205 Starlight Ave

Interlachen, FL 32140

$5,000C-

3 bd · 2.0 ba · 1,216 sqft · Built 1997 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,240/mo
• Mortgage (P&I): −$26
• Tax + insurance: −$8
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $945/mo
• Annual: $11,345/yr
• Cap rate: 233.19%
• Cash-on-cash: 810.33%
• DSCR: 37.06
• 1% rule: 24.81%
• Cash to close: $1,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $5k.
• At list price, monthly cash flow is $945 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $5k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $206 of equity ($35 loan paydown + $171 appreciation (3.4% local appreciation)).
• Location reads 67/100 on livability (#540 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 111 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $1k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 233.2% vs local median 5.1% in Interlachen — 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

• 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?
• 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.