4547 CR 692

Ridge Manor, FL 33597

$155,900C+

2 bd · 2.0 ba · 924 sqft · Built 1985 · Manufactured · Active · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,505/mo
• Mortgage (P&I): −$818
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $244/mo
• Annual: $2,933/yr
• Cap rate: 8.17%
• Cash-on-cash: 6.72%
• DSCR: 1.30
• 1% rule: 0.97%
• Cash to close: $43,652

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $156k.
• At list price, monthly cash flow is $244 ($3k/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 $151k (3.4% below list).
• It's been on market 155 days — a 12% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (12.0% below list) — sets the bar for market timing.
• 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 63/100 on livability (#736 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, employment D, amenities F.
• Sumter (rural): math 61% / reading 61% proficiency, ranked #11 of 73 in FL (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Webster Elementary School (math 61% / reading 51%, grade C+, #832 of 2,144 statewide, top 40%, 748 students, 68% FRL); South Sumter High School (math 33% / reading 48%, grade F, #294 of 667 statewide, top 44%, 1,045 students, 52% FRL).
• Zoned-school proficiency averages 48% at this address vs 61% district-wide (-13 pts) — the specific schools serving this property underperform the Sumter average; the district grade overstates school quality for this exact location.
• Market conditions: 302 active listings in the ZIP; 3,961 units permitted in Sumter County in 2024 (248 in 5+ unit buildings).
• Sumter County population projected at +45% 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; moderate wildfire risk; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 4.3% in Ridge Manor — 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 155 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 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?
• 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.