480 NE 64th Ave

Silver Springs, FL 34470

$139,000F

3 bd · 2.0 ba · 1,152 sqft · Built 1979 · Manufactured · Active · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,174/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$245
• HOA: −$150
• Vac / Maint / Mgmt: −$247
• Net cashflow: $-196/mo
• Annual: $-2,356/yr
• Cap rate: 4.60%
• Cash-on-cash: -6.05%
• DSCR: 0.73
• 1% rule: 0.84%
• Cash to close: $38,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $139k.
• At list price, monthly cash flow is $-196 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (24.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (15.5% below list).
• It's been on market 132 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (24.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• 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: Ward-Highlands Elementary School (math 60% / reading 55%, grade C+, #764 of 2,144 statewide, top 36%, 959 students, 59% FRL); Fort King Middle School (math 37% / reading 35%, grade F, #410 of 571 statewide, top 72%, 1,092 students, 71% FRL); Vanguard High School (math 22% / reading 48%, grade F, #379 of 667 statewide, top 58%, 1,661 students, 59% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents soft (-0.1%/yr); 300 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 4y ago 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate 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

• 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 132 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.