4919 Mullette Ln · St. James City, FL 33956

$179,900

2 bd · 2.0 ba · 1,185 sqft · Manufactured public records · 37 Days on market

Built 1989

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 1989 manufactured home has 1185SF under air Plus two (2)Screened Enclosed Patio's which make this home a winner. The spacious L-Shaped Living/Dining Area, 2 Bedrooms & 2 Full Baths along with an inside laundry. Low maintenance landscaping so you can do what you came here to do, Boat, Fish Bike & have some FUN!!Fantastic Value, Furnished Turnkey and ready for immediate possession. Located in the Boating Community of Pine Island Cove a 55+ Resident owned and operated. Own YOUR own Land. Amenities include a Private Boat Ramp, Heated Pool, Spa, Shuffleboard & Boccie Ball Courts, R/V and Boat Storage on Site, Clubhouse, Picnic Area, Freshwater Lake and so much more. Call me today for a personal showing, pictures do not do this home justice!!

Key facts

• Freshwater lake
• R v and boat storage
• Private boat ramp

Tags

• SCREENED ENCLOSED PATIOS
• PRIVATE BOAT RAMP
• HEATED POOL
• BOCCIE BALL COURTS
• R V AND BOAT STORAGE
• FRESHWATER LAKE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $45 ($541/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.9% in St. James City — 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.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Lee (suburban): math 47% / reading 50% proficiency, ranked #42 of 73 in FL (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 287 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; list at $180k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.24%
• DSCR: 1.50
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.48×
• Total profit: $-26,009
• Equity at exit: $26,824

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-17,850
• Equity at exit: $15,554

Cash invested: $50,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33956

• Home prices YoY: -16.3%
• Active inventory: 287
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,123 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$187 /mo · $2,242/yr
• Insurance: −$75
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $45

Break-even live

Break-even rent $2,065

Max offer price $179,900

Occupancy floor 93%

Sensitivity live

Price	-10% $147	-5% $96	+0% $45	+5% $-6	+10% $-57
Rent	-10% $-123	-5% $-39	+0% $45	+5% $129	+10% $213
Rate	-1.0pp $136	-0.5pp $91	base $45	+0.5pp $-2	+1.0pp $-49

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7150 Cobiac Dr Saint James City, FL	2.0	2.0	826	$1,950	$2.36	25d	1	0.13mi
4944 Porky Ln Saint James City, FL	2.0	2.0	831	$1,600	$1.93	25d	1	0.24mi
4807 Flamingo Dr Saint James City, FL	3.0	2.0	1404	$3,500	$2.49	3d	1	0.48mi

Listing history 17 events

1. 2026-06-17
   days on market $179,900 Active 37 DOM
2. 2026-06-16
   days on market $179,900 Active 36 DOM
3. 2026-06-16
   days on market $179,900 Active 35 DOM
4. 2026-06-13
   days on market $179,900 Active 33 DOM
5. 2026-06-09
   days on market $179,900 Active 29 DOM
6. 2026-06-07
   days on market $179,900 Active 27 DOM
7. 2026-06-01
   days on market $179,900 Active 21 DOM
8. 2026-06-01
   days on market $179,900 Active 20 DOM
9. 2026-05-12
   listed $179,900 Active
10. 2026-04-30
    historical
11. 2025-10-14
    price $179,900
12. 2025-10-10
    listed $175,000 Active
13. 2016-04-26
    soldstatus $100,000
14. 2008-04-07
    soldstatus $100,000
15. 2008-04-02
    soldstatus $100,000 769-char remark

    Show marketing remark (769 chars)

    This 1989 manufactured home has 1185SF under air Plus two (2)Screened Enclosed Patio's which make this home a winner. The spacious L-Shaped Living/Dining Area, 2 Bedrooms & 2 Full Baths along with an inside laundry. Low maintenance landscaping so you can do what you came here to do, Boat, Fish Bike & have some FUN!!Fantastic Value, Furnished Turnkey and ready for immediate possession. Located in the Boating Community of Pine Island Cove a 55+ Resident owned and operated. Own YOUR own Land. Amenities include a Private Boat Ramp, Heated Pool, Spa, Shuffleboard & Boccie Ball Courts, R/V and Boat Storage on Site, Clubhouse, Picnic Area, Freshwater Lake and so much more. Call me today for a personal showing, pictures do not do this home justice!!

16. 2008-03-25
    price $115,000 769-char remark

    Show marketing remark (769 chars)

    This 1989 manufactured home has 1185SF under air Plus two (2)Screened Enclosed Patio's which make this home a winner. The spacious L-Shaped Living/Dining Area, 2 Bedrooms & 2 Full Baths along with an inside laundry. Low maintenance landscaping so you can do what you came here to do, Boat, Fish Bike & have some FUN!!Fantastic Value, Furnished Turnkey and ready for immediate possession. Located in the Boating Community of Pine Island Cove a 55+ Resident owned and operated. Own YOUR own Land. Amenities include a Private Boat Ramp, Heated Pool, Spa, Shuffleboard & Boccie Ball Courts, R/V and Boat Storage on Site, Clubhouse, Picnic Area, Freshwater Lake and so much more. Call me today for a personal showing, pictures do not do this home justice!!

17. 1990-12-27
    soldstatus $4,145,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,242 · $187/mo
• Projected year-2 tax: $2,242 · $187/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 6 d/yr ≥107°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,471
• − Mortgage interest: −$10,077
• − Property taxes: −$2,242
• − Insurance: −$6,018
• − Repairs & maintenance: −$2,038
• − Management: −$2,038
• − Depreciation: −$5,233
• Taxable loss: −$2,175
• Est. tax savings @ 24.0%: +$522
• After-tax cash flow: $1,063/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lee
• NCES district ID: 1201080
• Math proficiency: 47% ▼ -11.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $49,518
• Composite: 41.49/100
• National rank: #3458
• State rank: #42 of 73 in FL

Livability — St. James City

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. James City, FL
• Population (ZIP): 3,846

Population outlook (Lee County) Hauer SSP2

• Today (2025): 871,946 people
• By 2030: 955,468 · +9.6%
• By 2040: 1,113,587 · +27.7%
• By 2050: 1,256,891 · +44.1%
• By 2075: 1,560,270 · +78.9%
• By 2100: 1,726,848 · +98.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Pacific Islander 2% Hispanic / Latino 1%
• Common ancestry: Romanian 6% Slovak 4% Iranian 3%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · French/Haitian/Cajun 2% German/W. Germanic 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+28.4) · D 35.5% · R 63.9%
• 2008→2024 swing: -18.0pp toward R · 2008: -10.4pp · 2024: -28.4pp
• All cycles: 2024: R+28.4 2020: R+19.2 2016: R+20.4 2012: R+16.6 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.47%
• Current HPI: 300.1416
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-95.7% since first listed

9 events — show timeline

• 2026-05-12 Listed $179,900 FSBO.com
• 2026-04-30 Listing Removed — FORTMLS
• 2025-10-14 Price Changed $179,900 FORTMLS
• 2025-10-10 Listed $175,000 FORTMLS
• 2016-04-26 Sold (Public Records) $100,000 Public Records
• 2008-04-07 Sold (Public Records) $100,000 Public Records
• 2008-04-02 Sold (MLS) $100,000 FORTMLS
• 2008-03-25 Price Changed $115,000 FORTMLS
• 1990-12-27 Sold (Public Records) $4,145,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $2,242 · +14.0% YoY. Source: county tax records.