138 Shrimp Ave

Lake Placid, FL 33857

$45,000B

2 bd · 1.0 ba · 990 sqft · Built 1975 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,029/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $502/mo
• Annual: $6,025/yr
• Cap rate: 19.68%
• Cash-on-cash: 47.82%
• DSCR: 3.13
• 1% rule: 2.29%
• Cash to close: $12,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $45k. Condition is rated fair.
• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $681 of equity ($311 loan paydown + $370 appreciation (0.8% local appreciation)).
• Location reads 68/100 on livability (#525 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment 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.
• Zoned schools: Cracker Trail Elementary School (math 60% / reading 58%, grade B-, #722 of 2,144 statewide, top 34%, 692 students, 62% FRL); Sebring Middle School (math 52% / reading 40%, grade D+, #300 of 571 statewide, top 53%, 815 students, 64% FRL); Sebring High School (math 32% / reading 48%, grade F, #296 of 667 statewide, top 45%, 1,809 students, 56% FRL).
• Market conditions: 58 active listings in the ZIP; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).
• At projected returns (0.8% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 19.7% vs local median 3.7% in Lake Placid — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1975 — 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Weathered and may need repainting or replacement.
• Major: Interior walls — Discoloration and paint wear indicate a need for repainting or fresh coats.
• Major: Flooring — Worn appearance suggests replacement or refinishing is needed.
• Major: Windows — May need cleaning or replacement for better energy efficiency and appearance.
• Major: Kitchen cabinets — Worn appearance suggests replacement or resurfacing is needed.
• Major: Bathroom fixtures — May need updating or replacement for a more modern look and functionality.