2905 Circle T Way

Marianna, FL 32448

$90,000C

21 bd · 2.0 ba · 550 sqft · Built 1967 · Manufactured · Pending · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,018/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$162
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $171/mo
• Annual: $2,049/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.13%
• DSCR: 1.36
• 1% rule: 1.13%
• Cash to close: $25,200

Investor read

• This is a 21-bed/2.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 68 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#592 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: schools D, amenities F, commute F.
• Jackson (rural): math 47% / reading 54% proficiency, ranked #39 of 73 in FL (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 163 active listings in the ZIP; 153 units permitted in Jackson County in 2024 (40 in 5+ unit buildings).
• Jackson County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $30k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 3.4% in Marianna — 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 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.