235 Alabama St · Welaka, FL 32112

$74,900

2 bd · 1.0 ba · 720 sqft · Manufactured public records · 41 Days on market

Built 1964 6,969 sqft lot Est $93k · 19% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.4/10.0
• Schools +3.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Fisherman's Paradise! Located in the bass capital of the world, with private access to Lake George, this home is ready for its new owners! Each bedroom has its own bathroom. Home sits on a HUGE fully fenced in yard & has LOW maintenance metal roof and siding. Whether you're looking for a weekend getaway or to fully embrace the Florida lifestyle, this home is a great option! Stackable washer/dryer off the kitchen. New carpet throughout the home.

Key facts

• Spacious yard
• Carport
• Natural light

Tags

• FULLY FENCED YARD
• CARPORT
• SPACIOUS YARD
• NATURAL LIGHT
• FUNCTIONAL LAYOUT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $625 ($7k/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: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 1.7% in Welaka — 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 55/100 on livability (#878 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, schools F, 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.
• Market conditions: 143 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($518 loan paydown + $2k appreciation (2.9% local appreciation)).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.9% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $26k; list at $75k implies a 183% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.91% ✓
• Cap rate: 16.30%
• Cash-on-cash: 35.74%
• DSCR: 2.59
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $92,880
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
101 Lemon Trl	0.19mi	2/1.0	784 (+9%)	5mo	$135,000	$172	72
108 Douglas St	0.29mi	2/1.5	672 (-7%)	4mo	$87,000	$129	70
107 Douglas St	0.30mi	2/1.5	672 (-7%)	23mo	$80,000	$119	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.1%
• Equity multiple: 3.30×
• Total profit: $48,265
• Equity at exit: $33,090

10-year hold

• IRR: 41.2%
• Equity multiple: 6.57×
• Total profit: $116,787
• Equity at exit: $50,543

Cash invested: $20,972 (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 32112

• Home prices YoY: 1.0%
• Active inventory: 143
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,429 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$80 /mo · $964/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $625

Break-even live

Break-even rent $638

Max offer price $74,900

Occupancy floor 51%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-12
   status Pending
2. 2026-03-01
   listed $74,900 Active
3. 2018-07-13
   soldstatus $26,500 454-char remark

   Show marketing remark (458 chars)

   Fisherman's Paradise! Located in the bass capital of the world, with private access to Lake George, this home is ready for its new owners! Each bedroom has its own bathroom. Home sits on a HUGE fully fenced in yard & has LOW maintenance metal roof and siding. Whether you're looking for a weekend getaway or to fully embrace the Florida lifestyle, this home is a great option! Stackable washer/dryer off the kitchen. New carpet throughout the home.

4. 2018-07-13
   soldstatus $26,500 Closed 458-char remark

   Show marketing remark (458 chars)

   Fisherman's Paradise! Located in the bass capital of the world, with private access to Lake George, this home is ready for its new owners! Each bedroom has its own bathroom. Home sits on a HUGE fully fenced in yard & has LOW maintenance metal roof and siding. Whether you're looking for a weekend getaway or to fully embrace the Florida lifestyle, this home is a great option! Stackable washer/dryer off the kitchen. New carpet throughout the home.

5. 2018-07-06
   status Pending 458-char remark

   Show marketing remark (458 chars)

   Fisherman's Paradise! Located in the bass capital of the world, with private access to Lake George, this home is ready for its new owners! Each bedroom has its own bathroom. Home sits on a HUGE fully fenced in yard & has LOW maintenance metal roof and siding. Whether you're looking for a weekend getaway or to fully embrace the Florida lifestyle, this home is a great option! Stackable washer/dryer off the kitchen. New carpet throughout the home.

6. 2018-05-05
   listed $49,900 454-char remark

   Show marketing remark (458 chars)

   Fisherman's Paradise! Located in the bass capital of the world, with private access to Lake George, this home is ready for its new owners! Each bedroom has its own bathroom. Home sits on a HUGE fully fenced in yard & has LOW maintenance metal roof and siding. Whether you're looking for a weekend getaway or to fully embrace the Florida lifestyle, this home is a great option! Stackable washer/dryer off the kitchen. New carpet throughout the home.

7. 2018-05-05
   listed $49,900 Active 458-char remark

   Show marketing remark (458 chars)

   Fisherman's Paradise! Located in the bass capital of the world, with private access to Lake George, this home is ready for its new owners! Each bedroom has its own bathroom. Home sits on a HUGE fully fenced in yard & has LOW maintenance metal roof and siding. Whether you're looking for a weekend getaway or to fully embrace the Florida lifestyle, this home is a great option! Stackable washer/dryer off the kitchen. New carpet throughout the home.

8. 2015-12-04
   historical
9. 2014-12-07
   listed $49,900 Active
10. 2014-09-19
    historical
11. 2013-09-23
    listed $49,000

ⓘ 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: $964 · $80/mo
• Projected year-2 tax: $964 · $80/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 · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,148
• − Mortgage interest: −$4,196
• − Property taxes: −$964
• − Insurance: −$374
• − Repairs & maintenance: −$1,372
• − Management: −$1,372
• − Depreciation: −$2,179
• Taxable income: $6,692
• Est. tax owed @ 24.0%: −$1,606
• After-tax cash flow: $5,889/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 — Welaka

• Score: 55/100
• State rank: #878
• US rank: #23339

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,200
• Population (ZIP): 8,099

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 47% Hispanic / Latino 38% Two or more races 30% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 34% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 64% English-only · Spanish 32% Other Asian/Pacific 3%

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: ▲ 2.86%
• Current HPI: 279.58
• 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

+52.9% since first listed

11 events — show timeline

• 2026-04-12 Pending — realMLS
• 2026-03-01 Listed $74,900 realMLS
• 2018-07-13 Sold (MLS) $26,500 Daytona MLS
• 2018-07-13 Sold (MLS) $26,500 Stellar MLS as Distributed by MLS Grid
• 2018-07-06 Pending — Daytona MLS
• 2018-05-05 Listed $49,900 Daytona MLS
• 2018-05-05 Listed $49,900 Stellar MLS as Distributed by MLS Grid
• 2015-12-04 Listing Removed — realMLS
• 2014-12-07 Listed $49,900 realMLS
• 2014-09-19 Listing Removed — realMLS
• 2013-09-23 Listed $49,000 realMLS

Property tax history

+2.2%/yr

Latest (2025): $964 · +11.0% YoY. Source: county tax records.