117 NE 249th Ave

Fanning Springs, FL 32680

$250,000D-

3 bd · 2.0 ba · 1,620 sqft · Built 1994 · Manufactured · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,555/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$253
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $-336/mo
• Annual: $-4,028/yr
• Cap rate: 4.68%
• Cash-on-cash: -5.75%
• DSCR: 0.74
• 1% rule: 0.62%
• Cash to close: $70,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $250k.
• At list price, monthly cash flow is $-336 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (23.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (37.8% below list).
• It's been on market 83 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (37.8% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#739 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools F, amenities F.
• Dixie (rural): math 52% / reading 50% proficiency, ranked #36 of 73 in FL (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 260 active listings in the ZIP; 49 units permitted in Dixie County in 2024 (0 in 5+ unit buildings).
• Dixie County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.7% vs local median 3.7% in Fanning Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 83 days. Have you received any prior offers? Is the seller open to a 38% 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.