119 Sanborn Rd · Carrabelle, FL 32322

$99,000

2 bd · 1.0 ba · 400 sqft · Manufactured public records · 72 Days on market

Built 1986 2.02 ac lot ↓ 9% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Situated on approximately two acres just outside the city limits, this property offers a great blend of privacy, natural beauty, and convenience. The land is adorned with beautiful, mature trees that provide shade and a peaceful setting, all within an established residential area. An older mobile home is currently on the property and is being sold as-is, offering potential for renovation or removal depending on your plans. Well, septic, and power are already in place, though they have not been inspected (buyer to verify condition and usability). The property lies within a mix of flood zones, with the majority of the acreage positioned on higher ground, providing flexibility for future use.

Key facts

• Mobile home
• Septic
• Well

Tags

• TWO ACRES
• MATURE TREES
• MOBILE HOME
• WELL
• SEPTIC
• POWER

Property features AI

Finance

• Other: Directions: Headed north on Hwy 67 turn left on to Sandborn Rd; property will be the two home site on the right

Exterior

• Parking: Driveway; 4 parking spaces
• Utilities: Well water; Septic tank; Electricity connected; Water connected; Sewer connected
• Home design: Manufactured home (mobile/manufactured); New construction; Residential property
• Construction: Metal siding
• Exterior features: Metal roof; Wooded lot; County road frontage; Lot dimensions approximately 293 x 300; Approximately 2.018 acres; Zoned for county, mobile home, and single-family residential

Interior

• Bathrooms: 1 full bathroom
• Interior features: One full bathroom

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $99k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $93k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 1.9% in Carrabelle — 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.

Location & tenants

• Location reads 69/100 on livability (#466 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, amenities F.
• Franklin (rural): math 33% / reading 38% proficiency, ranked #67 of 73 in FL (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 320 active listings in the ZIP; 113 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Franklin County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.48% ✓
• Cap rate: 12.00%
• Cash-on-cash: 20.37%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.6%
• Equity multiple: 1.22×
• Total profit: $6,046
• Equity at exit: $14,761

10-year hold

• IRR: 15.1%
• Equity multiple: 2.23×
• Total profit: $33,982
• Equity at exit: $8,560

Cash invested: $27,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32322

• Home prices YoY: -8.8%
• Active inventory: 320
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,462 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $345

Break-even live

Break-even rent $1,025

Max offer price $99,000

Occupancy floor 71%

Sensitivity live

Price	-10% $414	-5% $379	+0% $345	+5% $311	+10% $277
Rent	-10% $230	-5% $288	+0% $345	+5% $403	+10% $461
Rate	-1.0pp $395	-0.5pp $370	base $345	+0.5pp $320	+1.0pp $294

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $99,000 Active 72 DOM
2. 2026-06-18
   days on market $99,000 Active 71 DOM
3. 2026-06-17
   days on market $99,000 Active 70 DOM
4. 2026-06-16
   days on market $99,000 Active 69 DOM
5. 2026-06-15
   days on market $99,000 Active 68 DOM
6. 2026-06-14
   days on market $99,000 Active 66 DOM
7. 2026-06-13
   days on market $99,000 Active 65 DOM
8. 2026-06-10
   days on market $99,000 Active 63 DOM
9. 2026-06-09
   days on market $99,000 Active 62 DOM
10. 2026-06-08
    days on market $99,000 Active 61 DOM
11. 2026-06-07
    days on market $99,000 Active 60 DOM
12. 2026-06-05
    days on market $99,000 Active 57 DOM
13. 2026-06-03
    days on market $99,000 Active 56 DOM
14. 2026-06-02
    days on market $99,000 Active 55 DOM
15. 2026-06-01
    days on market $99,000 Active 54 DOM
16. 2026-05-31
    days on market $99,000 Active 53 DOM
17. 2026-05-30
    days on market $99,000 Active 52 DOM
18. 2026-05-15
    price $99,000
19. 2026-04-08
    status Active
20. 2026-04-07
    historical
21. 2026-04-07
    listed $109,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone A · 75% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,539
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$1,997
• − Repairs & maintenance: −$1,403
• − Management: −$1,403
• − Depreciation: −$2,880
• Taxable income: $2,824
• Est. tax owed @ 24.0%: −$678
• After-tax cash flow: $3,465/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Franklin
• NCES district ID: 1200570
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $39,084
• Composite: 29.7/100
• National rank: #6454
• State rank: #67 of 73 in FL

Livability — Carrabelle

• Score: 69/100
• State rank: #466
• US rank: #8398

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment D Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,348

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 11,827 people
• By 2030: 11,839 · +0.1%
• By 2040: 11,707 · -1.0%
• By 2050: 11,218 · -5.1%
• By 2075: 9,849 · -16.7%
• By 2100: 7,286 · -38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 1%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 7% French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+43.8) · D 27.7% · R 71.5%
• 2008→2024 swing: -15.9pp toward R · 2008: -27.9pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+37.3 2016: R+39.7 2012: R+31.5 2008: R+27.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.76%
• Current HPI: 185.16
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-9.2% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $99,000 RAFGC
• 2026-04-08 Relisted — RAFGC
• 2026-04-07 Delisted — RAFGC
• 2026-04-07 Listed $109,000 RAFGC

Property tax history

+0.0%/yr

Latest (2025): $50 · +0.0% YoY. Source: county tax records.