104 Cody Dr · Palatka, FL 32189

$110,000

3 bd · 2.0 ba · 960 sqft · Manufactured public records · 8 Days on market

Built 1987 0.30 ac lot Est $162k · 32% 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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.5/10.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property comes with a boat slip at the end of street with private access to the St. Johns River. 3BD/2BA double wide mobile home with new laminate bamboo flooring throughout. Kitchen has new gas range. Florida Room on back adds addtl square feet, plus large screened porch on front. Workshed at rear for storage.

Key facts

• Spacious outbuilding
• World class fishing
• 0.3 acre lot

Tags

• NEIGHBORHOOD BOAT RAMP
• SPACIOUS OUTBUILDING
• WORLD CLASS FISHING
• WATERFRONT DINING SPOTS

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Off-street parking
• Security: Closed-circuit camera(s)
• Utilities: Septic tank; Cable available; Electricity available
• Home design: Double wide manufactured home; Single-story; Property attached
• Construction: Frame construction; Metal roof
• Exterior features: Front porch; Rear porch; Porch with screened area; Closed-circuit camera(s); Shed(s); Workshop; Located on a dead-end street; Few trees on lot; Private road frontage; Dirt and gravel road surface

Interior

• Kitchen: Gas cooktop; Gas range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Propane heating; Central air; Electric cooling; Wall/Window unit(s)
• Interior features: Breakfast bar; Ceiling fan(s); Open floorplan; Primary bathroom with tub and shower; Split bedroom layout; Walk-in closet(s)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $163 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 8.1% 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: 185 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

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y 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.

Risks & watch-outs

• 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 $110,000

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. 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?
3. 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.
4. 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.
5. 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: 1.05% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $162,240
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
241 Hermit Dr	0.30mi	2/2.0 (-1)	960 (0%)	18mo	$162,000	$169	66
210 Camellia Dr	0.48mi	2/2.0 (-1)	1,002 (+4%)	1mo	$152,000	$152	64
269 Hermits Dr	0.34mi	2/2.0 (-1)	1,012 (+5%)	13mo	$335,000	$331	59
402 Cove Dr	0.43mi	3/1.0	960 (0%)	22mo	$162,000	$169	58
110 Shady Ln	0.51mi	2/1.0 (-1)	1,032 (+8%)	4mo	$80,000	$78	51
468 Cove Dr	0.64mi	2/2.0 (-1)	960 (0%)	20mo	$205,000	$214	48
112 Camellia Dr	0.34mi	3/2.0	1,056 (+10%)	24mo	$246,500	$233	48
218 Monroe Ave	0.70mi	2/2.0 (-1)	924 (-4%)	11mo	$120,000	$130	47
209 Hermits Dr	0.39mi	2/2.0 (-1)	1,040 (+8%)	21mo	$225,000	$216	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-7,437
• Equity at exit: $16,401

10-year hold

• IRR: 3.1%
• Equity multiple: 1.22×
• Total profit: $6,924
• Equity at exit: $9,511

Cash invested: $30,800 (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 32189

• Home prices YoY: -5.4%
• Active inventory: 185
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,150 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$123 /mo · $1,474/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $163

Break-even live

Break-even rent $944

Max offer price $110,000

Occupancy floor 81%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Sherri Lee Ter Satsuma, FL	3.0	2.0	1040	$1,150	$1.11	3d	1	0.93mi

Listing history 6 events

1. 2026-06-18
   days on market $110,000 Active 8 DOM
2. 2026-06-17
   days on market $110,000 Active 7 DOM
3. 2026-06-16
   days on market $110,000 Active 6 DOM
4. 2026-06-15
   days on market $110,000 Active 5 DOM
5. 2026-06-13
   remarks 690-char remark
6. 2026-06-13
   listed $110,000 Active 3 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: $1,474 · $123/mo
• Projected year-2 tax: $1,474 · $123/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 8/10 Severe 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,800
• − Mortgage interest: −$6,162
• − Property taxes: −$1,474
• − Insurance: −$550
• − Repairs & maintenance: −$1,104
• − Management: −$1,104
• − Depreciation: −$3,200
• Taxable income: $206
• Est. tax owed @ 24.0%: −$49
• After-tax cash flow: $1,906/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

• City population: 25,645
• Population (ZIP): 5,527

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 11% Two or more races 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Cuban 4%
• Common ancestry: Slovak 5% Iranian 2% European 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 8%

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: ▼ -14.80%
• Current HPI: 257.2822
• 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

+109.5% since first listed

3 events — show timeline

• 2026-06-10 Listed $110,000 realMLS
• 2013-12-21 Listing Removed — realMLS
• 2013-06-21 Listed $52,500 realMLS

Property tax history

+4.5%/yr

Latest (2025): $1,474 · +0.3% YoY. Source: county tax records.