Score
0Ocala, FL
8880 SW 27th Ave
10K
2 beds
2 baths
960 sqft
2 bd • 2 ba • 960 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$9,767
Price/Sq.Ft
$10
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
The property at 8880 SW 27th Ave, Ocala, FL 34476 offers an incredibly low price point of $9,767, which is exceptionally rare in today's market. At $10.17/sqft, it's priced 97% below the average Ocala price of $339/sqft (2023 data). The 960 sqft, 2-bed, 2-bath layout provides a functional living space for a small family or retirees. The property features a carport, providing covered parking. The well-maintained lawn and garden bed add curb appeal. The location in Ocala, known as the "Horse Capital of the World," offers a unique charm and potential for equestrian enthusiasts. The surrounding mature trees provide natural shade and privacy.
The Bad
The extremely low price raises significant questions about the property's condition, ownership structure, or potential issues. The listing lacks crucial information such as the year built, property features, and utility details, making a comprehensive evaluation challenging. Given the median income of $56,786 in the area, this price point is unusually low, suggesting potential hidden costs or complications. The property appears to be a manufactured or mobile home, which typically depreciates over time unlike traditional homes. The small size (960 sqft) is below the average for the area and may limit resale potential.
The Ugly
The exceptionally low price of $9,767 strongly suggests this is likely a land lease situation, where the buyer owns the structure but not the land it sits on. Land lease fees can be substantial, potentially $400-$600 per month or more, which are not factored into the listing price. As a manufactured home, it may face rapid depreciation, with some models losing 3-3.5% value annually. The unknown year built is concerning; if it's pre-1976, it may not meet HUD standards, making financing and insurance difficult or impossible. Manufactured homes are at higher risk for storm and wind damage, critical in hurricane-prone Florida. The property likely requires significant updates or repairs not visible in the image. Financing for homes under $50,000 is often challenging, potentially limiting this to cash buyers only.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property might suit a cash buyer looking for an extremely low-cost entry into homeownership or a part-time residence in Ocala. It could appeal to retirees or snowbirds seeking an affordable winter home in Florida. Investors experienced with manufactured homes and land lease properties might see potential for rental income, given the area's $1,180 average rent for 2-bedroom units. DIY enthusiasts or house flippers comfortable with extensive renovations might find this an interesting project. Those familiar with manufactured home living and comfortable with the associated risks and lifestyle might find this an affordable option in Ocala's market.
Not For
This property is not suitable for buyers seeking a traditional homeownership experience or long-term appreciation. First-time homebuyers or those unfamiliar with manufactured homes and land lease arrangements should avoid this complex situation. Families needing more space or modern amenities would find the 960 sqft limiting. Buyers requiring conventional mortgage financing will likely be unable to purchase this property. Those unprepared for potentially significant ongoing costs (land lease, repairs, higher insurance) beyond the low purchase price should look elsewhere. Investors seeking a straightforward, low-maintenance rental property would face challenges with this home.
Demographics
Area Median Income
$56,786
Property History
Price History
Ownership Timeline
$0Cash Purchase
Jun 12, 2012David Michael CherryWinnifreg Buchanan Cherry
Intrafamily Transfer
Non-Arm's Length Transactions
$2,021,300Financed
Nov 30, 2006Shady Road & Paddock Park Mhp CommunitieNhc Fl201 Llc
Special Warranty Deed
Non-Residential Arm's Length Transactions
$0Cash Purchase
Dec 13, 2005James F Johnson, Elsie E JohnsonShadry Road & Paddock Park Mhp Communiti, Paddock Park South Mobile Home Park
Trustees Deed
Foreclosure
$3,300,000Financed
Sep 8, 2003Ben F Ivy, The Ben F Ivy Living TrustShady Road & Paddock Park Communities Mh
Warranty Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
6.0/10
GoodMiddle
4.0/10
AverageHigh
6.0/10
GoodFinancials
Monthly Costs
Market Rent (2 bed)
Get a detailed estimate on Zillow$1,180
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$9,767
Price/sqft
$10
Layout
2 bd•2 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$80,983
87.9%
Your price is 87.9% below average
Median Price
$53,000
81.6%
Based on 6 recent sales
Price per Sq.Ft
$129
92.1%
Your price is 92.1% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 3170 SW 89TH PLACE, OCALA, FL 34476 | $157,900 | 1,056 | 2 | 2 | $1501369.7% | 12/10/2024 |
| 9172 SW 31ST AVENUE ROAD, OCALA, FL 34476 | $40,000 | 900 | 3 | 2 | $44336.8% | 8/20/2024 |
| 9342 SW 32ND TERRACE, OCALA, FL 34476 | $163,000 | 840 | 2 | 2 | $1941807.3% | 8/13/2024 |
| TBD SW 35TH AVENUE, OCALA, FL 34476 | $20,000 | N/A | N/A | N/A | N/A | 10/14/2024 |
| 00 SW 92ND STREET, OCALA, FL 34476 | $53,000 | N/A | N/A | N/A | N/A | 9/6/2024 |
| 9652 SW 37 TERRACE, OCALA, FL 34476 | $52,000 | N/A | N/A | N/A | N/A | 8/21/2024 |
3170 SW 89TH PLACE, OCALA, FL 34476
Price: $157,900
Sq.Ft: 1,056
Beds/Baths: 2/2
$/Sq.Ft:
$1501369.7%
Sale Date: 12/10/2024
9172 SW 31ST AVENUE ROAD, OCALA, FL 34476
Price: $40,000
Sq.Ft: 900
Beds/Baths: 3/2
$/Sq.Ft:
$44336.8%
Sale Date: 8/20/2024
9342 SW 32ND TERRACE, OCALA, FL 34476
Price: $163,000
Sq.Ft: 840
Beds/Baths: 2/2
$/Sq.Ft:
$1941807.3%
Sale Date: 8/13/2024
TBD SW 35TH AVENUE, OCALA, FL 34476
Price: $20,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 10/14/2024
00 SW 92ND STREET, OCALA, FL 34476
Price: $53,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 9/6/2024
9652 SW 37 TERRACE, OCALA, FL 34476
Price: $52,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 8/21/2024
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