15817 SE Cr 69

Blountstown, FL 32424

$149,000D

3 bd · 2.0 ba · 1,922 sqft · Built 1970 · SingleFamily · Active · 213 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,024/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$215
• Net cashflow: $-66/mo
• Annual: $-796/yr
• Cap rate: 5.76%
• Cash-on-cash: -1.91%
• DSCR: 0.92
• 1% rule: 0.69%
• Cash to close: $41,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $149k.
• At list price, monthly cash flow is $-66 ($-796/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (31.3% below list).
• It's been on market 213 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (31.3% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (2.1% local appreciation)).
• Location reads 67/100 on livability (#562 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Calhoun (rural): math 52% / reading 55% proficiency, ranked #27 of 73 in FL (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blountstown Elementary School (math 54% / reading 56%, grade C, #872 of 2,144 statewide, top 42%, 490 students, 68% FRL); Blountstown High School (math 58% / reading 56%, grade C, #127 of 667 statewide, top 19%, 695 students, 55% FRL) — zoned schools at 62% FRL track the district average.
• Market conditions: 44 active listings in the ZIP; 30 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• Calhoun County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $36k; list at $149k implies a 314% gain — meaningful room to come down on a strong offer.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 3.1% in Blountstown — 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.

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 213 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.