106 W Manitoba St · Interlachen, FL 32140

$119,500

2 bd · 2.0 ba · 1,232 sqft · Manufactured public records · 69 Days on market

Built 2018 0.58 ac lot Est $128k · 7% under ↓ 8% since listing

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.9/30.0
• ARV discount +10.5/15.0
• Appreciation +6.7/10.0
• DSCR +6.6/10.0
• 1% rule +4.7/10.0
• Livability +3.4/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Beautiful oak trees & Convivence! Own a beautiful, fully updated 2-bedroom 2 bath single-wide on a private . 6-acre lot surrounded by mature oaks. Remodeled inside--move-in ready! Enjoy peaceful, low-maintenance living with easy, short commutes to both Gainesville and St. Augustine. No HOA. Great location! Seller offering $1500moving credit with On Time Moving.

Key facts

• Private lot
• Mature oaks
• Great location

Tags

• REMODELED HOME
• PRIVATE LOT
• MATURE OAKS
• LOW MAINTENANCE LIVING
• GREAT LOCATION

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Carport; Other parking
• Utilities: Septic tank; Electricity connected
• Home design: Single wide mobile home; One story; Property is attached
• Exterior features: Private road frontage; 0.6-acre lot

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Kitchen island; Split bedroom layout; Walk-in closet(s)
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (2.7% below list).
• Recommended offer: $112k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 5.1% in Interlachen — 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.

Location & tenants

• Location reads 67/100 on livability (#540 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Melrose Elementary School (math 62% / reading 57%, grade B-, #690 of 2,144 statewide, top 34%, 376 students, 49% FRL); Putnam Academy of Arts And Sciences (math 42% / reading 52%, grade D+, #291 of 571 statewide, top 52%, 177 students, 75% FRL, charter); Interlachen Jr-Sr High School (math 16% / reading 32%, grade F, #529 of 667 statewide, top 80%, 1,097 students, 71% FRL).
• Market conditions: 111 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($826 loan paydown + $4k appreciation (3.4% local appreciation)).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($112k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,330 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $128,128
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 S Olive Ave	0.69mi	3/2.0 (+1)	1,294 (+5%)	23mo	$135,000	$104	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.43% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.1%
• Equity multiple: 1.83×
• Total profit: $27,676
• Equity at exit: $56,647

10-year hold

• IRR: 15.7%
• Equity multiple: 3.40×
• Total profit: $80,361
• Equity at exit: $89,637

Cash invested: $33,460 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32140

• Home prices YoY: 1.6%
• Active inventory: 111
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,163 medium
• Mortgage (P&I): −$627
• Tax from tax record: −$77 /mo · $918/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $166

Break-even live

Break-even rent $953

Max offer price $119,500

Occupancy floor 81%

Sensitivity live

Price	-10% $234	-5% $200	+0% $166	+5% $132	+10% $98
Rent	-10% $74	-5% $120	+0% $166	+5% $212	+10% $258
Rate	-1.0pp $226	-0.5pp $196	base $166	+0.5pp $135	+1.0pp $103

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $119,500 Active 69 DOM
2. 2026-06-18
   days on market $119,500 Active 66 DOM
3. 2026-06-17
   days on market $119,500 Active 65 DOM
4. 2026-06-16
   pricedays on market $119,500 Active 64 DOM
5. 2026-06-15
   days on market $119,900 Active 63 DOM
6. 2026-06-13
   days on market $119,900 Active 61 DOM
7. 2026-06-09
   days on market $119,900 Active 57 DOM
8. 2026-06-08
   days on market $119,900 Active 56 DOM
9. 2026-06-07
   days on market $119,900 Active 55 DOM
10. 2026-06-05
    days on market $119,900 Active 52 DOM
11. 2026-06-03
    days on market $119,900 Active 51 DOM
12. 2026-06-02
    days on market $119,900 Active 50 DOM
13. 2026-06-01
    days on market $119,900 Active 49 DOM
14. 2026-05-31
    days on market $119,900 Active 48 DOM
15. 2026-05-20
    price $119,900
16. 2026-04-29
    price $127,900
17. 2026-04-13
    listed $129,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $918 · $77/mo
• Projected year-2 tax: $992 · $83/mo
• Expected delta: +$73/yr (+$6/mo · 8.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,958
• − Mortgage interest: −$6,694
• − Property taxes: −$918
• − Insurance: −$598
• − Repairs & maintenance: −$1,117
• − Management: −$1,117
• − Depreciation: −$3,476
• Taxable income: $39
• Est. tax owed @ 24.0%: −$9
• After-tax cash flow: $1,982/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Putnam
• NCES district ID: 1201620
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 39% ▼ -4.00%
• Median HH income: $33,350
• Composite: 29.99/100
• National rank: #6361
• State rank: #66 of 73 in FL

Livability — Interlachen

• Score: 67/100
• State rank: #540
• US rank: #10162

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 11,580
• Population (ZIP): 1,558

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 65,299 people
• By 2030: 61,255 · -6.2%
• By 2040: 52,930 · -18.9%
• By 2050: 45,051 · -31.0%
• By 2075: 28,720 · -56.0%
• By 2100: 15,852 · -75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 7% Black 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 3% Romanian 2% Italian 2%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -28.5pp toward R · 2008: -19.3pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+41.2 2016: R+36.6 2012: R+24.5 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.43%
• Current HPI: 214.5041
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-7.7% since first listed

3 events — show timeline

• 2026-05-20 Price Changed $119,900 realMLS
• 2026-04-29 Price Changed $127,900 realMLS
• 2026-04-13 Listed $129,900 realMLS

Property tax history

+4.3%/yr

Latest (2025): $918 · -29.2% YoY. Source: county tax records.