425 Lafayette Ct

University, FL 32765

$162,989C+

2 bd · 2.0 ba · 1,248 sqft · Built 2023 · Manufactured · Active · 956 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,849/mo
• Mortgage (P&I): −$855
• Tax + insurance: −$272
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $334/mo
• Annual: $4,014/yr
• Cap rate: 8.76%
• Cash-on-cash: 8.79%
• DSCR: 1.39
• 1% rule: 1.13%
• Cash to close: $45,637

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $163k.
• At list price, monthly cash flow is $334 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $163k).
• It's been on market 956 days — a 12% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#28 in FL, #603 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Seminole (suburban): math 57% / reading 61% proficiency, ranked #13 of 73 in FL (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carillon Elementary School (math 67% / reading 72%, grade A-, #364 of 2,144 statewide, top 19%, 985 students, 29% FRL); Jackson Heights Middle School (math 70% / reading 68%, grade A, #68 of 571 statewide, top 12%, 1,472 students, 32% FRL); Hagerty High School (math 67% / reading 74%, grade B+, #55 of 667 statewide, top 8%, 2,495 students, 23% FRL).
• Market conditions: Rents flat; 450 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,979 units permitted in Seminole County in 2024 (1,191 in 5+ unit buildings).
• Seminole County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.8% vs local median 3.8% in University — 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

• It's been on market 956 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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.