6850 SE 192nd Ct · Morriston, FL 32668

$219,900

2 bd · 1.0 ba · 960 sqft · Manufactured public records · 338 Days on market

Built 1977 3.48 ac lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +10.7/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Livability +2.2/5.0

Listing remarks

UPDATED COUNTRY POOL HOME ON 3+ ACRES! Escape to peaceful North Florida living with this beautifully remodeled 2BR/1BA home on 3.31 acres with paved road frontage. Don’t let the modest exterior fool you—inside you’ll find a fresh, modern interior featuring new wood cabinetry, updated flooring, textured drywall, and a new HVAC system. Step outside to your private fenced in-ground pool, perfect for relaxing or entertaining. The property also includes a powered and plumbed workshop/shed ideal for hobbies, storage, or projects. With plenty of room for gardens, animals, RVs, or outdoor living, this property offers the freedom of country life while still being convenient to Oca

Key facts

• Paved road frontage
• 3.48 acre lot
• Pool

Tags

• FENCED IN-GROUND SWIMMING POOL
• PAVED ROAD FRONTAGE

Property features AI

Finance

• Other: Approximately 3.31 acres (3 to less than 5 acres); Paved road access

Exterior

• Utilities: Well water; Septic tank; Electricity connected
• Home design: Residential manufactured home (double wide); One level; East-facing entry
• Construction: Metal siding; Metal roof; Crawlspace foundation; Built as a double wide manufactured home
• Exterior features: Other exterior features; In-ground private pool

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Other interior features
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $220k.

Deal economics

• At list price, monthly cash flow is $-230 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (18.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (27.1% below list).
• Recommended offer: $160k (27.1% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 1.2% in Morriston — 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.

Location & tenants

• Location reads 44/100 on livability (#902 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Levy (rural): 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; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 146 active listings in the ZIP; 199 units permitted in Levy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Levy County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 338 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $220k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $160,260 (27.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 338 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 0.73% ✗
• Cap rate: 5.72%
• Cash-on-cash: -2.04%
• DSCR: 0.91
• GRM: 11.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.1%
• Equity multiple: 2.71×
• Total profit: $105,125
• Equity at exit: $198,103

10-year hold

• IRR: 19.1%
• Equity multiple: 6.22×
• Total profit: $321,115
• Equity at exit: $427,217

Cash invested: $61,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32668

• Home prices YoY: 11.5%
• Active inventory: 146
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,603 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$126 /mo · $1,512/yr
• Insurance: −$92
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $-230

Break-even live

Break-even rent $1,894

Max offer price $179,273

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-31
   days on market $219,900 Active 338 DOM
2. 2026-05-30
   days on market $219,900 Active 337 DOM
3. 2026-04-17
   price $219,900
4. 2026-03-06
   price $229,900
5. 2026-02-03
   status Active
6. 2026-01-12
   status Pending
7. 2025-12-06
   status Active
8. 2025-11-30
   historical
9. 2025-10-02
   price $239,000
10. 2025-05-31
    listed $250,000 Active
11. 2021-05-03
    soldstatus $55,000
12. 2007-09-25
    soldstatus $125,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,512 · $126/mo
• Projected year-2 tax: $1,825 · $152/mo
• Expected delta: +$313/yr (+$26/mo · 20.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone A · 67% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,231
• − Mortgage interest: −$12,318
• − Property taxes: −$1,512
• − Insurance: −$2,602
• − Repairs & maintenance: −$1,538
• − Management: −$1,538
• − Depreciation: −$6,397
• Taxable loss: −$6,675
• Est. tax savings @ 24.0%: +$1,602
• After-tax cash flow: $-1,158/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Levy
• NCES district ID: 1201140
• Math proficiency: 45% ▼ -8.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $35,254
• Composite: 36.42/100
• National rank: #4673
• State rank: #54 of 73 in FL

Livability — Morriston

• Score: 44/100
• State rank: #902
• US rank: #26787

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment F Housing F Health & safety F User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,326

Population outlook (Levy County) Hauer SSP2

• Today (2025): 36,536 people
• By 2030: 34,498 · -5.6%
• By 2040: 30,294 · -17.1%
• By 2050: 26,368 · -27.8%
• By 2075: 19,003 · -48.0%
• By 2100: 13,169 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 8% Two or more races 5% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Scotch-Irish 4% Slovak 2% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Levy

• 2024 margin: Solid R (+50.3) · D 24.6% · R 74.8%
• 2008→2024 swing: -23.3pp toward R · 2008: -26.9pp · 2024: -50.3pp
• All cycles: 2024: R+50.3 2020: R+45.6 2016: R+44.8 2012: R+32.2 2008: R+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 44.56%
• Current HPI: 432.1581
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+75.9% since first listed

10 events — show timeline

• 2026-04-17 Price Changed $219,900 Stellar MLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $229,900 Stellar MLS as Distributed by MLS Grid
• 2026-02-03 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-01-12 Pending — Stellar MLS as Distributed by MLS Grid
• 2025-12-06 Relisted — Stellar MLS as Distributed by MLS Grid
• 2025-11-30 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-10-02 Price Changed $239,000 Stellar MLS as Distributed by MLS Grid
• 2025-05-31 Listed $250,000 Stellar MLS as Distributed by MLS Grid
• 2021-05-03 Sold (Public Records) $55,000 Public Records
• 2007-09-25 Sold (Public Records) $125,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $1,512 · -12.8% YoY. Source: county tax records.