808 W Main St Unit n/a

Perry, FL 32347

$460,000B-

72 bd · 64.0 ba · 3,750 sqft · Built 1948 · MultiFamily · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,272/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$767
• HOA: −$0
• Vac / Maint / Mgmt: −$1,317
• Net cashflow: $1,776/mo
• Annual: $21,311/yr
• Cap rate: 10.93%
• Cash-on-cash: 16.55%
• DSCR: 1.74
• 1% rule: 1.36%
• Cash to close: $128,800

Investor read

• This is a 7×1bd/1ba + 1×2bd/1ba units multifamily listed at $460k. Condition is rated poor.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $460k).
• It's been on market 98 days — a 9% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $419k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#420 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Taylor (rural): math 44% / reading 42% proficiency, ranked #59 of 73 in FL (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 51 active listings in the ZIP; 48 units permitted in Taylor County in 2024 (0 in 5+ unit buildings).
• Taylor County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $129k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.9% vs local median 3.6% in Perry — 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 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1948 — 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible damage and wear.
• Major: exterior siding — The exterior siding and paint are in poor condition, with visible wear and tear.
• Major: flooring — The flooring appears to be in poor condition, with visible wear and tear.
• Major: interior walls — The interior walls appear to be in poor condition, with visible wear and tear.
• Major: HVAC/mechanicals — The HVAC and mechanical systems appear to be in poor condition, with visible wear and tear.