5641 & 5685 S Butan Pt · Homosassa Springs, FL 34446

$262,900

3 bd · 2.0 ba · 1,679 sqft · Manufactured public records · 249 Days on market

Built 1989 1.02 ac lot Est $264k · at est.

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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 +13.4/30.0
• ARV discount +7.6/15.0
• Schools +4.1/10.0
• DSCR +4.0/10.0
• Livability +3.6/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This spacious 1.02-acre lot offers the flexibility to build one or two homes! The lots are subdivided into two lots already. The first property features an existing well and septic tank, saving you time and money. An old mobile home is on-site and will need to be removed, but the potential here is endless! Whether you're looking to build your dream home or an investment property, this land is ready for your vision. DO NOT enter the home, it is not safe.

Key facts

• Bright kitchen
• Custom cabinetry
• Quartz countertops

Tags

• 1.02-ACRE PROPERTY
• SUBDIVIDED INTO TWO LOTS
• BRIGHT KITCHEN
• QUARTZ COUNTERTOPS
• NEW STAINLESS STEEL APPLIANCES
• CUSTOM CABINETRY

Property features AI

Finance

• Other: Property zoned RURMH; Total acreage approximately 1.02 acres; Two lots; Living area approximately 1,679 square feet
• Financial info:
• HOA & community: No HOA association indicated; No association approval required

Exterior

• Parking:
• Security:
• Utilities: Well water; Septic tank; Public utilities available
• Home design: Manufactured home (double wide); One story; Faces west
• Construction: Vinyl siding; Shingle roof; Crawlspace foundation; Built as a manufactured home
• Exterior features: Additional parcel(s) included; Oversized lot; Dirt road access; Other exterior features

Interior

• Kitchen: Cooktop; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floorplan; Split bedroom layout; Stone counters
• Laundry & utility: Dedicated laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $263k.

Deal economics

• At list price, monthly cash flow is $6 ($74/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 $200k (24.1% below list).
• Recommended offer: $200k (24.1% below list) — sets the bar for 1% rule.

Location & tenants

• 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: Lecanto Primary School (math 55% / reading 53%, grade C, #936 of 2,144 statewide, top 44%, 820 students, 63% FRL); Lecanto Middle School (math 49% / reading 49%, grade C-, #265 of 571 statewide, top 48%, 809 students, 55% FRL); Lecanto High School (math 46% / reading 53%, grade D, #179 of 667 statewide, top 29%, 1,630 students, 46% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: 586 active listings in the ZIP; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($59k/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 $2k of loan paydown is wiped out by about $8k 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 249 days — a 12% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $70k; list at $263k implies a 276% 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; moderate wildfire risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,655 (24.1% below list)

Questions for the listing agent

1. It's been on market 249 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.76% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.10%
• DSCR: 1.00
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $263,603
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5624 S Dunromin Pt	0.54mi	3/2.0	1,431 (-15%)	7mo	$225,000	$157	44
5533 S Power Ter	0.65mi	3/2.0	1,860 (+11%)	9mo	$300,000	$161	44
5341 S Oldfield Ave	0.68mi	4/3.0 (+1)	1,484 (-12%)	12mo	$89,000	$60	30

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: -16.2%
• Equity multiple: 0.42×
• Total profit: $-42,332
• Equity at exit: $39,199

10-year hold

• IRR: -8.0%
• Equity multiple: 0.50×
• Total profit: $-36,850
• Equity at exit: $22,731

Cash invested: $73,612 (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 34446

• Home prices YoY: -10.4%
• Active inventory: 586
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,997 medium
• Mortgage (P&I): −$1,379
• Tax from tax record: −$83 /mo · $995/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $6

Break-even live

Break-even rent $1,989

Max offer price $262,900

Occupancy floor 95%

Sensitivity live

Price	-10% $155	-5% $81	+0% $6	+5% $-68	+10% $-143
Rent	-10% $-152	-5% $-73	+0% $6	+5% $85	+10% $164
Rate	-1.0pp $139	-0.5pp $73	base $6	+0.5pp $-62	+1.0pp $-131

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: $65,725
• Closing costs: $7,887
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   pricedays on market $262,900 Active 249 DOM
2. 2026-06-16
   days on market $267,900 Active 248 DOM
3. 2026-06-15
   days on market $267,900 Active 247 DOM
4. 2026-06-14
   days on market $267,900 Active 245 DOM
5. 2026-06-13
   days on market $267,900 Active 244 DOM
6. 2026-06-09
   days on market $267,900 Active 241 DOM
7. 2026-06-08
   days on market $267,900 Active 240 DOM
8. 2026-06-03
   days on market $267,900 Active 235 DOM
9. 2026-06-02
   days on market $267,900 Active 234 DOM
10. 2026-06-01
    days on market $267,900 Active 233 DOM
11. 2026-05-31
    days on market $267,900 Active 232 DOM
12. 2026-05-30
    days on market $267,900 Active 231 DOM
13. 2026-04-08
    status Active
14. 2026-04-06
    historical
15. 2026-01-13
    price $267,900
16. 2025-10-09
    listed $269,900 Active
17. 2025-03-06
    soldstatus $70,000
18. 2025-03-05
    soldstatus $70,000 Closed 457-char remark

    Show marketing remark (457 chars)

    This spacious 1.02-acre lot offers the flexibility to build one or two homes! The lots are subdivided into two lots already. The first property features an existing well and septic tank, saving you time and money. An old mobile home is on-site and will need to be removed, but the potential here is endless! Whether you're looking to build your dream home or an investment property, this land is ready for your vision. DO NOT enter the home, it is not safe.

19. 2025-03-05
    soldstatus $70,000 Closed 457-char remark

    Show marketing remark (457 chars)

    This spacious 1.02-acre lot offers the flexibility to build one or two homes! The lots are subdivided into two lots already. The first property features an existing well and septic tank, saving you time and money. An old mobile home is on-site and will need to be removed, but the potential here is endless! Whether you're looking to build your dream home or an investment property, this land is ready for your vision. DO NOT enter the home, it is not safe.

20. 2025-02-10
    status Pending 457-char remark

    Show marketing remark (457 chars)

    This spacious 1.02-acre lot offers the flexibility to build one or two homes! The lots are subdivided into two lots already. The first property features an existing well and septic tank, saving you time and money. An old mobile home is on-site and will need to be removed, but the potential here is endless! Whether you're looking to build your dream home or an investment property, this land is ready for your vision. DO NOT enter the home, it is not safe.

21. 2025-02-10
    status Pending 457-char remark

    Show marketing remark (457 chars)

    This spacious 1.02-acre lot offers the flexibility to build one or two homes! The lots are subdivided into two lots already. The first property features an existing well and septic tank, saving you time and money. An old mobile home is on-site and will need to be removed, but the potential here is endless! Whether you're looking to build your dream home or an investment property, this land is ready for your vision. DO NOT enter the home, it is not safe.

22. 2025-01-30
    listed $85,000 Active 457-char remark

    Show marketing remark (457 chars)

    This spacious 1.02-acre lot offers the flexibility to build one or two homes! The lots are subdivided into two lots already. The first property features an existing well and septic tank, saving you time and money. An old mobile home is on-site and will need to be removed, but the potential here is endless! Whether you're looking to build your dream home or an investment property, this land is ready for your vision. DO NOT enter the home, it is not safe.

23. 2025-01-29
    listed $85,000 Active 457-char remark

    Show marketing remark (457 chars)

    This spacious 1.02-acre lot offers the flexibility to build one or two homes! The lots are subdivided into two lots already. The first property features an existing well and septic tank, saving you time and money. An old mobile home is on-site and will need to be removed, but the potential here is endless! Whether you're looking to build your dream home or an investment property, this land is ready for your vision. DO NOT enter the home, it is not safe.

24. 2000-08-18
    soldstatus $53,000

ⓘ 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: $995 · $83/mo
• Projected year-2 tax: $2,182 · $182/mo
• Expected delta: +$1,187/yr (+$99/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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 25 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: $23,959
• − Mortgage interest: −$14,726
• − Property taxes: −$995
• − Insurance: −$1,314
• − Repairs & maintenance: −$1,917
• − Management: −$1,917
• − Depreciation: −$7,648
• Taxable loss: −$4,559
• Est. tax savings @ 24.0%: +$1,094
• After-tax cash flow: $1,168/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 — Homosassa Springs

• Score: 71/100
• State rank: #391
• US rank: #6877

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homosassa Springs, FL
• County: Citrus County · 111,314 people
• Metro: Homosassa Springs, FL
• Population (ZIP): 19,102
• Household income: $58,802
• Rent vs Own: 6.9% rent · 93.1% own
• Severe rent burden: 121.0

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% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 4% Lithuanian 4% Slovak 3%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▼ -32.11%
• Current HPI: 277.2576
• 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

+405.5% since first listed

12 events — show timeline

• 2026-04-08 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-06 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-01-13 Price Changed $267,900 Stellar MLS as Distributed by MLS Grid
• 2025-10-09 Listed $269,900 Stellar MLS as Distributed by MLS Grid
• 2025-03-06 Sold (Public Records) $70,000 Public Records
• 2025-03-05 Sold (MLS) $70,000 RACC
• 2025-03-05 Sold (MLS) $70,000 Stellar MLS as Distributed by MLS Grid
• 2025-02-10 Pending — RACC
• 2025-02-10 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-01-30 Listed $85,000 Stellar MLS as Distributed by MLS Grid
• 2025-01-29 Listed $85,000 RACC
• 2000-08-18 Sold (Public Records) $53,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $995 · +7.8% YoY. Source: county tax records.