3 bd · 2.0 ba ·
1,352 sqft ·
Built 2018
· Manufactured
· Active
· 77 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,997/mo
Mortgage (P&I)
−$393
Tax + insurance
−$125
HOA
−$0
Vac / Maint / Mgmt
−$419
Net cashflow
$1,060/mo
Annual
$12,716/yr
Cap rate
23.27%
Cash-on-cash
60.63%
DSCR
3.70
1% rule
2.67%
Cash to close
$20,972
Investor read
This is a 3-bed/2.0-bath manufactured listed at $75k.
At list price, monthly cash flow is $1k ($13k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $75k).
It's been on market 77 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
Location reads 74/100 on livability (#273 in FL, #4,421 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: amenities F, health & safety D-.
Indian River (other): math 48% / reading 52% proficiency, ranked #35 of 73 in FL (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
Zoned schools: Dodgertown Elementary School (math 27% / reading 32%, grade F, #1,896 of 2,144 statewide, top 90%, 485 students, 78% FRL); Storm Grove Middle School (math 54% / reading 55%, grade B-, #183 of 571 statewide, top 34%, 1,020 students, 50% FRL); Vero Beach High School (math 28% / reading 43%, grade F, #367 of 667 statewide, top 57%, 2,847 students, 50% FRL).
Market conditions: Rents flat; 388 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
Indian River County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
2 sale attempts; this cycle's ask has dropped $15k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
At projected returns (-3.0% appreciation + 0.6% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
Cap rate 23.3% vs local median 4.0% in West Vero Corridor — 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.
This rent runs 36% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.
Questions for listing agent
It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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 F-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.
CashFlowRE · CFR-7NT7WX5KQ5V4AZ
· Data 2 weeks agocashflowre.app · 2026-05-29