28 Basin St

Lorida, FL 33857

$85,000C

1 bd · 1.0 ba · 192 sqft · Built 1965 · Manufactured · Active · 188 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $825/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$79
• HOA: −$0
• Vac / Maint / Mgmt: −$173
• Net cashflow: $126/mo
• Annual: $1,518/yr
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• 1% rule: 0.97%
• Cash to close: $23,800

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $126 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $82k (3.0% below list).
• It's been on market 188 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($588 loan paydown + $699 appreciation (0.8% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Highlands (other): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lake Country Elementary School (math 57% / reading 54%, grade C, #855 of 2,144 statewide, top 41%, 685 students, 73% FRL); Lake Placid Middle School (math 42% / reading 33%, grade F, #395 of 571 statewide, top 70%, 621 students, 75% FRL); Lake Placid High School (math 36% / reading 35%, grade F, #367 of 667 statewide, top 57%, 868 students, 66% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: 58 active listings in the ZIP; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $14k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $85k implies a 750% gain — meaningful room to come down on a strong offer.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 188 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.