2600 W Michigan Ave Unit 021E

Bellview, FL 32526

$74,300B

3 bd · 2.0 ba · 1,120 sqft · Built 2026 · Manufactured · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,748/mo
• Mortgage (P&I): −$390
• Tax + insurance: −$124
• HOA: −$0
• Vac / Maint / Mgmt: −$367
• Net cashflow: $868/mo
• Annual: $10,412/yr
• Cap rate: 20.31%
• Cash-on-cash: 50.05%
• DSCR: 3.23
• 1% rule: 2.35%
• Cash to close: $20,804

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $74k. Condition is rated good.
• At list price, monthly cash flow is $868 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $74k).
• It's been on market 39 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $514 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#561 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Escambia (suburban): math 40% / reading 45% proficiency, ranked #56 of 73 in FL (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Longleaf Elementary School (math 37% / reading 43%, grade F, #1,491 of 2,144 statewide, top 70%, 548 students, 77% FRL); Bellview Middle School (math 17% / reading 23%, grade F, #558 of 571 statewide, top 98%, 992 students, 76% FRL); Pine Forest High School (math 20% / reading 32%, grade F, #494 of 667 statewide, top 75%, 1,870 students, 62% FRL).
• Zoned-school proficiency averages 29% at this address vs 42% district-wide (-14 pts) — the specific schools serving this property underperform the Escambia average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.4%/yr); 421 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.3% vs local median 5.2% in Bellview — 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 39 days. Have you received any prior offers? Is the seller open to a 3% 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 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?
• 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.