2400 Forest Dr #115 · Inverness, FL 34453

$101,500

2 bd · 2.0 ba · 1,035 sqft · Condo

Built 1977 Fair condition $525/mo HOA · 37% of rent ↓ 17% 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 +9.2/10.0
• Cash flow +8.4/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• DSCR +2.3/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

OPEN HOUSE SAT/SUN @ 2PM-4PM Don't Wait, this one won't last! INVERNESS VILLAGE, GROUND FLOOR UNIT now available! All you need is your suitcase. Most Furniture and most furnishings are included, so you can enjoy living the Florida life-style with plenty of free time in maintenance free community. This charming 2 bedroom, 2 bath condo, located in the Inverness Villages, a 55+ community, is ready for you to call it home, plus its just steps from the community pool where you can meet new friends and neighbors. You'll appreciate the beautiful wood floors in the entertaining areas, breakfast bar and updated paint selections throughout. AC 2020. Enjoy your favorite beverage or enjoy reading a good book on your All-Seasons porch with direct access to the courtyard area. This is a great snowbird retreat or full-time Florida destination. Heated pool, lush landscaping, mature native Florida oak trees, shuffleboard, community room and this is not all, this location is conveniently near parks, (Whispering Pines Park) rails to trails biking trail, shopping, restaurants, hospitals, medical centers and doctors offices right down the street. You can even park/store your RV or boat in specified parking. Monthly association fee includes Spectrum Cable & Wifi, Sewer/Water and Trash Removal and more. Call today for a showing!

Key facts

• $525 HOA
• Community pool
• Built 1977

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $102k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $88k (13.0% below list).
• Meets the 1% rule at list price ($1k rent vs $102k).
• Recommended offer: $88k (13.0% 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 $702 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 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 $88,336 (13.0% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.42% ✓
• Cap rate: 5.22%
• Cash-on-cash: -3.84%
• DSCR: 0.83
• GRM: 5.9

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: -22.3%
• Equity multiple: 0.23×
• Total profit: $-21,897
• Equity at exit: $15,134

10-year hold

• IRR: -15.3%
• Equity multiple: 0.12×
• Total profit: $-25,130
• Equity at exit: $8,776

Cash invested: $28,420 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,437 high
• Mortgage (P&I): −$532
• Tax est. 1.5%: −$127 /mo · $1,522/yr
• Insurance: −$42
• HOA: −$525
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $-91

Break-even live

Break-even rent $1,552

Max offer price $88,336

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-56	+0% $-91	+5% $-126	+10% $-161
Rent	-10% $-205	-5% $-148	+0% $-91	+5% $-34	+10% $23
Rate	-1.0pp $-40	-0.5pp $-65	base $-91	+0.5pp $-117	+1.0pp $-144

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: $25,375
• Closing costs: $3,045
• 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	0.03mi
512 Long Ave Unit B Inverness, FL	2.0	1.0	765	$1,170	$1.53	23d	1	0.15mi
417 Wilda Ave Inverness, FL	2.0	1.0	870	$1,300	$1.49	23d	1	1.23mi
426 Ella Ave Inverness, FL	2.0	2.0	1304	$2,100	$1.61	23d	1	1.32mi
3880 E Byrd St Inverness, FL	3.0	2.0	1380	$1,600	$1.16	23d	1	1.35mi
210 Talmage Ave Inverness, FL	3.0	2.0	1400	$1,600	$1.14	23d	1	1.41mi

HOA detail condo

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

Listing history 6 events

1. 2026-05-22
   historical
2. 2026-05-22
   listed $101,500
3. 2024-03-15
   soldstatus $121,900 Closed 1333-char remark

   Show marketing remark (1333 chars)

   OPEN HOUSE SAT/SUN @ 2PM-4PM Don't Wait, this one won't last! INVERNESS VILLAGE, GROUND FLOOR UNIT now available! All you need is your suitcase. Most Furniture and most furnishings are included, so you can enjoy living the Florida life-style with plenty of free time in maintenance free community. This charming 2 bedroom, 2 bath condo, located in the Inverness Villages, a 55+ community, is ready for you to call it home, plus its just steps from the community pool where you can meet new friends and neighbors. You'll appreciate the beautiful wood floors in the entertaining areas, breakfast bar and updated paint selections throughout. AC 2020. Enjoy your favorite beverage or enjoy reading a good book on your All-Seasons porch with direct access to the courtyard area. This is a great snowbird retreat or full-time Florida destination. Heated pool, lush landscaping, mature native Florida oak trees, shuffleboard, community room and this is not all, this location is conveniently near parks, (Whispering Pines Park) rails to trails biking trail, shopping, restaurants, hospitals, medical centers and doctors offices right down the street. You can even park/store your RV or boat in specified parking. Monthly association fee includes Spectrum Cable & Wifi, Sewer/Water and Trash Removal and more. Call today for a showing!

4. 2024-02-20
   status Pending 1333-char remark

   Show marketing remark (1333 chars)

   OPEN HOUSE SAT/SUN @ 2PM-4PM Don't Wait, this one won't last! INVERNESS VILLAGE, GROUND FLOOR UNIT now available! All you need is your suitcase. Most Furniture and most furnishings are included, so you can enjoy living the Florida life-style with plenty of free time in maintenance free community. This charming 2 bedroom, 2 bath condo, located in the Inverness Villages, a 55+ community, is ready for you to call it home, plus its just steps from the community pool where you can meet new friends and neighbors. You'll appreciate the beautiful wood floors in the entertaining areas, breakfast bar and updated paint selections throughout. AC 2020. Enjoy your favorite beverage or enjoy reading a good book on your All-Seasons porch with direct access to the courtyard area. This is a great snowbird retreat or full-time Florida destination. Heated pool, lush landscaping, mature native Florida oak trees, shuffleboard, community room and this is not all, this location is conveniently near parks, (Whispering Pines Park) rails to trails biking trail, shopping, restaurants, hospitals, medical centers and doctors offices right down the street. You can even park/store your RV or boat in specified parking. Monthly association fee includes Spectrum Cable & Wifi, Sewer/Water and Trash Removal and more. Call today for a showing!

5. 2024-02-13
   listed $122,900 Active

   Show marketing remark (1333 chars)

   OPEN HOUSE SAT/SUN @ 2PM-4PM Don't Wait, this one won't last! INVERNESS VILLAGE, GROUND FLOOR UNIT now available! All you need is your suitcase. Most Furniture and most furnishings are included, so you can enjoy living the Florida life-style with plenty of free time in maintenance free community. This charming 2 bedroom, 2 bath condo, located in the Inverness Villages, a 55+ community, is ready for you to call it home, plus its just steps from the community pool where you can meet new friends and neighbors. You'll appreciate the beautiful wood floors in the entertaining areas, breakfast bar and updated paint selections throughout. AC 2020. Enjoy your favorite beverage or enjoy reading a good book on your All-Seasons porch with direct access to the courtyard area. This is a great snowbird retreat or full-time Florida destination. Heated pool, lush landscaping, mature native Florida oak trees, shuffleboard, community room and this is not all, this location is conveniently near parks, (Whispering Pines Park) rails to trails biking trail, shopping, restaurants, hospitals, medical centers and doctors offices right down the street. You can even park/store your RV or boat in specified parking. Monthly association fee includes Spectrum Cable & Wifi, Sewer/Water and Trash Removal and more. Call today for a showing!

6. 2024-02-13
   listed $122,900 Active 1333-char remark

   Show marketing remark (1333 chars)

   OPEN HOUSE SAT/SUN @ 2PM-4PM Don't Wait, this one won't last! INVERNESS VILLAGE, GROUND FLOOR UNIT now available! All you need is your suitcase. Most Furniture and most furnishings are included, so you can enjoy living the Florida life-style with plenty of free time in maintenance free community. This charming 2 bedroom, 2 bath condo, located in the Inverness Villages, a 55+ community, is ready for you to call it home, plus its just steps from the community pool where you can meet new friends and neighbors. You'll appreciate the beautiful wood floors in the entertaining areas, breakfast bar and updated paint selections throughout. AC 2020. Enjoy your favorite beverage or enjoy reading a good book on your All-Seasons porch with direct access to the courtyard area. This is a great snowbird retreat or full-time Florida destination. Heated pool, lush landscaping, mature native Florida oak trees, shuffleboard, community room and this is not all, this location is conveniently near parks, (Whispering Pines Park) rails to trails biking trail, shopping, restaurants, hospitals, medical centers and doctors offices right down the street. You can even park/store your RV or boat in specified parking. Monthly association fee includes Spectrum Cable & Wifi, Sewer/Water and Trash Removal and more. Call today for a showing!

ⓘ 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: $17,248
• − Mortgage interest: −$5,686
• − Property taxes: −$1,522
• − Insurance: −$508
• − Repairs & maintenance: −$1,380
• − Management: −$1,380
• − HOA: −$6,300
• − Depreciation: −$2,953
• Taxable loss: −$2,480
• Est. tax savings @ 24.0%: +$595
• After-tax cash flow: $-496/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 · 6 photos

Fair 45/100 Moderate rehab

This ground floor unit requires significant repairs and updates to improve its condition and value. Immediate attention to the exterior, roof, and landscaping is recommended.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major roof — Significant wear
• Major flooring — Worn carpet
• Major paint — Visible wear on walls

Value-add opportunities

• Both Painting and repainting — Enhances curb appeal and interior aesthetics
• Both New flooring — Improves living space and adds value
• Both Roof replacement — Essential for structural integrity and longevity
• Both Landscaping and curb appeal — Enhances property's visual appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and peeling	Major	$15,000–50,000
roof · Significant wear	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
paint · Visible wear on walls	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Painting and repainting — Enhances curb appeal and interior aesthetics ↑
• Both New flooring — Improves living space and adds value ↑
• Both Roof replacement — Essential for structural integrity and longevity ↑
• Both Landscaping and curb appeal — Enhances property's visual appeal and value ↑

ⓘ 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

-17.4% since first listed

6 events — show timeline

• 2026-05-22 Listed $101,500 RACC
• 2026-05-22 Delisted — RACC
• 2024-03-15 Sold (MLS) $121,900 RACC
• 2024-02-20 Pending — RACC
• 2024-02-13 Listed $122,900 RACC
• 2024-02-13 Listed $122,900 Stellar MLS as Distributed by MLS Grid