41 2nd St

Cortez, FL 34210

$67,000C+

1 bd · 1.0 ba · 300 sqft · Built 1967 · Manufactured · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,330/mo
• Mortgage (P&I): −$351
• Tax + insurance: −$547
• HOA: −$180
• Vac / Maint / Mgmt: −$279
• Net cashflow: $-28/mo
• Annual: $-330/yr
• Cap rate: 13.44%
• Cash-on-cash: 25.52%
• DSCR: 2.14
• 1% rule: 1.98%
• Cash to close: $18,760

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $67k.
• At list price, monthly cash flow is $-28 ($-330/yr) — negative.
• To cash-flow at today's rent, offer at most $62k (7.3% below list).
• Meets the 1% rule at list price ($1k rent vs $67k).
• It's been on market 19 days — a 2% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (7.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $463 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#486 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: cost of living C-, amenities F, health & safety F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sea Breeze Elementary School (math 48% / reading 43%, grade D-, #1,247 of 2,144 statewide, top 59%, 499 students, 74% FRL); W. D. Sugg Middle School (math 34% / reading 28%, grade F, #462 of 571 statewide, top 81%, 1,010 students, 72% FRL); Bayshore High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 1,435 students, 65% FRL) — zoned schools average 70% FRL vs 51% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 52% district-wide (-19 pts) — the specific schools serving this property underperform the Manatee average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents falling (-6.1%/yr); 556 active listings in the ZIP; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.
• Cap rate 13.4% vs local median 1.9% in Cortez — 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?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.