121 N Seminole Ave

Inverness, FL 34450

$274,000D+

2 bd · 2.5 ba · 1,510 sqft · Built 1957 · SingleFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,190/mo
• Mortgage (P&I): −$1,437
• Tax + insurance: −$274
• HOA: −$0
• Vac / Maint / Mgmt: −$460
• Net cashflow: $20/mo
• Annual: $238/yr
• Cap rate: 6.38%
• Cash-on-cash: 0.31%
• DSCR: 1.01
• 1% rule: 0.80%
• Cash to close: $76,720

Investor read

• This is a 2-bed/2.5-bath single-family listed at $274k.
• At list price, monthly cash flow is $20 ($238/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 $219k (20.1% below list).
• It's been on market 64 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (20.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• 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: Inverness Primary School (math 54% / reading 55%, grade C, #892 of 2,144 statewide, top 44%, 683 students, 65% 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.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 208 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• Citrus County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; list at $274k implies a 52% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 6.4% vs local median 4.9% in Inverness — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.