50989 Highway 27 #108

Four Corners, FL 33897

$152,000D

2 bd · 1.0 ba · 480 sqft · Built 1992 · Manufactured · Active · 319 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,493/mo
• Mortgage (P&I): −$797
• Tax + insurance: −$206
• HOA: −$230
• Vac / Maint / Mgmt: −$314
• Net cashflow: $-53/mo
• Annual: $-639/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• 1% rule: 0.98%
• Cash to close: $42,560

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $152k.
• At list price, monthly cash flow is $-53 ($-639/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (1.8% below list).
• It's been on market 319 days — a 12% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (12.0% below list) — sets the bar for market timing.
• In year one you build about $125 of equity ($1k loan paydown + $-926 appreciation (-0.6% local appreciation)).
• Location reads 69/100 on livability (#453 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: amenities F, health & safety 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: Citrus Ridge A Civics Academy (math 35% / reading 37%, grade F, #1,670 of 2,144 statewide, top 78%, 1,457 students, 48% FRL); Lake Alfred Polytech Academy (math 41% / reading 43%, grade D-, #340 of 571 statewide, top 61%, 645 students, 59% FRL); Davenport High School (2,333 students, 37% FRL).
• Market conditions: Rents soft (-2.7%/yr); 648 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 5 sale attempts; this cycle's ask is 10757% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $44k; list at $152k implies a 245% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.2% in Four Corners — 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

• 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 319 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?