3509 SE 92nd St

Belleview, FL 34480

$138,000C+

3 bd · 2.0 ba · 1,056 sqft · Built 1988 · Manufactured · Pending · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,657/mo
• Mortgage (P&I): −$724
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $408/mo
• Annual: $4,900/yr
• Cap rate: 9.84%
• Cash-on-cash: 12.68%
• DSCR: 1.56
• 1% rule: 1.20%
• Cash to close: $38,640

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $138k.
• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• It's been on market 59 days — a 3% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#458 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Belleview Elementary School (math 48% / reading 44%, grade D-, #1,234 of 2,144 statewide, top 58%, 650 students, 73% FRL); Belleview High School (math 31% / reading 46%, grade F, #321 of 667 statewide, top 49%, 1,783 students, 56% FRL) — zoned schools at 65% FRL track the district average.
• Market conditions: Rents rising (+2.8%/yr); 344 active listings in the ZIP; solid renter incomes; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $22k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $138k implies a 97% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $39k cash investment doubles in ~10 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 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.8% vs local median 4.5% in Belleview — 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

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F 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?
• 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.