10494 N Spence Ave · Citrus Springs, FL 34433

$179,900

3 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 15 Days on market

Built 1995 2.37 ac lot $20/mo HOA · 1% of rent

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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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.8/10.0

Listing remarks MLS

This charming 1995 Homes of Merit doublewide offers 1,152 square feet of living space with three bedrooms and two bathrooms, situated on a spacious 2.37-acre corner parcel in Circle M Ranchettes, offered at an exceptional value of $179,900. The interior features an open, split floor plan with vaulted ceilings, a kitchen equipped with stainless steel appliances, and a primary suite complete with a walk-in closet and full bathroom, and an interior laundry area including a washer and dryer for added convenience. The fully fenced exterior boasts a double-gate entrance, a 10x20 shed with bay door, a rear wooden deck, 2017 metal roof, a 20x25 two-car carport, and a paved driveway, providing ample space for vehicles, storage, and outdoor enjoyment.

Key facts

• Walk-in closet
• Corner parcel
• 2.37 acre lot

Tags

• CORNER PARCEL
• OPEN SPLIT FLOOR PLAN
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSET
• INTERIOR LAUNDRY AREA
• FULLY FENCED EXTERIOR

Property features AI

Finance

• Other: Property is homestead eligible; Zoned RURMH; Private maintained road access; Corner, oversized and landscaped lot (approximately 2.37 acres, 328 x 315)
• Financial info: Monthly fees approximately $20.83; Annual fees approximately $250
• HOA & community: Mini Farms POA (association fee applies)

Exterior

• Parking: Carport with 2 spaces
• Utilities: Well water; Septic tank; Cable available; Electricity connected
• Home design: Manufactured double wide home; Single-story; East-facing
• Construction: Vinyl siding; Metal roof; Other foundation
• Exterior features: Deck; Exterior lighting; Trees/landscaped

Interior

• Kitchen: Range; Range hood; Refrigerator; Solid wood cabinets
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Ceiling fans; Open floor plan; Solid wood cabinets; Split bedroom floorplan; Vaulted ceilings; Walk-in closets; Blinds
• Laundry & utility: Laundry room; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $339 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 5.1% in Citrus Springs — 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 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); Crystal River High School (math 31% / reading 44%, grade F, #336 of 667 statewide, top 51%, 1,249 students, 56% FRL).
• Market conditions: 642 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 15 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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.
• Current owner paid $78k; list at $180k implies a 131% 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,201 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.01% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.07%
• DSCR: 1.36
• GRM: 8.3

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: -4.1%
• Equity multiple: 0.85×
• Total profit: $-7,641
• Equity at exit: $26,824

10-year hold

• IRR: 5.6%
• Equity multiple: 1.41×
• Total profit: $20,868
• Equity at exit: $15,554

Cash invested: $50,372 (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 34433

• Home prices YoY: -1.8%
• Active inventory: 642
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,815 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$57 /mo · $681/yr
• Insurance: −$75
• HOA: −$20
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $339

Break-even live

Break-even rent $1,386

Max offer price $179,900

Occupancy floor 76%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9810 N Santee Ter Dunnellon, FL	4.0	2.0	1449	$1,815	$1.25	21d	1	1.14mi

HOA detail

• Monthly dues: $20 · $240/yr

Listing history 13 events

1. 2026-05-24
   status Pending
2. 2026-05-09
   listed $179,900 Active
3. 2026-02-17
   status Pending 751-char remark

   Show marketing remark (751 chars)

   This charming 1995 Homes of Merit doublewide offers 1,152 square feet of living space with three bedrooms and two bathrooms, situated on a spacious 2.37-acre corner parcel in Circle M Ranchettes, offered at an exceptional value of $179,900. The interior features an open, split floor plan with vaulted ceilings, a kitchen equipped with stainless steel appliances, and a primary suite complete with a walk-in closet and full bathroom, and an interior laundry area including a washer and dryer for added convenience. The fully fenced exterior boasts a double-gate entrance, a 10x20 shed with bay door, a rear wooden deck, 2017 metal roof, a 20x25 two-car carport, and a paved driveway, providing ample space for vehicles, storage, and outdoor enjoyment.

4. 2026-02-04
   price $179,900 751-char remark

   Show marketing remark (751 chars)

   This charming 1995 Homes of Merit doublewide offers 1,152 square feet of living space with three bedrooms and two bathrooms, situated on a spacious 2.37-acre corner parcel in Circle M Ranchettes, offered at an exceptional value of $179,900. The interior features an open, split floor plan with vaulted ceilings, a kitchen equipped with stainless steel appliances, and a primary suite complete with a walk-in closet and full bathroom, and an interior laundry area including a washer and dryer for added convenience. The fully fenced exterior boasts a double-gate entrance, a 10x20 shed with bay door, a rear wooden deck, 2017 metal roof, a 20x25 two-car carport, and a paved driveway, providing ample space for vehicles, storage, and outdoor enjoyment.

5. 2026-02-03
   listed $179,000 Active 751-char remark

   Show marketing remark (751 chars)

   This charming 1995 Homes of Merit doublewide offers 1,152 square feet of living space with three bedrooms and two bathrooms, situated on a spacious 2.37-acre corner parcel in Circle M Ranchettes, offered at an exceptional value of $179,900. The interior features an open, split floor plan with vaulted ceilings, a kitchen equipped with stainless steel appliances, and a primary suite complete with a walk-in closet and full bathroom, and an interior laundry area including a washer and dryer for added convenience. The fully fenced exterior boasts a double-gate entrance, a 10x20 shed with bay door, a rear wooden deck, 2017 metal roof, a 20x25 two-car carport, and a paved driveway, providing ample space for vehicles, storage, and outdoor enjoyment.

6. 2018-07-24
   soldstatus $78,000
7. 2018-06-01
   soldstatus $78,000 459-char remark

   Show marketing remark (459 chars)

   REMODELED 3/2 DOUBLEWIDE WITH NEWER METAL ROOF! Newer Submersible well pump & new wiring w/ 3 year warranty. New screens for windows, newer fans & lights, newer tile in kitchen, master bath, newer inset shower, new toilet, sink, cabinets & floors. Walk-in closets, lots of decking on front, back & side. 10x20 shed w/ electric. 20x25 carport on blacktop w/ blacktop driveway. Mostly cleared and easy for animals. Priced for quick sale!

8. 2018-03-13
   listed $89,900 459-char remark

   Show marketing remark (459 chars)

   REMODELED 3/2 DOUBLEWIDE WITH NEWER METAL ROOF! Newer Submersible well pump & new wiring w/ 3 year warranty. New screens for windows, newer fans & lights, newer tile in kitchen, master bath, newer inset shower, new toilet, sink, cabinets & floors. Walk-in closets, lots of decking on front, back & side. 10x20 shed w/ electric. 20x25 carport on blacktop w/ blacktop driveway. Mostly cleared and easy for animals. Priced for quick sale!

9. 2016-09-21
   soldstatus $45,000
10. 2001-11-20
    soldstatus $48,000
11. 1995-06-01
    soldstatus $8,000
12. 1982-09-01
    soldstatus $9,000
13. 1979-06-01
    soldstatus $9,000

ⓘ 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: $681 · $57/mo
• Projected year-2 tax: $1,493 · $124/mo
• Expected delta: +$812/yr (+$68/mo · 119.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°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: $21,780
• − Mortgage interest: −$10,077
• − Property taxes: −$681
• − Insurance: −$900
• − Repairs & maintenance: −$1,742
• − Management: −$1,742
• − HOA: −$240
• − Depreciation: −$5,233
• Taxable income: $1,164
• Est. tax owed @ 24.0%: −$279
• After-tax cash flow: $3,785/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

• City population: 10,730
• Population (ZIP): 8,218

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 13%
• Hispanic origin (detail): Puerto Rican 6% Cuban 1%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 90% English-only · Spanish 9% 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: ▼ -6.35%
• Current HPI: 340.9844
• Rent YoY: —
• Metro: —
• 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

+1898.9% since first listed

13 events — show timeline

• 2026-05-24 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-09 Listed $179,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-17 Pending — RACC
• 2026-02-04 Price Changed $179,900 RACC
• 2026-02-03 Listed $179,000 RACC
• 2018-07-24 Sold (Public Records) $78,000 Public Records
• 2018-06-01 Sold (MLS) $78,000 RACC
• 2018-03-13 Listed $89,900 RACC
• 2016-09-21 Sold (Public Records) $45,000 Public Records
• 2001-11-20 Sold (Public Records) $48,000 Public Records
• 1995-06-01 Sold (Public Records) $8,000 Public Records
• 1982-09-01 Sold (Public Records) $9,000 Public Records
• 1979-06-01 Sold (Public Records) $9,000 Public Records

Property tax history

-3.0%/yr

Latest (2025): $681 · +9.2% YoY. Source: county tax records.