425 SE 2nd St

Williston, FL 32696

$199,900D+

2 bd · 2.0 ba · 1,168 sqft · Built 1940 · SingleFamily · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,650/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$157
• HOA: −$0
• Vac / Maint / Mgmt: −$346
• Net cashflow: $98/mo
• Annual: $1,174/yr
• Cap rate: 6.88%
• Cash-on-cash: 2.10%
• DSCR: 1.09
• 1% rule: 0.83%
• Cash to close: $55,972

Investor read

• This is a 2-bed/2.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $98 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (17.5% below list).
• It's been on market 142 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (17.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#256 in FL, #4,045 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities D-, commute F.
• Levy (rural): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Joyce M. Bullock Elementary School (662 students, 70% FRL); Nature Coast Middle School (math 32% / reading 42%, grade F, #399 of 571 statewide, top 71%, 90 students, 82% FRL, charter); Williston Middle High School (math 44% / reading 36%, grade F, #296 of 667 statewide, top 45%, 1,119 students, 60% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 359 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 199 units permitted in Levy County in 2024 (0 in 5+ unit buildings).
• Levy County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Current owner paid $50k; list at $200k implies a 300% 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 6.9% vs local median 4.4% in Williston — 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 142 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.