Analysts are becoming more and more convinced each day that Apple Inc. is working on a low-cost iPhone Lite, that will be encased in plastic and available some time in the fall. With so many leaked photos and proofs of concept, the rumor mill has often been a bit lite (pun intended) on details. So here is a rundown of our, realistic, wish list for the iPhone Lite.

Screen Size: According to many of the pictures leaked regarding the iPhone Lite, it will likely support the same 4-inch display as the iPhone 5 as rumors of the iPhone 5s having a larger screen make it more innovative and appealing. After all, Apple will have to reach a balance of low-cost with high-end. The phone will have to be appealing to the consumer while remaining worse than its flagship phone the iPhone 5s.

Specs: According to an article from The Guardian the iPhone Lite will likely use the Lightening connecter introduced in the iPhone 5. The main way the lower model will be different in specifications is in camera, storage, processor speeds and onboard RAM.

Price: Analyst at KGI Securities Ming-Chi Kuo believes the unveiling of the iPHone Lite will happen before the iPhone 5s. The price range however is speculative but is set around $450 to $550. Those numbers are, of course, without a plan from a wireless provider, which can diminish the price significantly. The iPhone 5 sells on the Apple Store for $900 but $400 from AT&T with a plan. After all, the goal of the iPhone Lite will be to make the device affordable for everyone and muscle Android out of the low-end smartphone market.

Customization: The iPhone Lite will help achieve its low cost by having its back encased in plastic like the iPhone 3 rather than metal or glass like the iPhones 4 and 5. This will offer Apple the chance to release the device in multiple colors. Most people fell in love with customizing the look of their smartphone with a bevy of cases and skins for the iPhone, now Apple is streamlining the process and offering stock options. Leaked images show the iPhone Lite coming to consumers in blue, green, red, yellow and white. Which one will you choose?