111 Lime Ave

Welaka, FL 32181

$60,000B

2 bd · 1.0 ba · 672 sqft · Built 1983 · Manufactured · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $844/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$51
• HOA: −$0
• Vac / Maint / Mgmt: −$177
• Net cashflow: $301/mo
• Annual: $3,616/yr
• Cap rate: 12.32%
• Cash-on-cash: 21.52%
• DSCR: 1.96
• 1% rule: 1.41%
• Cash to close: $16,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $301 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($844 rent vs $60k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($415 loan paydown + $777 appreciation (1.3% local appreciation)).
• Location reads 55/100 on livability (#878 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, amenities F, commute F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Middleton-Burney Elementary School (math 31% / reading 30%, grade F, #1,862 of 2,144 statewide, top 88%, 1,046 students, 70% FRL); Crescent City Jr-Sr High School (math 17% / reading 34%, grade F, #499 of 667 statewide, top 75%, 1,005 students, 72% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: 73 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $30k; list at $60k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.3% vs local median 2.0% in Welaka — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.