176 Turpentine Dr

Crawfordville, FL 32327

$250,900D-

3 bd · 2.5 ba · 1,514 sqft · Built 2026 · Land · Active · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,885/mo
• Mortgage (P&I): −$1,316
• Tax + insurance: −$418
• HOA: −$94
• Vac / Maint / Mgmt: −$396
• Net cashflow: $-339/mo
• Annual: $-4,064/yr
• Cap rate: 4.67%
• Cash-on-cash: -5.78%
• DSCR: 0.74
• 1% rule: 0.75%
• Cash to close: $70,252

Investor read

• This is a 3-bed/2.5-bath land listed at $251k.
• At list price, monthly cash flow is $-339 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (24.9% below list).
• It's been on market 178 days — a 12% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (24.9% 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 $8k 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.
• 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 21d 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 $26k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 178 days. Have you received any prior offers? Is the seller open to a 25% 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.