3511 S Palm Ave · Palatka, FL 32177

$239,000

4 bd · 2.0 ba · 1,976 sqft · Manufactured public records · 46 Days on market

Built 2007 0.70 ac lot Est $239k · at est. ↓ 6% since listing

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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).

• Cash flow +13.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• 1% rule +3.2/10.0
• 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

Under contract-accepting backup offers. Spacious and beautifully updated manufactured home situated on over 0.70 acres, including an adjacent lot that offers endless possibilities. Whether you’re seeking extra privacy, space for recreational vehicles, a future workshop, pool, garden, or even a potential build opportunity, this property provides exceptional flexibility and value. Inside, you’ll find a bright, open layout featuring updated flooring, modern finishes, and generously sized bedrooms. The functional kitchen is perfect for both everyday living and entertaining. The oversized primary suite offers incredible versatility and could easily be partitioned to create a home off

Key facts

• Over 0.70 acres
• Large yard
• Adjacent lot

Tags

• UPDATED MANUFACTURED HOME
• OVER 0.70 ACRES
• ADJACENT LOT
• LARGE YARD
• TWO WELLS
• SEPTIC SYSTEM

Property features AI

Finance

• Other: Property zoned RES; Total acreage approximately 0.7 acres
• Financial info: No lease restrictions; Homestead exempt
• HOA & community: No HOA/association

Exterior

• Parking: No specific parking details provided
• Security: Security gate; Security system (owned); Smoke detectors
• Utilities: Well water; Septic tank; Cable available
• Home design: Manufactured double wide home; One story; East facing
• Construction: Metal frame construction; Shingle roof; Built on crawlspace; Double wide body type
• Exterior features: Deck; Front porch; Rear porch; Private mailbox; Chain link fence; Shed(s); Mature landscaping; Cleared, level, oversized and private lot; Dirt and gravel road access

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bedrooms: 4 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Ceiling fans; Open floorplan with kitchen/family room combo; Split bedroom layout; Thermostat; Walk-in closets; Window treatments (shades)
• Laundry & utility: Dedicated laundry room; Washer hookup; Inside utility; Crawlspace foundation access

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $239k.

Deal economics

• At list price, monthly cash flow is $14 ($166/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 $196k (18.1% below list).
• Recommended offer: $196k (18.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: health & safety C-, crime D, 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.
• Zoned schools: William D. Moseley Elementary School (math 22% / reading 32%, grade F, #1,969 of 2,144 statewide, top 94%, 609 students, 75% FRL); Putnam Academy of Arts And Sciences (math 42% / reading 52%, grade D+, #291 of 571 statewide, top 52%, 177 students, 75% FRL, charter); Palatka Jr - Sr High School (math 13% / reading 30%, grade F, #546 of 667 statewide, top 82%, 1,639 students, 64% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: Rents rising (+2.2%/yr); 319 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• At $1,958/mo this rent would consume 49% of the median local household income ($48k/yr) (locally 806% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• 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 46 days — a 3% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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.

Recommended offer $195,836 (18.1% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
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. 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?
5. 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.
6. 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.
7. 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: 0.82% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.25%
• DSCR: 1.01
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $239,096
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3121 Bainbridge Rd #1	0.20mi	4/2.0	1,813 (-8%)	2mo	$219,000	$121	76

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: -16.7%
• Equity multiple: 0.41×
• Total profit: $-39,395
• Equity at exit: $35,636

10-year hold

• IRR: -10.0%
• Equity multiple: 0.41×
• Total profit: $-39,428
• Equity at exit: $20,664

Cash invested: $66,920 (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: 10.2×

Monthly cashflow live

• Estimated rent: $1,958 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$180 /mo · $2,164/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $14

Break-even live

Break-even rent $1,941

Max offer price $239,000

Occupancy floor 94%

Sensitivity live

Price	-10% $149	-5% $81	+0% $14	+5% $-54	+10% $-121
Rent	-10% $-141	-5% $-64	+0% $14	+5% $91	+10% $169
Rate	-1.0pp $134	-0.5pp $75	base $14	+0.5pp $-48	+1.0pp $-111

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2500 Westover Dr Palatka, FL	3.0	2.0	1935	$2,100	$1.09	6d	1	0.44mi
2406 Husson Ave Palatka, FL	3.0	2.0	1559	$1,900	$1.22	21d	1	0.45mi
127 Crestwood Ave Palatka, FL	4.0	2.0	1674	$1,650	$0.99	19d	1	0.69mi

Listing history 14 events

1. 2026-06-15
   statusdays on market $239,000 Pending 46 DOM
2. 2026-06-13
   days on market $239,000 Active 45 DOM
3. 2026-06-09
   days on market $239,000 Active 41 DOM
4. 2026-06-08
   days on market $239,000 Active 40 DOM
5. 2026-06-07
   pricedays on market $239,000 Active 39 DOM
6. 2026-06-05
   days on market $250,000 Active 36 DOM
7. 2026-06-03
   days on market $250,000 Active 35 DOM
8. 2026-06-02
   days on market $250,000 Active 34 DOM
9. 2026-06-01
   days on market $250,000 Active 33 DOM
10. 2026-05-31
    days on market $250,000 Active 32 DOM
11. 2026-05-15
    price $250,000
12. 2026-05-14
    price $250,000
13. 2026-04-29
    listed $265,000 Active
14. 2026-04-23
    listed $265,000 Active

ⓘ 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: $2,164 · $180/mo
• Projected year-2 tax: $2,164 · $180/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 5/10 Major
• 🌡 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: $23,500
• − Mortgage interest: −$13,388
• − Property taxes: −$2,164
• − Insurance: −$1,195
• − Repairs & maintenance: −$1,880
• − Management: −$1,880
• − Depreciation: −$6,953
• Taxable loss: −$3,959
• Est. tax savings @ 24.0%: +$950
• After-tax cash flow: $1,116/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

• County: Putnam County · 25,645 people
• 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

-5.7% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $250,000 realMLS
• 2026-05-14 Price Changed $250,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-29 Listed $265,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-23 Listed $265,000 realMLS

Property tax history

+6.5%/yr

Latest (2025): $2,164 · +216.7% YoY. Source: county tax records.