3248 Richmond Dr

The Villages, FL 32162

$273,321B-

3 bd · 2.0 ba · 1,229 sqft · Built 2001 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,450/mo
• Mortgage (P&I): −$1,433
• Tax + insurance: −$368
• HOA: −$0
• Vac / Maint / Mgmt: −$724
• Net cashflow: $924/mo
• Annual: $11,086/yr
• Cap rate: 10.35%
• Cash-on-cash: 14.49%
• DSCR: 1.64
• 1% rule: 1.26%
• Cash to close: $76,530

Investor read

• This is a 3-bed/2.0-bath single-family listed at $273k.
• At list price, monthly cash flow is $924 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $273k).
• It's been on market 59 days — a 3% lower offer ($265k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $265k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#431 in FL) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, housing A; Watch: amenities F, commute F, health & safety F.
• Sumter (rural): math 61% / reading 61% proficiency, ranked #11 of 73 in FL (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.9%/yr); 550 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 3,961 units permitted in Sumter County in 2024 (248 in 5+ unit buildings).
• Sumter County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $26k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $273k implies a 95% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $77k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.3% vs local median 5.0% in The Villages — 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.
• At $3,450/mo this rent would consume 56% of the median local household income ($74k/yr) (locally 987% 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 59 days. Have you received any prior offers? Is the seller open to a 3% 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.