468 N Wheeler Ave · Inverness Highlands North, FL 34453

$199,600

3 bd · 2.0 ba · 1,092 sqft · SingleFamily public records · 10 Days on market

Built 2011 0.28 ac lot Est $200k · at est.

---

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 +21.0/30.0
• ARV discount +7.6/15.0
• DSCR +6.7/10.0
• 1% rule +4.3/10.0
• Schools +4.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well maintained 3 bedroom, 2 bathroom home built in 2011 with durable masonry construction, offering clean, move in ready living in Inverness. Unlike many homes in this price range and area, this property benefits from newer construction, helping reduce some of the concerns often associated with older homes. Situated on a spacious . 28 acre lot, nor rear or front neighbors, the oversized backyard is perfect for enjoying simple countryside living with room to relax, entertain, garden, or simply enjoy the outdoors. Located in a quiet area surrounded by natural vegetation, this property offers a peaceful setting ideal for morning walks and a slower pace of life. Conveniently located about 5 mi

Key facts

• Masonry construction
• Spacious lot
• Peaceful setting

Tags

• MASONRY CONSTRUCTION
• OVERSIZED BACKYARD
• SPACIOUS LOT
• QUIET AREA
• NATURAL VEGETATION
• PEACEFUL SETTING

Property features AI

Finance

• Other: Total lot about 0.28 acres (1/4 to less than 1/2 acre)
• Financial info: No lease restrictions; Homestead exempt
• HOA & community: No HOA association; Street lights in community

Exterior

• Parking: Directions provided to property
• Utilities: Private well water; Septic tank; Electricity connected; Asphalt road access
• Home design: Single family residence; One story; East-facing
• Construction: Concrete construction; Shingle roof; Slab foundation; Built on one level
• Exterior features: Shed(s); Other exterior features

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Eat-in kitchen; 7 total rooms; Appraiser-determined living area
• Laundry & utility: Inside laundry room; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/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 $185k (7.2% below list).
• Recommended offer: $185k (7.2% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 5.5% in Inverness Highlands North — 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 65/100 on livability (#643 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, 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: Hernando Elementary School (math 47% / reading 51%, grade D, #1,134 of 2,144 statewide, top 54%, 813 students, 71% FRL); Citrus High School (math 34% / reading 51%, grade F, #264 of 667 statewide, top 41%, 1,503 students, 54% FRL).
• Market conditions: 426 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($58k/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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $109k; list at $200k implies a 83% 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 $185,157 (7.2% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
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: 0.93% ✗
• Cap rate: 7.98%
• Cash-on-cash: 6.03%
• DSCR: 1.27
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $199,836
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
637 N Morris Ave	0.22mi	3/2.0	1,100 (+1%)	7mo	$204,000	$185	83
619 N Corbin Ave	0.17mi	3/2.0	1,222 (+12%)	8mo	$269,900	$221	66
72 N Rooks Ave	0.66mi	3/2.0	1,092 (0%)	5mo	$199,999	$183	65
4100 E Grant St	0.52mi	3/2.0	1,040 (-5%)	7mo	$177,000	$170	62
468 N Woodlake Ave	0.09mi	2/2.0 (-1)	1,200 (+10%)	15mo	$199,900	$167	62
3171 E Bryant St	0.63mi	3/1.0	1,104 (+1%)	6mo	$167,500	$152	60
3838 E Sanders St	0.45mi	2/2.0 (-1)	1,094 (+0%)	20mo	$200,000	$183	57
3655 E Yandle Pl	0.26mi	3/2.0	1,248 (+14%)	15mo	$170,000	$136	52
3117 E Donald Ln #41	0.69mi	3/2.0	1,126 (+3%)	20mo	$205,750	$183	46
625 N Charles Ave	0.75mi	2/2.0 (-1)	1,089 (-0%)	22mo	$244,000	$224	41
3723 E Beck St	0.69mi	2/1.5 (-1)	1,173 (+7%)	17mo	$132,000	$113	34
3136 E Patricia Ln	0.67mi	2/2.0 (-1)	1,172 (+7%)	22mo	$320,000	$273	33

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: -7.0%
• Equity multiple: 0.74×
• Total profit: $-14,542
• Equity at exit: $29,761

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $10,001
• Equity at exit: $17,258

Cash invested: $55,888 (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 34453

• Home prices YoY: -26.1%
• Active inventory: 426
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,852 medium
• Mortgage (P&I): −$1,047
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $281

Break-even live

Break-even rent $1,496

Max offer price $199,600

Occupancy floor 80%

Sensitivity live

Price	-10% $394	-5% $337	+0% $281	+5% $224	+10% $168
Rent	-10% $135	-5% $208	+0% $281	+5% $354	+10% $427
Rate	-1.0pp $381	-0.5pp $332	base $281	+0.5pp $229	+1.0pp $177

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: $49,900
• Closing costs: $5,988
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
543 N Rooks Ave Inverness, FL	3.0	2.0	1296	$1,900	$1.47	22d	1	0.52mi
3880 E Byrd St Inverness, FL	3.0	2.0	1380	$1,600	$1.16	22d	1	0.55mi
815 E Rembrandt Way Unit 424 Inverness, FL	3.0	2.0	1262	$1,850	$1.47	22d	1	0.70mi
3070 E Odier St Inverness, FL	2.0	2.0	1052	$1,800	$1.71	22d	1	1.01mi

Listing history 5 events

1. 2026-05-24
   status Pending
2. 2026-05-14
   listed $199,600 Active
3. 2011-06-20
   soldstatus $109,000
4. 2008-09-22
   soldstatus $18,500
5. 2008-09-22
   soldstatus $18,600

ⓘ 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: $622 · $52/mo
• Projected year-2 tax: $1,657 · $138/mo
• Expected delta: +$1,034/yr (+$86/mo · 166.2%)

ⓘ 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 4/10 Moderate
• 🌡 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: $22,219
• − Mortgage interest: −$11,181
• − Property taxes: −$622
• − Insurance: −$998
• − Repairs & maintenance: −$1,778
• − Management: −$1,778
• − Depreciation: −$5,807
• Taxable income: $56
• Est. tax owed @ 24.0%: −$13
• After-tax cash flow: $3,358/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 — Inverness Highlands North

• Score: 65/100
• State rank: #643
• US rank: #12713

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Inverness Highlands North, FL
• County: Citrus County · 111,314 people
• Metro: Homosassa Springs, FL
• Population (ZIP): 10,621
• Household income: $57,568
• Rent vs Own: 19.3% rent · 80.7% own
• Severe rent burden: 240.0

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% Hispanic / Latino 6% Black 3% Two or more races 3% Asian 2%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Lithuanian 3% Romanian 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Tagalog/Filipino 1% Other Asian/Pacific 0%

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: ▼ -103.32%
• Current HPI: 291.8965
• 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

+978.9% since first listed

5 events — show timeline

• 2026-05-24 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-05-14 Listed $199,600 Stellar MLS as Distributed by MLS Grid
• 2011-06-20 Sold (Public Records) $109,000 Public Records
• 2008-09-22 Sold (Public Records) $18,600 Public Records
• 2008-09-22 Sold (Public Records) $18,500 Public Records

Property tax history

+2.0%/yr

Latest (2025): $622 · +9.8% YoY. Source: county tax records.