4540 N Winchester Ter · Hernando, FL 34442

$214,900

3 bd · 2.0 ba · 1,200 sqft · Land · 49 Days on market

Built 2026 0.57 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 +13.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Schools +4.1/10.0
• 1% rule +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take advantage of this limited-time buyer incentive—qualified buyers can lock in an incredible 1% rate buy-down for the first year, dramatically lowering your monthly payments right out of the gate. Plus, move in stress-free with a brand-new washer and dryer included at no extra cost. Eligible VA buyers may qualify for 0% down. Opportunities like this don’t last—schedule your showing today before it’s gone. Call and ask for our preferred lender to discuss your options. Affordable living on the Nature Coast. Looking for a peaceful place to call home with No HOA, No Flood zone yet near boating and nature. Citrus County offers quiet living, natural beauty and affordability all in one. Additional features: this property offers plenty of room for your boat, RV, and other toys. Enjoy the perfect blend of peaceful living while being just a short drive to Ocala, nearby lakes, and the new shopping and dining in Lecanto. This home is a wind zone 2 Energy Star Home, drywall with stainless steel appliances, New Septic and Well all on . 57 acres. One or more photo(s) have been virtually staged.

Key facts

• New septic and well
• No flood zone
• No hoa

Tags

• NO HOA
• NO FLOOD ZONE
• PLENTY OF ROOM FOR YOUR BOAT
• RV AND OTHER TOYS
• WIND ZONE 2
• NEW SEPTIC AND WELL

Property features AI

Finance

• Other: Lot approximately 0.57 acre (100 x 241); Living area about 1,200 square feet; Building area about 1,100 square feet; Zoned MDRMH

Exterior

• Utilities: Well water; Septic tank; Other utilities
• Home design: Manufactured home (double wide); Single-story; New construction; Faces north
• Construction: Shingle roof; Other construction materials; Other foundation details; Completed condition
• Exterior features: Other exterior features; Paved road access

Interior

• Kitchen: Cooktop; Range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $215k.

Deal economics

• At list price, monthly cash flow is $18 ($220/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 $190k (11.4% below list).
• Recommended offer: $190k (11.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#402 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• 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.
• Market conditions: 444 active listings in the ZIP; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($57k/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 $6k 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 49 days — a 3% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• 7 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.
• Current owner paid $9k; list at $215k implies a 2342% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate 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 $190,312 (11.4% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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 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: 0.89% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.37%
• DSCR: 1.02
• GRM: 9.4

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: -15.7%
• Equity multiple: 0.44×
• Total profit: $-33,626
• Equity at exit: $32,042

10-year hold

• IRR: -7.2%
• Equity multiple: 0.54×
• Total profit: $-27,660
• Equity at exit: $18,581

Cash invested: $60,172 (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 34442

• Home prices YoY: -21.9%
• Active inventory: 444
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,903 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,224/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $18

Break-even live

Break-even rent $1,880

Max offer price $214,900

Occupancy floor 94%

Sensitivity live

Price	-10% $167	-5% $93	+0% $18	+5% $-56	+10% $-130
Rent	-10% $-132	-5% $-57	+0% $18	+5% $94	+10% $169
Rate	-1.0pp $127	-0.5pp $73	base $18	+0.5pp $-37	+1.0pp $-94

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $214,900 Active 49 DOM
2. 2026-06-18
   days on market $214,900 Active 48 DOM
3. 2026-06-17
   days on market $214,900 Active 47 DOM
4. 2026-06-16
   days on market $214,900 Active 46 DOM
5. 2026-06-15
   days on market $214,900 Active 45 DOM
6. 2026-06-14
   days on market $214,900 Active 43 DOM
7. 2026-06-13
   days on market $214,900 Active 42 DOM
8. 2026-06-09
   days on market $214,900 Active 39 DOM
9. 2026-06-08
   days on market $214,900 Active 38 DOM
10. 2026-06-07
    days on market $214,900 Active 37 DOM
11. 2026-06-03
    days on market $214,900 Active 33 DOM
12. 2026-06-02
    days on market $214,900 Active 32 DOM
13. 2026-06-01
    days on market $214,900 Active 31 DOM
14. 2026-05-31
    days on market $214,900 Active 30 DOM
15. 2026-05-30
    days on market $214,900 Active 29 DOM
16. 2026-05-01
    listed $214,900 Active
17. 2026-04-16
    listed $214,900 Active 1122-char remark

    Show marketing remark (1122 chars)

    Take advantage of this limited-time buyer incentive—qualified buyers can lock in an incredible 1% rate buy-down for the first year, dramatically lowering your monthly payments right out of the gate. Plus, move in stress-free with a brand-new washer and dryer included at no extra cost. Eligible VA buyers may qualify for 0% down. Opportunities like this don’t last—schedule your showing today before it’s gone. Call and ask for our preferred lender to discuss your options. Affordable living on the Nature Coast. Looking for a peaceful place to call home with No HOA, No Flood zone yet near boating and nature. Citrus County offers quiet living, natural beauty and affordability all in one. Additional features: this property offers plenty of room for your boat, RV, and other toys. Enjoy the perfect blend of peaceful living while being just a short drive to Ocala, nearby lakes, and the new shopping and dining in Lecanto. This home is a wind zone 2 Energy Star Home, drywall with stainless steel appliances, New Septic and Well all on . 57 acres. One or more photo(s) have been virtually staged.

18. 2025-10-01
    soldstatus $8,800
19. 2025-09-23
    soldstatus $8,800 Closed 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

20. 2025-09-02
    status Pending 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

21. 2025-08-14
    status Active 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

22. 2025-07-28
    historical 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

23. 2025-07-10
    price $14,900 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

24. 2025-05-27
    status Active 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

25. 2025-05-16
    status Pending 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

26. 2025-05-06
    price $11,900 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

27. 2025-03-28
    historical
28. 2025-03-01
    status Active 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

29. 2025-02-26
    historical 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

30. 2024-09-30
    listed $19,500 Active
31. 2024-07-25
    price $19,500 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

32. 2024-05-31
    listed $24,900 Active 158-char remark

    Show marketing remark (158 chars)

    Are you looking for that piece of property that's zoned for a manufactured home on? Look no further this is an ideal spot to call home. Call your agent today.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 5/10 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,837
• − Mortgage interest: −$12,038
• − Property taxes: −$3,224
• − Insurance: −$1,074
• − Repairs & maintenance: −$1,827
• − Management: −$1,827
• − Depreciation: −$6,252
• Taxable loss: −$3,404
• Est. tax savings @ 24.0%: +$817
• After-tax cash flow: $1,037/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 — Hernando

• Score: 71/100
• State rank: #402
• US rank: #7137

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment D- Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hernando, FL
• County: Citrus County · 111,314 people
• City population: 17,281
• Metro: Homosassa Springs, FL
• Population (ZIP): 17,281
• Household income: $57,259
• Rent vs Own: 12.9% rent · 87.1% own
• Severe rent burden: 314.0

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 (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 3% Asian 2% Black 2%
• Common ancestry: Romanian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 93% English-only · Spanish 3% German/W. Germanic 2% Tagalog/Filipino 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: ▼ -76.70%
• Current HPI: 273.3262
• 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

+763.1% since first listed

17 events — show timeline

• 2026-05-01 Listed $214,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-16 Listed $214,900 RACC
• 2025-10-01 Sold (Public Records) $8,800 Public Records
• 2025-09-23 Sold (MLS) $8,800 RACC
• 2025-09-02 Pending — RACC
• 2025-08-14 Relisted — RACC
• 2025-07-28 Delisted — RACC
• 2025-07-10 Price Changed $14,900 RACC
• 2025-05-27 Relisted — RACC
• 2025-05-16 Pending — RACC
• 2025-05-06 Price Changed $11,900 RACC
• 2025-03-28 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-03-01 Relisted — RACC
• 2025-02-26 Delisted — RACC
• 2024-09-30 Listed $19,500 Stellar MLS as Distributed by MLS Grid
• 2024-07-25 Price Changed $19,500 RACC
• 2024-05-31 Listed $24,900 RACC

Property tax history

+7.7%/yr

Latest (2025): $130 · +27.6% YoY. Source: county tax records.