*Raleigh w/ Half Rear Porch - Limited Series Plan

Bradenton, FL 34222

$246,000C-

3 bd · 3.0 ba · 1,460 sqft · Built — · Manufactured · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,248/mo
• Mortgage (P&I): −$1,103
• Tax + insurance: −$350
• HOA: −$0
• Vac / Maint / Mgmt: −$472
• Net cashflow: $323/mo
• Annual: $3,877/yr
• Cap rate: 8.14%
• Cash-on-cash: 6.59%
• DSCR: 1.29
• 1% rule: 1.07%
• Cash to close: $58,867

Investor read

• This is a 3-bed/3.0-bath manufactured listed at $246k. Condition is rated poor.
• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (8.6% below list).
• It's been on market 52 days — a 3% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $225k (8.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#101 in FL, #1,528 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime D, amenities F.
• Manatee (suburban): math 54% / reading 50% proficiency, ranked #26 of 73 in FL (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 182 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 7,472 units permitted in Manatee County in 2024 (1,782 in 5+ unit buildings).
• Manatee County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 3.6% in Bradenton — 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 42% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — The exterior siding is visibly worn and in poor condition.
• Major: roof — The roof is not visible, but the condition of the home suggests it may need repair or replacement.
• Major: flooring — The flooring is not visible, but the condition of the home suggests it may need repair or replacement.
• Major: interior walls/paint — The interior walls and paint are not visible, but the condition of the home suggests they may need repair or repainting.
• Major: HVAC/mechanicals — The HVAC and mechanical systems are not visible, but the condition of the home suggests they may need repair or replacement.
• Major: landscaping — The landscaping and curb appeal are not visible, but the condition of the home suggests they may need improvement to enhance its appearance.