8010 W Morrow Ct · Crystal River, FL 34428

$199,900

3 bd · 2.0 ba · 840 sqft · Manufactured public records · 4 Days on market

Built 1981 0.36 ac lot

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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 +22.6/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +4.8/10.0
• Schools +4.1/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the perfect blend of privacy and convenience in Crystal River. Tucked away on a private access road and surrounded by mature trees and lush landscaping, this beautifully updated 3-bedroom, 1-bath home offers a peaceful retreat just minutes from downtown Crystal River, shopping, restaurants, marinas, and the area's world-famous springs and waterways. Extensively renovated and move-in ready, the home features a brand-new well and septic system, a new mini-split HVAC system, updated electrical panel and service pole, updated water heater, fresh interior paint, luxury vinyl plank flooring, and new sliding glass doors. The fully renovated bathroom showcases modern fixtures and finishes,

Key facts

• Private access road
• Lush landscaping
• Brand new well

Tags

• PRIVATE ACCESS ROAD
• MATURE TREES
• LUSH LANDSCAPING
• BRAND NEW WELL
• NEW MINI SPLIT HVAC SYSTEM
• UPDATED ELECTRICAL PANEL

Property features AI

Finance

• Other: Property type: Residential manufactured home; Body type: Double wide; Lot size approximately 0.36 acres; Living area reported as 1,450; Direction faces north; Furnished: Unfurnished
• HOA & community: No association reported

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Phone available; Water connected; Sewer connected
• Home design: Manufactured home (double wide); One level; North-facing entry
• Construction: Vinyl siding; Metal roof; Crawlspace foundation; Built in 1/4 to less than 1/2 acre parcel (approx. 0.36 acres)
• Exterior features: Private mailbox; Sliding doors; Storage shed(s); Landscaped, private, irregular lot; Unimproved road access via deeded easement and privately maintained road

Interior

• Kitchen: Cooktop; Range; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Built-in features; Ceiling fans; Window treatments
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $273 ($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 $196k (1.9% below list).
• Recommended offer: $196k (1.9% below list) — sets the bar for 1% rule.
• Cap rate 8.3% vs local median 2.1% in Crystal River — 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 66/100 on livability (#603 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety C-, schools D+, amenities 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.
• Market conditions: 322 active listings in the ZIP; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• At $1,962/mo this rent would consume 46% of the median local household income ($51k/yr) (locally 264% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,183 (1.9% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.98% ✗
• Cap rate: 8.33%
• Cash-on-cash: 7.27%
• DSCR: 1.32
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $126,000
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8026 W Rosella Ct #6	0.27mi	3/2.0	902 (+7%)	7mo	$120,000	$133	69
8250 W Fairoak Ct	0.46mi	2/2.0 (-1)	864 (+3%)	1mo	$163,000	$189	68
8025 W Rosella Ct #5	0.31mi	3/2.0	940 (+12%)	1mo	$119,900	$128	65
3208 N Appaloosa Pt	0.72mi	3/2.0	792 (-6%)	6mo	$118,900	$150	52
8156 W Fairoak Ct	0.42mi	2/1.0 (-1)	784 (-7%)	16mo	$135,000	$172	47
3056 N Melody Ter	0.34mi	2/1.0 (-1)	784 (-7%)	23mo	$80,000	$102	45

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-15,067
• Equity at exit: $29,806

10-year hold

• IRR: 2.3%
• Equity multiple: 1.16×
• Total profit: $9,093
• Equity at exit: $17,284

Cash invested: $55,972 (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 34428

• Home prices YoY: -15.3%
• Active inventory: 322
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,962 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$79 /mo · $951/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $273

Break-even live

Break-even rent $1,617

Max offer price $199,900

Occupancy floor 81%

Sensitivity live

Price	-10% $386	-5% $329	+0% $273	+5% $216	+10% $159
Rent	-10% $118	-5% $195	+0% $273	+5% $350	+10% $428
Rate	-1.0pp $373	-0.5pp $323	base $273	+0.5pp $221	+1.0pp $168

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-21
   days on market $199,900 Active 4 DOM
2. 2026-06-19
   days on market $199,900 Active 2 DOM
3. 2026-06-18
   remarks 699-char remark
4. 2026-06-18
   listed $199,900 Active 1 DOM

ⓘ 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: $951 · $79/mo
• Projected year-2 tax: $1,659 · $138/mo
• Expected delta: +$708/yr (+$59/mo · 74.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°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: $23,542
• − Mortgage interest: −$11,198
• − Property taxes: −$951
• − Insurance: −$1,797
• − Repairs & maintenance: −$1,883
• − Management: −$1,883
• − Depreciation: −$5,815
• Taxable income: $15
• Est. tax owed @ 24.0%: −$4
• After-tax cash flow: $3,267/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 — Crystal River

• Score: 66/100
• State rank: #603
• US rank: #11564

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Citrus County · 111,314 people
• City population: 10,163
• Metro: Homosassa Springs, FL
• Population (ZIP): 10,163
• Household income: $50,779
• Rent vs Own: 22.8% rent · 77.2% own
• Severe rent burden: 264.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 5% Asian 2%
• Common ancestry: Lithuanian 3% Romanian 3% Slovak 2%
• Foreign-born: 5% · Canada, Jamaica, South Korea
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -57.32%
• Current HPI: 317.7637
• 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

1 event — show timeline

• 2026-06-17 Listed $199,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+26.1%/yr

Latest (2025): $951 · +16.2% YoY. Source: county tax records.