169 Jewel Ave

Interlachen, FL 32148

$126,000D+

3 bd · 2.0 ba · 1,680 sqft · Built 1985 · Manufactured · Pending · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,135/mo
• Mortgage (P&I): −$661
• Tax + insurance: −$268
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $-32/mo
• Annual: $-385/yr
• Cap rate: 7.18%
• Cash-on-cash: 3.17%
• DSCR: 1.14
• 1% rule: 0.90%
• Cash to close: $35,280

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $126k.
• At list price, monthly cash flow is $-32 ($-385/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (9.9% below list).
• It's been on market 110 days — a 9% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (9.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $871 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#540 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.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Robert H. Jenkins Jr Elementary School (math 34% / reading 32%, grade F, #1,773 of 2,144 statewide, top 83%, 904 students, 64% FRL); Putnam Academy of Arts And Sciences (math 42% / reading 52%, grade D+, #291 of 571 statewide, top 52%, 177 students, 75% FRL, charter); Interlachen Jr-Sr High School (math 16% / reading 32%, grade F, #529 of 667 statewide, top 80%, 1,097 students, 71% FRL) — zoned schools at 70% FRL track the district average.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 762 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $9k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $89k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 5.2% in Interlachen — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 110 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?