3406 Frankie Ln

Cocoa, FL 32926

$59,000B-

2 bd · 2.0 ba · 1,002 sqft · Built 1986 · Manufactured · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,705/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$98
• HOA: −$800
• Vac / Maint / Mgmt: −$358
• Net cashflow: $139/mo
• Annual: $1,672/yr
• Cap rate: 9.13%
• Cash-on-cash: 10.12%
• DSCR: 1.45
• 1% rule: 2.89%
• Cash to close: $16,520

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $59k.
• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $59k).
• It's been on market 160 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#344 in FL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, amenities F, employment D-.
• Brevard (suburban): math 53% / reading 57% proficiency, ranked #19 of 73 in FL (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Saturn Elementary School (math 23% / reading 29%, grade F, #2,015 of 2,144 statewide, top 94%, 643 students, 81% FRL); Cocoa High School (math 21% / reading 27%, grade F, #529 of 667 statewide, top 80%, 1,551 students, 73% FRL) — zoned schools average 77% FRL vs 43% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 55% district-wide (-30 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 47% of rent.
• Market conditions: Rents rising fast (+5.6%/yr); 291 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is F 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.