2063 S Sunwood Pt

Homosassa Springs, FL 34448

$225,000F

3 bd · 2.0 ba · 1,344 sqft · Built 2021 · Manufactured · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,965/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$445
• HOA: −$0
• Vac / Maint / Mgmt: −$413
• Net cashflow: $-73/mo
• Annual: $-871/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.12%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $63,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $225k.
• At list price, monthly cash flow is $-73 ($-871/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (12.7% below list).
• It's been on market 39 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $196k (12.7% 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 $7k of value loss. Plan a longer hold.
• 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: Rock Crusher Elementary School (math 70% / reading 56%, grade B, #582 of 2,144 statewide, top 28%, 665 students, 68% FRL); Crystal River High School (math 31% / reading 44%, grade F, #336 of 667 statewide, top 51%, 1,249 students, 56% FRL) — zoned schools at 62% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 307 active listings in the ZIP; 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 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.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $1,965/mo this rent would consume 51% of the median local household income ($46k/yr) (locally 113% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.