9 Lafitte Dr

Laurel, FL 34275

$129,900B-

2 bd · 2.0 ba · 1,055 sqft · Built 1979 · Manufactured · Active · 200 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,705/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$575
• HOA: −$143
• Vac / Maint / Mgmt: −$358
• Net cashflow: $-53/mo
• Annual: $-630/yr
• Cap rate: 9.75%
• Cash-on-cash: 12.34%
• DSCR: 1.55
• 1% rule: 1.31%
• Cash to close: $36,372

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $-53 ($-630/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (7.1% below list).
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 200 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#529 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A-; Watch: cost of living D, amenities F, commute F.
• Sarasota (urban): math 63% / reading 63% proficiency, ranked #7 of 73 in FL (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Laurel Nokomis School (math 78% / reading 73%, grade A, #211 of 2,144 statewide, top 10%, 1,411 students, 35% FRL); Venice Senior High School (math 67% / reading 61%, grade B-, #86 of 667 statewide, top 13%, 2,584 students, 31% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents falling (-4.0%/yr); 752 active listings in the ZIP; solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $30k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 200 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?