This charming single wide mobile home offers a unique opportunity for those looking to invest in a rural setting. With three spacious bedrooms and two full bathrooms, it provides ample living space for families or potential renters. The property boasts a new metal roof and recently updated hardwood floors, enhancing its appeal. However, investors should be aware of the negative cash flow indicated by the current financial metrics, which may impact profitability. Overall, this property presents a mix of attractive features and financial challenges that require careful consideration.
| Property Detail Name | Property Detail Value |
|---|---|
| Address | 184 NE Spencer Ct, Lake City, FL 32055 |
| Property Type | Manufactured |
| Price | $210,000 |
| Price Change | $0 |
| Tax Assessed Value | $105,255 |
| Non Owner Occupied? | Yes |
| Pre Foreclosure Auction | No |
| Bedrooms | 3.0 |
| Bathrooms | 2.0 |
| Living Area | 1,216.0 |
| Lot Area | 1.26 |
| Lot Area Unit | ACRES |
| Year Built | 2016 |
Investing in this property presents both opportunities and challenges. On the positive side, the recent upgrades and spacious layout make it an attractive option for renters, potentially leading to steady income. However, the negative cash flow and low cash on cash return raise concerns about immediate profitability. Investors should carefully evaluate their financial strategy and consider the long-term appreciation potential of the rural location. Ultimately, this property could be a worthwhile investment for those willing to navigate its financial complexities.
| Financial Metric Name | Financial Metric Value |
|---|---|
| Cash on Cash Return | -1.1% |
| Monthly Rent | $1,202 |
| Net Operating Income | $1,139 |
| Cap Rate | 6.5% |
| Monthly Cash Flow | -$37 |
| Gross Rent Multiplier | 14.6 |
| Debt Service Coverage Ratio | 1.1 |
| Principal and Interest | $1,069 |
| Tax | $107 |
| HOA Fees | $0 |
| Insurance | $63 |
| Total Payment | $1,239 |