6937 SE 23rd Ave

Ocala, FL 34480

$219,900D

2 bd · 2.0 ba · 1,226 sqft · Built 2025 · SingleFamily · Active · 177 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,510/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$317
• Net cashflow: $-158/mo
• Annual: $-1,895/yr
• Cap rate: 5.79%
• Cash-on-cash: -1.78%
• DSCR: 0.92
• 1% rule: 0.69%
• Cash to close: $61,572

Investor read

• This is a 2-bed/2.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $-158 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (31.3% below list).
• It's been on market 177 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (31.3% below list) — sets the bar for 1% rule.
• 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 (#476 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Shady Hill Elementary School (math 69% / reading 53%, grade B, #653 of 2,144 statewide, top 31%, 643 students, 56% FRL); Belleview Middle School (math 49% / reading 50%, grade C, #259 of 571 statewide, top 46%, 1,573 students, 60% FRL); Belleview High School (math 31% / reading 46%, grade F, #321 of 667 statewide, top 49%, 1,783 students, 56% FRL) — zoned schools at 57% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+2.8%/yr); 350 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $220k implies a 2035% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; 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 5.8% vs local median 4.1% in Ocala — 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 177 days. Have you received any prior offers? Is the seller open to a 31% 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.