2859 SE 140th Pl

Belleview, FL 34491

$264,999F

3 bd · 2.0 ba · 1,386 sqft · Built 2026 · Land · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,872/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$442
• HOA: −$0
• Vac / Maint / Mgmt: −$393
• Net cashflow: $-353/mo
• Annual: $-4,233/yr
• Cap rate: 4.70%
• Cash-on-cash: -5.71%
• DSCR: 0.75
• 1% rule: 0.71%
• Cash to close: $74,200

Investor read

• This is a 3-bed/2.0-bath land listed at $265k.
• At list price, monthly cash flow is $-353 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (19.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (29.4% below list).
• It's been on market 117 days — a 9% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (29.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#458 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime F, amenities F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 705 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $15k; list at $265k implies a 1667% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 34% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.