6487 W Erlen Ln · Homosassa Springs, FL 34446

$204,900

3 bd · 2.0 ba · 1,493 sqft · Manufactured · 26 Days on market

Built 2025 Good condition 0.26 ac lot

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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 +13.1/30.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Condition / age +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Why rent when you can own a brand-new, move-in ready home and start building equity in a place of your own? This affordable new construction offers the comfort of no shared walls, no HOA fees, and the added bonus of a fully privacy-fenced backyard for enjoying outdoor living, pets, gardening, or simply relaxing in your own space. Situated on a ¼-acre (mol) lot, this spacious 3-bedroom, 2-bath manufactured home offers privacy, flexibility, and easy upkeep — excellent for buyers who want land without the maintenance of a large acreage. The open floor plan features a separate dining area, a spacious primary suite with en-suite bath, and two additional bedrooms with walk-in closet

Key facts

• No shared walls
• No hoa fees
• 0.26 acre lot

Tags

• FULLY PRIVACY-FENCED BACKYARD
• NO SHARED WALLS
• NO HOA FEES
• UNDERGROUND UTILITIES
• NEW AIR-CONDITIONING SYSTEM
• BRAND-NEW KITCHEN APPLIANCES

Property features AI

Exterior

• Parking: Gravel parking; Driveway; Boat parking; RV access/parking
• Utilities: Private well water; Septic tank
• Home design: Manufactured home (double wide); One story; New construction; Residential property
• Construction: Vinyl siding; Built as new construction
• Exterior features: Sliding doors; Privacy wood fencing; Asphalt shingle roof; Irregular lot; Paved road access; Approximately 0.26 acres

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Breakfast bar; Open floorplan; Walk-in closet(s)
• Laundry & utility: Water heater

🏗️ New construction. The $204,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $232,908.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $205k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-8 ($-99/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (1.1% below list).
• Recommended offer: $202k (1.5% below list) — sets the bar for market timing.

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-, 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: Homosassa Elementary School (math 62% / reading 47%, grade C, #892 of 2,144 statewide, top 44%, 411 students, 78% FRL); Lecanto Middle School (math 49% / reading 49%, grade C-, #265 of 571 statewide, top 48%, 809 students, 55% FRL); Lecanto High School (math 46% / reading 53%, grade D, #179 of 667 statewide, top 29%, 1,630 students, 46% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: 582 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($59k/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 $7k 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 26 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $201,826 (1.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.87% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $232,908
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6506 W Akazian Ln	0.03mi	3/2.0	1,568 (+5%)	4mo	$209,000	$133	87
6237 S Gross Ave	0.41mi	3/2.0	1,488 (-0%)	7mo	$245,000	$165	74
6705 W Park Dr	0.24mi	3/2.0	1,600 (+7%)	4mo	$165,000	$103	74
6542 W Akazian Ln	0.06mi	3/2.0	1,296 (-13%)	7mo	$176,500	$136	70
6171 W Ansel Ct	0.32mi	3/2.0	1,612 (+8%)	13mo	$292,000	$181	61
6891 S Spartan Ave	0.46mi	3/2.0	1,344 (-10%)	4mo	$210,000	$156	59
6292 W Cardinal St	0.36mi	3/2.0	1,344 (-10%)	10mo	$219,200	$163	59
6722 S Frankfurter Way	0.33mi	3/2.0	1,345 (-10%)	14mo	$235,000	$175	56
6919 S Sorrell Ave	0.45mi	3/2.0	1,680 (+12%)	4mo	$220,000	$131	55
7049 S Sonata Ave	0.59mi	2/3.0 (-1)	1,396 (-6%)	7mo	$221,000	$158	47
5729 S Leopard Pt	0.72mi	3/2.0	1,296 (-13%)	1mo	$150,000	$116	43
6965 S Sorrell Ave	0.50mi	2/2.0 (-1)	1,344 (-10%)	15mo	$80,000	$60	43

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: -16.5%
• Equity multiple: 0.41×
• Total profit: $-38,238
• Equity at exit: $34,727

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-33,851
• Equity at exit: $20,138

Cash invested: $65,214 (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 34446

• Home prices YoY: -10.4%
• Active inventory: 582
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,027 medium
• Mortgage (P&I): −$1,221
• Tax est. 1.5%: −$291 /mo · $3,494/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-8

Break-even live

Break-even rent $2,037

Max offer price $231,710

Occupancy floor 95%

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: $58,227
• Closing costs: $6,987
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 Golfview Dr Homosassa, FL	2.0	2.0	1507	$2,000	$1.33	21d	1	1.41mi

Listing history 8 events

1. 2026-06-07
   status $204,900 Pending 26 DOM
2. 2026-06-03
   days on market $204,900 Active 26 DOM
3. 2026-06-02
   days on market $204,900 Active 25 DOM
4. 2026-06-01
   days on market $204,900 Active 24 DOM
5. 2026-05-31
   days on market $204,900 Active 23 DOM
6. 2026-05-30
   days on market $204,900 Active 22 DOM
7. 2026-05-08
   listed $210,000 Active
8. 2026-03-11
   price $199,899

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 25 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: $24,324
• − Mortgage interest: −$13,046
• − Property taxes: −$3,494
• − Insurance: −$1,165
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − Depreciation: −$6,776
• Taxable loss: −$4,048
• Est. tax savings @ 24.0%: +$972
• After-tax cash flow: $872/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 · 12 photos

Good 80/100 Cosmetic rehab

This move-in ready manufactured home offers a good condition with modern updates and a spacious floor plan. It is well-suited for buyers seeking a low-maintenance living space with privacy and flexibility.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and can increase home value
• Resale Install new front door — Improves entryway and can increase home value
• Resale Add landscaping around the house — Enhances curb appeal and can increase home value
• Resale Install new window treatments — Enhances curb appeal and can increase home value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal and can increase home value ↑
• Resale Install new front door — Improves entryway and can increase home value ↑
• Resale Add landscaping around the house — Enhances curb appeal and can increase home value ↑
• Resale Install new window treatments — Enhances curb appeal and can increase home 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 — 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): 19,102
• Household income: $58,802
• Rent vs Own: 6.9% rent · 93.1% own
• Severe rent burden: 121.0

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% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 4% Lithuanian 4% Slovak 3%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -32.11%
• Current HPI: 277.2576
• 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

+5.1% since first listed

2 events — show timeline

• 2026-05-08 Listed $210,000 RACC
• 2026-03-11 Price Changed $199,899 RACC