3071 NW 28th Ave

Jennings, FL 32053

$105,900D

2 bd · 1.0 ba · 784 sqft · Built 1986 · Manufactured · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $837/mo
• Mortgage (P&I): −$555
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $-71/mo
• Annual: $-851/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.87%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $29,652

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $106k.
• At list price, monthly cash flow is $-71 ($-851/yr) — negative.
• To cash-flow at today's rent, offer at most $96k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $84k (21.0% below list).
• It's been on market 48 days — a 3% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (21.0% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($732 loan paydown + $9k appreciation (8.6% local appreciation)).
• Location reads 58/100 on livability (#843 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime D-, amenities F.
• Hamilton (rural): math 34% / reading 29% proficiency, ranked #68 of 73 in FL (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hamilton County Elementary School (math 42% / reading 31%, grade F, #1,656 of 2,144 statewide, top 78%, 741 students, 85% FRL); Hamilton County High School (math 27% / reading 27%, grade F, #478 of 667 statewide, top 73%, 859 students, 76% FRL).
• Market conditions: 69 active listings in the ZIP; 26 units permitted in Hamilton County in 2024 (0 in 5+ unit buildings).
• Hamilton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $13k; list at $106k implies a 690% gain — meaningful room to come down on a strong offer.
• At projected returns (8.6% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 48 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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.