5658 Charter Cir

Midway, FL 32563

$235,900D+

3 bd · 2.0 ba · 1,512 sqft · Built 1997 · Manufactured · Active · 251 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,246/mo
• Mortgage (P&I): −$1,237
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$472
• Net cashflow: $256/mo
• Annual: $3,070/yr
• Cap rate: 7.59%
• Cash-on-cash: 4.65%
• DSCR: 1.21
• 1% rule: 0.95%
• Cash to close: $66,052

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $236k.
• At list price, monthly cash flow is $256 ($3k/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 $225k (4.8% below list).
• It's been on market 251 days — a 12% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $208k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Santa Rosa (suburban): math 63% / reading 60% proficiency, ranked #8 of 73 in FL (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oriole Beach Elementary School (math 76% / reading 72%, grade A, #249 of 2,144 statewide, top 12%, 799 students, 32% FRL); Gulf Breeze High School (math 67% / reading 69%, grade B, #66 of 667 statewide, top 10%, 1,978 students, 21% FRL).
• Market conditions: Rents rising fast (+4.6%/yr); 453 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,983 units permitted in Santa Rosa County in 2024 (128 in 5+ unit buildings).
• Santa Rosa County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y ago 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.6% vs local median 4.1% in Midway — 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 251 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.
• 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.