14388 NE 116th Ter

Lake Kerr, FL 32134

$129,000C-

2 bd · 2.0 ba · 728 sqft · Built 2020 · Manufactured · Active · 591 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,337/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$221
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $159/mo
• Annual: $1,904/yr
• Cap rate: 7.77%
• Cash-on-cash: 5.27%
• DSCR: 1.23
• 1% rule: 1.04%
• Cash to close: $36,120

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $129k.
• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• It's been on market 591 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 299 active listings in the ZIP; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $36k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $5k; list at $129k implies a 2480% gain — meaningful room to come down on a strong offer.
• Cap rate 7.8% vs local median 5.8% in Lake Kerr — 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 591 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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.