6965 NE 137th Pl

Silver Springs, FL 32113

$649,000F

3 bd · 2.0 ba · 1,344 sqft · Built 2006 · MultiFamily · Pending · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,513/mo
• Mortgage (P&I): −$3,403
• Tax + insurance: −$693
• HOA: −$0
• Vac / Maint / Mgmt: −$948
• Net cashflow: $-532/mo
• Annual: $-6,379/yr
• Cap rate: 5.54%
• Cash-on-cash: -2.68%
• DSCR: 0.88
• 1% rule: 0.70%
• Cash to close: $181,720

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $649k.
• At list price, monthly cash flow is $-532 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $555k (14.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $451k (30.5% below list).
• It's been on market 72 days — a 6% lower offer ($610k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $451k (30.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads: area grade F — 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.
• Zoned schools: Fort Mccoy School (math 35% / reading 35%, grade F, #1,697 of 2,144 statewide, top 80%, 964 students, 73% FRL); North Marion High School (math 20% / reading 32%, grade F, #494 of 667 statewide, top 75%, 1,303 students, 66% FRL).
• Zoned-school proficiency averages 30% at this address vs 42% district-wide (-12 pts) — the specific schools serving this property underperform the Marion average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 144 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.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $649k implies a 399% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); 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 5.5% vs local median 4.6% in Silver Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 72 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.