489 Swan Ln

West Vero Corridor, FL 32966

$24,900C-

2 bd · 2.0 ba · 1,152 sqft · Built 1983 · Manufactured · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,829/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$993
• Vac / Maint / Mgmt: −$384
• Net cashflow: $280/mo
• Annual: $3,355/yr
• Cap rate: 19.77%
• Cash-on-cash: 48.12%
• DSCR: 3.14
• 1% rule: 7.34%
• Cash to close: $6,972

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $25k.
• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• It's been on market 73 days — a 6% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $23k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#273 in FL, #4,421 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: schools F, amenities F, health & safety D-.
• Indian River (other): math 48% / reading 52% proficiency, ranked #35 of 73 in FL (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 54% of rent.
• Market conditions: Rents flat; 380 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 564 units permitted in Indian River County in 2024 (281 in 5+ unit buildings).
• Indian River County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask is 1461% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $7k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.8% vs local median 4.0% in West Vero Corridor — 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.
• This rent runs 33% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?