9759 SW 97th St

On Top of the World, FL 34481

$149,000D

2 bd · 2.0 ba · 1,376 sqft · Built 1999 · SingleFamily · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,580/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$128
• HOA: −$478
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-139/mo
• Annual: $-1,666/yr
• Cap rate: 5.17%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• 1% rule: 1.06%
• Cash to close: $41,720

Investor read

• This is a 2-bed/2.0-bath single-family listed at $149k.
• At list price, monthly cash flow is $-139 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (16.5% below list).
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 160 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (16.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Hammett Bowen Jr. Elementary School (math 56% / reading 56%, grade C+, #832 of 2,144 statewide, top 40%, 867 students, 54% FRL); Liberty Middle School (math 40% / reading 41%, grade F, #360 of 571 statewide, top 64%, 1,365 students, 54% FRL); West Port High School (math 34% / reading 52%, grade F, #255 of 667 statewide, top 39%, 2,906 students, 52% FRL).
• Watch-outs: HOA is 30% of rent.
• Market conditions: 1161 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 17y ago; this cycle's ask has dropped $47k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $149k implies a 198% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% vs local median 2.9% in On Top of the World — 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.
• This rent runs 33% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 160 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.