2780 140th Ter

Lake City, FL 32024

$208,000C

3 bd · 2.0 ba · 1,216 sqft · Built 1995 · Manufactured · Pending · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,876/mo
• Mortgage (P&I): −$1,091
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$394
• Net cashflow: $238/mo
• Annual: $2,853/yr
• Cap rate: 7.66%
• Cash-on-cash: 4.90%
• DSCR: 1.22
• 1% rule: 0.90%
• Cash to close: $58,240

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $208k.
• At list price, monthly cash flow is $238 ($3k/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 $188k (9.8% below list).
• It's been on market 58 days — a 3% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (9.8% below list) — sets the bar for 1% rule.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#304 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, commute F, employment F.
• Suwannee (town): math 45% / reading 44% proficiency, ranked #52 of 73 in FL (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Suwannee Middle School (math 43% / reading 38%, grade F, #360 of 571 statewide, top 64%, 989 students, 64% FRL) — zoned schools at 64% FRL track the district average.
• Market conditions: 206 active listings in the ZIP; 138 units permitted in Suwannee County in 2024 (0 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $58k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe 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 7.7% vs local median 3.8% in Lake 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.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.