123 SE 423rd St · Cross City, FL 32628

$75,000

3 bd · 1.0 ba · 1,792 sqft · SingleFamily public records · 87 Days on market

Built 1955 1.02 ac lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Rare Opportunity: Two Properties, One Price! Looking for a home with a built-in side hustle or workshop? This unique offering at 123 & 124 SE 423rd includes a fully remodeled home (124) with brand-new appliances and a secondary structure (123) waiting for your finishing touches. THESE PROPERTIES COULD BE SOLD SEPARATELY, BUT ARE IDEALLY SOLD TOGETHER TO MAXIMIZE THE VALUE OF THIS UNIQUE ESTATE. Perfect for a rental conversion, office, or hobby shop, the second building sits on its own lot with its own well (condition unknown). The estate is extremely private with a dedicated drive and includes a Carolina carport, well house, and a separate laundry/utility shed. Live in the updated home and let the second property work for you! Look for the Suwannee Realty signs!

Key facts

• 1.02 acre lot
• Built 1955
• Listed 87 days

Property features AI

Exterior

• Utilities: Private well water
• Home design: Residential detached single-family home
• Construction: Shingle roof; Slab foundation; Built as a single-family residence
• Exterior features: Level, wooded lot

Interior

• Bathrooms: One full bathroom
• Interior features: 5 total rooms; 1 full bathroom

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 4.1% in Cross City — 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 70/100 on livability (#412 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Dixie (rural): math 52% / reading 50% proficiency, ranked #36 of 73 in FL (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 47 active listings in the ZIP; 49 units permitted in Dixie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($519 loan paydown + $3k appreciation (4.2% local appreciation)).
• Dixie County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $53k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.57% ✓
• Cap rate: 12.72%
• Cash-on-cash: 22.94%
• DSCR: 2.02
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.4%
• Equity multiple: 2.88×
• Total profit: $39,420
• Equity at exit: $38,820

10-year hold

• IRR: 30.6%
• Equity multiple: 5.71×
• Total profit: $98,920
• Equity at exit: $64,136

Cash invested: $21,000 (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 32628

• Home prices YoY: 1.1%
• Active inventory: 47
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,178 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$105 /mo · $1,258/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $401

Break-even live

Break-even rent $670

Max offer price $75,000

Occupancy floor 61%

Sensitivity live

Price	-10% $444	-5% $423	+0% $401	+5% $380	+10% $359
Rent	-10% $308	-5% $355	+0% $401	+5% $448	+10% $495
Rate	-1.0pp $439	-0.5pp $421	base $401	+0.5pp $382	+1.0pp $362

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $75,000 Active 87 DOM
2. 2026-06-21
   days on market $75,000 Active 86 DOM
3. 2026-06-18
   days on market $75,000 Active 84 DOM
4. 2026-06-17
   days on market $75,000 Active 83 DOM
5. 2026-06-16
   days on market $75,000 Active 82 DOM
6. 2026-06-15
   days on market $75,000 Active 81 DOM
7. 2026-06-13
   days on market $75,000 Active 79 DOM
8. 2026-06-12
   days on market $75,000 Active 78 DOM
9. 2026-06-09
   days on market $75,000 Active 75 DOM
10. 2026-06-08
    days on market $75,000 Active 74 DOM
11. 2026-06-07
    days on market $75,000 Active 73 DOM
12. 2026-06-07
    days on market $75,000 Active 72 DOM
13. 2026-06-04
    days on market $75,000 Active 69 DOM
14. 2026-06-02
    days on market $75,000 Active 68 DOM
15. 2026-06-01
    days on market $75,000 Active 67 DOM
16. 2026-05-31
    days on market $75,000 Active 66 DOM
17. 2026-05-31
    days on market $75,000 Active 65 DOM
18. 2026-03-26
    listed $75,000 Active
19. 2026-02-06
    listed $250,000 Active 778-char remark

    Show marketing remark (778 chars)

    Rare Opportunity: Two Properties, One Price! Looking for a home with a built-in side hustle or workshop? This unique offering at 123 & 124 SE 423rd includes a fully remodeled home (124) with brand-new appliances and a secondary structure (123) waiting for your finishing touches. THESE PROPERTIES COULD BE SOLD SEPARATELY, BUT ARE IDEALLY SOLD TOGETHER TO MAXIMIZE THE VALUE OF THIS UNIQUE ESTATE. Perfect for a rental conversion, office, or hobby shop, the second building sits on its own lot with its own well (condition unknown). The estate is extremely private with a dedicated drive and includes a Carolina carport, well house, and a separate laundry/utility shed. Live in the updated home and let the second property work for you! Look for the Suwannee Realty signs!

20. 2023-03-03
    soldstatus $53,300 Closed 384-char remark

    Show marketing remark (384 chars)

    Block home with additions on 1 acre. 2 car carport. 2 nice large storage buildings. Home has cement floor. This would work nicely for a handyman project. Land is high and dry. Sits at the end of the street with a gate giving privacy to this home and the neighbor. side and back neighbor is a pasture with cows. Joining property is for sale. 3.4 acres with a 3/1 Mobile home and sheds.

21. 2023-03-01
    soldstatus $53,300
22. 2023-01-22
    listed $59,900 384-char remark

    Show marketing remark (384 chars)

    Block home with additions on 1 acre. 2 car carport. 2 nice large storage buildings. Home has cement floor. This would work nicely for a handyman project. Land is high and dry. Sits at the end of the street with a gate giving privacy to this home and the neighbor. side and back neighbor is a pasture with cows. Joining property is for sale. 3.4 acres with a 3/1 Mobile home and sheds.

ⓘ 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: $1,258 · $105/mo
• Projected year-2 tax: $1,258 · $105/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 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 22 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: $14,139
• − Mortgage interest: −$4,201
• − Property taxes: −$1,258
• − Insurance: −$375
• − Repairs & maintenance: −$1,131
• − Management: −$1,131
• − Depreciation: −$2,182
• Taxable income: $3,861
• Est. tax owed @ 24.0%: −$927
• After-tax cash flow: $3,891/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: Dixie
• NCES district ID: 1200450
• Math proficiency: 52% ▼ -3.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $34,799
• Composite: 42.18/100
• National rank: #3290
• State rank: #36 of 73 in FL

Livability — Cross City

• Score: 70/100
• State rank: #412
• US rank: #7340

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,423

Population outlook (Dixie County) Hauer SSP2

• Today (2025): 15,122 people
• By 2030: 14,521 · -4.0%
• By 2040: 13,503 · -10.7%
• By 2050: 12,671 · -16.2%
• By 2075: 10,857 · -28.2%
• By 2100: 8,344 · -44.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 61% Black 18% Two or more races 15% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Cuban 2%
• Common ancestry: Italian 1% Hispanic 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 5% Arabic 1% Other Asian/Pacific 1%

Political lean MEDSL · Dixie

• 2024 margin: Solid R (+70.4) · D 14.5% · R 84.9%
• 2008→2024 swing: -25.4pp toward R · 2008: -45.0pp · 2024: -70.4pp
• All cycles: 2024: R+70.4 2020: R+66.0 2016: R+63.2 2012: R+46.9 2008: R+45.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.18%
• Current HPI: 398.3675
• 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

+25.2% since first listed

5 events — show timeline

• 2026-03-26 Listed $75,000 DGLMLS
• 2026-02-06 Listed $250,000 DGLMLS
• 2023-03-03 Sold (MLS) $53,300 DGLMLS
• 2023-03-01 Sold (Public Records) $53,300 Public Records
• 2023-01-22 Listed $59,900 DGLMLS

Property tax history

+8.8%/yr

Latest (2025): $1,258 · +4.1% YoY. Source: county tax records.