109 Greenwood Rd

Keystone Heights, FL 32140

$150,000C

3 bd · 2.0 ba · 1,440 sqft · Built 1999 · Manufactured · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,354/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$222
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $61/mo
• Annual: $736/yr
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• 1% rule: 0.90%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $61 ($736/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (9.7% below list).
• It's been on market 78 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (9.7% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.4% local appreciation)).
• Location reads 80/100 on livability (#109 in FL, #1,684 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 111 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y 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 $6k; list at $150k implies a 2400% gain — meaningful room to come down on a strong offer.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 3.7% in Keystone Heights — 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

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.