192 SE Ashe Way

Madison, FL 32340

$130,000C+

5 bd · 3.0 ba · 2,310 sqft · Built 2015 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,397/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$264
• HOA: −$0
• Vac / Maint / Mgmt: −$293
• Net cashflow: $158/mo
• Annual: $1,891/yr
• Cap rate: 8.36%
• Cash-on-cash: 7.39%
• DSCR: 1.33
• 1% rule: 1.07%
• Cash to close: $36,400

Investor read

• This is a 5-bed/3.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• It's been on market 41 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($899 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#437 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: housing D+, amenities F, commute F.
• Madison (rural): math 39% / reading 40% proficiency, ranked #64 of 73 in FL (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Madison County Central School (math 26% / reading 29%, grade F, #1,962 of 2,144 statewide, top 92%, 846 students, 80% FRL); Madison County High School (math 27% / reading 32%, grade F, #447 of 667 statewide, top 68%, 468 students, 59% FRL) — zoned schools at 70% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 97 active listings in the ZIP; 31 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• Madison County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; severe 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 8.4% vs local median 2.6% in Madison — 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 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.