4450 E Windmill Dr #105 · Inverness, FL 34453

$145,000

3 bd · 2.0 ba · 1,260 sqft · Condo · 79 Days on market

Built 2005 Good condition $350/mo HOA · 19% of rent

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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 +18.2/30.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Schools +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

FULLY FURNISHED FIRST FLOOR END UNIT - Located directly next to a sprawling 140+ acre ranch, and directly across from the renowned Withlacoochee State Trail, you’ll have serene views and immediate access to one of Florida’s most popular biking and walking trails, perfect for enjoying the outdoors year-round. Just minutes from downtown Inverness, shopping, dining, and medical facilities, this property combines peaceful surroundings with everyday convenience. Welcome to this beautifully maintained, first-floor end unit in Lakeside of Inverness Condominiums, where comfort, privacy, and location come together effortlessly. This 3-bedroom, 2-bath residence offers a spacious and invit

Key facts

• $350 HOA
• Built 2005
• Listed 78 days

Property features AI

Finance

• Other: Subdivision: Lakeside of Inverness; Directions: From Hwy 41 north turn right into Lakeside Golf and Country Club main entrance. Turn right onto E Windmill Drive then turn right into the complex. Condo in the back last door on the left.
• HOA & community: Homeowners association with $350 monthly fee; HOA covers insurance, ground and structure maintenance, pest control, sewer and trash

Exterior

• Parking: Driveway; Parking lot; Private parking; Shared driveway; Paved parking
• Utilities: Public water; Shared septic
• Home design: Residential condominium
• Construction: Stucco construction; Asphalt shingle roof; Block and slab foundation; Built as a condominium
• Exterior features: Sliding doors; Cleared lot; Paved roads

Interior

• Kitchen: Electric cooktop; Range; Oven; Microwave; Range hood; Refrigerator; Stone counters
• Bedrooms: Master downstairs
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Open floorplan; Stone countertops; Walk-in closet(s); Master bedroom on main level; Blinds and window treatments; Furnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $145k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 4.9% in Inverness — 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 67/100 on livability (#564 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: health & safety C-, amenities F, commute 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: Hernando Elementary School (math 47% / reading 51%, grade D, #1,134 of 2,144 statewide, top 54%, 813 students, 71% FRL); Inverness Middle School (math 52% / reading 48%, grade C, #254 of 571 statewide, top 45%, 1,017 students, 60% FRL); Citrus High School (math 34% / reading 51%, grade F, #264 of 667 statewide, top 41%, 1,503 students, 54% FRL) — zoned schools at 62% FRL track the district average.
• Market conditions: 421 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 39% of the median local income ($58k/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 $1k of loan paydown is wiped out by about $4k 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 79 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 7.38%
• Cash-on-cash: 3.88%
• DSCR: 1.17
• GRM: 6.4

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: -10.0%
• Equity multiple: 0.63×
• Total profit: $-14,892
• Equity at exit: $21,620

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-1,214
• Equity at exit: $12,537

Cash invested: $40,600 (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 34453

• Home prices YoY: -26.1%
• Active inventory: 421
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,878 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$350
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $131

Break-even live

Break-even rent $1,711

Max offer price $145,000

Occupancy floor 88%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
815 E Rembrandt Way Unit 424 Inverness, FL	3.0	2.0	1262	$1,850	$1.47	21d	1	0.13mi
167 N Independence Hwy Inverness, FL	3.0	2.0	1535	$1,800	$1.17	21d	1	0.66mi
3880 E Byrd St Inverness, FL	3.0	2.0	1380	$1,600	$1.16	21d	1	0.92mi
543 N Rooks Ave Inverness, FL	3.0	2.0	1296	$1,900	$1.47	21d	1	1.20mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-19
   days on market $145,000 Active 79 DOM
2. 2026-06-18
   days on market $145,000 Active 78 DOM
3. 2026-06-17
   days on market $145,000 Active 77 DOM
4. 2026-06-16
   days on market $145,000 Active 76 DOM
5. 2026-06-15
   days on market $145,000 Active 75 DOM
6. 2026-06-14
   days on market $145,000 Active 73 DOM
7. 2026-06-13
   days on market $145,000 Active 72 DOM
8. 2026-06-09
   days on market $145,000 Active 69 DOM
9. 2026-06-08
   days on market $145,000 Active 68 DOM
10. 2026-06-07
    pricedays on market $145,000 Active 67 DOM
11. 2026-06-03
    days on market $150,000 Active 63 DOM
12. 2026-06-02
    days on market $150,000 Active 62 DOM
13. 2026-06-01
    days on market $150,000 Active 61 DOM
14. 2026-05-31
    days on market $150,000 Active 60 DOM
15. 2026-05-30
    days on market $150,000 Active 59 DOM
16. 2026-04-01
    listed $150,000 Active

ⓘ 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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,532
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,803
• − Management: −$1,803
• − HOA: −$4,200
• − Depreciation: −$4,218
• Taxable loss: −$514
• Est. tax savings @ 24.0%: +$123
• After-tax cash flow: $1,699/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 · 13 photos

Good 75/100 Cosmetic rehab

This fully furnished first-floor end unit in Lakeside of Inverness Condominiums is in good condition with no major repairs needed. Painting the exterior walls and maintaining the air conditioning unit can increase its value.

Value-add opportunities

• Both Paint the exterior walls — Painting the exterior walls can improve the curb appeal and increase the property's value.
• Both Clean and maintain the air conditioning unit — Maintaining the air conditioning unit can improve the comfort and energy efficiency of the property, which can increase its value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls — Painting the exterior walls can improve the curb appeal and increase the property's value. ↑
• Both Clean and maintain the air conditioning unit — Maintaining the air conditioning unit can improve the comfort and energy efficiency of the property, which can increase its value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Inverness

• Score: 67/100
• State rank: #564
• US rank: #10791

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Citrus County · 111,314 people
• City population: 10,621
• Metro: Homosassa Springs, FL
• Population (ZIP): 10,621
• Household income: $57,568
• Rent vs Own: 19.3% rent · 80.7% own
• Severe rent burden: 240.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Black 3% Two or more races 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Lithuanian 3% Romanian 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Tagalog/Filipino 1% Other Asian/Pacific 0%

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: ▼ -103.32%
• Current HPI: 291.8965
• 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

1 event — show timeline

• 2026-04-01 Listed $150,000 RACC