7608 W Otter St · Homosassa Springs, FL 34446

$190,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 37 Days on market

Built 1992 9,583 sqft lot Est $216k · 12% under

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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 +24.8/30.0
• ARV discount +13.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.2/10.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

FULLY REBUILT double-wide on 0.23 acres! New in 2022-23: real hardwood floors throughout, all new kitchen, all new double-pane low-e windows (most are impact resistant) with new pressure-treated framing and walls reinforcements, ALL new PVC plumbing, new water heater, new Well with water filtration, travertine natural stone bathrooms with a Bubble bath (and necessary weight supporting columns), video surveillance, 6 in-wall AC units with heat pumps (no ducts, clean air, low electricity bill), 1/4 in. plywood over original drywall all over interior perimeter walls for added rigidity and sound proofing. New in 2016: insulated aluminum roof over and insulated siding. New in 2026 full septic s

Key facts

• Real hardwood floors
• New water heater
• New pvc plumbing

Tags

• REAL HARDWOOD FLOORS
• ALL NEW KITCHEN
• DOUBLE-PANE LOW-E WINDOWS
• IMPACT RESISTANT WINDOWS
• NEW PVC PLUMBING
• NEW WATER HEATER

Property features AI

Exterior

• Parking: Detached carport; Driveway; Gravel parking; 1 total parking space
• Utilities: Private well water; Septic tank sewer
• Home design: Manufactured home (double wide); Residential property
• Construction: Metal roof
• Exterior features: Cleared lot; Private maintained road access; Private road frontage

Interior

• Kitchen: Electric oven; Dishwasher; Microwave; Refrigerator
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall furnace heating; Wall/window air conditioning units
• Interior features: Dryer; Dishwasher; Electric oven; Microwave; Refrigerator; Washer
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 5.9% in Homosassa Springs — 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 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: Homosassa Elementary School (math 62% / reading 47%, grade C, #892 of 2,144 statewide, top 44%, 411 students, 78% FRL); Crystal River Middle School (math 49% / reading 47%, grade C-, #286 of 571 statewide, top 50%, 900 students, 64% FRL); Crystal River High School (math 31% / reading 44%, grade F, #336 of 667 statewide, top 51%, 1,249 students, 56% FRL).
• Market conditions: 586 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% 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 $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 37 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $6k; list at $190k implies a 3355% gain — meaningful room to come down on a strong offer.

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; major wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $184,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
6. 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.
7. 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: 1.02% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.05%
• DSCR: 1.40
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $216,216
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4965 S Quiz Pt	0.15mi	3/2.0	1,523 (+1%)	6mo	$199,900	$131	87
4931 S Phial Pt	0.16mi	4/2.0 (+1)	1,344 (-11%)	8mo	$190,000	$141	63
7627 W Autumn St	0.38mi	3/2.0	1,344 (-11%)	8mo	$205,000	$153	57
7419 W Astoria Ct	0.73mi	3/2.0	1,568 (+4%)	5mo	$226,000	$144	55
7315 W Hadenotter Ln	0.29mi	3/2.0	1,295 (-14%)	9mo	$185,000	$143	54
7418 W Astoria Ct	0.70mi	3/2.0	1,500 (-1%)	19mo	$236,000	$157	50
7668 W Grove St	0.57mi	3/2.0	1,626 (+8%)	13mo	$200,000	$123	50
5356 S Suffolk Ter	0.28mi	3/1.0	1,294 (-14%)	14mo	$199,000	$154	48
5535 S Scarlett Oak Ter	0.63mi	2/2.0 (-1)	1,344 (-11%)	2mo	$170,000	$126	46
7393 Astoria Ct	0.74mi	4/2.0 (+1)	1,568 (+4%)	11mo	$222,900	$142	46
4995 S Roebuck Way	0.60mi	4/2.0 (+1)	1,716 (+14%)	14mo	$198,000	$115	33
4631 S Memorial Dr	0.74mi	3/2.0	1,296 (-14%)	12mo	$199,000	$154	32

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: -4.8%
• Equity multiple: 0.82×
• Total profit: $-9,507
• Equity at exit: $28,330

10-year hold

• IRR: 4.9%
• Equity multiple: 1.36×
• Total profit: $19,017
• Equity at exit: $16,428

Cash invested: $53,200 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,946 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$60 /mo · $724/yr
• Insurance: −$79
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $335

Break-even live

Break-even rent $1,522

Max offer price $190,000

Occupancy floor 78%

Sensitivity live

Price	-10% $442	-5% $389	+0% $335	+5% $281	+10% $227
Rent	-10% $181	-5% $258	+0% $335	+5% $412	+10% $488
Rate	-1.0pp $430	-0.5pp $383	base $335	+0.5pp $286	+1.0pp $235

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5900 S Oakridge Dr Homosassa, FL	2.0	2.0	1050	$1,575	$1.50	22d	1	0.92mi

Listing history 19 events

1. 2026-06-21
   pricedays on market $190,000 Active 37 DOM
2. 2026-06-19
   days on market $195,000 Active 35 DOM
3. 2026-06-18
   days on market $195,000 Active 34 DOM
4. 2026-06-17
   days on market $195,000 Active 33 DOM
5. 2026-06-16
   days on market $195,000 Active 32 DOM
6. 2026-06-15
   days on market $195,000 Active 31 DOM
7. 2026-06-14
   days on market $195,000 Active 29 DOM
8. 2026-06-13
   pricedays on market $195,000 Active 28 DOM
9. 2026-06-09
   days on market $199,500 Active 25 DOM
10. 2026-06-08
    days on market $199,500 Active 24 DOM
11. 2026-06-07
    days on market $199,500 Active 23 DOM
12. 2026-06-03
    pricedays on market $199,500 Active 19 DOM
13. 2026-06-02
    days on market $205,000 Active 18 DOM
14. 2026-06-01
    days on market $205,000 Active 17 DOM
15. 2026-05-31
    days on market $205,000 Active 16 DOM
16. 2026-05-30
    days on market $205,000 Active 15 DOM
17. 2026-05-15
    listed $210,000 Active
18. 2019-03-06
    soldstatus $5,500
19. 1990-03-01
    soldstatus $32,000

ⓘ 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: $724 · $60/mo
• Projected year-2 tax: $1,577 · $131/mo
• Expected delta: +$853/yr (+$71/mo · 118.0%)

ⓘ 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 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 26 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: $23,347
• − Mortgage interest: −$10,643
• − Property taxes: −$724
• − Insurance: −$1,748
• − Repairs & maintenance: −$1,868
• − Management: −$1,868
• − Depreciation: −$5,527
• Taxable income: $971
• Est. tax owed @ 24.0%: −$233
• After-tax cash flow: $3,784/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

+556.2% since first listed

3 events — show timeline

• 2026-05-15 Listed $210,000 RACC
• 2019-03-06 Sold (Public Records) $5,500 Public Records
• 1990-03-01 Sold (Public Records) $32,000 Public Records

Property tax history

+18.0%/yr

Latest (2025): $724 · +9.1% YoY. Source: county tax records.