2400 Forest Dr #149 · Inverness, FL 34453

$99,900

2 bd · 2.0 ba · 1,035 sqft · Condo · 58 Days on market

Built 1977 Fair condition $525/mo HOA · 37% of rent ↓ 9% since listing

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

• 1% rule +9.3/10.0
• Cash flow +8.6/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• DSCR +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Inverness Village, where maintenance-free living and the relaxed Florida lifestyle come together in this charming ground-floor condo. This inviting 2-bedroom, 2-bathroom residence is located within a vibrant 55+ community and offers a comfortable, easy-living layout designed for both everyday enjoyment and seasonal retreats. Inside, the kitchen features wood cabinetry and generous storage, creating a functional space for meal preparation. The kitchen flows seamlessly into the combined living and dining area, making this home a breeze for entertaining or simply unwinding at the end of the day. Plantation shutters in the bedrooms and the absence of carpet throughout the unit add to

Key facts

• Shuffleboard courts
• Ground floor condo
• Wood cabinetry

Tags

• GROUND FLOOR CONDO
• WOOD CABINETRY
• ENCLOSED FOUR SEASONS PORCH
• LUSH LANDSCAPING
• MATURE NATIVE OAK TREES
• SHUFFLEBOARD COURTS

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee of $525; HOA covers cable TV, grounds maintenance, sewer, and trash; Senior community

Exterior

• Parking: Assigned parking; Boat parking; RV access/parking
• Utilities: Public water; Public sewer
• Home design: Condominium; Residential property; North-facing
• Construction: Stucco exterior; Asphalt shingle roof; Block and slab foundation; Built in or before 2026
• Exterior features: Sliding doors; Landscaped; Zero lot line; Community pool; Community clubhouse

Interior

• Kitchen: Dishwasher; Oven; Range; Range hood; Refrigerator
• Bedrooms: Primary bedroom located downstairs
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Breakfast bar; Laminate counters; Pantry; Walk-in closet(s); Primary bedroom on main level; High speed internet; Blinds and window coverings
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $100k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $88k (12.4% below list).
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.4% below list) — sets the bar for cash-flow.

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: Pleasant Grove Elementary School (math 61% / reading 58%, grade B-, #690 of 2,144 statewide, top 34%, 621 students, 67% 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 60% FRL track the district average.
• Market conditions: 426 active listings in the ZIP; 6 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 58 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major 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 $87,527 (12.4% 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. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.43% ✓
• Cap rate: 5.27%
• Cash-on-cash: -3.67%
• DSCR: 0.84
• GRM: 5.8

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: -22.0%
• Equity multiple: 0.24×
• Total profit: $-21,290
• Equity at exit: $14,895

10-year hold

• IRR: -14.9%
• Equity multiple: 0.14×
• Total profit: $-24,153
• Equity at exit: $8,638

Cash invested: $27,972 (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: 426
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,430 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$525
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $-86

Break-even live

Break-even rent $1,538

Max offer price $87,527

Occupancy floor —

Sensitivity live

Price	-10% $-16	-5% $-51	+0% $-86	+5% $-120	+10% $-155
Rent	-10% $-198	-5% $-142	+0% $-86	+5% $-29	+10% $27
Rate	-1.0pp $-35	-0.5pp $-60	base $-86	+0.5pp $-111	+1.0pp $-138

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2400 Forest Dr Inverness, FL	2.0	2.0	1035	$1,425	$1.38	22d	2	0.08mi
512 Long Ave Unit B Inverness, FL	2.0	1.0	765	$1,170	$1.53	22d	1	0.13mi
3880 E Byrd St Inverness, FL	3.0	2.0	1380	$1,600	$1.16	22d	1	1.28mi
417 Wilda Ave Inverness, FL	2.0	1.0	870	$1,300	$1.49	22d	1	1.29mi
426 Ella Ave Inverness, FL	2.0	2.0	1304	$2,100	$1.61	22d	1	1.33mi
210 Talmage Ave Inverness, FL	3.0	2.0	1400	$1,600	$1.14	22d	1	1.43mi

HOA detail condo

• Monthly dues: $525 · $6,300/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $99,900 Active 58 DOM
2. 2026-06-19
   days on market $99,900 Active 56 DOM
3. 2026-06-18
   days on market $99,900 Active 55 DOM
4. 2026-06-17
   days on market $99,900 Active 54 DOM
5. 2026-06-16
   days on market $99,900 Active 53 DOM
6. 2026-06-15
   days on market $99,900 Active 52 DOM
7. 2026-06-14
   days on market $99,900 Active 50 DOM
8. 2026-06-13
   days on market $99,900 Active 49 DOM
9. 2026-06-09
   days on market $99,900 Active 46 DOM
10. 2026-06-08
    days on market $99,900 Active 45 DOM
11. 2026-06-07
    days on market $99,900 Active 44 DOM
12. 2026-06-03
    days on market $99,900 Active 40 DOM
13. 2026-06-02
    days on market $99,900 Active 39 DOM
14. 2026-06-01
    days on market $99,900 Active 38 DOM
15. 2026-05-31
    days on market $99,900 Active 37 DOM
16. 2026-05-30
    days on market $99,900 Active 36 DOM
17. 2026-05-20
    price $99,900
18. 2026-04-28
    price $104,900
19. 2026-04-23
    listed $109,900 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 6/10 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 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,163
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,373
• − Management: −$1,373
• − HOA: −$6,300
• − Depreciation: −$2,906
• Taxable loss: −$2,383
• Est. tax savings @ 24.0%: +$572
• After-tax cash flow: $-454/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 · 12 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 2-bathroom condo in Inverness Village requires moderate repairs and maintenance to improve its condition and value. Painting the exterior and interior would significantly enhance its curb and interior appeal, while HVAC maintenance would improve tenant satisfaction.

Repairs flagged

• Minor kitchen backsplash — standard backsplash
• Minor bathroom fixtures — standard fixtures
• Minor exterior paint — paint in good condition
• Minor interior paint — paint in good condition
• Minor HVAC filters — standard fixtures

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Resale paint interior — enhances interior appeal
• Rental HVAC maintenance — improves tenant satisfaction

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · standard backsplash	Minor	$500–3,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
exterior paint · paint in good condition	Minor	$500–3,000
interior paint · paint in good condition	Minor	$500–3,000
HVAC filters · standard fixtures	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Resale paint interior — enhances interior appeal ↑
• Rental HVAC maintenance — improves tenant satisfaction ↑

ⓘ 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

• Census place: Inverness, FL
• 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

-9.1% since first listed

3 events — show timeline

• 2026-05-20 Price Changed $99,900 RACC
• 2026-04-28 Price Changed $104,900 RACC
• 2026-04-23 Listed $109,900 RACC