9118 N Cortlandt Dr · Citrus Springs, FL 34434

$271,900

4 bd · 2.0 ba · 1,833 sqft · Land · 323 Days on market

Built 2025 10,000 sqft 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).

• Cash flow +7.8/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.9/10.0
• Appreciation +0.1/10.0

Listing remarks MLS

Great location to build your dream home! Residential lot on paved road in developing area of Citrus County, FL.

Key facts

• Front porch
• Natural light
• Outdoor space

Tags

• FRONT PORCH
• LANDSCAPED FRONT YARD
• OPEN-CONCEPT LIVING
• NATURAL LIGHT
• EXPANSIVE LIVING AREA
• OUTDOOR SPACE

Property features AI

Finance

• Other: Lot size about 0.23 acre (0 to less than 1/4 acre); Living area reported as 1,833 square feet (builder source); total building area 2,359 square feet; Lot surface: asphalt road; Direction faces: Northeast
• HOA & community: Pets allowed: cats and dogs

Exterior

• Parking: Attached 2-car garage with garage door opener
• Utilities: Public water; Septic tank; Electricity connected; Water available; Sewer available
• Home design: Single family residence; One story; Northeast-facing; New construction (completed); Residential property
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built/Completed in new construction cycle (projected completion listed for 2025-08-31); Builder: MARTINS DEVELOPMENT LLC
• Exterior features: Exterior lighting; Sidewalk; Sliding doors; Asphalt road access

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Range hood; Refrigerator; Stone counters; Solid wood cabinets; Eat-in kitchen
• Bedrooms: 4 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Eat-in kitchen; Kitchen/family room combo; Living room/dining room combo; Solid wood cabinets; Stone counters; Thermostat; Walk-in closets
• Laundry & utility: Dedicated laundry room; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $272k.

Deal economics

• At list price, monthly cash flow is $-296 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (15.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (26.3% below list).
• Recommended offer: $200k (26.3% 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); 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: 1242 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 323 days — a 12% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask is 15090% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $22k; list at $272k implies a 1136% 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 $200,362 (26.3% 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 323 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.74% ✗
• Cap rate: 4.99%
• Cash-on-cash: -4.67%
• DSCR: 0.79
• GRM: 11.3

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: -24.2%
• Equity multiple: 0.17×
• Total profit: $-62,893
• Equity at exit: $40,541

10-year hold

• IRR: -19.5%
• Equity multiple: -0.04×
• Total profit: $-78,934
• Equity at exit: $23,509

Cash invested: $76,132 (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: 1242
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,004 high
• Mortgage (P&I): −$1,426
• Tax est. 1.5%: −$340 /mo · $4,078/yr
• Insurance: −$113
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $-296

Break-even live

Break-even rent $2,379

Max offer price $229,042

Occupancy floor —

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: $67,975
• Closing costs: $8,157
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
754 W Deacon Pl Citrus Springs, FL	3.0	2.0	1453	$1,800	$1.24	21d	1	0.22mi
904 W Rum Pl Dunnellon, FL	3.0	2.0	1453	$1,699	$1.17	21d	1	0.33mi
9298 N Mendoza Way Citrus Springs, FL	3.0	2.0	1350	$1,800	$1.33	21d	1	0.34mi
9066 N Akola Way Citrus Springs, FL	3.0	2.0	1833	$2,150	$1.17	21d	1	0.38mi
9065 N Akola Way Citrus Springs, FL	3.0	2.0	1511	$1,795	$1.19	21d	1	0.41mi
572 W Bluster Pl Dunnellon, FL	4.0	2.0	1630	$1,900	$1.17	21d	1	0.47mi
9475 N Camel Dr Dunnellon, FL	3.0	2.0	1670	$1,800	$1.08	21d	1	0.55mi
9676 N Jourden Dr Citrus Springs, FL	3.0	2.0	1353	$1,750	$1.29	21d	1	0.61mi
8450 N Travis Dr Citrus Springs, FL	4.0	2.0	1787	$1,900	$1.06	21d	1	0.70mi
696 W Hallam Dr Citrus Springs, FL	4.0	2.0	1797	$1,900	$1.06	21d	1	0.72mi
8398 N Jay Dr Dunnellon, FL	3.0	2.0	1541	$1,700	$1.10	21d	1	0.74mi
9995 N Sandree Dr Citrus Springs, FL	3.0	2.0	1453	$1,895	$1.30	21d	1	0.75mi
8190 N Wakefield Dr Dunnellon, FL	4.0	2.0	1772	$1,750	$0.99	21d	1	0.92mi
8180 N Wakefield Dr Dunnellon, FL	3.0	2.0	1502	$1,695	$1.13	21d	1	0.92mi
9779 N Langdon Rd Citrus Springs, FL	4.0	3.0	2274	$2,200	$0.97	21d	1	0.94mi
8267 N Santos Dr Citrus Springs, FL	3.0	2.0	1453	$1,800	$1.24	21d	1	1.05mi
8030 N Galena Ave Citrus Springs, FL	4.0	2.0	1833	$2,150	$1.17	21d	1	1.13mi
9924 N Country Club Way Citrus Springs, FL	3.0	2.0	1473	$1,795	$1.22	21d	1	1.17mi
316 W Wason St Citrus Springs, FL	3.0	2.0	1985	$2,200	$1.11	21d	1	1.20mi
7908 N Galena Ave Citrus Springs, FL	4.0	2.5	1551	$1,850	$1.19	21d	1	1.25mi
7708 N Paris Dr Dunnellon, FL	3.0	2.0	1415	$1,800	$1.27	21d	1	1.48mi

Listing history 29 events

1. 2026-06-19
   pricedays on market $271,900 Active 323 DOM
2. 2026-06-18
   days on market $274,000 Active 322 DOM
3. 2026-06-17
   days on market $274,000 Active 321 DOM
4. 2026-06-16
   days on market $274,000 Active 320 DOM
5. 2026-06-15
   remarks 693-char remark
6. 2026-06-15
   pricedays on market $274,000 Active 319 DOM
7. 2026-06-14
   days on market $279,000 Active 317 DOM
8. 2026-06-13
   days on market $279,000 Active 316 DOM
9. 2026-06-09
   days on market $279,000 Active 313 DOM
10. 2026-06-08
    pricedays on market $279,000 Active 312 DOM
11. 2026-06-03
    days on market $289,000 Active 307 DOM
12. 2026-06-02
    days on market $289,000 Active 306 DOM
13. 2026-06-01
    days on market $289,000 Active 305 DOM
14. 2026-05-31
    days on market $289,000 Active 304 DOM
15. 2026-05-30
    days on market $289,000 Active 303 DOM
16. 2026-05-07
    price $289,000
17. 2026-04-07
    price $277,400
18. 2026-03-18
    price $279,400
19. 2026-03-11
    price $288,800
20. 2026-03-09
    historical $1,790
21. 2026-01-31
    listed $1,790
22. 2025-11-04
    price $289,800
23. 2025-10-21
    price $294,800
24. 2025-10-06
    price $297,800
25. 2025-07-31
    listed $299,800 Active
26. 2024-07-23
    soldstatus $22,000 Closed 111-char remark

    Show marketing remark (111 chars)

    Great location to build your dream home! Residential lot on paved road in developing area of Citrus County, FL.

27. 2024-06-24
    status Pending 111-char remark

    Show marketing remark (111 chars)

    Great location to build your dream home! Residential lot on paved road in developing area of Citrus County, FL.

28. 2024-04-26
    price $25,000 111-char remark

    Show marketing remark (111 chars)

    Great location to build your dream home! Residential lot on paved road in developing area of Citrus County, FL.

29. 2024-02-23
    listed $30,000 Active 111-char remark

    Show marketing remark (111 chars)

    Great location to build your dream home! Residential lot on paved road in developing area of Citrus County, FL.

ⓘ 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 2/10 Low
• 🌡 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: $24,043
• − Mortgage interest: −$15,231
• − Property taxes: −$4,078
• − Insurance: −$1,360
• − Repairs & maintenance: −$1,923
• − Management: −$1,923
• − Depreciation: −$7,910
• Taxable loss: −$8,382
• Est. tax savings @ 24.0%: +$2,012
• After-tax cash flow: $-1,542/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

+863.3% since first listed

14 events — show timeline

• 2026-05-07 Price Changed $289,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-07 Price Changed $277,400 Stellar MLS as Distributed by MLS Grid
• 2026-03-18 Price Changed $279,400 Stellar MLS as Distributed by MLS Grid
• 2026-03-11 Price Changed $288,800 Stellar MLS as Distributed by MLS Grid
• 2026-03-09 Rental Removed $1,790 STELLARMLS
• 2026-01-31 Listed for Rent $1,790 STELLARMLS
• 2025-11-04 Price Changed $289,800 Stellar MLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $294,800 Stellar MLS as Distributed by MLS Grid
• 2025-10-06 Price Changed $297,800 Stellar MLS as Distributed by MLS Grid
• 2025-07-31 Listed $299,800 Stellar MLS as Distributed by MLS Grid
• 2024-07-23 Sold (MLS) $22,000 Stellar MLS as Distributed by MLS Grid
• 2024-06-24 Pending — Stellar MLS as Distributed by MLS Grid
• 2024-04-26 Price Changed $25,000 Stellar MLS as Distributed by MLS Grid
• 2024-02-23 Listed $30,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+17.2%/yr

Latest (2025): $282 · +113.0% YoY. Source: county tax records.