5535 S Will Pt · Homosassa Springs, FL 34446

$169,900

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 6 Days on market

Built 1993 0.48 ac lot Est $169k · at est.

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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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.4/15.0
• 1% rule +6.3/10.0
• 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

Welcome home to peaceful country living! Escape to the relaxed Nature Coast Florida lifestyle in this charming 3-bedroom, 2-bath home nestled on a generous half-acre lot on a quiet dead-end road. Whether you're looking for a full-time residence, seasonal retreat, or investment opportunity, this home checks all the boxes. The spacious back deck is ready for an above-ground pool or serves as the perfect setting for entertaining family and friends, relaxing with your morning coffee, or enjoying peaceful evenings outdoors. A fenced area provides the perfect place for pets to play, while the detached workshop offers endless possibilities for hobbies, storage, or projects. Conveniently located ne

Key facts

• Spacious back deck
• Half-acre lot
• Fenced area

Tags

• HALF-ACRE LOT
• SPACIOUS BACK DECK
• FENCED AREA
• DETACHED WORKSHOP

Property features AI

Exterior

• Parking: Paved driveway; Detached carport; Carport plus 2 total parking spaces
• Utilities: Private well water; Septic tank sewer
• Home design: Manufactured home (double wide); Residential property
• Construction: Asphalt shingle roof; Mobile home dimensions approximately 24' x 56'
• Exterior features: Sliding doors; Shed(s), storage, and workshop on the property; Level lot; Private maintained, unimproved road frontage

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator; Pantry; Eat-in kitchen
• Bedrooms: Total rooms: 5
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Cathedral ceilings; Eat-in kitchen; Open floor plan; Pantry; Walk-in closets; Blinds and window treatments
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 9.9% 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); 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 60% FRL track the district average.
• 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 39% 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 $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $83k; list at $170k implies a 105% 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; moderate 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 $169,900

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 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?
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: 1.13% ✓
• Cap rate: 9.86%
• Cash-on-cash: 12.75%
• DSCR: 1.57
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $169,344
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5573 S Will Pt	0.02mi	3/2.0	1,248 (-7%)	5mo	$115,000	$92	83
5729 S Leopard Pt	0.23mi	3/2.0	1,296 (-4%)	2mo	$150,000	$116	82
5511 S Bob White Dr	0.34mi	3/2.0	1,404 (+4%)	5mo	$103,425	$74	73
5372 S June Ter	0.18mi	3/2.0	1,216 (-10%)	13mo	$190,000	$156	65
5535 S Scarlett Oak Ter	0.66mi	2/2.0 (-1)	1,344 (0%)	2mo	$170,000	$126	63
5320 S Heloise Ter	0.22mi	3/2.0	1,493 (+11%)	10mo	$203,000	$136	63
5442 S Glenn Acres Ter	0.54mi	4/2.0 (+1)	1,344 (0%)	10mo	$200,000	$149	62
6180 W Nielsen Ct	0.39mi	3/2.0	1,248 (-7%)	12mo	$180,000	$144	60
5292 S Bayliner St	0.71mi	3/2.0	1,404 (+4%)	1mo	$170,000	$121	59
5214 S Frame Pt	0.44mi	2/2.0 (-1)	1,246 (-7%)	4mo	$100,000	$80	59
6871 W Sasser St	0.45mi	3/2.0	1,152 (-14%)	2mo	$175,000	$152	54

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: 0.2%
• Equity multiple: 1.01×
• Total profit: $397
• Equity at exit: $25,333

10-year hold

• IRR: 9.9%
• Equity multiple: 1.76×
• Total profit: $36,235
• Equity at exit: $14,690

Cash invested: $47,572 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,928 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$56 /mo · $675/yr
• Insurance: −$71
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $439

Break-even live

Break-even rent $1,373

Max offer price $169,900

Occupancy floor 72%

Sensitivity live

Price	-10% $535	-5% $487	+0% $439	+5% $391	+10% $343
Rent	-10% $287	-5% $363	+0% $439	+5% $515	+10% $591
Rate	-1.0pp $524	-0.5pp $482	base $439	+0.5pp $395	+1.0pp $350

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5323 S Knobhill Ter Homosassa, FL	3.0	2.0	925	$1,400	$1.51	23d	1	1.03mi

Listing history 6 events

1. 2026-06-17
   days on marketlisting id $169,900 Pending 6 DOM
2. 2026-06-07
   statusdays on market $169,900 Pending 5 DOM
3. 2026-06-03
   days on market $169,900 Active 2 DOM
4. 2026-06-02
   listing id $169,900 Active 1 DOM
5. 2026-05-31
   remarks 699-char remark
6. 2026-05-31
   listed $169,900 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: $675 · $56/mo
• Projected year-2 tax: $1,410 · $118/mo
• Expected delta: +$735/yr (+$61/mo · 108.9%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°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: $23,140
• − Mortgage interest: −$9,517
• − Property taxes: −$675
• − Insurance: −$1,647
• − Repairs & maintenance: −$1,851
• − Management: −$1,851
• − Depreciation: −$4,943
• Taxable income: $2,656
• Est. tax owed @ 24.0%: −$637
• After-tax cash flow: $4,629/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

+104.7% since first listed

2 events — show timeline

• 2026-05-30 Listed $169,900 RACC
• 2019-10-03 Sold (Public Records) $83,000 Public Records

Property tax history

+9.9%/yr

Latest (2025): $675 · +9.1% YoY. Source: county tax records.