9950 SE 309th Ave

Pittman, FL 32702

$34,000B+

3 bd · 2.0 ba · 924 sqft · Built 1985 · Manufactured · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,174/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $692/mo
• Annual: $8,309/yr
• Cap rate: 30.73%
• Cash-on-cash: 87.28%
• DSCR: 4.88
• 1% rule: 3.45%
• Cash to close: $9,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $34k. Condition is rated poor.
• At list price, monthly cash flow is $692 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• It's been on market 18 days — a 2% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (1.5% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($235 loan paydown + $3k appreciation (10.0% local appreciation)).
• Location reads 52/100 on livability (#885 in FL) — a working-class tenant base; expect higher turnover. Strengths: crime A+; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Stanton-Weirsdale Elementary School (math 42% / reading 36%, grade F, #1,560 of 2,144 statewide, top 73%, 544 students, 70% FRL); Lake Weir Middle School (math 37% / reading 33%, grade F, #416 of 571 statewide, top 74%, 1,207 students, 76% FRL); Lake Weir High School (math 23% / reading 34%, grade F, #458 of 667 statewide, top 69%, 1,483 students, 68% FRL).
• Market conditions: 37 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.
• 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 $27k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed subfloor — Structural damage
• Major: Missing cabinets — Structural damage
• Major: Missing fixtures — Structural damage
• Major: Rusty metal siding — Structural damage
• Major: Structural damage — Structural damage