3333 26th Ave E #1090

Bradenton, FL 34208

$99,900B-

2 bd · 1.5 ba · 490 sqft · Built 1990 · Manufactured · Active · 237 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,492/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$530
• HOA: −$200
• Vac / Maint / Mgmt: −$313
• Net cashflow: $-76/mo
• Annual: $-906/yr
• Cap rate: 10.51%
• Cash-on-cash: 15.06%
• DSCR: 1.67
• 1% rule: 1.49%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $100k.
• At list price, monthly cash flow is $-76 ($-906/yr) — negative.
• To cash-flow at today's rent, offer at most $87k (13.4% below list).
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 237 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (13.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#101 in FL, #1,528 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime D, amenities F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: William H. Bashaw Elementary (math 51% / reading 44%, grade D, #1,182 of 2,144 statewide, top 55%, 684 students, 69% FRL); Braden River Middle School (math 54% / reading 47%, grade C, #246 of 571 statewide, top 44%, 810 students, 58% FRL); Braden River High School (math 44% / reading 52%, grade D, #201 of 667 statewide, top 30%, 1,774 students, 45% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents falling (-5.4%/yr); 351 active listings in the ZIP; 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.5% vs local median 3.6% in Bradenton — 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

• 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 237 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.