46 Carlton Ave #4

Carrabelle, FL 32323

$92,000D

2 bd · 1.0 ba · 614 sqft · Built 1943 · Townhouse · Active · 105 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $920/mo
• Mortgage (P&I): −$596
• Tax + insurance: −$189
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $-58/mo
• Annual: $-698/yr
• Cap rate: 5.68%
• Cash-on-cash: -2.19%
• DSCR: 0.90
• 1% rule: 0.81%
• Cash to close: $31,805

Investor read

• This is a 2-bed/1.0-bath townhouse listed at $92k.
• At list price, monthly cash flow is $-58 ($-698/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($920 rent vs $92k).
• It's been on market 105 days — a 9% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($786 loan paydown + $1k appreciation (1.2% local appreciation)).
• 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.
• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 73 active listings in the ZIP; 113 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• Climate carrying-cost: 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 5.7% 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.

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?
• It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.