Citrus County

Citrus County posts a gross rent-to-price ratio of 7.84%, which lands it firmly on the cash-flow side of the Florida spectrum. The 5.09% cap rate is real but not generous, and the model underwrite at 6.85% financing reveals the friction: after a 20% down payment, the estimated monthly cash flow comes in at negative $268, with a cash-on-cash return of negative 5.2%. That gap between cap rate and financing cost is the central tension here. The market scores 78 out of 100 for cash flow and only 46 for appreciation, which is an honest self-portrait, a county where the income math is relatively attractive by Florida standards but where price growth is not the story. Home prices are actually down 0.76% year over year, and the affordability index of 72 reflects a median price of $268,688 that remains accessible compared to most Florida coastal markets.

The negative cash-on-cash at current rates means Citrus is not a turnkey buy-and-hold at 80% LTV unless you can negotiate price, bring more equity, or find rents above the $1,754 county median. The 5.09% cap rate does exceed what you'd see in Tampa or Orlando metro submarkets, so an all-cash or low-leverage buyer gets a workable yield. A value-add operator who can close below median, force equity through renovation, and push rents to $1,900 to $2,000 has a clearer path to positive carry. At the $268,688 purchase price with $1,754 in rent, you're already near the top of what the model supports without additional levers. Appreciation buyers should look elsewhere; the 46 appreciation score and the negative YoY price trend say this market does not reward speculative holding.

The combined monthly tax and insurance burden is $349, or roughly $4,191 annually, using a state-average effective property tax rate of 0.89% and an insurance load of 0.67%. The tax rate is flagged as normal, which is a genuine tailwind relative to many Florida counties where effective rates climb past 1.2%. Insurance, however, is not trivial at $1,800 annually, and that number can move materially depending on the specific property's wind and flood exposure in a county that sits along the Nature Coast with Gulf proximity. Neither figure should be assumed at face value for any specific asset; the tax figure in particular is a state-average estimate and county or township rates will differ. That said, $349 per month in combined carry is manageable and already baked into the $614 estimated expense figure, so the negative cash flow is not primarily a tax and insurance story, it's a financing cost story.

The stability score of 50 and the population of 155,173 signal a smaller, less economically diversified county. No economic anchors were provided in the data, which itself is meaningful: Citrus does not have a marquee employer base or institutional demand driver that would create a floor under rental demand. That increases the risk that occupancy is more sensitive to broader economic shifts than it would be in a county anchored by a major university, military installation, or healthcare system. Investors underwriting here should assume a more commoditized rental pool, likely retirees and workforce tenants, with less insulation against demand softness.

Against its Florida peer set, Citrus ranks third in the state out of 67 counties with an overall score of 62, which is the most persuasive data point in this analysis. The neighboring counties in the comparison set all score lower: Putnam at 57, Santa Rosa at 57, Escambia at 56, Columbia at 55, and Leon at 55. Citrus achieves its state ranking on the strength of its cash-flow score and affordability relative to those markets. Putnam County at a $210,747 median and a nearly identical rent-to-price ratio of 7.79% is the closest comp, and it scores five points lower overall, suggesting Citrus offers better balance across the scoring dimensions. Santa Rosa, at $343,674 median and a 6.91% rent-to-price ratio, is a meaningfully worse cash-flow proposition. Leon County (Tallahassee) and Columbia County both sit below 6.6% on rent-to-price, putting them further from breakeven at current rates.

Choose Citrus over its neighbors if you're a low-leverage or all-cash buyer prioritizing yield, or if you're a value-add operator targeting the sub-$250,000 acquisition range where the rent-to-price math improves. Avoid it if you need positive levered cash flow at 80% LTV out of the box, or if your thesis requires population-driven price appreciation, where the 46 appreciation score and the current YoY price decline are clear disqualifiers.