117 SE 298th St

Cross City, FL 32628

$114,900C-

2 bd · 2.0 ba · 784 sqft · Built 1990 · Manufactured · Active · 167 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $973/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $72/mo
• Annual: $862/yr
• Cap rate: 7.04%
• Cash-on-cash: 2.68%
• DSCR: 1.12
• 1% rule: 0.85%
• Cash to close: $32,172

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $72 ($862/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 $97k (15.3% below list).
• It's been on market 167 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (15.3% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($794 loan paydown + $5k appreciation (4.2% local appreciation)).
• Location reads 70/100 on livability (#412 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Dixie (rural): math 52% / reading 50% proficiency, ranked #36 of 73 in FL (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 47 active listings in the ZIP; 49 units permitted in Dixie County in 2024 (0 in 5+ unit buildings).
• Dixie County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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 $29k; list at $115k implies a 296% gain — meaningful room to come down on a strong offer.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% vs local median 4.0% in Cross 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 167 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• 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 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.