12045 Formosa St · High Point, FL 34613

$159,900

2 bd · 2.0 ba · 1,056 sqft · Manufactured public records · 181 Days on market

Built 1973 7,500 sqft lot Est $124k · 29% over $44/mo HOA · 3% of rent

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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 +22.2/30.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Improvement!!! Well-Maintained 2 Bed/ 2Bath Double-Wide in the 55+ Golf Community Of Highpoint with a Clubhouse and Pool-Investment Opportunity directly on the golf course! Enjoy relaxed Florida living in this well-maintained 2-bedroom, 2-bath double-wide mobile home located in a desirable 55+ golf community near the Gulf of America. Whether you're searching for a full-time residence, seasonal retreat, or income-producing property, this home offers versatility and value. The home features a comfortable and functional layout with spacious living areas, a split-bedroom floor plan, and plenty of storage. Pride of ownership shows, making this property move-in ready. Residents enjoy access to a community clubhouse and sparkling pool, along with golf and a variety of social activities—perfect for an active and friendly lifestyle. Conveniently located near shopping, dining, and the Gulf Coast, this home puts you close to everything Florida has to offer. Currently suitable for rental, this property presents an excellent investment opportunity in a popular community with strong demand. This home is also listed for rent at 1,475.00 monthly.

Key facts

• Community clubhouse
• Golf community
• 7,500 sq ft lot

Tags

• GOLF COMMUNITY
• COMMUNITY CLUBHOUSE

Property features AI

Finance

• Other: Total annual fees: $528
• Financial info: Lease restrictions apply
• HOA & community: Has HOA (Corinne) — $44 monthly; includes pool; association approval required; Community features: Clubhouse, Golf, Pool; Golf carts allowed; Senior community; Pets allowed with breed restrictions

Exterior

• Parking: Has carport (1 space)
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Fire hydrant
• Home design: Residential mobile home (double wide); One story; Faces south
• Construction: Vinyl siding; Roof over; Block foundation; Crawlspace foundation; Built on lot of about 0.17 acres
• Exterior features: Rain gutters; Paved road

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Walk-in closet(s)
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 5.8% in High Point — 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 64/100 on livability (#677 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Hernando (suburban): math 50% / reading 50% proficiency, ranked #38 of 73 in FL (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pine Grove Elementary School (math 60% / reading 45%, grade C-, #976 of 2,144 statewide, top 46%, 991 students, 60% FRL); Central High School (math 34% / reading 44%, grade F, #312 of 667 statewide, top 48%, 1,426 students, 53% FRL) — zoned schools at 56% FRL track the district average.
• Market conditions: 691 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• This rent runs 35% 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.
• Hernando County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $81k; list at $160k implies a 97% 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; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.08% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.96%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $123,552
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12075 Walshwood Ave	0.08mi	2/2.0	1,104 (+4%)	0mo	$107,084	$97	88
12112 Sara St	0.20mi	2/2.0	1,009 (-4%)	2mo	$114,000	$113	81
12041 Fairway Ave	0.14mi	2/2.0	1,152 (+9%)	1mo	$135,000	$117	77
7528 Western Circle Dr	0.39mi	2/2.0	1,026 (-3%)	1mo	$105,000	$102	76
8221 Highpoint Blvd	0.15mi	2/2.0	1,152 (+9%)	2mo	$85,000	$74	76
8043 Little Tee Ln	0.23mi	2/2.0	1,152 (+9%)	2mo	$112,400	$98	72
12087 Club House Rd	0.43mi	2/2.0	984 (-7%)	0mo	$125,000	$127	68
7444 Highpoint Blvd	0.51mi	2/2.0	1,104 (+4%)	1mo	$140,000	$127	68
12169 Club House Rd	0.41mi	2/2.0	960 (-9%)	2mo	$130,000	$135	64
12306 Club House Rd	0.52mi	2/2.0	1,152 (+9%)	2mo	$149,900	$130	59
7359 Highpoint	0.64mi	2/2.0	984 (-7%)	2mo	$135,000	$137	57
12260 Hallmark Ave	0.60mi	2/2.0	1,152 (+9%)	1mo	$105,000	$91	56

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: -5.6%
• Equity multiple: 0.79×
• Total profit: $-9,354
• Equity at exit: $23,842

10-year hold

• IRR: 4.1%
• Equity multiple: 1.30×
• Total profit: $13,246
• Equity at exit: $13,825

Cash invested: $44,772 (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 34613

• Home prices YoY: -17.2%
• Active inventory: 691
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,727 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$155 /mo · $1,864/yr
• Insurance: −$67
• HOA: −$44
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $260

Break-even live

Break-even rent $1,398

Max offer price $159,900

Occupancy floor 80%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12103 Fairway Ave Brooksville, FL	2.0	2.0	864	$1,725	$2.00	1d	1	0.17mi
12136 Fairway Ave Brooksville, FL	2.0	2.0	920	$1,650	$1.79	24d	1	0.20mi
7405 Western Circle Dr Brooksville, FL	2.0	2.0	1442	$1,500	$1.04	24d	1	0.62mi
7402 Eastern Circle Dr Brooksville, FL	2.0	1.0	720	$1,200	$1.67	24d	1	0.86mi

HOA detail

• Monthly dues: $44 · $528/yr
• Likely covers: pool

Listing history 29 events

1. 2026-06-18
   days on market $159,900 Active 181 DOM
2. 2026-06-17
   days on market $159,900 Active 180 DOM
3. 2026-06-16
   days on market $159,900 Active 179 DOM
4. 2026-06-15
   days on market $159,900 Active 178 DOM
5. 2026-06-13
   days on market $159,900 Active 176 DOM
6. 2026-06-13
   days on market $159,900 Active 175 DOM
7. 2026-06-09
   days on market $159,900 Active 172 DOM
8. 2026-06-08
   days on market $159,900 Active 171 DOM
9. 2026-06-07
   days on market $159,900 Active 170 DOM
10. 2026-06-04
    days on market $159,900 Active 167 DOM
11. 2026-06-03
    days on market $159,900 Active 166 DOM
12. 2026-06-02
    days on market $159,900 Active 165 DOM
13. 2026-06-01
    days on market $159,900 Active 164 DOM
14. 2026-05-31
    days on market $159,900 Active 163 DOM
15. 2026-02-12
    price $159,900 1160-char remark

    Show marketing remark (1160 chars)

    Price Improvement!!! Well-Maintained 2 Bed/ 2Bath Double-Wide in the 55+ Golf Community Of Highpoint with a Clubhouse and Pool-Investment Opportunity directly on the golf course! Enjoy relaxed Florida living in this well-maintained 2-bedroom, 2-bath double-wide mobile home located in a desirable 55+ golf community near the Gulf of America. Whether you're searching for a full-time residence, seasonal retreat, or income-producing property, this home offers versatility and value. The home features a comfortable and functional layout with spacious living areas, a split-bedroom floor plan, and plenty of storage. Pride of ownership shows, making this property move-in ready. Residents enjoy access to a community clubhouse and sparkling pool, along with golf and a variety of social activities—perfect for an active and friendly lifestyle. Conveniently located near shopping, dining, and the Gulf Coast, this home puts you close to everything Florida has to offer. Currently suitable for rental, this property presents an excellent investment opportunity in a popular community with strong demand. This home is also listed for rent at 1,475.00 monthly.

16. 2026-02-12
    price $159,900

    Show marketing remark (1160 chars)

    Price Improvement!!! Well-Maintained 2 Bed/ 2Bath Double-Wide in the 55+ Golf Community Of Highpoint with a Clubhouse and Pool-Investment Opportunity directly on the golf course! Enjoy relaxed Florida living in this well-maintained 2-bedroom, 2-bath double-wide mobile home located in a desirable 55+ golf community near the Gulf of America. Whether you're searching for a full-time residence, seasonal retreat, or income-producing property, this home offers versatility and value. The home features a comfortable and functional layout with spacious living areas, a split-bedroom floor plan, and plenty of storage. Pride of ownership shows, making this property move-in ready. Residents enjoy access to a community clubhouse and sparkling pool, along with golf and a variety of social activities—perfect for an active and friendly lifestyle. Conveniently located near shopping, dining, and the Gulf Coast, this home puts you close to everything Florida has to offer. Currently suitable for rental, this property presents an excellent investment opportunity in a popular community with strong demand. This home is also listed for rent at 1,475.00 monthly.

17. 2025-12-19
    listed $169,900 Active 1160-char remark

    Show marketing remark (1160 chars)

    Price Improvement!!! Well-Maintained 2 Bed/ 2Bath Double-Wide in the 55+ Golf Community Of Highpoint with a Clubhouse and Pool-Investment Opportunity directly on the golf course! Enjoy relaxed Florida living in this well-maintained 2-bedroom, 2-bath double-wide mobile home located in a desirable 55+ golf community near the Gulf of America. Whether you're searching for a full-time residence, seasonal retreat, or income-producing property, this home offers versatility and value. The home features a comfortable and functional layout with spacious living areas, a split-bedroom floor plan, and plenty of storage. Pride of ownership shows, making this property move-in ready. Residents enjoy access to a community clubhouse and sparkling pool, along with golf and a variety of social activities—perfect for an active and friendly lifestyle. Conveniently located near shopping, dining, and the Gulf Coast, this home puts you close to everything Florida has to offer. Currently suitable for rental, this property presents an excellent investment opportunity in a popular community with strong demand. This home is also listed for rent at 1,475.00 monthly.

18. 2025-12-19
    listed $169,900 Active

    Show marketing remark (1160 chars)

    Price Improvement!!! Well-Maintained 2 Bed/ 2Bath Double-Wide in the 55+ Golf Community Of Highpoint with a Clubhouse and Pool-Investment Opportunity directly on the golf course! Enjoy relaxed Florida living in this well-maintained 2-bedroom, 2-bath double-wide mobile home located in a desirable 55+ golf community near the Gulf of America. Whether you're searching for a full-time residence, seasonal retreat, or income-producing property, this home offers versatility and value. The home features a comfortable and functional layout with spacious living areas, a split-bedroom floor plan, and plenty of storage. Pride of ownership shows, making this property move-in ready. Residents enjoy access to a community clubhouse and sparkling pool, along with golf and a variety of social activities—perfect for an active and friendly lifestyle. Conveniently located near shopping, dining, and the Gulf Coast, this home puts you close to everything Florida has to offer. Currently suitable for rental, this property presents an excellent investment opportunity in a popular community with strong demand. This home is also listed for rent at 1,475.00 monthly.

19. 2025-04-24
    historical
20. 2025-04-24
    historical
21. 2025-01-31
    listed $154,900 Active
22. 2024-11-06
    listed $154,900 Active
23. 2020-09-14
    soldstatus $81,000
24. 2020-08-25
    soldstatus $81,000
25. 2020-08-25
    soldstatus $81,000
26. 2020-07-04
    listed $87,500
27. 2020-07-04
    listed $87,500
28. 2003-08-08
    soldstatus $29,000
29. 2003-04-24
    listed $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: $1,864 · $155/mo
• Projected year-2 tax: $1,864 · $155/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,720
• − Mortgage interest: −$8,957
• − Property taxes: −$1,864
• − Insurance: −$800
• − Repairs & maintenance: −$1,658
• − Management: −$1,658
• − HOA: −$528
• − Depreciation: −$4,652
• Taxable income: $605
• Est. tax owed @ 24.0%: −$145
• After-tax cash flow: $2,970/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: Hernando
• NCES district ID: 1200810
• Math proficiency: 50% ▼ -8.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $41,985
• Composite: 42.03/100
• National rank: #3329
• State rank: #38 of 73 in FL

Livability — High Point

• Score: 64/100
• State rank: #677
• US rank: #14099

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: High Point, FL
• County: Hernando County · 169,677 people
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 19,337
• Household income: $58,596
• Rent vs Own: 9.2% rent · 90.8% own
• Severe rent burden: 307.0

Population outlook (Hernando County) Hauer SSP2

• Today (2025): 189,218 people
• By 2030: 194,367 · +2.7%
• By 2040: 203,398 · +7.5%
• By 2050: 209,589 · +10.8%
• By 2075: 218,452 · +15.4%
• By 2100: 205,923 · +8.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 3% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Hernando

• 2024 margin: Solid R (+37.0) · D 31.1% · R 68.2%
• 2008→2024 swing: -33.5pp toward R · 2008: -3.6pp · 2024: -37.0pp
• All cycles: 2024: R+37.0 2020: R+30.2 2016: R+29.0 2012: R+8.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.51%
• Current HPI: 276.2229
• Rent YoY: —
• Metro: Tampa-St. Petersburg-Clearwater, 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

+399.7% since first listed

15 events — show timeline

• 2026-02-12 Price Changed $159,900 HCAR
• 2026-02-12 Price Changed $159,900 Stellar MLS as Distributed by MLS Grid
• 2025-12-19 Listed $169,900 Stellar MLS as Distributed by MLS Grid
• 2025-12-19 Listed $169,900 HCAR
• 2025-04-24 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-04-24 Listing Removed — HCAR
• 2025-01-31 Listed $154,900 Stellar MLS as Distributed by MLS Grid
• 2024-11-06 Listed $154,900 HCAR
• 2020-09-14 Sold (Public Records) $81,000 Public Records
• 2020-08-25 Sold (MLS) $81,000 St. Augustine and St. Johns County Board of REALTORS®
• 2020-08-25 Sold (MLS) $81,000 HCAR
• 2020-07-04 Listed $87,500 St. Augustine and St. Johns County Board of REALTORS®
• 2020-07-04 Listed $87,500 HCAR
• 2003-08-08 Sold (Public Records) $29,000 Public Records
• 2003-04-24 Listed $32,000 HCAR

Property tax history

+20.7%/yr

Latest (2025): $1,864 · +1.5% YoY. Source: county tax records.