Clubview (2,034 sf) at $465,000 is the most critical data point. This home had minimal flood damage (garage only), so a fully renovated subject property (which is 152 sq. ft. larger) should command a premium over this number. The Ceiling ($575k): The sale of 11894 W Riverhaven (2,184 sf) for $575,000 proves that 2,100+ sq. ft. homes in top condition can push well above $260/sf.

Given the subject’s size (2,186 sf) matches the high-end comp ($575k), but discounting slightly for “flood history stigma,” the ARV is strong.

Estimated ARV: $485,000 – $525,000 +/-