1972 Lockey Ave

Sneads, FL 32460

$129,999C

4 bd · 1.0 ba · 1,152 sqft · Built 1974 · SingleFamily · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,317/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $216/mo
• Annual: $2,588/yr
• Cap rate: 8.28%
• Cash-on-cash: 7.11%
• DSCR: 1.32
• 1% rule: 1.01%
• Cash to close: $36,400

Investor read

• This is a 4-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• It's been on market 85 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($899 loan paydown + $260 appreciation (0.2% local appreciation)).
• Location reads 64/100 on livability (#682 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment F.
• Jackson (rural): math 47% / reading 54% proficiency, ranked #39 of 73 in FL (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 37 active listings in the ZIP; 153 units permitted in Jackson County in 2024 (40 in 5+ unit buildings).
• Jackson County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $130k implies a 373% gain — meaningful room to come down on a strong offer.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.