5180 Lexington Cir

Wildwood, FL 34785

$224,000C

3 bd · 2.0 ba · 1,932 sqft · Built 1997 · Manufactured · Active · 235 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,489/mo
• Mortgage (P&I): −$1,175
• Tax + insurance: −$231
• HOA: −$0
• Vac / Maint / Mgmt: −$523
• Net cashflow: $560/mo
• Annual: $6,723/yr
• Cap rate: 9.29%
• Cash-on-cash: 10.72%
• DSCR: 1.48
• 1% rule: 1.11%
• Cash to close: $62,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $224k.
• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $224k).
• It's been on market 235 days — a 12% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#471 in FL) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, crime A-; Watch: amenities F, commute F, employment D-.
• Sumter (rural): math 61% / reading 61% proficiency, ranked #11 of 73 in FL (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wildwood Elementary School (math 49% / reading 52%, grade D+, #1,055 of 2,144 statewide, top 50%, 940 students, 76% FRL); South Sumter Middle School (math 55% / reading 54%, grade B-, #183 of 571 statewide, top 34%, 897 students, 61% FRL) — zoned schools average 68% FRL vs 51% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.9%/yr); 422 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 3,961 units permitted in Sumter County in 2024 (248 in 5+ unit buildings).
• Sumter County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $50k; list at $224k implies a 348% gain — meaningful room to come down on a strong offer.
• Cap rate 9.3% vs local median 3.9% in Wildwood — 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.
• At $2,489/mo this rent would consume 45% of the median local household income ($66k/yr) (locally 730% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 235 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.