186 Turpentine Dr

Crawfordville, FL 32327

$235,900D-

3 bd · 2.5 ba · 1,498 sqft · Built 2025 · Land · Active · 326 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,884/mo
• Mortgage (P&I): −$1,237
• Tax + insurance: −$393
• HOA: −$94
• Vac / Maint / Mgmt: −$396
• Net cashflow: $-236/mo
• Annual: $-2,830/yr
• Cap rate: 5.09%
• Cash-on-cash: -4.28%
• DSCR: 0.81
• 1% rule: 0.80%
• Cash to close: $66,052

Investor read

• This is a 3-bed/2.5-bath land listed at $236k.
• At list price, monthly cash flow is $-236 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (14.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (20.1% below list).
• It's been on market 326 days — a 12% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (20.1% below list) — sets the bar for 1% rule.
• 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.
• Location reads 77/100 on livability (#187 in FL, #2,943 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wakulla (rural): math 56% / reading 56% proficiency, ranked #18 of 73 in FL (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Crawfordville Elementary School (math 65% / reading 65%, grade B+, #514 of 2,144 statewide, top 24%, 684 students, 42% FRL); Wakulla Middle School (math 55% / reading 52%, grade C+, #205 of 571 statewide, top 36%, 486 students, 41% FRL); Wakulla High School (math 42% / reading 51%, grade D-, #216 of 667 statewide, top 33%, 1,418 students, 37% FRL) — zoned schools at 40% FRL track the district average.
• Market conditions: Rents rising (+3.2%/yr); 346 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 468 units permitted in Wakulla County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $36k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.1% vs local median 4.0% in Crawfordville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• 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?
• It's been on market 326 days. Have you received any prior offers? Is the seller open to a 20% 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?
• 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?
• 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.