2224 CA D Oro Dr

Palmer Ranch, FL 34238

$139,900B-

2 bd · 2.0 ba · 959 sqft · Built 1973 · Manufactured · Active · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,831/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$153
• HOA: −$190
• Vac / Maint / Mgmt: −$385
• Net cashflow: $370/mo
• Annual: $4,439/yr
• Cap rate: 9.47%
• Cash-on-cash: 11.33%
• DSCR: 1.50
• 1% rule: 1.31%
• Cash to close: $39,172

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 96 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• In year one you build about $186 of equity ($967 loan paydown + $-781 appreciation (-0.6% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Sarasota (urban): math 63% / reading 63% proficiency, ranked #7 of 73 in FL (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents falling (-8.2%/yr); 488 active listings in the ZIP; solid renter incomes; 7,466 units permitted in Sarasota County in 2024 (2,138 in 5+ unit buildings).
• Sarasota County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $100k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-0.6% appreciation + 0.0% rent growth), your $39k cash investment doubles in ~9 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 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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.
• 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.