5746 S Boulevard Dr · Homosassa, FL 34448

$275,000

3 bd · 2.0 ba · 1,242 sqft · Manufactured public records · 10 Days on market

Built 2001 0.32 ac lot

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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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.1/10.0
• Schools +4.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home sits on Otter Creek; great for kayaking and canoeing. No direct access to the Homosassa River. Public boat ramps and parking nearby. This home has a beautiful, brand new kitchen with new appliances. If you are looking to relax and enjoy the sights and sounds of nature this is the home for you. On a quiet road but is close to all the restaurants, art galleries, festivals and more. This home would be a great investment property also.

Key facts

• Updated kitchen
• Public boat ramps
• 3 sets of sliders

Tags

• PUBLIC BOAT RAMPS
• UPDATED KITCHEN
• DEDICATED DINING AREA
• DECORATIVE WOOD TRIM
• WOOD GRAIN VINYL FLOORING
• 3 SETS OF SLIDERS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $275k.

Deal economics

• At list price, monthly cash flow is $-45 ($-538/yr) — negative.
• To cash-flow at today's rent, offer at most $267k (2.9% below list).
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $267k (2.9% below list) — sets the bar for cash-flow.
• Cap rate 8.0% vs local median 1.8% in Homosassa — 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 62/100 on livability (#749 in FL) — a middle-class / working-renter tenant base. Strengths: crime 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: Homosassa Elementary School (math 62% / reading 47%, grade C, #892 of 2,144 statewide, top 44%, 411 students, 78% FRL); Crystal River Middle School (math 49% / reading 47%, grade C-, #286 of 571 statewide, top 50%, 900 students, 64% FRL); Crystal River High School (math 31% / reading 44%, grade F, #336 of 667 statewide, top 51%, 1,249 students, 56% FRL).
• Market conditions: 311 active listings in the ZIP; 3 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).
• At $2,767/mo this rent would consume 72% of the median local household income ($46k/yr) (locally 113% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $120k; list at $275k implies a 129% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $267,079 (2.9% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.01% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $95,634
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5746 S Boulevard Dr	0.00mi	3/2.0	1,242 (0%)	1mo	$270,000	$217	99
11111 W London Ln	0.71mi	3/2.0	1,056 (-15%)	4mo	$55,000	$52	38
6359 S Hancock Rd	0.60mi	2/2.0 (-1)	1,104 (-11%)	14mo	$85,000	$77	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.39×
• Total profit: $-47,173
• Equity at exit: $41,003

10-year hold

• IRR: -9.1%
• Equity multiple: 0.43×
• Total profit: $-43,761
• Equity at exit: $23,777

Cash invested: $77,000 (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 34448

• Home prices YoY: -26.1%
• Active inventory: 311
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,767 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$247 /mo · $2,968/yr
• Insurance: −$115
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $-45

Break-even live

Break-even rent $2,824

Max offer price $267,079

Occupancy floor 97%

Sensitivity live

Price	-10% $111	-5% $33	+0% $-45	+5% $-123	+10% $-201
Rent	-10% $-263	-5% $-154	+0% $-45	+5% $64	+10% $174
Rate	-1.0pp $94	-0.5pp $25	base $-45	+0.5pp $-116	+1.0pp $-189

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5230 S View Pt Homosassa, FL	2.0	2.0	1149	$2,800	$2.44	23d	1	0.64mi
11445 W Riverhaven Dr Homosassa, FL	2.0	2.0	1493	$2,900	$1.94	23d	1	0.75mi
11481 W Riverhaven Dr Homosassa, FL	2.0	2.0	1149	$3,000	$2.61	23d	1	0.77mi

Listing history 10 events

1. 2026-05-14
   historical $2,000
2. 2026-04-21
   status Pending
3. 2026-04-11
   listed $275,000 Active
4. 2026-02-12
   listed $2,000
5. 2018-09-10
   soldstatus $120,000
6. 2018-08-30
   soldstatus $120,000 445-char remark

   Show marketing remark (445 chars)

   This home sits on Otter Creek; great for kayaking and canoeing. No direct access to the Homosassa River. Public boat ramps and parking nearby. This home has a beautiful, brand new kitchen with new appliances. If you are looking to relax and enjoy the sights and sounds of nature this is the home for you. On a quiet road but is close to all the restaurants, art galleries, festivals and more. This home would be a great investment property also.

7. 2018-03-08
   listed $132,500 445-char remark

   Show marketing remark (445 chars)

   This home sits on Otter Creek; great for kayaking and canoeing. No direct access to the Homosassa River. Public boat ramps and parking nearby. This home has a beautiful, brand new kitchen with new appliances. If you are looking to relax and enjoy the sights and sounds of nature this is the home for you. On a quiet road but is close to all the restaurants, art galleries, festivals and more. This home would be a great investment property also.

8. 1999-03-23
   soldstatus $28,000
9. 1996-08-30
   soldstatus $30,000
10. 1980-08-01
    soldstatus $10,000

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

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,968 · $247/mo
• Projected year-2 tax: $2,968 · $247/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 24 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: $33,202
• − Mortgage interest: −$15,404
• − Property taxes: −$2,968
• − Insurance: −$6,494
• − Repairs & maintenance: −$2,656
• − Management: −$2,656
• − Depreciation: −$8,000
• Taxable loss: −$4,977
• Est. tax savings @ 24.0%: +$1,194
• After-tax cash flow: $656/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 — Homosassa

• Score: 62/100
• State rank: #749
• US rank: #16240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homosassa, FL
• County: Citrus County · 111,314 people
• City population: 29,919
• Metro: Homosassa Springs, FL
• Population (ZIP): 10,817
• Household income: $45,916
• Rent vs Own: 14.6% rent · 85.4% own
• Severe rent burden: 113.0

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Slovak 3% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 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: ▼ -110.27%
• Current HPI: 312.4302
• 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

-80.0% since first listed

10 events — show timeline

• 2026-05-14 Rental Removed $2,000 REDFIN
• 2026-04-21 Pending — RACC
• 2026-04-11 Listed $275,000 RACC
• 2026-02-12 Listed for Rent $2,000 REDFIN
• 2018-09-10 Sold (Public Records) $120,000 Public Records
• 2018-08-30 Sold (MLS) $120,000 RACC
• 2018-03-08 Listed $132,500 RACC
• 1999-03-23 Sold (Public Records) $28,000 Public Records
• 1996-08-30 Sold (Public Records) $30,000 Public Records
• 1980-08-01 Sold (Public Records) $10,000 Public Records

Property tax history

+12.0%/yr

Latest (2025): $2,968 · +5.3% YoY. Source: county tax records.