1124 S 12th St · Palatka, FL 32177

$150,000

2 bd · 1.0 ba · 1,295 sqft · SingleFamily public records · 16 Days on market

Built 1920 7,405 sqft lot Est $234k · 36% 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 +18.4/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +4.7/10.0
• Rent growth +3.1/5.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tucked away on a dead-end street, this 2-bedroom, 1-bath home offers a comfortable layout with tall ceilings and a convenient location just minutes from downtown Palatka, shopping, dining, the fishing dock/boat ramp, Ravine Gardens State Park, and the Palatka Golf Club. Inside, you'll find brand-new LVP flooring throughout, custom maple shelving, freshly conditioned butcher block countertops, a tiled shower, and a custom floating walnut vanity. The heated and cooled Florida sunroom provides flexible additional space and can be used as a third bedroom, office, or bonus room. Major system updates provide added peace of mind, including a metal roof installed in 2021, water heater in 2024, and HVAC replacement in 2025. Outside, enjoy the large front porch, spacious backyard, and large storage shed.

Key facts

• Spacious backyard
• Large front porch
• Tiled shower

Tags

• CUSTOM MAPLE SHELVING
• BUTCHER BLOCK COUNTERTOPS
• TILED SHOWER
• CUSTOM FLOATING WALNUT VANITY
• LARGE FRONT PORCH
• SPACIOUS BACKYARD

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Off-street parking
• Utilities: Electricity connected; Sewer connected; Water connected
• Home design: Single family residence; Residential use
• Exterior features: East-facing; Lot approximately 0.17 acres

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Three bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Six total rooms; Family room
• Laundry & utility: Stacked washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $139 ($2k/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 $145k (3.2% below list).
• Recommended offer: $145k (3.2% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 3.8% in 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 58/100 on livability (#839 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: schools C-, health & safety C-, crime D.
• 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: Rents rising (+2.2%/yr); 319 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($48k/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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $107k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,188 (3.2% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 0.97% ✗
• Cap rate: 7.40%
• Cash-on-cash: 3.96%
• DSCR: 1.18
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $234,395
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1022 S 12th St	0.07mi	2/1.0	1,104 (-15%)	10mo	$87,000	$79	64
1404 Diana Dr	0.56mi	3/2.0 (+1)	1,308 (+1%)	0mo	$255,000	$195	63
504 Moseley Ave	0.72mi	2/1.0	1,295 (0%)	7mo	$85,000	$66	60
1403 Prospect St	0.61mi	3/2.0 (+1)	1,296 (+0%)	3mo	$219,900	$170	60
1403 15th St	0.17mi	3/1.0 (+1)	1,481 (+14%)	11mo	$233,000	$157	54
510 S 19th St	0.64mi	3/2.0 (+1)	1,334 (+3%)	5mo	$250,000	$187	52
1410 Cleveland Ave	0.58mi	3/2.0 (+1)	1,242 (-4%)	10mo	$233,500	$188	49
1602 Prospect St	0.68mi	2/2.0	1,224 (-6%)	8mo	$222,000	$181	48
921 Husson Ave	0.74mi	3/2.0 (+1)	1,352 (+4%)	2mo	$237,000	$175	47
1407 High St	0.49mi	3/2.0 (+1)	1,415 (+9%)	9mo	$259,000	$183	45
1614 High St	0.58mi	3/2.0 (+1)	1,134 (-12%)	10mo	$215,000	$190	35
1604 Husson Ave	0.74mi	3/1.0 (+1)	1,118 (-14%)	5mo	$182,000	$163	33

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 · 2.23% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.61×
• Total profit: $-16,582
• Equity at exit: $22,365

10-year hold

• IRR: -2.8%
• Equity multiple: 0.82×
• Total profit: $-7,554
• Equity at exit: $12,969

Cash invested: $42,000 (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 32177

• Home prices YoY: -28.1%
• Rents YoY: 2.2%
• Active inventory: 319
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,452 high
• Mortgage (P&I): −$787
• Tax from tax record: −$159 /mo · $1,910/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $139

Break-even live

Break-even rent $1,276

Max offer price $150,000

Occupancy floor 85%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2113 Silver Lake Dr Palatka, FL	2.0	1.0	988	$1,500	$1.52	23d	1	0.55mi
1510 Cleveland Ave Palatka, FL	2.0	1.0	916	$1,350	$1.47	23d	1	0.63mi
1510 Laurel St Palatka, FL	3.0	1.0	1080	$1,659	$1.54	4d	1	0.71mi
105 N 2nd St Palatka, FL	2.0	2.0	924	$1,650	$1.79	23d	1	0.99mi
716 Bronson St Palatka, FL	3.0	1.0	900	$1,175	$1.31	23d	1	1.15mi
1511 S Palm Ave Unit 4 Palatka, FL	3.0	1.0	1224	$1,250	$1.02	23d	1	1.17mi
2406 Husson Ave Palatka, FL	3.0	2.0	1559	$1,900	$1.22	20d	1	1.18mi

Listing history 11 events

1. 2026-06-18
   days on market $150,000 Active 16 DOM
2. 2026-06-17
   days on market $150,000 Active 15 DOM
3. 2026-06-16
   days on market $150,000 Active 14 DOM
4. 2026-06-15
   days on market $150,000 Active 13 DOM
5. 2026-06-13
   days on market $150,000 Active 11 DOM
6. 2026-06-09
   days on market $150,000 Active 7 DOM
7. 2026-06-08
   days on market $150,000 Active 6 DOM
8. 2026-06-07
   days on market $150,000 Active 5 DOM
9. 2026-06-05
   days on market $150,000 Active 2 DOM
10. 2026-06-02
    remarks 699-char remark
11. 2026-06-02
    listed $150,000 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: $1,910 · $159/mo
• Projected year-2 tax: $1,910 · $159/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°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: $17,423
• − Mortgage interest: −$8,402
• − Property taxes: −$1,910
• − Insurance: −$750
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − Depreciation: −$4,364
• Taxable loss: −$791
• Est. tax savings @ 24.0%: +$190
• After-tax cash flow: $1,855/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 — Palatka

• Score: 58/100
• State rank: #839
• US rank: #20793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palatka, FL
• County: Putnam County · 25,645 people
• City population: 25,645
• Metro: Palatka, FL
• Population (ZIP): 25,645
• Household income: $47,796
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 806.0

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: Majority White (62%)
• Race & ethnicity: White 62% Black 28% Hispanic / Latino 7% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2%
• Common ancestry: Lithuanian 2% Hispanic 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% French/Haitian/Cajun 1%

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: ▼ -87.10%
• Current HPI: 223.1966
• Rent YoY: ▲ 2.23%
• Metro: Palatka, 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

+279.7% since first listed

15 events — show timeline

• 2026-06-02 Listed $150,000 realMLS
• 2026-04-17 Listing Removed — realMLS
• 2026-03-19 Price Changed $174,900 realMLS
• 2026-02-28 Listed $179,900 realMLS
• 2025-12-28 Listing Removed — realMLS
• 2025-12-15 Listed $178,000 realMLS
• 2022-02-01 Sold (Public Records) $107,000 Public Records
• 2022-01-31 Sold (MLS) $107,000 realMLS
• 2021-12-11 Pending — realMLS
• 2021-12-06 Listed $110,000 realMLS
• 2020-10-28 Sold (Public Records) $69,000 Public Records
• 2005-04-01 Sold (Public Records) $37,600 Public Records
• 2005-03-31 Listing Removed — realMLS
• 2005-03-24 Sold (MLS) $37,525 realMLS
• 2004-12-13 Listed $39,500 realMLS

Property tax history

+3.5%/yr

Latest (2025): $1,910 · -6.6% YoY. Source: county tax records.