147 Maui Dr

Palmetto, FL 34221

$99,000B-

2 bd · 1.0 ba · 528 sqft · Built 1983 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,696/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$542
• HOA: −$325
• Vac / Maint / Mgmt: −$356
• Net cashflow: $-46/mo
• Annual: $-546/yr
• Cap rate: 10.91%
• Cash-on-cash: 16.49%
• DSCR: 1.73
• 1% rule: 1.71%
• Cash to close: $27,720

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $99k.
• At list price, monthly cash flow is $-46 ($-546/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (8.1% below list).
• Meets the 1% rule at list price ($2k rent vs $99k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $91k (8.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#346 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents soft (-3.0%/yr); 1160 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $69k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.9% vs local median 2.0% in Palmetto — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.