3423 NW 183rd St

Starke, FL 32091

$169,000D+

3 bd · 2.0 ba · 1,488 sqft · Built 2002 · Manufactured · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,572/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$377
• HOA: −$0
• Vac / Maint / Mgmt: −$330
• Net cashflow: $-22/mo
• Annual: $-259/yr
• Cap rate: 7.03%
• Cash-on-cash: 2.63%
• DSCR: 1.12
• 1% rule: 0.93%
• Cash to close: $47,320

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $169k.
• At list price, monthly cash flow is $-22 ($-259/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (7.0% below list).
• It's been on market 27 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $157k (7.0% 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 $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#336 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F, employment F.
• Bradford (town): math 43% / reading 42% proficiency, ranked #57 of 73 in FL (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bradford Middle School (math 45% / reading 36%, grade F, #360 of 571 statewide, top 64%, 660 students, 70% FRL); Bradford High School (math 33% / reading 38%, grade F, #367 of 667 statewide, top 57%, 790 students, 53% FRL) — zoned schools at 62% FRL track the district average.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 153 active listings in the ZIP; 93 units permitted in Bradford County in 2024 (0 in 5+ unit buildings).
• Bradford County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 8y 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 $30k; list at $169k implies a 463% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% vs local median 3.5% in Starke — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.