1398 Ibis Dr

Englewood, FL 34224

$115,000C+

3 bd · 1.5 ba · 588 sqft · Built 1970 · Manufactured · Active · 229 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,314/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$551
• HOA: −$8
• Vac / Maint / Mgmt: −$276
• Net cashflow: $-124/mo
• Annual: $-1,489/yr
• Cap rate: 9.45%
• Cash-on-cash: 11.27%
• DSCR: 1.50
• 1% rule: 1.14%
• Cash to close: $32,200

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $115k.
• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $93k (19.1% below list).
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 229 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (19.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#321 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, health & safety A; Watch: employment C-, amenities F, commute F.
• Charlotte (suburban): math 54% / reading 54% proficiency, ranked #22 of 73 in FL (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Myakka River Elementary School (math 65% / reading 60%, grade B, #601 of 2,144 statewide, top 28%, 608 students, 51% FRL); L. A. Ainger Middle School (math 65% / reading 53%, grade B, #144 of 571 statewide, top 26%, 720 students, 40% FRL); Lemon Bay High School (math 50% / reading 56%, grade C-, #148 of 667 statewide, top 23%, 1,360 students, 28% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents soft (-0.1%/yr); 742 active listings in the ZIP; 4,585 units permitted in Charlotte County in 2024 (703 in 5+ unit buildings).
• Charlotte County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $32k; list at $115k implies a 254% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.4% vs local median 3.8% in Englewood — 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 229 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?