6 Beach Dr

Big Coppitt Key, FL 33040

$424,000F

2 bd · 1.0 ba · 460 sqft · Built 1966 · Manufactured · Active · 302 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,890/mo
• Mortgage (P&I): −$2,224
• Tax + insurance: −$895
• HOA: −$0
• Vac / Maint / Mgmt: −$607
• Net cashflow: $-835/mo
• Annual: $-10,023/yr
• Cap rate: 5.14%
• Cash-on-cash: -4.13%
• DSCR: 0.82
• 1% rule: 0.68%
• Cash to close: $118,720

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $424k.
• At list price, monthly cash flow is $-835 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $276k (34.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (31.8% below list).
• It's been on market 302 days — a 12% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $276k (34.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#663 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D, health & safety D, amenities F.
• Monroe (town): math 50% / reading 55% proficiency, ranked #23 of 73 in FL (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+4.5%/yr); 496 active listings in the ZIP; solid renter incomes; 332 units permitted in Monroe County in 2024 (42 in 5+ unit buildings).
• Monroe County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $75k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $165k; list at $424k implies a 157% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 2.5% in Big Coppitt Key — 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 40% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 302 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?