217 Palmetto Ave · Freeport, FL 32439

$235,000

3 bd · 2.0 ba · 1,140 sqft · Manufactured public records · 15 Days on market

Built 2022 0.36 ac lot Est $252k · 7% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +22.8/30.0
• ARV discount +10.5/15.0
• DSCR +7.3/10.0
• Schools +5.2/10.0
• 1% rule +4.9/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2023 manufactured home in favorite Black Creek Fish Camp area with easy water access to Black Creek, Jolly Bay & Choctawhatchee Bay. This 3-bedroom 2 bath open floor plan with coastal rustic charm would be perfect for second home, permanent home or rental investment.

Key facts

• Walk-in closet
• Access to jolly bay
• 0.36 acre lot

Tags

• ACCESS TO BLACK CREEK
• ACCESS TO JOLLY BAY
• ACCESS TO CHOCTAWHATCHEE RIVER
• OPEN-CONCEPT FLOOR PLAN
• LUXURY VINYL PLANK FLOORING
• WALK-IN CLOSET

Property features AI

Finance

• Other: Zoned for mobile home or single-family residential
• Financial info: Financial details limited to tax info and not included per instructions
• HOA & community: Subdivision: MAGNOLIA BAYE

Exterior

• Parking: Parking information not provided
• Security: No specific security features listed
• Utilities: Electric service; Public water; Septic tank; Tap fee paid
• Home design: Manufactured home; One story; Built in 2022; Facing information not provided
• Construction: Shake roof; Vinyl siding; Built in 2022
• Exterior features: Cleared lot; County road frontage / access

Interior

• Kitchen: Kitchen on the first floor; Dishwasher; Microwave; Refrigerator
• Bedrooms: 3 bedrooms; Master bedroom on the first floor with double vanity in the master bathroom
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans; Electric heat control
• Interior features: Breakfast bar; Five total rooms
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $235k.

Deal economics

• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (1.2% below list).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 3.0% in Freeport — 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.

Location & tenants

• Location reads 68/100 on livability (#520 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: health & safety C-, amenities F, commute F.
• Walton (rural): math 62% / reading 61% proficiency, ranked #10 of 73 in FL (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Freeport Elementary School (math 50% / reading 57%, grade C, #949 of 2,144 statewide, top 45%, 1,123 students, 55% FRL); Freeport Senior High School (math 47% / reading 62%, grade C-, #138 of 667 statewide, top 21%, 557 students, 43% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+1.4%/yr); 1012 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 33% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $200k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,475 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 8.37%
• Cash-on-cash: 7.42%
• DSCR: 1.33
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $251,940
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
376 Stillwater Rd	0.12mi	3/2.0	1,064 (-7%)	1mo	$235,000	$221	82

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.4% rent growth · sell at horizon

5-year hold

• IRR: -6.6%
• Equity multiple: 0.76×
• Total profit: $-15,930
• Equity at exit: $35,039

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $4,532
• Equity at exit: $20,319

Cash invested: $65,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32439

• Home prices YoY: -4.2%
• Rents YoY: 1.4%
• Active inventory: 1012
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,321 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$96 /mo · $1,158/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $407

Break-even live

Break-even rent $1,806

Max offer price $235,000

Occupancy floor 77%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 Formby St Freeport, FL	3.0	2.0	924	$1,850	$2.00	20d	1	0.37mi
1952 County Highway 3280 Unit 3280 Freeport, FL	3.0	2.0	1269	$1,900	$1.50	20d	1	1.08mi

Listing history 12 events

1. 2026-06-18
   days on market $235,000 Active 15 DOM
2. 2026-06-17
   days on market $235,000 Active 14 DOM
3. 2026-06-16
   days on market $235,000 Active 13 DOM
4. 2026-06-15
   days on market $235,000 Active 12 DOM
5. 2026-06-14
   days on market $235,000 Active 10 DOM
6. 2026-06-13
   days on market $235,000 Active 9 DOM
7. 2026-06-10
   days on market $235,000 Active 7 DOM
8. 2026-06-09
   days on market $235,000 Active 6 DOM
9. 2026-06-08
   days on market $235,000 Active 5 DOM
10. 2026-06-07
    days on market $235,000 Active 4 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    listed $235,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,158 · $96/mo
• Projected year-2 tax: $1,950 · $163/mo
• Expected delta: +$793/yr (+$66/mo · 68.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,853
• − Mortgage interest: −$13,164
• − Property taxes: −$1,158
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,228
• − Management: −$2,228
• − Depreciation: −$6,836
• Taxable income: $1,064
• Est. tax owed @ 24.0%: −$255
• After-tax cash flow: $4,627/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Walton
• NCES district ID: 1201980
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 61% ▼ -2.00%
• Median HH income: $46,794
• Composite: 52.03/100
• National rank: #1634
• State rank: #10 of 73 in FL

Livability — Freeport

• Score: 68/100
• State rank: #520
• US rank: #9579

Category grades

Amenities F Commute F Cost of living B Crime A+ Employment B+ Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Walton County · 70,839 people
• City population: 15,328
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 15,328
• Household income: $83,227
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 172.0

Population outlook (Walton County) Hauer SSP2

• Today (2025): 80,014 people
• By 2030: 88,120 · +10.1%
• By 2040: 103,537 · +29.4%
• By 2050: 117,034 · +46.3%
• By 2075: 143,901 · +79.8%
• By 2100: 155,138 · +93.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 8% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 1%
• Common ancestry: Slovak 3% Italian 3% Serbian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 13% Other Indo-European 1%

Political lean MEDSL · Walton

• 2024 margin: Solid R (+57.8) · D 20.7% · R 78.6%
• 2008→2024 swing: -12.0pp toward R · 2008: -45.8pp · 2024: -57.8pp
• All cycles: 2024: R+57.8 2020: R+51.7 2016: R+56.1 2012: R+52.0 2008: R+45.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.18%
• Current HPI: 350.4692
• Rent YoY: ▲ 1.40%
• Metro: Crestview-Fort Walton Beach-Destin, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+840.0% since first listed

13 events — show timeline

• 2026-06-03 Listed $235,000 ECAR
• 2024-12-06 Sold (Public Records) $200,000 Public Records
• 2024-12-04 Sold (MLS) $200,000 ECAR
• 2024-10-08 Price Changed $227,000 ECAR
• 2024-09-29 Relisted — ECAR
• 2024-08-28 Price Changed $229,900 ECAR
• 2024-07-25 Listed $235,000 ECAR
• 2024-02-24 Listed $259,900 ECAR
• 2017-03-01 Listing Removed — NAMLS
• 2016-09-16 Listed $84,000 NAMLS
• 2016-09-16 Listed $84,000 ECAR
• 2005-03-29 Sold (Public Records) $74,000 Public Records
• 2004-05-25 Sold (Public Records) $25,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $1,158 · +27.6% YoY. Source: county tax records.