1808 S Carriage Ter · Homosassa Springs, FL 34448

$169,900

3 bd · 2.0 ba · 2,042 sqft · Manufactured public records · 126 Days on market

Built 1998 1.00 ac lot Est $302k · 44% under

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Why this score? — see what drove the B 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +7.5/10.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the potential of this 4 bedroom, 2 bathroom manufactured home situated on a full 1-acre parcel, offering space, flexibility, and room to enjoy the outdoors. Built in 1998, this property provides a functional layout with a split-bedroom floor plan designed to maximize privacy and everyday livability. The interior features a spacious living area, additional den with fire place, and a centrally located kitchen with ample cabinet storage and generous counter space. The primary suite includes an ensuite bath with double sinks and a shower, while three additional bedrooms provide versatile space for guests, hobbies, or a home office. Step outside and enjoy the benefits of a full acre of

Key facts

• Full acre parcel
• Additional den
• Ensuite bath

Tags

• FULL ACRE PARCEL
• SPLIT-BEDROOM FLOOR PLAN
• ADDITIONAL DEN
• AMPLE CABINET STORAGE
• GENEROUS COUNTER SPACE
• ENSUITE BATH

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Well water; Septic tank; Electricity connected
• Home design: Residential mobile home (triple wide); Single-story; Frame construction with vinyl siding; Metal roof
• Construction: Triple wide mobile home; Frame construction; Vinyl siding; Metal roof
• Exterior features: Deck; Shed(s); Cleared lot; Paved road access; Above-ground private pool

Interior

• Kitchen: No appliances included
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Pantry; Vaulted ceilings; Wood-burning fireplace (1)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 5.9% in Homosassa Springs — 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 71/100 on livability (#391 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, schools F, 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.
• Market conditions: 307 active listings in the ZIP; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• At $2,130/mo this rent would consume 56% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $170k implies a 183% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 9.83%
• Cash-on-cash: 12.63%
• DSCR: 1.56
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $302,216
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6279 W Appomattox Ln	0.35mi	4/2.0 (+1)	2,280 (+12%)	7mo	$262,000	$115	54
2443 S Pine Ridge Ave	0.64mi	4/2.0 (+1)	1,848 (-10%)	2mo	$285,000	$154	48
2119 S Moonlit Pt	0.44mi	4/2.0 (+1)	1,782 (-13%)	16mo	$263,495	$148	40
2075 & 2101 S Colonial Ave	0.33mi	4/2.0 (+1)	1,782 (-13%)	23mo	$264,000	$148	39

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: 2.4%
• Equity multiple: 1.09×
• Total profit: $4,385
• Equity at exit: $25,333

10-year hold

• IRR: 12.0%
• Equity multiple: 1.95×
• Total profit: $45,019
• Equity at exit: $14,690

Cash invested: $47,572 (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: 307
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,130 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$221 /mo · $2,648/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $501

Break-even live

Break-even rent $1,497

Max offer price $169,900

Occupancy floor 72%

Sensitivity live

Price	-10% $597	-5% $549	+0% $501	+5% $452	+10% $404
Rent	-10% $332	-5% $416	+0% $501	+5% $585	+10% $669
Rate	-1.0pp $586	-0.5pp $544	base $501	+0.5pp $457	+1.0pp $412

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $169,900 Active 126 DOM
2. 2026-06-18
   days on market $169,900 Active 125 DOM
3. 2026-06-17
   days on market $169,900 Active 124 DOM
4. 2026-06-16
   days on market $169,900 Active 123 DOM
5. 2026-06-15
   days on market $169,900 Active 122 DOM
6. 2026-06-14
   days on market $169,900 Active 120 DOM
7. 2026-06-13
   pricedays on market $169,900 Active 119 DOM
8. 2026-06-09
   days on market $179,900 Active 116 DOM
9. 2026-06-08
   days on market $179,900 Active 115 DOM
10. 2026-06-03
    days on market $179,900 Active 110 DOM
11. 2026-06-02
    days on market $179,900 Active 109 DOM
12. 2026-06-01
    days on market $179,900 Active 108 DOM
13. 2026-05-31
    days on market $179,900 Active 107 DOM
14. 2026-05-30
    days on market $179,900 Active 106 DOM
15. 2026-05-02
    price $179,900
16. 2026-03-23
    price $189,900
17. 2026-02-13
    listed $199,900 Active
18. 2026-02-12
    listed $199,900 Active
19. 2023-05-03
    soldstatus $60,000

ⓘ 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: $2,648 · $221/mo
• Projected year-2 tax: $2,648 · $221/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 6/10 Major FEMA zone X (unshaded) · 58% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 26 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: $25,564
• − Mortgage interest: −$9,517
• − Property taxes: −$2,648
• − Insurance: −$850
• − Repairs & maintenance: −$2,045
• − Management: −$2,045
• − Depreciation: −$4,943
• Taxable income: $3,517
• Est. tax owed @ 24.0%: −$844
• After-tax cash flow: $5,162/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 Springs

• Score: 71/100
• State rank: #391
• US rank: #6877

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homosassa Springs, FL
• County: Citrus County · 111,314 people
• 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

+199.8% since first listed

5 events — show timeline

• 2026-05-02 Price Changed $179,900 HCAR
• 2026-03-23 Price Changed $189,900 HCAR
• 2026-02-13 Listed $199,900 RACC
• 2026-02-12 Listed $199,900 HCAR
• 2023-05-03 Sold (Public Records) $60,000 Public Records

Property tax history

+9.0%/yr

Latest (2025): $2,648 · +9.4% YoY. Source: county tax records.