8845 E Washington Ln

Floral City, FL 34436

$103,900B-

2 bd · 1.0 ba · 732 sqft · Built 1973 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,282/mo
• Mortgage (P&I): −$545
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $338/mo
• Annual: $4,058/yr
• Cap rate: 10.20%
• Cash-on-cash: 13.95%
• DSCR: 1.62
• 1% rule: 1.23%
• Cash to close: $29,092

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $104k.
• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $104k).
• It's been on market 24 days — a 2% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $718 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#573 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, amenities F, commute F.
• Citrus (rural): math 49% / reading 50% proficiency, ranked #44 of 73 in FL (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Floral City Elementary School (math 47% / reading 52%, grade D, #1,088 of 2,144 statewide, top 53%, 389 students, 71% FRL); Inverness Middle School (math 52% / reading 48%, grade C, #254 of 571 statewide, top 45%, 1,017 students, 60% FRL); Citrus High School (math 34% / reading 51%, grade F, #264 of 667 statewide, top 41%, 1,503 students, 54% FRL) — zoned schools at 62% FRL track the district average.
• Market conditions: 144 active listings in the ZIP; 2,443 units permitted in Citrus County in 2024 (0 in 5+ unit buildings).
• Citrus County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 15y 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 $35k; list at $104k implies a 197% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.2% vs local median 3.6% in Floral City — 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

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.