1914 Regina Dr

Lake Alfred, FL 33850

$107,900B-

2 bd · 2.0 ba · 924 sqft · Built 1989 · Manufactured · Pending · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,576/mo
• Mortgage (P&I): −$566
• Tax + insurance: −$114
• HOA: −$6
• Vac / Maint / Mgmt: −$331
• Net cashflow: $559/mo
• Annual: $6,709/yr
• Cap rate: 12.51%
• Cash-on-cash: 22.21%
• DSCR: 1.99
• 1% rule: 1.46%
• Cash to close: $30,212

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $108k.
• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $108k).
• It's been on market 59 days — a 3% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $746 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#363 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Walter Caldwell Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 895 students, 58% FRL); Lake Alfred Polytech Academy (math 41% / reading 43%, grade D-, #340 of 571 statewide, top 61%, 645 students, 59% FRL); Auburndale Senior High School (math 25% / reading 31%, grade F, #464 of 667 statewide, top 70%, 1,716 students, 53% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: 280 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $36k; list at $108k implies a 196% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~6 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 31% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.