21835 NW Lake Mckenzie Blvd

Altha, FL 32421

$169,900D-

3 bd · 2.0 ba · 1,155 sqft · Built 2020 · Manufactured · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,090/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $-141/mo
• Annual: $-1,692/yr
• Cap rate: 5.30%
• Cash-on-cash: -3.56%
• DSCR: 0.84
• 1% rule: 0.64%
• Cash to close: $47,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $170k.
• At list price, monthly cash flow is $-141 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (35.8% below list).
• It's been on market 109 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (35.8% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (5.1% local appreciation)).
• Location reads 55/100 on livability (#876 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime D, amenities F, commute F.
• Calhoun (rural): math 52% / reading 55% proficiency, ranked #27 of 73 in FL (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carr Elementary & Middle School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 228 students, 60% FRL); Blountstown High School (math 58% / reading 56%, grade C, #127 of 667 statewide, top 19%, 695 students, 55% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 59 active listings in the ZIP; 30 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• Calhoun County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $19k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 4, paydown + projected appreciation supports a ~$33k 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; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 109 days. Have you received any prior offers? Is the seller open to a 36% 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.