226 My St

Havana, FL 32333

$125,000B

3 bd · 2.0 ba · 1,248 sqft · Built 1987 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,505/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$115
• HOA: −$8
• Vac / Maint / Mgmt: −$316
• Net cashflow: $410/mo
• Annual: $4,918/yr
• Cap rate: 10.23%
• Cash-on-cash: 14.05%
• DSCR: 1.63
• 1% rule: 1.20%
• Cash to close: $35,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $125k.
• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• It's been on market 25 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#272 in FL, #4,420 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Gadsden (rural): math 31% / reading 31% proficiency, ranked #70 of 73 in FL (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 67 active listings in the ZIP; 107 units permitted in Gadsden County in 2024 (36 in 5+ unit buildings).
• Gadsden County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts; this cycle's ask has dropped $40k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $13k; list at $125k implies a 862% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.2% vs local median 4.1% in Havana — 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.