*Callaway Plan

Orlando, FL 32822

$183,900D-

2 bd · 2.0 ba · 1,564 sqft · Built — · Manufactured · Active · 204 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,372/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $-506/mo
• Annual: $-6,066/yr
• Cap rate: 3.66%
• Cash-on-cash: -9.42%
• DSCR: 0.58
• 1% rule: 0.60%
• Cash to close: $64,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $184k. Condition is rated excellent.
• At list price, monthly cash flow is $-506 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (25.4% below list).
• It's been on market 204 days — a 12% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (25.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#12 in FL, #360 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ventura Elementary (math 26% / reading 34%, grade F, #1,882 of 2,144 statewide, top 88%, 596 students, 66% FRL); Liberty Middle (math 34% / reading 40%, grade F, #399 of 571 statewide, top 71%, 915 students, 66% FRL); Colonial High (math 16% / reading 33%, grade F, #505 of 667 statewide, top 79%, 3,442 students, 62% FRL).
• Zoned-school proficiency averages 30% at this address vs 48% district-wide (-18 pts) — the specific schools serving this property underperform the Orange average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.7%/yr); 576 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 31d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

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 204 days. Have you received any prior offers? Is the seller open to a 25% 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.