15633 Fl-121

Raiford, FL 32083

$390,000B

2 bd · 2.0 ba · 700 sqft · Built 1980 · MultiFamily · Active · 408 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,682/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$422
• HOA: −$0
• Vac / Maint / Mgmt: −$983
• Net cashflow: $1,231/mo
• Annual: $14,773/yr
• Cap rate: 10.08%
• Cash-on-cash: 13.53%
• DSCR: 1.60
• 1% rule: 1.20%
• Cash to close: $109,200

Investor read

• This is a 5 × 2-bed/1.4-bath units multifamily listed at $390k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $246/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $390k).
• It's been on market 408 days — a 12% lower offer ($343k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $343k (12.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($3k loan paydown + $12k appreciation (3.0% local appreciation)).
• Location reads 57/100 on livability (#860 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D+, schools D, amenities F.
• Union (town): math 62% / reading 54% proficiency, ranked #17 of 73 in FL (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 9 active listings in the ZIP; 45 units permitted in Union County in 2024 (0 in 5+ unit buildings).
• Union County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $85k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $109k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 408 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.