40 Lily Dr Plan

Lake Placid, FL 33852

$44,900B-

1 bd · 1.0 ba · 602 sqft · Built — · Manufactured · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $919/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $416/mo
• Annual: $4,988/yr
• Cap rate: 17.40%
• Cash-on-cash: 39.68%
• DSCR: 2.77
• 1% rule: 2.05%
• Cash to close: $12,572

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $45k. Condition is rated good.
• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($919 rent vs $45k).
• It's been on market 111 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• 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: Lake Country Elementary School (math 57% / reading 54%, grade C, #855 of 2,144 statewide, top 41%, 685 students, 73% FRL); Lake Placid Middle School (math 42% / reading 33%, grade F, #395 of 571 statewide, top 70%, 621 students, 75% FRL); Lake Placid High School (math 36% / reading 35%, grade F, #367 of 667 statewide, top 57%, 868 students, 66% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: Rents flat; 2010 active listings in the ZIP; 980 units permitted in Highlands County in 2024 (80 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $13k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 17.4% vs local median 4.2% 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

• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% 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 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.