2400 Forest Dr #243 · Inverness, FL 34453

$109,900

2 bd · 2.0 ba · 1,035 sqft · Condo public records · 11 Days on market

Built 1977 $525/mo HOA · 37% of rent

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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).

• Cash flow +10.0/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home!! This 2nd Floor Condo is a two bedroom, two bath in a 55+ community with a screened in porch with slider enclosures, living room with built-in storage and shelving, master bedroom with bath and a walk-in closet, community pool and clubhouse. It has a new roof. It is centrally located in Inverness, where you can find restaurants, shopping and parks. The laundry room is located on the back side, first floor of the building of the four condos.

Key facts

• Eat-at breakfast bar
• Walk-in shower
• Built-in storage

Tags

• GLASS-ENCLOSED FLORIDA ROOM
• BUILT-IN STORAGE
• EAT-AT BREAKFAST BAR
• WALK-IN SHOWER

Property features AI

Finance

• Other: Property managed within a homeowners association; Subdivision community pool access
• HOA & community: Monthly HOA fee of $525; HOA includes cable TV, structure maintenance, and trash; Senior community

Exterior

• Parking: Assigned parking
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Zero lot line; City street frontage; Located in Inverness Village subdivision
• Construction: Stucco construction; Block foundation; Asphalt shingle roof; Built as condominium (year not provided)
• Exterior features: Community pool; No private pool

Interior

• Kitchen: Electric oven, Electric range, Microwave, Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Electric oven, Electric range, Microwave, Refrigerator

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $-67 ($-799/yr) — negative.
• To cash-flow at today's rent, offer at most $98k (10.7% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $98k (10.7% 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: 427 active listings in the ZIP; 6 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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.

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 $98,131 (10.7% 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. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
8. 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.
9. 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.
10. 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: 1.30% ✓
• Cap rate: 5.57%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• 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: -20.3%
• Equity multiple: 0.29×
• Total profit: $-21,761
• Equity at exit: $16,386

10-year hold

• IRR: -12.7%
• Equity multiple: 0.24×
• Total profit: $-23,234
• Equity at exit: $9,502

Cash invested: $30,772 (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: 427
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,430 high
• Mortgage (P&I): −$576
• Tax from tax record: −$49 /mo · $593/yr
• Insurance: −$46
• HOA: −$525
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $-67

Break-even live

Break-even rent $1,515

Max offer price $98,131

Occupancy floor 100%

Sensitivity live

Price	-10% $-4	-5% $-36	+0% $-67	+5% $-98	+10% $-129
Rent	-10% $-180	-5% $-123	+0% $-67	+5% $-10	+10% $46
Rate	-1.0pp $-11	-0.5pp $-39	base $-67	+0.5pp $-95	+1.0pp $-124

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: $27,475
• Closing costs: $3,297
• 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	23d	2	0.08mi
512 Long Ave Unit B Inverness, FL	2.0	1.0	765	$1,170	$1.53	23d	1	0.13mi
3880 E Byrd St Inverness, FL	3.0	2.0	1380	$1,600	$1.16	23d	1	1.28mi
417 Wilda Ave Inverness, FL	2.0	1.0	870	$1,300	$1.49	23d	1	1.29mi
426 Ella Ave Inverness, FL	2.0	2.0	1304	$2,100	$1.61	23d	1	1.33mi
210 Talmage Ave Inverness, FL	3.0	2.0	1400	$1,600	$1.14	23d	1	1.43mi

HOA detail condo

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

Listing history 9 events

1. 2026-06-21
   days on market $109,900 Active 11 DOM
2. 2026-06-19
   days on market $109,900 Active 9 DOM
3. 2026-06-18
   days on market $109,900 Active 8 DOM
4. 2026-06-17
   days on market $109,900 Active 7 DOM
5. 2026-06-16
   days on market $109,900 Active 6 DOM
6. 2026-06-15
   days on market $109,900 Active 5 DOM
7. 2026-06-14
   days on market $109,900 Active 3 DOM
8. 2026-06-13
   remarks 542-char remark
9. 2026-06-13
   listed $109,900 Active 2 DOM

ⓘ 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: $593 · $49/mo
• Projected year-2 tax: $912 · $76/mo
• Expected delta: +$320/yr (+$27/mo · 53.9%)

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

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: −$6,156
• − Property taxes: −$593
• − Insurance: −$550
• − Repairs & maintenance: −$1,373
• − Management: −$1,373
• − HOA: −$6,300
• − Depreciation: −$3,197
• Taxable loss: −$2,379
• Est. tax savings @ 24.0%: +$571
• After-tax cash flow: $-229/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 — 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

+119.8% since first listed

13 events — show timeline

• 2026-06-09 Listed $109,900 RACC
• 2026-03-24 Price Changed $120,000 RACC
• 2026-02-04 Price Changed $129,000 RACC
• 2022-10-17 Sold (Public Records) $119,000 Public Records
• 2022-10-17 Sold (MLS) $119,000 Stellar MLS as Distributed by MLS Grid
• 2022-08-31 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-08-15 Price Changed $119,000 Stellar MLS as Distributed by MLS Grid
• 2022-08-12 Listed $125,900 Stellar MLS as Distributed by MLS Grid
• 2014-05-16 Sold (Public Records) $50,000 Public Records
• 2014-05-07 Sold (MLS) $50,000 RACC
• 2014-03-01 Listed $51,900 RACC
• 2003-06-09 Sold (Public Records) $50,000 Public Records
• 2003-05-01 Sold (Public Records) $50,000 Public Records

Property tax history

-0.9%/yr

Latest (2025): $593 · +4.2% YoY. Source: county tax records.