4181 Apple White St

Greenwood, FL 32443

$130,000B

9 bd · 3.9 ba · 18,013 sqft · Built 1943 · MultiFamily · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,177/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$219
• HOA: −$0
• Vac / Maint / Mgmt: −$877
• Net cashflow: $2,399/mo
• Annual: $28,785/yr
• Cap rate: 28.44%
• Cash-on-cash: 79.08%
• DSCR: 4.52
• 1% rule: 3.21%
• Cash to close: $36,400

Investor read

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $130k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $800/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $130k).
• It's been on market 113 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• In year one you build about $123 of equity ($899 loan paydown + $-776 appreciation (-0.6% local appreciation)).
• Location reads 66/100 on livability (#625 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D+, health & safety D.
• Jackson (rural): math 47% / reading 54% proficiency, ranked #39 of 73 in FL (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 153 units permitted in Jackson County in 2024 (40 in 5+ unit buildings).
• Jackson County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/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 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?