461 NE 432nd Ave · Fanning Springs, FL 32680

$139,900

2 bd · 2.0 ba · 1,140 sqft · Manufactured public records · 146 Days on market

Built 1995 0.95 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.0/30.0
• Appreciation +10.0/10.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Well Maintained & Manicured! This is not your typical SWMH it is a very large 2 BR, 2 Bath open/split floor plan that features oversized master suite & large master bath, the eat in kitchen features large island sink/bar for entertaining that is open to the oversized living room, 8x24 screened front porch, 12x16 screened back porch with handicap ramp & herb garden. Other exterior features include garden area to sit and watch the butterflies play along with a fire pit, 10x10 storage/workshop, 2 car attached carport all on a fenced & gated . 95 acres on a dead end street. Within minutes to the beautiful Suwannee River at Turner Point Landing with boat launch and park. View Today!

Key facts

• Oversized vanity
• Split-floor plan
• Fully fenced

Tags

• FULLY FENCED
• TWO WELLS
• UPGRADED FLOORING
• SPLIT-FLOOR PLAN
• LARGE WALK-IN SHOWER
• OVERSIZED VANITY

Property features AI

Finance

• Other: Property sits on approximately 0.95 acre

Exterior

• Parking: Attached parking
• Utilities: Private well water
• Home design: Residential mobile home; Located in Forest Park Hills subdivision
• Construction: Aluminum siding; Metal roof
• Exterior features: Covered patio/porch; Level lot; Wooded lot; Workshop

Interior

• Kitchen: Refrigerator
• Bedrooms: Total rooms: 4
• Flooring: Laminate; Wood
• Bathrooms: 2 full bathrooms
• Interior features: Breakfast bar; Eat-in kitchen; Walk-in closet(s)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.7% in Fanning Springs — 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.

Location & tenants

• Location reads 63/100 on livability (#739 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools F, amenities F.
• Dixie (rural): math 52% / reading 50% proficiency, ranked #36 of 73 in FL (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 260 active listings in the ZIP; 49 units permitted in Dixie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($967 loan paydown + $14k appreciation (10.0% local appreciation)).
• Dixie County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $140k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); 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.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.30%
• DSCR: 1.41
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $66,120
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
164 NE 453rd Ave	0.43mi	2/1.0	1,128 (-1%)	2mo	$65,000	$58	73

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.2%
• Equity multiple: 3.24×
• Total profit: $87,579
• Equity at exit: $126,033

10-year hold

• IRR: 24.6%
• Equity multiple: 7.36×
• Total profit: $249,034
• Equity at exit: $271,795

Cash invested: $39,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32680

• Home prices YoY: 2.5%
• Active inventory: 260
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,465 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$62 /mo · $745/yr
• Insurance: −$58
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $178

Break-even live

Break-even rent $1,240

Max offer price $139,900

Occupancy floor 83%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $139,900 Active 146 DOM
2. 2026-06-17
   days on market $139,900 Active 145 DOM
3. 2026-06-16
   days on market $139,900 Active 144 DOM
4. 2026-06-15
   days on market $139,900 Active 143 DOM
5. 2026-06-13
   days on market $139,900 Active 141 DOM
6. 2026-06-12
   days on market $139,900 Active 140 DOM
7. 2026-06-09
   days on market $139,900 Active 137 DOM
8. 2026-06-08
   days on market $139,900 Active 136 DOM
9. 2026-06-07
   days on market $139,900 Active 135 DOM
10. 2026-06-07
    days on market $139,900 Active 134 DOM
11. 2026-06-04
    days on market $139,900 Active 131 DOM
12. 2026-06-02
    days on market $139,900 Active 130 DOM
13. 2026-06-01
    days on market $139,900 Active 129 DOM
14. 2026-05-31
    days on market $139,900 Active 128 DOM
15. 2026-05-31
    days on market $139,900 Active 127 DOM
16. 2026-05-07
    price $139,900
17. 2026-04-10
    price $144,900
18. 2026-02-11
    price $149,900
19. 2026-01-24
    listed $154,900 Active
20. 2025-12-03
    listed $159,900 Active
21. 2019-01-09
    soldstatus $55,000
22. 2018-12-19
    soldstatus $55,000 710-char remark

    Show marketing remark (710 chars)

    Well Maintained & Manicured! This is not your typical SWMH it is a very large 2 BR, 2 Bath open/split floor plan that features oversized master suite & large master bath, the eat in kitchen features large island sink/bar for entertaining that is open to the oversized living room, 8x24 screened front porch, 12x16 screened back porch with handicap ramp & herb garden. Other exterior features include garden area to sit and watch the butterflies play along with a fire pit, 10x10 storage/workshop, 2 car attached carport all on a fenced & gated . 95 acres on a dead end street. Within minutes to the beautiful Suwannee River at Turner Point Landing with boat launch and park. View Today!

23. 2018-10-04
    listed $59,900 710-char remark

    Show marketing remark (710 chars)

    Well Maintained & Manicured! This is not your typical SWMH it is a very large 2 BR, 2 Bath open/split floor plan that features oversized master suite & large master bath, the eat in kitchen features large island sink/bar for entertaining that is open to the oversized living room, 8x24 screened front porch, 12x16 screened back porch with handicap ramp & herb garden. Other exterior features include garden area to sit and watch the butterflies play along with a fire pit, 10x10 storage/workshop, 2 car attached carport all on a fenced & gated . 95 acres on a dead end street. Within minutes to the beautiful Suwannee River at Turner Point Landing with boat launch and park. View Today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $745 · $62/mo
• Projected year-2 tax: $1,161 · $97/mo
• Expected delta: +$417/yr (+$35/mo · 55.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone A · 77% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,582
• − Mortgage interest: −$7,837
• − Property taxes: −$745
• − Insurance: −$2,202
• − Repairs & maintenance: −$1,407
• − Management: −$1,407
• − Depreciation: −$4,070
• Taxable loss: −$84
• Est. tax savings @ 24.0%: +$20
• After-tax cash flow: $2,160/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Dixie
• NCES district ID: 1200450
• Math proficiency: 52% ▼ -3.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $34,799
• Composite: 42.18/100
• National rank: #3290
• State rank: #36 of 73 in FL

Livability — Fanning Springs

• Score: 63/100
• State rank: #739
• US rank: #15960

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D- Housing A+ Health & safety D User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,445

Population outlook (Dixie County) Hauer SSP2

• Today (2025): 15,122 people
• By 2030: 14,521 · -4.0%
• By 2040: 13,503 · -10.7%
• By 2050: 12,671 · -16.2%
• By 2075: 10,857 · -28.2%
• By 2100: 8,344 · -44.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Romanian 2% Slovak 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Dixie

• 2024 margin: Solid R (+70.4) · D 14.5% · R 84.9%
• 2008→2024 swing: -25.4pp toward R · 2008: -45.0pp · 2024: -70.4pp
• All cycles: 2024: R+70.4 2020: R+66.0 2016: R+63.2 2012: R+46.9 2008: R+45.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.22%
• Current HPI: 424.0037
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+133.6% since first listed

8 events — show timeline

• 2026-05-07 Price Changed $139,900 DGLMLS
• 2026-04-10 Price Changed $144,900 DGLMLS
• 2026-02-11 Price Changed $149,900 DGLMLS
• 2026-01-24 Listed $154,900 DGLMLS
• 2025-12-03 Listed $159,900 DGLMLS
• 2019-01-09 Sold (Public Records) $55,000 Public Records
• 2018-12-19 Sold (MLS) $55,000 DGLMLS
• 2018-10-04 Listed $59,900 DGLMLS

Property tax history

+10.7%/yr

Latest (2025): $745 · +4.3% YoY. Source: county tax records.