17031 US-301 #118 Plan

Dade City North, FL 33523

$44,900A-

1 bd · 1.0 ba · 416 sqft · Built — · Manufactured · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,038/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$141
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $443/mo
• Annual: $5,316/yr
• Cap rate: 19.91%
• Cash-on-cash: 48.63%
• DSCR: 3.16
• 1% rule: 2.31%
• Cash to close: $12,572

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $45k. Condition is rated good.
• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• It's been on market 62 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($310 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 57/100 on livability (#849 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing A-; Watch: amenities F, commute F, employment F.
• Pasco (suburban): math 50% / reading 52% proficiency, ranked #32 of 73 in FL (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lacoochee Elementary School (math 47% / reading 32%, grade F, #1,513 of 2,144 statewide, top 73%, 286 students, 93% FRL); Pasco Middle School (math 38% / reading 38%, grade F, #388 of 571 statewide, top 69%, 903 students, 73% FRL); Pasco High School (math 40% / reading 40%, grade F, #296 of 667 statewide, top 45%, 1,639 students, 66% FRL) — zoned schools average 77% FRL vs 48% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 295 active listings in the ZIP; 6,765 units permitted in Pasco County in 2024 (1,250 in 5+ unit buildings).
• Pasco County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.