8044 Western Circle Dr

High Point, FL 34613

$174,900D+

3 bd · 2.0 ba · 1,056 sqft · Built 1999 · Manufactured · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,820/mo
• Mortgage (P&I): −$917
• Tax + insurance: −$171
• HOA: −$46
• Vac / Maint / Mgmt: −$382
• Net cashflow: $304/mo
• Annual: $3,643/yr
• Cap rate: 8.38%
• Cash-on-cash: 7.44%
• DSCR: 1.33
• 1% rule: 1.04%
• Cash to close: $48,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $175k.
• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• It's been on market 73 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#677 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Hernando (suburban): math 50% / reading 50% proficiency, ranked #38 of 73 in FL (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pine Grove Elementary School (math 60% / reading 45%, grade C-, #976 of 2,144 statewide, top 46%, 991 students, 60% FRL); West Hernando Middle School (math 36% / reading 37%, grade F, #405 of 571 statewide, top 72%, 695 students, 58% FRL); Central High School (math 34% / reading 44%, grade F, #312 of 667 statewide, top 48%, 1,426 students, 53% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: 695 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 2,505 units permitted in Hernando County in 2024 (318 in 5+ unit buildings).
• Hernando County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $175k implies a 169% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.4% vs local median 5.8% in High Point — 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.
• This rent runs 37% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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?
• 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.