27200 29th Rd

Fort White, FL 32008

$139,900C

3 bd · 2.0 ba · 920 sqft · Built 1989 · Manufactured · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,203/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $107/mo
• Annual: $1,279/yr
• Cap rate: 7.21%
• Cash-on-cash: 3.27%
• DSCR: 1.15
• 1% rule: 0.86%
• Cash to close: $39,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $107 ($1k/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 $120k (14.0% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $120k (14.0% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($967 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 69/100 on livability (#463 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: employment D, amenities F, commute 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.
• Market conditions: 105 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 $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k 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; major wildfire risk; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.2% vs local median 2.9% in Fort White — 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

• 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.