2848 E Spinnaker Dr

Sebring, FL 33825

$99,500B-

2 bd · 2.0 ba · 1,100 sqft · Built 1994 · Manufactured · Active · 228 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,151/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $221/mo
• Annual: $2,658/yr
• Cap rate: 8.96%
• Cash-on-cash: 9.54%
• DSCR: 1.42
• 1% rule: 1.16%
• Cash to close: $27,860

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 228 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#618 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D, amenities F, commute F.
• Highlands (other): math 45% / reading 43% proficiency, ranked #54 of 73 in FL (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 475 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).
• 2 sale attempts since 7y ago; this cycle's ask has dropped $14k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $100k implies a 129% gain — meaningful room to come down on a strong offer.
• Cap rate 9.0% vs local median 4.3% in Sebring — 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

• It's been on market 228 days. Have you received any prior offers? Is the seller open to a 12% 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 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.