106 Moon Bay St

Marco Shores-Hammock Bay, FL 34114

$249,900C

2 bd · 1.0 ba · 672 sqft · Built 1972 · Manufactured · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,309/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$634
• HOA: −$0
• Vac / Maint / Mgmt: −$485
• Net cashflow: $-120/mo
• Annual: $-1,444/yr
• Cap rate: 7.76%
• Cash-on-cash: 5.25%
• DSCR: 1.23
• 1% rule: 0.92%
• Cash to close: $69,972

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $250k.
• At list price, monthly cash flow is $-120 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (7.6% below list).
• It's been on market 79 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (8.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-1.5%/yr); year-one equity from $2k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Collier (suburban): math 60% / reading 56% proficiency, ranked #16 of 73 in FL (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Manatee Elementary School (math 58% / reading 51%, grade C, #892 of 2,144 statewide, top 44%, 584 students, 73% FRL); Manatee Middle School (math 61% / reading 43%, grade C+, #217 of 571 statewide, top 40%, 749 students, 64% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+3.2%/yr); 904 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $45k; list at $250k implies a 455% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 5→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 31% of the median local income ($89k/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 79 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?