1012 Snowdown E

Lakeland, FL 33815

$232,000C

4 bd · 2.0 ba · 1,904 sqft · Built 2022 · Manufactured · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,168/mo
• Mortgage (P&I): −$1,217
• Tax + insurance: −$411
• HOA: −$0
• Vac / Maint / Mgmt: −$455
• Net cashflow: $85/mo
• Annual: $1,019/yr
• Cap rate: 6.73%
• Cash-on-cash: 1.57%
• DSCR: 1.07
• 1% rule: 0.93%
• Cash to close: $64,960

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $232k.
• At list price, monthly cash flow is $85 ($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 $217k (6.5% below list).
• It's been on market 38 days — a 3% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (6.5% below list) — sets the bar for 1% rule.
• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Location reads 77/100 on livability (#206 in FL, #3,179 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Polk (suburban): math 39% / reading 43% proficiency, ranked #62 of 73 in FL (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.1%/yr); 72 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,384 units permitted in Polk County in 2024 (1,716 in 5+ unit buildings).
• Polk County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $14k; list at $232k implies a 1557% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 6.1% rent growth), your $65k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k 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; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,168/mo this rent would consume 69% of the median local household income ($37k/yr) (locally 700% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 7% 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.
• 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.