147 2nd Way

Interlachen, FL 32148

$53,000B+

3 bd · 3.0 ba · 1,248 sqft · Built 1966 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$278
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $656/mo
• Annual: $7,869/yr
• Cap rate: 21.14%
• Cash-on-cash: 53.03%
• DSCR: 3.36
• 1% rule: 2.45%
• Cash to close: $14,840

Investor read

• This is a 3-bed/3.0-bath manufactured listed at $53k.
• At list price, monthly cash flow is $656 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $53k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $366 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#540 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Interlachen Jr-Sr High School (math 16% / reading 32%, grade F, #529 of 667 statewide, top 80%, 1,097 students, 71% FRL) — zoned schools at 71% FRL track the district average.
• Zoned-school proficiency averages 24% at this address vs 36% district-wide (-12 pts) — the specific schools serving this property underperform the Putnam average; the district grade overstates school quality for this exact location.
• Market conditions: 760 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $12k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $53k implies a 112% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.1% vs local median 5.1% in Interlachen — 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

• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.