86081 John St

Yulee, FL 32097

$235,000D

3 bd · 2.0 ba · 1,152 sqft · Built 1998 · Manufactured · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,557/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$235
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $-237/mo
• Annual: $-2,839/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.31%
• DSCR: 0.81
• 1% rule: 0.66%
• Cash to close: $65,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $235k. Condition is rated good.
• At list price, monthly cash flow is $-237 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (33.7% below list).
• It's been on market 118 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (33.7% below list) — sets the bar for 1% rule.
• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 66/100 on livability (#605 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-, crime B+; Watch: amenities F, commute F, health & safety F.
• Nassau (town): math 74% / reading 65% proficiency, ranked #4 of 73 in FL (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.9%/yr); 825 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 68d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 953 units permitted in Nassau County in 2024 (24 in 5+ unit buildings).
• Nassau County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$40k 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; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 3.5% in Yulee — 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 118 days. Have you received any prior offers? Is the seller open to a 34% 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 B-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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Aesthetic update needed.
• Minor: Bathtubs — Clean and functional, but could be replaced for a fresh look.
• Minor: Exterior paint — Faded, could be refreshed with a fresh coat of paint.
• Minor: Landscaping — Some areas could benefit from trimming and mulching for a more polished appearance.