6520 NE 23rd Ave

Silver Springs, FL 34479

$127,500C-

2 bd · 2.0 ba · 952 sqft · Built 1982 · Manufactured · Active · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,333/mo
• Mortgage (P&I): −$669
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$280
• Net cashflow: $197/mo
• Annual: $2,360/yr
• Cap rate: 8.14%
• Cash-on-cash: 6.61%
• DSCR: 1.29
• 1% rule: 1.05%
• Cash to close: $35,700

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $128k.
• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $128k).
• It's been on market 153 days — a 12% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $882 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ocala Springs Elementary School (math 56% / reading 45%, grade D+, #1,055 of 2,144 statewide, top 50%, 690 students, 67% FRL); Fort King Middle School (math 37% / reading 35%, grade F, #410 of 571 statewide, top 72%, 1,092 students, 71% FRL); Vanguard High School (math 22% / reading 48%, grade F, #379 of 667 statewide, top 58%, 1,661 students, 59% FRL) — zoned schools at 66% FRL track the district average.
• Market conditions: 173 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $17k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 4.2% in Silver Springs — 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 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.