18585 N Highway 441

McIntosh, FL 32686

$599,000B-

None bd · 5.0 ba · 11,033 sqft · Built 1957 · MultiFamily · Active · 2347 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,300/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$998
• HOA: −$0
• Vac / Maint / Mgmt: −$2,793
• Net cashflow: $6,367/mo
• Annual: $76,409/yr
• Cap rate: 19.05%
• Cash-on-cash: 45.56%
• DSCR: 3.03
• 1% rule: 2.22%
• Cash to close: $167,720

Investor read

• This is a ?-bed/5.0-bath multifamily listed at $599k. Condition is rated poor.
• At list price, monthly cash flow is $6k ($76k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $599k).
• It's been on market 2347 days — a 12% lower offer ($527k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $527k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#632 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, 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.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 94 active listings in the ZIP; 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 since 21y ago; this cycle's ask has dropped $51k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/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 2347 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1957 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Major: fencing — The fencing is damaged and leaning, indicating a major repair is needed.
• Major: landscaping — The grass is overgrown and there is no visible landscaping, indicating a major landscaping project is needed.