115 Fern Way · East Palatka, FL 32187

$300,000

3 bd · 2.0 ba · 1,288 sqft · SingleFamily public records · 51 Days on market

Built 1982 1.03 ac lot Est $298k · at est.

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Why this score? — see what drove the D- 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).

• Appreciation +9.6/10.0
• Cash flow +8.1/30.0
• ARV discount +7.1/15.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.7/10.0

Listing remarks MLS

Super cute 3 bedroom 2 bath concrete block and brick home on 1 acre in beautiful San Mateo. Features a great room concept with an impressive brick fireplace and bamboo wood flooring in the spacious living area. The galley style kitchen has tile floors, updated white cabinets, new countertops, and a breakfast bar. Open dining area boasts French doors leading out to the fenced rear yard. The generous sized owner's suite has an en suite bath with walk-in shower. An attached carport, new metal roof, and recent HVAC add to the many reasons to make this your next home. Located on a corner lot with beautiful trees and room for your boat, camper, garden, animals, etc. Zoned agricultural.

Key facts

• New privacy fence
• White cabinets
• Bar top sitting area

Tags

• NEW PRIVACY FENCE
• NEW POLE BARN
• NEW FARM STYLE SINK
• STAINLESS STEEL APPLIANCES
• WHITE CABINETS
• BAR TOP SITTING AREA

Property features AI

Finance

• Other: Property is homesteaded; Zoned RESI
• HOA & community: No association

Exterior

• Parking: Has carport (1 space)
• Utilities: Well water; Septic tank; Cable available; Broadband/High-speed internet available; Electricity connected; Water connected
• Home design: Single family residence; Residential property; One story; West-facing
• Construction: Block and brick construction; Metal roof; Slab foundation; Built on a lot of about 1.03 acres
• Exterior features: Porch; Sliding doors; Chain link and wood fencing; Mature landscaping; Dirt road access (public maintained)

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fans; Window treatments; Blinds; Wood-burning fireplace in the living room
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $247k (17.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (33.3% below list).
• Recommended offer: $200k (33.3% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 3.3% in East Palatka — 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 61/100 on livability (#789 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety C-, schools F, amenities F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (9.2% local appreciation)).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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 $205k; 46% 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; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,000 (33.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.67% ✗
• Cap rate: 5.10%
• Cash-on-cash: -4.26%
• DSCR: 0.81
• GRM: 12.5

CMA / ARV

• ARV (on-the-fly): $297,528
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 S Fern St	0.17mi	3/1.5	1,250 (-3%)	2mo	$245,000	$196	83
112 Oleander Dr	0.31mi	3/2.0	1,300 (+1%)	4mo	$300,000	$231	80
134 E East End Rd	0.36mi	2/2.0 (-1)	1,248 (-3%)	24mo	$312,000	$250	53

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

Projected returns pro-forma

9.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 2.52×
• Total profit: $127,472
• Equity at exit: $252,366

10-year hold

• IRR: 17.9%
• Equity multiple: 5.60×
• Total profit: $386,508
• Equity at exit: $526,254

Cash invested: $84,000 (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 32187

• Home prices YoY: 4.4%
• Active inventory: 28
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$180 /mo · $2,161/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $-298

Break-even live

Break-even rent $2,378

Max offer price $247,295

Occupancy floor —

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Woods Rd San Mateo, FL	3.0	1.0	1000	$2,000	$2.00	2d	1	0.53mi

Listing history 27 events

1. 2026-06-13
   statusdays on market $300,000 Pending 51 DOM
2. 2026-06-09
   days on market $300,000 Active 48 DOM
3. 2026-06-08
   days on market $300,000 Active 47 DOM
4. 2026-06-07
   days on market $300,000 Active 46 DOM
5. 2026-06-05
   days on market $300,000 Active 43 DOM
6. 2026-06-03
   days on market $300,000 Active 42 DOM
7. 2026-06-02
   days on market $300,000 Active 41 DOM
8. 2026-06-01
   days on market $300,000 Active 40 DOM
9. 2026-05-31
   days on market $300,000 Active 39 DOM
10. 2026-05-11
    price $300,000
11. 2026-04-22
    listed $315,000 Active
12. 2021-09-30
    soldstatus $205,000 Sold 694-char remark

    Show marketing remark (694 chars)

    Super cute 3 bedroom 2 bath concrete block and brick home on 1 acre in beautiful San Mateo. Features a great room concept with an impressive brick fireplace and bamboo wood flooring in the spacious living area. The galley style kitchen has tile floors, updated white cabinets, new countertops, and a breakfast bar. Open dining area boasts French doors leading out to the fenced rear yard. The generous sized owner's suite has an en suite bath with walk-in shower. An attached carport, new metal roof, and recent HVAC add to the many reasons to make this your next home. Located on a corner lot with beautiful trees and room for your boat, camper, garden, animals, etc. Zoned agricultural.

13. 2021-09-08
    status Pending 694-char remark

    Show marketing remark (694 chars)

    Super cute 3 bedroom 2 bath concrete block and brick home on 1 acre in beautiful San Mateo. Features a great room concept with an impressive brick fireplace and bamboo wood flooring in the spacious living area. The galley style kitchen has tile floors, updated white cabinets, new countertops, and a breakfast bar. Open dining area boasts French doors leading out to the fenced rear yard. The generous sized owner's suite has an en suite bath with walk-in shower. An attached carport, new metal roof, and recent HVAC add to the many reasons to make this your next home. Located on a corner lot with beautiful trees and room for your boat, camper, garden, animals, etc. Zoned agricultural.

14. 2021-08-25
    historical Active - Contingent 694-char remark

    Show marketing remark (694 chars)

    Super cute 3 bedroom 2 bath concrete block and brick home on 1 acre in beautiful San Mateo. Features a great room concept with an impressive brick fireplace and bamboo wood flooring in the spacious living area. The galley style kitchen has tile floors, updated white cabinets, new countertops, and a breakfast bar. Open dining area boasts French doors leading out to the fenced rear yard. The generous sized owner's suite has an en suite bath with walk-in shower. An attached carport, new metal roof, and recent HVAC add to the many reasons to make this your next home. Located on a corner lot with beautiful trees and room for your boat, camper, garden, animals, etc. Zoned agricultural.

15. 2021-08-11
    status Active 694-char remark

    Show marketing remark (694 chars)

    Super cute 3 bedroom 2 bath concrete block and brick home on 1 acre in beautiful San Mateo. Features a great room concept with an impressive brick fireplace and bamboo wood flooring in the spacious living area. The galley style kitchen has tile floors, updated white cabinets, new countertops, and a breakfast bar. Open dining area boasts French doors leading out to the fenced rear yard. The generous sized owner's suite has an en suite bath with walk-in shower. An attached carport, new metal roof, and recent HVAC add to the many reasons to make this your next home. Located on a corner lot with beautiful trees and room for your boat, camper, garden, animals, etc. Zoned agricultural.

16. 2021-07-19
    status Pending 694-char remark

    Show marketing remark (694 chars)

    Super cute 3 bedroom 2 bath concrete block and brick home on 1 acre in beautiful San Mateo. Features a great room concept with an impressive brick fireplace and bamboo wood flooring in the spacious living area. The galley style kitchen has tile floors, updated white cabinets, new countertops, and a breakfast bar. Open dining area boasts French doors leading out to the fenced rear yard. The generous sized owner's suite has an en suite bath with walk-in shower. An attached carport, new metal roof, and recent HVAC add to the many reasons to make this your next home. Located on a corner lot with beautiful trees and room for your boat, camper, garden, animals, etc. Zoned agricultural.

17. 2021-07-03
    historical Active - Contingent 694-char remark

    Show marketing remark (694 chars)

    Super cute 3 bedroom 2 bath concrete block and brick home on 1 acre in beautiful San Mateo. Features a great room concept with an impressive brick fireplace and bamboo wood flooring in the spacious living area. The galley style kitchen has tile floors, updated white cabinets, new countertops, and a breakfast bar. Open dining area boasts French doors leading out to the fenced rear yard. The generous sized owner's suite has an en suite bath with walk-in shower. An attached carport, new metal roof, and recent HVAC add to the many reasons to make this your next home. Located on a corner lot with beautiful trees and room for your boat, camper, garden, animals, etc. Zoned agricultural.

18. 2021-07-02
    listed $209,900 Active 694-char remark

    Show marketing remark (694 chars)

    Super cute 3 bedroom 2 bath concrete block and brick home on 1 acre in beautiful San Mateo. Features a great room concept with an impressive brick fireplace and bamboo wood flooring in the spacious living area. The galley style kitchen has tile floors, updated white cabinets, new countertops, and a breakfast bar. Open dining area boasts French doors leading out to the fenced rear yard. The generous sized owner's suite has an en suite bath with walk-in shower. An attached carport, new metal roof, and recent HVAC add to the many reasons to make this your next home. Located on a corner lot with beautiful trees and room for your boat, camper, garden, animals, etc. Zoned agricultural.

19. 2014-11-26
    soldstatus $72,500 159-char remark

    Show marketing remark (159 chars)

    3BR/2BA with 1-car carport, new interior & exterior paint, wood-burning brick fireplace, & metal roof, on 1.02 +/- acres. Fannie Mae HomePath property.

20. 2014-11-26
    soldstatus $72,500

    Show marketing remark (159 chars)

    3BR/2BA with 1-car carport, new interior & exterior paint, wood-burning brick fireplace, & metal roof, on 1.02 +/- acres. Fannie Mae HomePath property.

21. 2014-09-29
    listed $75,000 159-char remark

    Show marketing remark (159 chars)

    3BR/2BA with 1-car carport, new interior & exterior paint, wood-burning brick fireplace, & metal roof, on 1.02 +/- acres. Fannie Mae HomePath property.

22. 2014-09-03
    listed $75,000
23. 2005-05-06
    soldstatus $118,900
24. 2005-04-29
    soldstatus $118,900
25. 2005-02-11
    listed $118,900
26. 1998-05-12
    soldstatus $58,000
27. 1994-12-01
    soldstatus $59,900

ⓘ 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: $2,161 · $180/mo
• Projected year-2 tax: $2,490 · $208/mo
• Expected delta: +$329/yr (+$27/mo · 15.2%)

ⓘ 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 7/10 Severe
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$16,805
• − Property taxes: −$2,161
• − Insurance: −$1,500
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$8,727
• Taxable loss: −$9,033
• Est. tax savings @ 24.0%: +$2,168
• After-tax cash flow: $-1,412/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: Putnam
• NCES district ID: 1201620
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 39% ▼ -4.00%
• Median HH income: $33,350
• Composite: 29.99/100
• National rank: #6361
• State rank: #66 of 73 in FL

Livability — East Palatka

• Score: 61/100
• State rank: #789
• US rank: #18035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,117

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 65,299 people
• By 2030: 61,255 · -6.2%
• By 2040: 52,930 · -18.9%
• By 2050: 45,051 · -31.0%
• By 2075: 28,720 · -56.0%
• By 2100: 15,852 · -75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Russian 4% Scottish 3% Lithuanian 3%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -28.5pp toward R · 2008: -19.3pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+41.2 2016: R+36.6 2012: R+24.5 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.17%
• Current HPI: 218.2988
• Rent YoY: —
• Metro: —
• 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

+400.8% since first listed

18 events — show timeline

• 2026-05-11 Price Changed $300,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-22 Listed $315,000 Stellar MLS as Distributed by MLS Grid
• 2021-09-30 Sold (MLS) $205,000 realMLS
• 2021-09-08 Pending — realMLS
• 2021-08-25 Contingent — realMLS
• 2021-08-11 Relisted — realMLS
• 2021-07-19 Pending — realMLS
• 2021-07-03 Contingent — realMLS
• 2021-07-02 Listed $209,900 realMLS
• 2014-11-26 Sold (MLS) $72,500 St. Augustine and St. Johns County Board of REALTORS®
• 2014-11-26 Sold (MLS) $72,500 realMLS
• 2014-09-29 Listed $75,000 realMLS
• 2014-09-03 Listed $75,000 St. Augustine and St. Johns County Board of REALTORS®
• 2005-05-06 Sold (Public Records) $118,900 Public Records
• 2005-04-29 Sold (MLS) $118,900 realMLS
• 2005-02-11 Listed $118,900 realMLS
• 1998-05-12 Sold (Public Records) $58,000 Public Records
• 1994-12-01 Sold (Public Records) $59,900 Public Records

Property tax history

+8.4%/yr

Latest (2025): $2,161 · +9.8% YoY. Source: county tax records.