3202 Redwood Ln #109 · Midway, FL 32563

$129,900

2 bd · 1.0 ba · 635 sqft · Condo public records · 104 Days on market

Built 1983 $330/mo HOA · 21% of rent

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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 +16.6/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +5.3/10.0
• DSCR +5.1/10.0
• Rent growth +3.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Easy Condo Living in Country Club Villas! This downstairs, one story unit features two bedrooms and one full bathroom, a living/dining room combo that has warm wood laminate flooring that leads to a kitchen with ample storage and work space, cooktop, dishwasher and refrigerator. Condo also features indoor laundry and NO lawn maintenance! Home is convenient to beaches, shopping, restaurants and more!

Key facts

• Recent lvp flooring
• Fresh interior paint
• 2022 roof

Tags

• 2022 ROOF
• RECENT LVP FLOORING
• FRESH INTERIOR PAINT
• DEDICATED LAUNDRY CLOSET
• QUICK ACCESS TO SHOPPING
• QUICK ACCESS TO DINING

Property features AI

Finance

• Other: Located on a county-maintained road
• HOA & community: Homeowners association with an annual fee of $3,960; HOA fee covers association, grounds maintenance, pest control, and trash

Exterior

• Parking: 1 parking space per unit
• Utilities: Public water; Public sewer; Copper wiring
• Home design: Resale property; Ground floor unit; Part of Country Club Villas
• Construction: Frame construction; Slab foundation
• Exterior features: Shingle roof; Central access lot

Interior

• Kitchen: Electric water heater
• Bedrooms: Master bedroom on the first floor (approx. 10 x 12)
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Carpet flooring; Eat-in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $77 ($928/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 4.1% in Midway — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Santa Rosa (suburban): math 63% / reading 60% proficiency, ranked #8 of 73 in FL (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.6%/yr); 453 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,983 units permitted in Santa Rosa County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Santa Rosa County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $19k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $130k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $118,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 7.01%
• Cash-on-cash: 2.55%
• DSCR: 1.11
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.6% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.63×
• Total profit: $-13,304
• Equity at exit: $19,369

10-year hold

• IRR: 2.3%
• Equity multiple: 1.18×
• Total profit: $6,679
• Equity at exit: $11,231

Cash invested: $36,372 (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 32563

• Rents YoY: 4.6%
• Active inventory: 453
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,601 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$122 /mo · $1,464/yr
• Insurance: −$54
• HOA: −$330
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $77

Break-even live

Break-even rent $1,503

Max offer price $129,900

Occupancy floor 90%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3208 College Ct Gulf Breeze, FL	1.0–2.0	1.0–2.0	825	$1,756	$2.13	14d	11	0.25mi
3409 Green Briar Cir Gulf Breeze, FL	1.0	1.0	688	$1,095	$1.59	23d	1	0.64mi
3411 Green Briar Cir Unit 2 Gulf Breeze, FL	1.0	1.0	688	$1,150	$1.67	23d	1	0.66mi

HOA detail condo

• Monthly dues: $330 · $3,960/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-15
   status $129,900 Pending 104 DOM
2. 2026-06-15
   days on market $129,900 Contingent 104 DOM
3. 2026-06-14
   days on market $129,900 Contingent 102 DOM
4. 2026-06-10
   days on market $129,900 Contingent 99 DOM
5. 2026-06-09
   days on market $129,900 Contingent 98 DOM
6. 2026-06-08
   days on market $129,900 Contingent 97 DOM
7. 2026-06-07
   days on market $129,900 Contingent 96 DOM
8. 2026-06-05
   days on market $129,900 Contingent 93 DOM
9. 2026-06-03
   days on market $129,900 Contingent 92 DOM
10. 2026-06-02
    days on market $129,900 Contingent 91 DOM
11. 2026-06-01
    days on market $129,900 Contingent 90 DOM
12. 2026-06-01
    status $129,900 Contingent 89 DOM
13. 2026-05-31
    days on market $129,900 Active 89 DOM
14. 2026-05-31
    days on market $129,900 Active 88 DOM
15. 2026-05-09
    price $129,900
16. 2026-04-20
    price $134,900
17. 2026-03-29
    price $135,000
18. 2026-03-12
    price $139,900
19. 2026-03-03
    listed $149,000 Active
20. 2024-12-10
    historical $1,150
21. 2024-12-05
    listed $1,150
22. 2020-09-14
    soldstatus $80,000
23. 2020-06-19
    soldstatus $76,000
24. 2016-05-27
    soldstatus $51,000 402-char remark

    Show marketing remark (402 chars)

    Easy Condo Living in Country Club Villas! This downstairs, one story unit features two bedrooms and one full bathroom, a living/dining room combo that has warm wood laminate flooring that leads to a kitchen with ample storage and work space, cooktop, dishwasher and refrigerator. Condo also features indoor laundry and NO lawn maintenance! Home is convenient to beaches, shopping, restaurants and more!

25. 2016-05-27
    soldstatus $51,000 402-char remark

    Show marketing remark (402 chars)

    Easy Condo Living in Country Club Villas! This downstairs, one story unit features two bedrooms and one full bathroom, a living/dining room combo that has warm wood laminate flooring that leads to a kitchen with ample storage and work space, cooktop, dishwasher and refrigerator. Condo also features indoor laundry and NO lawn maintenance! Home is convenient to beaches, shopping, restaurants and more!

26. 2016-04-21
    listed $49,000 402-char remark

    Show marketing remark (402 chars)

    Easy Condo Living in Country Club Villas! This downstairs, one story unit features two bedrooms and one full bathroom, a living/dining room combo that has warm wood laminate flooring that leads to a kitchen with ample storage and work space, cooktop, dishwasher and refrigerator. Condo also features indoor laundry and NO lawn maintenance! Home is convenient to beaches, shopping, restaurants and more!

27. 2016-04-21
    listed $49,000 402-char remark

    Show marketing remark (402 chars)

    Easy Condo Living in Country Club Villas! This downstairs, one story unit features two bedrooms and one full bathroom, a living/dining room combo that has warm wood laminate flooring that leads to a kitchen with ample storage and work space, cooktop, dishwasher and refrigerator. Condo also features indoor laundry and NO lawn maintenance! Home is convenient to beaches, shopping, restaurants and more!

28. 2006-03-08
    soldstatus $97,500
29. 2006-03-07
    soldstatus $97,500 266-char remark

    Show marketing remark (266 chars)

    ADORABLE CONDO CLOSE TO EVERYTHING! YOU WON'T FIND A BETTER PRICE IN GULF BREEZE. COMPLETELY REMODELED, UPDATED EVERYTHING, BRAND NEW APPLIANCES, FANS, FIXTURES,CABINETS, ECT. A DEFINITE MUST SEE. GREAT FOR SMALL FAMILY, FIRST TIME HOMEBUYER OR POTENTIAL INVESTMENT!

30. 2005-10-05
    listed $106,999 266-char remark

    Show marketing remark (266 chars)

    ADORABLE CONDO CLOSE TO EVERYTHING! YOU WON'T FIND A BETTER PRICE IN GULF BREEZE. COMPLETELY REMODELED, UPDATED EVERYTHING, BRAND NEW APPLIANCES, FANS, FIXTURES,CABINETS, ECT. A DEFINITE MUST SEE. GREAT FOR SMALL FAMILY, FIRST TIME HOMEBUYER OR POTENTIAL INVESTMENT!

31. 1983-02-01
    soldstatus $119,600

ⓘ 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: $1,464 · $122/mo
• Projected year-2 tax: $1,464 · $122/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $19,210
• − Mortgage interest: −$7,276
• − Property taxes: −$1,464
• − Insurance: −$650
• − Repairs & maintenance: −$1,537
• − Management: −$1,537
• − HOA: −$3,960
• − Depreciation: −$3,779
• Taxable loss: −$992
• Est. tax savings @ 24.0%: +$238
• After-tax cash flow: $1,166/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: Santa Rosa
• NCES district ID: 1201650
• Math proficiency: 63% ▼ -6.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $58,161
• Composite: 53.12/100
• National rank: #1511
• State rank: #8 of 73 in FL

Livability — Midway

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Midway, FL
• County: Santa Rosa County · 194,764 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 30,364
• Household income: $100,396
• Rent vs Own: 18.4% rent · 81.6% own
• Severe rent burden: 397.0

Population outlook (Santa Rosa County) Hauer SSP2

• Today (2025): 195,978 people
• By 2030: 209,782 · +7.0%
• By 2040: 235,293 · +20.1%
• By 2050: 256,408 · +30.8%
• By 2075: 298,074 · +52.1%
• By 2100: 303,216 · +54.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 6% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Italian 5% Slovak 3% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% German/W. Germanic 1% Chinese 1%

Political lean MEDSL · Santa Rosa

• 2024 margin: Solid R (+51.0) · D 24.1% · R 75.0%
• 2008→2024 swing: -3.0pp toward R · 2008: -47.9pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+46.5 2016: R+53.5 2012: R+52.6 2008: R+47.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -229.78%
• Current HPI: 278.9852
• Rent YoY: ▲ 4.60%
• Metro: Pensacola-Ferry Pass-Brent, 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

+8.6% since first listed

17 events — show timeline

• 2026-05-09 Price Changed $129,900 PARMLS
• 2026-04-20 Price Changed $134,900 PARMLS
• 2026-03-29 Price Changed $135,000 PARMLS
• 2026-03-12 Price Changed $139,900 PARMLS
• 2026-03-03 Listed $149,000 PARMLS
• 2024-12-10 Rental Removed $1,150 PARMLS
• 2024-12-05 Listed for Rent $1,150 PARMLS
• 2020-09-14 Sold (Public Records) $80,000 Public Records
• 2020-06-19 Sold (Public Records) $76,000 Public Records
• 2016-05-27 Sold (MLS) $51,000 NAMLS
• 2016-05-27 Sold (MLS) $51,000 ECAR
• 2016-04-21 Listed $49,000 NAMLS
• 2016-04-21 Listed $49,000 ECAR
• 2006-03-08 Sold (Public Records) $97,500 Public Records
• 2006-03-07 Sold (MLS) $97,500 NAMLS
• 2005-10-05 Listed $106,999 NAMLS
• 1983-02-01 Sold (Public Records) $119,600 Public Records

Property tax history

+11.3%/yr

Latest (2025): $1,464 · -0.0% YoY. Source: county tax records.