9860 5th Ave

Taft, FL 32824

$209,000D

2 bd · 2.0 ba · 918 sqft · Built 1972 · Manufactured · Pending · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,786/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$241
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $74/mo
• Annual: $892/yr
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• 1% rule: 0.85%
• Cash to close: $58,520

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $209k.
• At list price, monthly cash flow is $74 ($892/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 $179k (14.5% below list).
• It's been on market 136 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (14.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#275 in FL, #4,431 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, employment D-.
• Orange (suburban): math 46% / reading 51% proficiency, ranked #43 of 73 in FL (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sally Ride Elementary (math 52% / reading 47%, grade D, #1,088 of 2,144 statewide, top 53%, 406 students, 71% FRL); Judson B Walker Middle (math 31% / reading 31%, grade F, #462 of 571 statewide, top 81%, 933 students, 73% FRL); Cypress Creek High (math 20% / reading 44%, grade F, #415 of 667 statewide, top 63%, 3,467 students, 43% FRL).
• Market conditions: Rents soft (-0.2%/yr); 344 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 8,053 units permitted in Orange County in 2024 (3,133 in 5+ unit buildings).
• Orange County population projected at +52% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 136 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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.
• 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.