237 680th St

Fanning Springs, FL 32680

$160,000B-

3 bd · 2.0 ba · 1,586 sqft · Built 1996 · Manufactured · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,562/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$267
• HOA: −$0
• Vac / Maint / Mgmt: −$328
• Net cashflow: $128/mo
• Annual: $1,539/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.44%
• DSCR: 1.15
• 1% rule: 0.98%
• Cash to close: $44,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $160k. Condition is rated fair.
• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (2.4% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $156k (2.4% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#739 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools F, amenities F.
• Dixie (rural): math 52% / reading 50% proficiency, ranked #36 of 73 in FL (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 262 active listings in the ZIP; 49 units permitted in Dixie County in 2024 (0 in 5+ unit buildings).
• Dixie County population projected at -16% 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 $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 3.7% in Fanning Springs — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — The siding is visibly weathered and in need of replacement.
• Major: roof — The roof is not visible, but the home is a manufactured home, which often requires frequent roof maintenance or replacement.
• Major: landscaping — The landscaping is overgrown and in need of trimming and maintenance to improve curb appeal.
• Major: paint — The exterior appears to be in need of repainting to improve its appearance and protect the siding.
• Major: HVAC/mechanicals — The home is a manufactured home, which often requires regular HVAC maintenance and potential replacement of mechanical components due to age and wear.