Real Estate Investing in Tarpon Springs, Florida (34689)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 34689 (Tarpon Springs, FL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 13.9% of homes vacant — above national norms.
What’s happening in Tarpon Springs, FL (34689)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 34689 Tarpon Springs
This part of Pinellas County is not an easy win. The 34689 ZIP posts softness in key indicators, and the playbook that works in cleaner markets often stalls here.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $370K asset, 34689 is the wrong submarket. If the plan prices in friction, the yield can still work.
In the broader FL picture, 34689 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 34689 ZIP's population of 27,007 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reflects the need for careful underwriting.
New investors are better served looking at Tarpon Springs's stable or hybrid ZIPs before stepping into 34689. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Tarpon Springs:
Property Strategy for 34689
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $135,523 | $1,420 | 7.5% | +5.3% | $135,523 |
| 2BR | $248,672 | $1,660 | 4.8% | +5.4% | $124,336 |
| 3BR | $409,103 | $2,120 | 3.7% | +7.4% | $136,368 |
| 4BR | $531,351 | $2,580 | 3.5% | +8.0% | $132,838 |
| 5BR | $811,571 | — | — | +7.7% | $162,314 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 34689 Compare?
| Metric | 34689 | Tarpon Springs | Tampa-St. Petersburg-Clearwater, FL | Florida |
|---|---|---|---|---|
| Home Value | $370,477 | $474,193 | N/A | $374,697 |
| 5-Year CAGR | 2.9% | 3.6% | N/A | 7.4% |
| Avg Rent | $1,955 | $2,178 | N/A | - |
| Cap Rate | 4.1% | 3.7% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 34689 (Tarpon Springs, FL). Anonymous, moderated, never written by AI.
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Property managers serving Pinellas County
Manage rentals here? List your business →All County Southern Shores provides full-service residential property management in Myrtle Beach, SC and surrounding areas, focusing on maximizing investment returns and managing tenant relationships. summary from their website
All County Suncoast provides full-service residential property management in Saint Petersburg, FL and surrounding areas, focusing on maximizing investment returns and managing tenant relationships. summary from their website
Dennis Property Management offers rental agency and management services in the Tampa Bay area, including multi-family management, investor packages, and resources for homeowners and tenants. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $370,477 |
| Monthly Rent | $1,955 |
| Price-to-Rent | 15.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.3% |
| Cap Rate | 4.1% |
| 5-Year IRR | 7.1% |
📈 Home Appreciation
| 1-Year | -0.2% ▼ |
| 3-Year CAGR | -2.8% ▼ |
| 5-Year CAGR | +2.9% ▲ |
| 10-Year CAGR | +6.2% ▲ |
🏠 Rent Trends
| 1-Year | -5.3% ▼ |
| 3-Year CAGR | +0.4% ▲ |
| 5-Year CAGR | +4.5% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 34689
Population: 27,007
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 34689
Schools in This ZIP Code
Nearby Schools (4 more)
Schools in adjacent ZIP codes that may serve this area
GULF TRACE ELEMENTARY SCHOOL
GULFSIDE ELEMENTARY SCHOOL
PAUL R. SMITH MIDDLE SCHOOL
ANCLOTE HIGH SCHOOL
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 3,108 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Do rentals sit vacant long in Tarpon Springs, FL?
Expect elevated vacancy in Tarpon Springs, FL. Rents at $1,955/mo are absorbed by the tenant base without meaningful lag.
Is FL a landlord-friendly state?
Landlord-friendliness in Tarpon Springs, FL is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
Is it easy to find good tenants in Tarpon Springs, FL?
The renter base in Tarpon Springs, FL is reasonable for the $1,955/mo price point. Screening well and pricing to market typically yields even-keeled tenants.
Can I live-in-and-rent in Tarpon Springs, FL?
House hacking in Tarpon Springs, FL is a challenging. With home values around $370K and rents at $1,955/mo, owner-occupants can offset a meaningful share of PITI.
How expensive is real estate in Tarpon Springs, FL?
Median home price in Tarpon Springs, FL is near $370K, with a 5-year CAGR of 0.0%. Prices have been stable and supportive of buy-and-hold strategies.
You know 34689 now. You don’t know where it ranks.
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How 34689 ranks in Tampa-St. Petersburg-Clearwater, FL
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