1439 N Paris St

Bell, FL 32619

$999,999D-

2 bd · 2.0 ba · 2,730 sqft · Built 2007 · MultiFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,928/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$1,027
• HOA: −$0
• Vac / Maint / Mgmt: −$1,035
• Net cashflow: $-2,378/mo
• Annual: $-28,531/yr
• Cap rate: 3.44%
• Cash-on-cash: -10.19%
• DSCR: 0.55
• 1% rule: 0.49%
• Cash to close: $280,000

Investor read

• This is a 3 × 1-bed/?-bath units multifamily listed at $1000k.
• At list price, monthly cash flow is $-2k ($-29k/yr) — negative. Per door: $-793/mo.
• To cash-flow at today's rent, offer at most $580k (42.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $493k (50.7% below list).
• It's been on market 24 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $493k (50.7% below list) — sets the bar for 1% rule.
• In year one you build about $107k of equity ($7k loan paydown + $100k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#767 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, health & safety D, amenities F.
• Gilchrist (rural): math 66% / reading 61% proficiency, ranked #9 of 73 in FL (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bell Elementary School (math 71% / reading 60%, grade B+, #500 of 2,144 statewide, top 24%, 661 students, 58% FRL).
• Market conditions: 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 94 units permitted in Gilchrist County in 2024 (0 in 5+ unit buildings).
• Gilchrist County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $475k; list at $1000k implies a 111% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$171k 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.4% vs local median 4.9% in Bell — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.