1809 Colonade St · Inverness, FL 34453

$149,500

2 bd · 2.0 ba · 1,051 sqft · Condo public records · 2 Days on market

Built 1987 ↓ 25% since listing

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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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.0/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great location to all shopping, parks, schools and hospital. Directly across Forest Drive from Whispering Pines Park offering trails, pool, sports fields, tennis, pickle ball and more. This roomy 2 bedroom, 2 bath villa is fully tiled. Updated kitchen and bathrooms. Walk-in closet in primary bedroom and a private patio off the living room. NO HOA or association.

Key facts

• Tennis
• Pickle ball
• Trails

Tags

• WHISPERING PINES PARK
• TRAILS
• POOL
• SPORTS FIELDS
• TENNIS
• PICKLE BALL

Property features AI

Exterior

• Parking: Concrete driveway (paved)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Faces north
• Construction: Stucco exterior; Asphalt shingle roof; Block foundation; Built as residential single-family
• Exterior features: Rectangular lot; Public maintained road frontage on a city street

Interior

• Kitchen: Dishwasher; Oven; Range
• Bedrooms: Master on main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Open floorplan; Walk-in closet(s); Master bedroom on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (0.3% below list).
• Recommended offer: $149k (0.3% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 4.9% in Inverness — 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 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: 421 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 31% of the median local income ($58k/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 $1k of loan paydown is wiped out by about $4k 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 2 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

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,112 (0.3% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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 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: 1.00% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 8.4

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: -7.5%
• Equity multiple: 0.72×
• Total profit: $-11,616
• Equity at exit: $22,291

10-year hold

• IRR: 2.0%
• Equity multiple: 1.15×
• Total profit: $6,092
• Equity at exit: $12,926

Cash invested: $41,860 (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: 421
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,491 high
• Mortgage (P&I): −$784
• Tax from tax record: −$134 /mo · $1,603/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $198

Break-even live

Break-even rent $1,240

Max offer price $149,500

Occupancy floor 82%

Sensitivity live

Price	-10% $283	-5% $240	+0% $198	+5% $156	+10% $114
Rent	-10% $80	-5% $139	+0% $198	+5% $257	+10% $316
Rate	-1.0pp $273	-0.5pp $236	base $198	+0.5pp $159	+1.0pp $120

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2400 Forest Dr Inverness, FL	2.0	2.0	1035	$1,425	$1.38	22d	2	0.53mi
512 Long Ave Unit B Inverness, FL	2.0	1.0	765	$1,170	$1.53	22d	1	0.71mi
417 Wilda Ave Inverness, FL	2.0	1.0	870	$1,300	$1.49	22d	1	0.78mi
426 Ella Ave Inverness, FL	2.0	2.0	1304	$2,100	$1.61	22d	1	0.86mi
210 Talmage Ave Inverness, FL	3.0	2.0	1400	$1,600	$1.14	22d	1	0.88mi
412 Tompkins St Unit 4 Inverness, FL	2.0	1.0	810	$1,300	$1.60	22d	1	1.18mi
315 S Seminole Ave Inverness, FL	3.0	1.0	792	$1,300	$1.64	22d	1	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-19
   days on market $149,500 Active 2 DOM
2. 2026-06-18
   days on marketlisting id $149,500 Active 1 DOM
3. 2026-06-17
   days on market $149,500 Active 239 DOM
4. 2026-06-16
   days on market $149,500 Active 238 DOM
5. 2026-06-15
   days on market $149,500 Active 237 DOM
6. 2026-06-14
   days on market $149,500 Active 235 DOM
7. 2026-06-13
   days on market $149,500 Active 234 DOM
8. 2026-06-09
   days on market $149,500 Active 231 DOM
9. 2026-06-08
   days on market $149,500 Active 230 DOM
10. 2026-06-03
    days on market $149,500 Active 225 DOM
11. 2026-06-02
    days on market $149,500 Active 224 DOM
12. 2026-06-01
    days on market $149,500 Active 223 DOM
13. 2026-05-31
    days on market $149,500 Active 222 DOM
14. 2026-05-30
    days on market $149,500 Active 221 DOM
15. 2025-10-21
    listed $149,500 Active
16. 2025-01-16
    historical $1,200
17. 2024-12-23
    listed $1,200
18. 2024-12-09
    historical $1,200
19. 2024-11-08
    listed $1,200
20. 1991-08-01
    soldstatus $200,000

ⓘ 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: $1,603 · $134/mo
• Projected year-2 tax: $1,603 · $134/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°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: $17,893
• − Mortgage interest: −$8,374
• − Property taxes: −$1,603
• − Insurance: −$748
• − Repairs & maintenance: −$1,431
• − Management: −$1,431
• − Depreciation: −$4,349
• Taxable loss: −$43
• Est. tax savings @ 24.0%: +$10
• After-tax cash flow: $2,388/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

-25.2% since first listed

6 events — show timeline

• 2025-10-21 Listed $149,500 RACC
• 2025-01-16 Rental Removed $1,200 RENT.
• 2024-12-23 Listed for Rent $1,200 RENT.
• 2024-12-09 Rental Removed $1,200 RENT.
• 2024-11-08 Listed for Rent $1,200 RENT.
• 1991-08-01 Sold (Public Records) $200,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $1,603 · +4.4% YoY. Source: county tax records.