455 455th St

Manatee Road, FL 32680

$73,500B+

3 bd · 2.0 ba · 924 sqft · Built 2007 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,490/mo
• Mortgage (P&I): −$385
• Tax + insurance: −$122
• HOA: −$0
• Vac / Maint / Mgmt: −$313
• Net cashflow: $669/mo
• Annual: $8,033/yr
• Cap rate: 17.22%
• Cash-on-cash: 39.04%
• DSCR: 2.74
• 1% rule: 2.03%
• Cash to close: $20,580

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $74k. Condition is rated fair.
• At list price, monthly cash flow is $669 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $8k of equity ($508 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#815 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety D, schools F, amenities F.
• Dixie (rural): math 52% / reading 50% proficiency, ranked #36 of 73 in FL (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 262 active listings in the ZIP; 49 units permitted in Dixie County in 2024 (0 in 5+ unit buildings).
• Dixie County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 17.2% vs local median 4.8% in Manatee Road — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage visible
• Major: exterior siding — Weathered and damaged
• Minor: interior walls/paint — Chipped and worn