2340 Washington Ave

Green Cove Springs, FL 32043

$197,000D

3 bd · 2.0 ba · 1,120 sqft · Built 1992 · Manufactured · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,571/mo
• Mortgage (P&I): −$1,033
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$330
• Net cashflow: $75/mo
• Annual: $905/yr
• Cap rate: 6.75%
• Cash-on-cash: 1.64%
• DSCR: 1.07
• 1% rule: 0.80%
• Cash to close: $55,160

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $197k.
• At list price, monthly cash flow is $75 ($905/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 $157k (20.3% below list).
• It's been on market 23 days — a 2% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $157k (20.3% 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 (#245 in FL, #3,868 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Clay (suburban): math 58% / reading 59% proficiency, ranked #14 of 73 in FL (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Charles E. Bennett Elementary School (math 41% / reading 39%, grade F, #1,491 of 2,144 statewide, top 70%, 624 students, 100% FRL); Green Cove Springs Junior High School (math 63% / reading 60%, grade B+, #124 of 571 statewide, top 22%, 799 students, 38% FRL); Clay High School (math 37% / reading 53%, grade D-, #228 of 667 statewide, top 35%, 1,666 students, 43% FRL) — zoned schools average 60% FRL vs 35% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 891 active listings in the ZIP; solid renter incomes; 1,876 units permitted in Clay County in 2024 (14 in 5+ unit buildings).
• Clay County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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 $13k; list at $197k implies a 1373% 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 4.2% in Green Cove Springs — 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

• 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.