9505 N Cortlandt Dr · Citrus Springs, FL 34434

$279,900

4 bd · 3.0 ba · 1,918 sqft · Land · 18 Days on market

Built 2025 2.30 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.5/10.0
• Appreciation +0.1/10.0

Listing remarks MLS

Priced to sell! Motivated seller offering this brand-new construction below market value—an incredible opportunity for buyers seeking value, location, and a smart investment. This beautiful new home features 4 bedrooms, 3 bathrooms, and sits on a spacious 0.23-acre lot in the growing community of Citrus Springs. Just 2 minutes from the tennis courts and only 5 minutes from the golf course, this property offers both convenience and an active lifestyle. In addition, you are just 3 minutes from gas stations including Sunoco and Shell, and close to essential everyday conveniences such as dental care, Family Dollar, Dollar General, and more—making daily living simple and accessible. With modern finishes, a smart layout, and strong market potential, this home stands out as a great opportunity for both homeowners and investors. Don’t wait—motivated seller and priced to move!

Key facts

• Scenic trails
• New construction
• 0.23-acre lot

Tags

• NEW CONSTRUCTION
• 0.23-ACRE LOT
• SCENIC TRAILS
• SPLIT-BEDROOM FLOOR PLAN
• RAINBOW SPRINGS STATE PARK

Property features AI

Exterior

• Parking: Attached garage (2 spaces)
• Utilities: Electricity available; Public utilities available; Water available; Septic tank
• Home design: Single family residence; One story; Faces north; New construction; Property listed as residential
• Construction: Block construction; Shingle roof; Slab foundation
• Exterior features: Paved road access; Lot roughly 0.23 acres

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: 4 bedrooms
• Flooring: Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Eat-in kitchen; High ceilings; Living room/dining room combo; Open floorplan; Walk-in closet(s)
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $280k.

Deal economics

• At list price, monthly cash flow is $-365 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $227k (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (29.0% below list).
• Recommended offer: $199k (29.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#521 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities 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.
• Zoned schools: Citrus Springs Elementary School (math 52% / reading 48%, grade D+, #1,070 of 2,144 statewide, top 51%, 817 students, 71% FRL); Citrus Springs Middle School (math 55% / reading 54%, grade B-, #183 of 571 statewide, top 34%, 821 students, 59% FRL); Lecanto High School (math 46% / reading 53%, grade D, #179 of 667 statewide, top 29%, 1,630 students, 46% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 1247 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 18 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $49k; list at $280k implies a 476% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,687 (29.0% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.71% ✗
• Cap rate: 4.73%
• Cash-on-cash: -5.58%
• DSCR: 0.75
• GRM: 11.7

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: -25.8%
• Equity multiple: 0.13×
• Total profit: $-68,554
• Equity at exit: $41,734

10-year hold

• IRR: -22.4%
• Equity multiple: -0.14×
• Total profit: $-89,483
• Equity at exit: $24,201

Cash invested: $78,372 (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 34434

• Home prices YoY: -2.9%
• Active inventory: 1247
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,987 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,198/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $-365

Break-even live

Break-even rent $2,449

Max offer price $227,128

Occupancy floor —

Sensitivity live

Price	-10% $-171	-5% $-268	+0% $-365	+5% $-461	+10% $-558
Rent	-10% $-522	-5% $-443	+0% $-365	+5% $-286	+10% $-208
Rate	-1.0pp $-224	-0.5pp $-294	base $-365	+0.5pp $-437	+1.0pp $-511

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9676 N Jourden Dr Citrus Springs, FL	3.0	2.0	1353	$1,750	$1.29	22d	1	0.18mi
9298 N Mendoza Way Citrus Springs, FL	3.0	2.0	1350	$1,800	$1.33	22d	1	0.23mi
9475 N Camel Dr Dunnellon, FL	3.0	2.0	1670	$1,800	$1.08	22d	1	0.23mi
9995 N Sandree Dr Citrus Springs, FL	3.0	2.0	1453	$1,895	$1.30	22d	1	0.30mi
754 W Deacon Pl Citrus Springs, FL	3.0	2.0	1453	$1,800	$1.24	22d	1	0.54mi
9066 N Akola Way Citrus Springs, FL	3.0	2.0	1833	$2,150	$1.17	22d	1	0.71mi
9065 N Akola Way Citrus Springs, FL	3.0	2.0	1511	$1,795	$1.19	22d	1	0.72mi
904 W Rum Pl Dunnellon, FL	3.0	2.0	1453	$1,699	$1.17	22d	1	0.78mi
9779 N Langdon Rd Citrus Springs, FL	4.0	3.0	2274	$2,200	$0.97	22d	1	0.86mi
572 W Bluster Pl Dunnellon, FL	4.0	2.0	1630	$1,900	$1.17	22d	1	0.89mi
316 W Wason St Citrus Springs, FL	3.0	2.0	1985	$2,200	$1.11	22d	1	1.02mi
9924 N Country Club Way Citrus Springs, FL	3.0	2.0	1473	$1,795	$1.22	22d	1	1.08mi
8450 N Travis Dr Citrus Springs, FL	4.0	2.0	1787	$1,900	$1.06	22d	1	1.15mi
696 W Hallam Dr Citrus Springs, FL	4.0	2.0	1797	$1,900	$1.06	22d	1	1.17mi
8398 N Jay Dr Dunnellon, FL	3.0	2.0	1541	$1,700	$1.10	22d	1	1.19mi
1924 W Roseboro Dr Dunnellon, FL	4.0	2.0	1449	$1,795	$1.24	22d	1	1.31mi
8267 N Santos Dr Citrus Springs, FL	3.0	2.0	1453	$1,800	$1.24	22d	1	1.33mi
8190 N Wakefield Dr Dunnellon, FL	4.0	2.0	1772	$1,750	$0.99	22d	1	1.37mi
8180 N Wakefield Dr Dunnellon, FL	3.0	2.0	1502	$1,695	$1.13	22d	1	1.37mi
1150 W G Martinelli Blvd Citrus Springs, FL	3.0	2.0	1276	$1,600	$1.25	22d	1	1.47mi
8030 N Galena Ave Citrus Springs, FL	4.0	2.0	1833	$2,150	$1.17	22d	1	1.50mi
9081 N Golfview Dr Citrus Springs, FL	3.0	1.5	1374	$1,400	$1.02	22d	1	1.50mi

Listing history 11 events

1. 2026-05-04
   status Pending
2. 2026-05-02
   status Pending 904-char remark

   Show marketing remark (904 chars)

   Priced to sell! Motivated seller offering this brand-new construction below market value—an incredible opportunity for buyers seeking value, location, and a smart investment. This beautiful new home features 4 bedrooms, 3 bathrooms, and sits on a spacious 0.23-acre lot in the growing community of Citrus Springs. Just 2 minutes from the tennis courts and only 5 minutes from the golf course, this property offers both convenience and an active lifestyle. In addition, you are just 3 minutes from gas stations including Sunoco and Shell, and close to essential everyday conveniences such as dental care, Family Dollar, Dollar General, and more—making daily living simple and accessible. With modern finishes, a smart layout, and strong market potential, this home stands out as a great opportunity for both homeowners and investors. Don’t wait—motivated seller and priced to move!

3. 2026-04-28
   price $279,900
4. 2026-04-25
   price $279,900 904-char remark

   Show marketing remark (904 chars)

   Priced to sell! Motivated seller offering this brand-new construction below market value—an incredible opportunity for buyers seeking value, location, and a smart investment. This beautiful new home features 4 bedrooms, 3 bathrooms, and sits on a spacious 0.23-acre lot in the growing community of Citrus Springs. Just 2 minutes from the tennis courts and only 5 minutes from the golf course, this property offers both convenience and an active lifestyle. In addition, you are just 3 minutes from gas stations including Sunoco and Shell, and close to essential everyday conveniences such as dental care, Family Dollar, Dollar General, and more—making daily living simple and accessible. With modern finishes, a smart layout, and strong market potential, this home stands out as a great opportunity for both homeowners and investors. Don’t wait—motivated seller and priced to move!

5. 2026-04-16
   listed $294,900 Active
6. 2026-03-12
   price $294,900 904-char remark

   Show marketing remark (904 chars)

   Priced to sell! Motivated seller offering this brand-new construction below market value—an incredible opportunity for buyers seeking value, location, and a smart investment. This beautiful new home features 4 bedrooms, 3 bathrooms, and sits on a spacious 0.23-acre lot in the growing community of Citrus Springs. Just 2 minutes from the tennis courts and only 5 minutes from the golf course, this property offers both convenience and an active lifestyle. In addition, you are just 3 minutes from gas stations including Sunoco and Shell, and close to essential everyday conveniences such as dental care, Family Dollar, Dollar General, and more—making daily living simple and accessible. With modern finishes, a smart layout, and strong market potential, this home stands out as a great opportunity for both homeowners and investors. Don’t wait—motivated seller and priced to move!

7. 2026-02-04
   listed $319,000 Active 904-char remark

   Show marketing remark (904 chars)

   Priced to sell! Motivated seller offering this brand-new construction below market value—an incredible opportunity for buyers seeking value, location, and a smart investment. This beautiful new home features 4 bedrooms, 3 bathrooms, and sits on a spacious 0.23-acre lot in the growing community of Citrus Springs. Just 2 minutes from the tennis courts and only 5 minutes from the golf course, this property offers both convenience and an active lifestyle. In addition, you are just 3 minutes from gas stations including Sunoco and Shell, and close to essential everyday conveniences such as dental care, Family Dollar, Dollar General, and more—making daily living simple and accessible. With modern finishes, a smart layout, and strong market potential, this home stands out as a great opportunity for both homeowners and investors. Don’t wait—motivated seller and priced to move!

8. 2026-02-04
   historical

   Show marketing remark (904 chars)

   Priced to sell! Motivated seller offering this brand-new construction below market value—an incredible opportunity for buyers seeking value, location, and a smart investment. This beautiful new home features 4 bedrooms, 3 bathrooms, and sits on a spacious 0.23-acre lot in the growing community of Citrus Springs. Just 2 minutes from the tennis courts and only 5 minutes from the golf course, this property offers both convenience and an active lifestyle. In addition, you are just 3 minutes from gas stations including Sunoco and Shell, and close to essential everyday conveniences such as dental care, Family Dollar, Dollar General, and more—making daily living simple and accessible. With modern finishes, a smart layout, and strong market potential, this home stands out as a great opportunity for both homeowners and investors. Don’t wait—motivated seller and priced to move!

9. 2025-12-25
   listed $309,000 Active
10. 2024-12-27
    soldstatus $48,600
11. 2024-10-01
    soldstatus $18,500

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,842
• − Mortgage interest: −$15,679
• − Property taxes: −$4,198
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,907
• − Management: −$1,907
• − Depreciation: −$8,143
• Taxable loss: −$9,392
• Est. tax savings @ 24.0%: +$2,254
• After-tax cash flow: $-2,122/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 — Citrus Springs

• Score: 68/100
• State rank: #521
• US rank: #9598

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Citrus Springs, FL
• County: Citrus County · 111,314 people
• City population: 10,730
• Metro: Homosassa Springs, FL
• Population (ZIP): 11,074
• Household income: $68,939
• Rent vs Own: 12.4% rent · 87.6% own
• Severe rent burden: 171.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 11% Hispanic / Latino 9% Black 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Iranian 3% Romanian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% German/W. Germanic 1% Other Indo-European 1%

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: ▼ -9.70%
• Current HPI: 328.2164
• Rent YoY: —
• Metro: Homosassa Springs, FL
• 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

+1413.0% since first listed

11 events — show timeline

• 2026-05-04 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-02 Pending — RACC
• 2026-04-28 Price Changed $279,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-25 Price Changed $279,900 RACC
• 2026-04-16 Listed $294,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-12 Price Changed $294,900 RACC
• 2026-02-04 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-02-04 Listed $319,000 RACC
• 2025-12-25 Listed $309,000 Stellar MLS as Distributed by MLS Grid
• 2024-12-27 Sold (Public Records) $48,600 Public Records
• 2024-10-01 Sold (Public Records) $18,500 Public Records

Property tax history

+17.4%/yr

Latest (2025): $305 · +116.2% YoY. Source: county tax records.