1532 Nassau St

Lynn Haven, FL 32409

$173,000C+

2 bd · 2.0 ba · 1,296 sqft · Built 2018 · Manufactured · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,785/mo
• Mortgage (P&I): −$907
• Tax + insurance: −$154
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $349/mo
• Annual: $4,186/yr
• Cap rate: 8.71%
• Cash-on-cash: 8.64%
• DSCR: 1.38
• 1% rule: 1.03%
• Cash to close: $48,440

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $173k.
• At list price, monthly cash flow is $349 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $173k).
• It's been on market 81 days — a 6% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (6.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (9.1% local appreciation)).
• Location reads 81/100 on livability (#96 in FL, #1,472 nationally) — a professional / high-income tenant draw. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities D+, commute F.
• Bay (suburban): math 51% / reading 51% proficiency, ranked #29 of 73 in FL (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southport Elementary School (math 47% / reading 57%, grade C-, #990 of 2,144 statewide, top 48%, 506 students, 52% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 301 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $95k; list at $173k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (9.1% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.7% vs local median 3.5% in Lynn Haven — 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 81 days. Have you received any prior offers? Is the seller open to a 6% 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?
• 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.