1895 S Iroquois Ave · Homosassa Springs, FL 34448

$220,000

3 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 404 Days on market

Built 1988 1.10 ac lot Est $219k · 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 +18.9/30.0
• ARV discount +7.3/15.0
• DSCR +5.9/10.0
• Schools +4.1/10.0
• 1% rule +3.8/10.0
• 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 to this charming 3-bedroom, 2-bath nestled on 1.10 fully fenced, high-and-dry acres in the highly sought after town of Homosassa. The moment you arrive, you'll feel right at home with a cozy split floor plan, 1,152 sq. ft. of living space, and a spacious 29'x10' Florida room-great for relaxing or entertaining. Nitro drain field installed July 2024'. Enjoy the freedom of NO HOA and plenty of room for pets, chickens, or to store your boats and outside toys. There's also a 10'x13' storage building with electric plus an electric hookup for your RV-- everything you need for Florida living. Home is located just minutes from shopping , dining, golf courses, and the beautiful Homosassa and

Key facts

• Fenced property
• 29x10 florida room
• Rv hookup

Tags

• FENCED PROPERTY
• 29X10 FLORIDA ROOM
• RV HOOKUP
• NEW NITRO DRAIN FIELD

Property features AI

Exterior

• Parking: 2 parking spaces; Attached carport; Driveway; Concrete surfaces
• Utilities: Private well water; Septic tank sewer
• Home design: Manufactured home (double wide); Residential property
• Construction: Vinyl siding; Metal roof; Mobile home approx. 24' x 48'
• Exterior features: Fenced yard (wood and wire); Shed(s); Above-ground pool

Interior

• Kitchen: Electric cooktop; Electric oven; Refrigerator
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Cathedral ceilings; Laminate countertops; Walk-in closet(s)
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $220k.

Deal economics

• At list price, monthly cash flow is $225 ($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 $193k (12.5% below list).
• Recommended offer: $193k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 5.9% in Homosassa Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Rock Crusher Elementary School (math 70% / reading 56%, grade B, #582 of 2,144 statewide, top 28%, 665 students, 68% 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: 307 active listings in the ZIP; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• At $1,925/mo this rent would consume 50% of the median local household income ($46k/yr) (locally 113% 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 $2k of loan paydown is wiped out by about $7k 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 404 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $45k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $220k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; major 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 $192,520 (12.5% below list)

Questions for the listing agent

1. It's been on market 404 days. Have you received any prior offers? Is the seller open to a 12% 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: 0.88% ✗
• Cap rate: 7.52%
• Cash-on-cash: 4.38%
• DSCR: 1.19
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $218,880
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1844 S Iroquois Ave	0.07mi	2/2.0 (-1)	1,000 (-13%)	6mo	$189,750	$190	65

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: -9.5%
• Equity multiple: 0.65×
• Total profit: $-21,450
• Equity at exit: $32,803

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-696
• Equity at exit: $19,022

Cash invested: $61,600 (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 34448

• Home prices YoY: -26.1%
• Active inventory: 307
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,925 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$51 /mo · $611/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $225

Break-even live

Break-even rent $1,641

Max offer price $220,000

Occupancy floor 83%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-13
   statusdays on market $220,000 Pending 404 DOM
2. 2026-06-09
   days on market $220,000 Active 403 DOM
3. 2026-06-08
   days on market $220,000 Active 402 DOM
4. 2026-06-03
   days on market $220,000 Active 397 DOM
5. 2026-06-02
   days on market $220,000 Active 396 DOM
6. 2026-06-01
   days on market $220,000 Active 395 DOM
7. 2026-05-31
   pricedays on market $220,000 Active 394 DOM
8. 2026-05-30
   days on market $222,900 Active 393 DOM
9. 2026-05-06
   status Active
10. 2026-05-06
    price $222,900
11. 2026-04-29
    historical
12. 2026-04-15
    price $224,800
13. 2026-01-05
    price $225,000
14. 2025-10-28
    price $240,000
15. 2025-08-03
    price $250,000
16. 2025-07-09
    price $257,000
17. 2025-06-06
    price $259,000
18. 2025-05-25
    price $262,000
19. 2025-04-25
    listed $265,000 Active
20. 2023-08-11
    historical
21. 2023-07-16
    price $225,000
22. 2023-07-10
    price $229,900
23. 2023-06-15
    price $234,900
24. 2023-06-09
    price $239,000
25. 2023-06-02
    price $245,500
26. 2023-05-11
    price $245,900
27. 2023-05-03
    price $249,999
28. 2023-04-22
    price $253,000
29. 2023-04-14
    price $255,000
30. 2023-04-13
    listed $260,000 Active
31. 2020-12-29
    soldstatus $120,000

ⓘ 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: $611 · $51/mo
• Projected year-2 tax: $1,826 · $152/mo
• Expected delta: +$1,215/yr (+$101/mo · 199.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 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: $23,102
• − Mortgage interest: −$12,323
• − Property taxes: −$611
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,848
• − Management: −$1,848
• − Depreciation: −$6,400
• Taxable loss: −$1,028
• Est. tax savings @ 24.0%: +$247
• After-tax cash flow: $2,943/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): 10,817
• Household income: $45,916
• Rent vs Own: 14.6% rent · 85.4% own
• Severe rent burden: 113.0

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Slovak 3% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1%

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: ▼ -110.27%
• Current HPI: 312.4302
• 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

+85.8% since first listed

23 events — show timeline

• 2026-05-06 Relisted — RACC
• 2026-05-06 Price Changed $222,900 RACC
• 2026-04-29 Delisted — RACC
• 2026-04-15 Price Changed $224,800 RACC
• 2026-01-05 Price Changed $225,000 RACC
• 2025-10-28 Price Changed $240,000 RACC
• 2025-08-03 Price Changed $250,000 RACC
• 2025-07-09 Price Changed $257,000 RACC
• 2025-06-06 Price Changed $259,000 RACC
• 2025-05-25 Price Changed $262,000 RACC
• 2025-04-25 Listed $265,000 RACC
• 2023-08-11 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2023-07-16 Price Changed $225,000 Stellar MLS as Distributed by MLS Grid
• 2023-07-10 Price Changed $229,900 Stellar MLS as Distributed by MLS Grid
• 2023-06-15 Price Changed $234,900 Stellar MLS as Distributed by MLS Grid
• 2023-06-09 Price Changed $239,000 Stellar MLS as Distributed by MLS Grid
• 2023-06-02 Price Changed $245,500 Stellar MLS as Distributed by MLS Grid
• 2023-05-11 Price Changed $245,900 Stellar MLS as Distributed by MLS Grid
• 2023-05-03 Price Changed $249,999 Stellar MLS as Distributed by MLS Grid
• 2023-04-22 Price Changed $253,000 Stellar MLS as Distributed by MLS Grid
• 2023-04-14 Price Changed $255,000 Stellar MLS as Distributed by MLS Grid
• 2023-04-13 Listed $260,000 Stellar MLS as Distributed by MLS Grid
• 2020-12-29 Sold (Public Records) $120,000 Public Records

Property tax history

+19.4%/yr

Latest (2025): $611 · +9.9% YoY. Source: county tax records.