1621 Haddock St

St. Cloud, FL 34771

$139,900B

2 bd · 1.0 ba · 564 sqft · Built 1974 · Manufactured · Pending · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,786/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$621
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $56/mo
• Annual: $675/yr
• Cap rate: 10.43%
• Cash-on-cash: 14.79%
• DSCR: 1.66
• 1% rule: 1.28%
• Cash to close: $39,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $56 ($675/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 86 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Osceola (suburban): math 39% / reading 45% proficiency, ranked #60 of 73 in FL (top 82%) — 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.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+3.0%/yr); 1378 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 8,813 units permitted in Osceola County in 2024 (3,072 in 5+ unit buildings).
• Osceola County population projected at +73% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $19k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $140k implies a 311% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.4% vs local median 4.0% in St. Cloud — 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 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.