2304 NW 177th Ave

La Crosse, FL 32609

$199,000C-

3 bd · 2.0 ba · 1,954 sqft · Built 1918 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,919/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$403
• Net cashflow: $257/mo
• Annual: $3,080/yr
• Cap rate: 7.84%
• Cash-on-cash: 5.53%
• DSCR: 1.25
• 1% rule: 0.96%
• Cash to close: $55,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (3.6% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $192k (3.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#770 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime C-, health & safety D, amenities F.
• Alachua (urban): math 49% / reading 54% proficiency, ranked #30 of 73 in FL (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: W. W. Irby Elementary School (379 students, 66% FRL); A. L. Mebane Middle School (math 36% / reading 40%, grade F, #388 of 571 statewide, top 69%, 332 students, 61% FRL); Santa Fe High School (math 35% / reading 56%, grade D-, #223 of 667 statewide, top 34%, 1,154 students, 47% FRL).
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.0%/yr); 111 active listings in the ZIP; 1,774 units permitted in Alachua County in 2024 (984 in 5+ unit buildings).
• Alachua County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $65k; list at $199k implies a 206% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $1,919/mo this rent would consume 47% of the median local household income ($49k/yr) (locally 1037% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.