21170 SE 67th Pl

Morriston, FL 32668

$300,000D

4 bd · 2.0 ba · 1,512 sqft · Built 2004 · Manufactured · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,936/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$407
• Net cashflow: $-226/mo
• Annual: $-2,715/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.23%
• DSCR: 0.86
• 1% rule: 0.65%
• Cash to close: $84,000

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $300k.
• At list price, monthly cash flow is $-226 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (35.5% below list).
• It's been on market 51 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (35.5% below list) — sets the bar for 1% rule.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 44/100 on livability (#902 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Levy (rural): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Nature Coast Middle School (math 32% / reading 42%, grade F, #399 of 571 statewide, top 71%, 90 students, 82% FRL, charter) — zoned schools average 82% FRL vs 62% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 148 active listings in the ZIP; 199 units permitted in Levy County in 2024 (0 in 5+ unit buildings).
• Levy County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 20y 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.
• By year 2, paydown + projected appreciation supports a ~$52k 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; 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 5.4% vs local median 0.9% in Morriston — 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 51 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• 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.
• 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.