1415 NE Cedar St

Steinhatchee, FL 32359

$179,000D-

3 bd · 2.0 ba · 1,296 sqft · Built 2006 · Manufactured · Active · 226 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,187/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$265
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $-266/mo
• Annual: $-3,188/yr
• Cap rate: 4.51%
• Cash-on-cash: -6.36%
• DSCR: 0.72
• 1% rule: 0.66%
• Cash to close: $50,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $179k.
• At list price, monthly cash flow is $-266 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (26.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (33.7% below list).
• It's been on market 226 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (33.7% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($1k loan paydown + $1k appreciation (0.7% local appreciation)).
• Location reads 63/100 on livability (#708 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime C-, housing D, amenities F.
• Taylor (rural): math 44% / reading 42% proficiency, ranked #59 of 73 in FL (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Taylor County Primary School (646 students, 70% FRL); Taylor County Middle School (math 50% / reading 47%, grade C-, #274 of 571 statewide, top 50%, 627 students, 64% FRL); Taylor County High School (math 28% / reading 44%, grade F, #359 of 667 statewide, top 55%, 641 students, 61% FRL) — zoned schools at 65% FRL track the district average.
• Market conditions: 210 active listings in the ZIP; 48 units permitted in Taylor County in 2024 (0 in 5+ unit buildings).
• Taylor County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $30k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→23/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 226 days. Have you received any prior offers? Is the seller open to a 34% 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.