234 Sesame St

Wewahitchka, FL 32465

$210,000D

3 bd · 2.0 ba · 2,156 sqft · Built 2004 · Manufactured · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,434/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $-278/mo
• Annual: $-3,338/yr
• Cap rate: 4.70%
• Cash-on-cash: -5.68%
• DSCR: 0.75
• 1% rule: 0.68%
• Cash to close: $58,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $210k.
• At list price, monthly cash flow is $-278 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (23.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (31.7% below list).
• It's been on market 84 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (31.7% below list) — sets the bar for 1% rule.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#386 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Gulf (rural): math 47% / reading 45% proficiency, ranked #49 of 73 in FL (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 167 active listings in the ZIP; 302 units permitted in Gulf County in 2024 (0 in 5+ unit buildings).
• Gulf County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $13k; list at $210k implies a 1515% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.7% vs local median 3.5% in Wewahitchka — 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

• 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 84 days. Have you received any prior offers? Is the seller open to a 32% 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?
• 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.
• 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.