15299 N US Hwy 441

Reddick, FL 32686

$374,900D-

3 bd · 2.0 ba · 1,201 sqft · Built 2002 · MultiFamily · Pending · 255 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,886/mo
• Mortgage (P&I): −$1,966
• Tax + insurance: −$479
• HOA: −$0
• Vac / Maint / Mgmt: −$606
• Net cashflow: $-165/mo
• Annual: $-1,980/yr
• Cap rate: 5.76%
• Cash-on-cash: -1.89%
• DSCR: 0.92
• 1% rule: 0.77%
• Cash to close: $104,972

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $375k.
• At list price, monthly cash flow is $-165 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $346k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (23.0% below list).
• It's been on market 255 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $289k (23.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#845 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Reddick-Collier Elementary School (math 37% / reading 37%, grade F, #1,609 of 2,144 statewide, top 77%, 334 students, 67% FRL); North Marion Middle School (math 35% / reading 34%, grade F, #421 of 571 statewide, top 74%, 803 students, 72% FRL); North Marion High School (math 20% / reading 32%, grade F, #494 of 667 statewide, top 75%, 1,303 students, 66% FRL).
• Market conditions: 95 active listings in the ZIP; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 7y 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.
• Current owner paid $100k; list at $375k implies a 275% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major 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 5.8% vs local median 2.2% in Reddick — 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 255 days. Have you received any prior offers? Is the seller open to a 23% 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.