2231 SE State Road 121 · Williston Highlands, FL 32668

$149,803

3 bd · 2.0 ba · 1,040 sqft · Manufactured public records · 49 Days on market

Built 2021 0.46 ac lot Est $148k · at est. ↓ 4% since listing

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +6.9/15.0
• Schools +3.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to this charming mobile home located at 2231 FL-121 in Morriston, FL. Built in 2021, this home boasts a modern design and plenty of space both inside and out. With 2 bathrooms and a total of 1,040 sq. ft. of finished living area, this property offers a comfortable and spacious living environment. Situated on a generous lot size of 20,038 sq. ft. , there is plenty of room for outdoor activities and expansion opportunities. The property is surrounded by lush greenery and offers a peaceful and serene setting for relaxation and enjoyment. The interior of the home features a well-designed layout with plenty of natural light streaming in through the windows. The open-concept living area i

Key facts

• Well-designed layout
• Modern appliances
• Natural light

Tags

• GENEROUS LOT SIZE
• LUSH GREENERY
• WELL-DESIGNED LAYOUT
• NATURAL LIGHT
• OPEN-CONCEPT LIVING AREA
• MODERN APPLIANCES

Property features AI

Finance

• Other: Approximately 0.46 acre lot (1/4 to less than 1/2 acre); Living area reported as 1,040 square feet; Unfurnished; Homestead exempt; Zoning: R1

Exterior

• Utilities: Well water; Septic tank; Electricity available
• Home design: Modular home; One story; Faces north; Residential property
• Construction: Vinyl siding; Shingle roof; Slab foundation
• Exterior features: Private mailbox; Asphalt road access

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 5.9% in Williston Highlands — 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.

Location & tenants

• Location reads 57/100 on livability (#851 in FL) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools F, amenities F.
• Levy (rural): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 146 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 199 units permitted in Levy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Levy County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,308 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 12.39%
• Cash-on-cash: 21.78%
• DSCR: 1.97
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $147,680
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2230 SE 143rd Ter	0.20mi	3/2.0	1,130 (+9%)	11mo	$160,000	$142	67
2530 SE 142 Ter	0.39mi	2/2.0 (-1)	1,024 (-2%)	9mo	$65,000	$63	67

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.6%
• Equity multiple: 4.10×
• Total profit: $130,074
• Equity at exit: $134,954

10-year hold

• IRR: 35.0%
• Equity multiple: 9.22×
• Total profit: $344,908
• Equity at exit: $291,034

Cash invested: $41,945 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32668

• Home prices YoY: 11.5%
• Active inventory: 146
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$129 /mo · $1,544/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $761

Break-even live

Break-even rent $1,236

Max offer price $149,803

Occupancy floor 60%

Sensitivity live

Price	-10% $846	-5% $804	+0% $761	+5% $719	+10% $677
Rent	-10% $588	-5% $674	+0% $761	+5% $848	+10% $935
Rate	-1.0pp $837	-0.5pp $799	base $761	+0.5pp $723	+1.0pp $683

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $37,451
• Closing costs: $4,494
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14651 SE 10th St Williston, FL	2.0	2.0	1101	$2,200	$2.00	21d	1	1.17mi

Listing history 22 events

1. 2026-06-18
   days on market $149,803 Active 49 DOM
2. 2026-06-17
   days on market $149,803 Active 48 DOM
3. 2026-06-16
   days on market $149,803 Active 47 DOM
4. 2026-06-15
   days on market $149,803 Active 46 DOM
5. 2026-06-14
   days on market $149,803 Active 44 DOM
6. 2026-06-13
   days on market $149,803 Active 43 DOM
7. 2026-06-10
   pricedays on market $149,803 Active 41 DOM
8. 2026-06-09
   days on market $154,000 Active 40 DOM
9. 2026-06-08
   days on market $154,000 Active 39 DOM
10. 2026-06-07
    days on market $154,000 Active 38 DOM
11. 2026-06-05
    days on market $154,000 Active 35 DOM
12. 2026-06-03
    days on market $154,000 Active 34 DOM
13. 2026-06-02
    days on market $154,000 Active 33 DOM
14. 2026-06-01
    days on market $154,000 Active 32 DOM
15. 2026-05-31
    days on market $154,000 Active 31 DOM
16. 2026-05-30
    days on market $154,000 Active 30 DOM
17. 2026-05-21
    price $157,803
18. 2026-05-14
    price $158,803
19. 2026-04-30
    listed $159,803 Active
20. 2026-04-24
    historical
21. 2026-03-23
    price $180,000
22. 2026-01-23
    listed $165,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,544 · $129/mo
• Projected year-2 tax: $1,544 · $129/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,400
• − Mortgage interest: −$8,391
• − Property taxes: −$1,544
• − Insurance: −$749
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$4,358
• Taxable income: $7,134
• Est. tax owed @ 24.0%: −$1,712
• After-tax cash flow: $7,424/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Levy
• NCES district ID: 1201140
• Math proficiency: 45% ▼ -8.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $35,254
• Composite: 36.42/100
• National rank: #4673
• State rank: #54 of 73 in FL

Livability — Williston Highlands

• Score: 57/100
• State rank: #851
• US rank: #21745

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment C- Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Williston Highlands, FL
• Population (ZIP): 5,326

Population outlook (Levy County) Hauer SSP2

• Today (2025): 36,536 people
• By 2030: 34,498 · -5.6%
• By 2040: 30,294 · -17.1%
• By 2050: 26,368 · -27.8%
• By 2075: 19,003 · -48.0%
• By 2100: 13,169 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 5% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Scotch-Irish 4% Slovak 2% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Levy

• 2024 margin: Solid R (+50.3) · D 24.6% · R 74.8%
• 2008→2024 swing: -23.3pp toward R · 2008: -26.9pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+45.6 2016: R+44.8 2012: R+32.2 2008: R+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 44.56%
• Current HPI: 432.1581
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-4.4% since first listed

6 events — show timeline

• 2026-05-21 Price Changed $157,803 Stellar MLS as Distributed by MLS Grid
• 2026-05-14 Price Changed $158,803 Stellar MLS as Distributed by MLS Grid
• 2026-04-30 Listed $159,803 Stellar MLS as Distributed by MLS Grid
• 2026-04-24 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $180,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-23 Listed $165,000 Stellar MLS as Distributed by MLS Grid

Property tax history

+37.6%/yr

Latest (2025): $1,544 · +17.6% YoY. Source: county tax records.