21 San Lu Rue Ave #21

Berkshire Lakes, FL 34104

$174,999B-

2 bd · 2.0 ba · 1,300 sqft · Built 1980 · Manufactured · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,465/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$250
• Vac / Maint / Mgmt: −$518
• Net cashflow: $488/mo
• Annual: $5,853/yr
• Cap rate: 9.64%
• Cash-on-cash: 11.95%
• DSCR: 1.53
• 1% rule: 1.41%
• Cash to close: $49,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $175k. Condition is rated average.
• At list price, monthly cash flow is $488 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• It's been on market 111 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Collier (suburban): math 60% / reading 56% proficiency, ranked #16 of 73 in FL (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Poinciana Elementary School (math 64% / reading 63%, grade B, #564 of 2,144 statewide, top 27%, 507 students, 55% FRL); Naples High School (math 47% / reading 52%, grade D, #179 of 667 statewide, top 29%, 1,719 students, 39% FRL).
• Market conditions: Rents soft (-1.1%/yr); 436 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 41% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: roof — Light discoloration and minor damage visible
• Minor: exterior siding — Slight peeling and discoloration