22089 45th Dr

Branford, FL 32024

$140,000A

3 bd · 2.0 ba · 1,216 sqft · Built 1997 · Manufactured · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,876/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$394
• Net cashflow: $575/mo
• Annual: $6,904/yr
• Cap rate: 11.79%
• Cash-on-cash: 19.65%
• DSCR: 1.87
• 1% rule: 1.34%
• Cash to close: $39,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $575 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 57 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($968 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#748 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: schools C-, crime D, amenities F.
• Suwannee (town): math 45% / reading 44% proficiency, ranked #52 of 73 in FL (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 206 active listings in the ZIP; 138 units permitted in Suwannee County in 2024 (0 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major 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 11.8% vs local median 2.7% in Branford — 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 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.