The Champion Plan

St. Augustine Shores, FL 32086

$235,900F

3 bd · 2.0 ba · 1,144 sqft · Built — · Manufactured · Active · 360 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,013/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$533
• HOA: −$0
• Vac / Maint / Mgmt: −$423
• Net cashflow: $-621/mo
• Annual: $-7,452/yr
• Cap rate: 3.96%
• Cash-on-cash: -8.32%
• DSCR: 0.63
• 1% rule: 0.63%
• Cash to close: $89,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $236k.
• At list price, monthly cash flow is $-621 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (14.7% below list).
• It's been on market 360 days — a 12% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $201k (14.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• St. Johns (rural): math 75% / reading 73% proficiency, ranked #2 of 73 in FL (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 400 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,575 units permitted in St. Johns County in 2024 (584 in 5+ unit buildings).
• St. Johns County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• This rent runs 32% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 360 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.