360 SE 209th Ave

Fanning Springs, FL 32680

$100,000B

2 bd · 1.0 ba · 728 sqft · Built 1992 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,319/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$568
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $-50/mo
• Annual: $-602/yr
• Cap rate: 10.81%
• Cash-on-cash: 16.13%
• DSCR: 1.72
• 1% rule: 1.32%
• Cash to close: $28,000

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $-50 ($-602/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (8.9% below list).
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 25 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (8.9% below list) — sets the bar for cash-flow.
• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#739 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing 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.
• Watch-outs: flood insurance adds $427/mo.
• 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.
• 2 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $30k; list at $100k implies a 231% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.8% vs local median 3.7% in Fanning Springs — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.