2399 NW 34th Pl

Lake Panasoffkee, FL 33538

$175,000C-

3 bd · 2.0 ba · 1,440 sqft · Built 1979 · Manufactured · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,570/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$615
• HOA: −$0
• Vac / Maint / Mgmt: −$330
• Net cashflow: $-292/mo
• Annual: $-3,508/yr
• Cap rate: 7.21%
• Cash-on-cash: 3.29%
• DSCR: 1.15
• 1% rule: 0.90%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $175k.
• At list price, monthly cash flow is $-292 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (29.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (10.3% below list).
• It's been on market 32 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (29.5% below list) — sets the bar for cash-flow.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (5.0% local appreciation)).
• Location reads 72/100 on livability (#332 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Sumter (rural): math 61% / reading 61% proficiency, ranked #11 of 73 in FL (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 86 active listings in the ZIP; 3,961 units permitted in Sumter County in 2024 (248 in 5+ unit buildings).
• Sumter County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 5.1% in Lake Panasoffkee — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.