18664 SE 21st Pl

Silver Springs Shores East, FL 34488

$99,900C

2 bd · 1.0 ba · 972 sqft · Built 1967 · Manufactured · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,263/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$149
• HOA: −$0
• Vac / Maint / Mgmt: −$265
• Net cashflow: $325/mo
• Annual: $3,900/yr
• Cap rate: 10.20%
• Cash-on-cash: 13.94%
• DSCR: 1.62
• 1% rule: 1.26%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 80 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: 201 active listings in the ZIP; 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.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $21k; list at $100k implies a 376% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.2% vs local median 5.2% in Silver Springs Shores East — 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.

Questions for listing agent

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.