119 N Manchester St · Warrington, FL 32507

$179,999

3 bd · 1.0 ba · 941 sqft · SingleFamily public records · 62 Days on market

Built 1941 0.40 ac lot $191/sqft · 18% above area Est $163k · 11% over

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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 +15.5/30.0
• DSCR +4.8/10.0
• 1% rule +3.6/10.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• ARV discount +2.7/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely renovated 3-bedroom, 1-bath cottage ideally located near NAS Pensacola, just 7 minutes from downtown Pensacola and a short drive to both Perdido Key and Pensacola Beach. Situated in the desirable Corry neighborhood, this home is directly across from a well-maintained neighborhood park—perfect for enjoying the outdoors right outside your door. Inside, you’ll find a beautifully updated interior featuring a brand-new kitchen with modern appliances, stylish tiled bathroom, and durable luxury vinyl plank (LVP) flooring throughout. A move-in-ready gem in a prime location!

Key facts

• Renovated cottage
• Move-in-ready
• Modern appliances

Tags

• RENOVATED COTTAGE
• UPDATED INTERIOR
• BRAND-NEW KITCHEN
• MODERN APPLIANCES
• STYLISH TILED BATHROOM
• MOVE-IN-READY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $72 ($863/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 $154k (14.3% below list).
• Recommended offer: $154k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.3% in Warrington — 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 65/100 on livability (#631 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Escambia (suburban): math 40% / reading 45% proficiency, ranked #56 of 73 in FL (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.2%/yr); 702 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,174 (14.3% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• GRM: 9.7

CMA / ARV

• ARV (median comp): $162,570
• List price: $179,999
• Delta: 10.72%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
43 Druid Dr	0.19mi	3/1.0	864 (-8%)	2mo	$70,500	$82	76
225 Delray Dr	0.29mi	2/1.0 (-1)	950 (+1%)	12mo	$149,000	$157	70
10 Sulu Dr	0.29mi	2/1.0 (-1)	960 (+2%)	13mo	$149,900	$156	67
12 N Runyan St	0.37mi	3/2.0	928 (-1%)	15mo	$190,000	$205	64
1417 Dexter Ave	0.29mi	2/1.0 (-1)	888 (-6%)	13mo	$176,000	$198	61
10 N Runyan St	0.37mi	3/1.0	1,080 (+15%)	3mo	$105,000	$97	55
1230 Wilson Ave	0.55mi	3/1.0	995 (+6%)	12mo	$210,000	$211	54
1411 Poppy Ave	0.28mi	2/1.0 (-1)	826 (-12%)	15mo	$100,000	$121	49
714 Wingate St	0.66mi	2/1.0 (-1)	1,024 (+9%)	9mo	$120,000	$117	42
21 Patton Dr	0.41mi	4/2.0 (+1)	1,059 (+12%)	13mo	$66,000	$62	40
118 Baynes Ave	0.68mi	4/1.0 (+1)	1,048 (+11%)	7mo	$149,999	$143	39
423 S Navy Blvd	0.62mi	2/1.0 (-1)	1,061 (+13%)	12mo	$262,000	$247	35

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 · 1.22% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.46×
• Total profit: $-27,339
• Equity at exit: $26,838

10-year hold

• IRR: -10.1%
• Equity multiple: 0.43×
• Total profit: $-28,802
• Equity at exit: $15,563

Cash invested: $50,400 (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 32507

• Home prices YoY: -4.6%
• Rents YoY: 1.2%
• Active inventory: 702
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,542 high
• Mortgage (P&I): −$944
• Tax from tax record: −$127 /mo · $1,526/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $72

Break-even live

Break-even rent $1,451

Max offer price $179,999

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1120 S Old Corry Field Rd Pensacola, FL	3.0	1.0	1000	$1,295	$1.29	23d	1	0.21mi
99 S 3rd St Unit 3 Pensacola, FL	2.0	1.5	900	$1,259	$1.40	23d	1	0.22mi
7 Mindoro Cir Pensacola, FL	3.0	1.0	924	$1,395	$1.51	23d	1	0.33mi
26 N Lincoln Rd Unit B Pensacola, FL	2.0	1.0	759	$1,050	$1.38	13d	1	0.42mi
405 E Palmetto Ave Pensacola, FL	2.0	1.0	900	$1,800	$2.00	23d	1	0.48mi
45 W Carver Dr Pensacola, FL	3.0	1.0	940	$1,325	$1.41	23d	1	0.51mi
2 E Sunset Ave Unit 3 Pensacola, FL	2.0	1.0	806	$1,350	$1.67	23d	1	0.51mi
1036 Hawthorn Dr Unit B Pensacola, FL	2.0	1.0	650	$800	$1.23	23d	1	0.67mi
102 SE Kalash Rd Pensacola, FL	4.0	2.0	1029	$1,800	$1.75	23d	1	0.95mi
315 Flannan Rd Pensacola, FL	3.0	1.0	836	$1,745	$2.09	13d	1	0.96mi
113 Rue Max St Pensacola, FL	3.0	1.0	862	$1,395	$1.62	23d	1	1.10mi
718 Mills Ave Unit A Pensacola, FL	2.0	1.0	728	$1,200	$1.65	23d	1	1.11mi
190 N Old Corry Field Rd Pensacola, FL	1.0–2.0	1.0–2.0	915	$1,174	$1.28	13d	3	1.39mi
4600 Twin Oaks Dr Pensacola, FL	1.0–2.0	1.0	838	$1,499	$1.79	13d	29	1.46mi

Listing history 20 events

1. 2026-06-18
   days on market $179,999 Active 62 DOM
2. 2026-06-17
   days on market $179,999 Active 61 DOM
3. 2026-06-16
   days on market $179,999 Active 60 DOM
4. 2026-06-15
   days on market $179,999 Active 59 DOM
5. 2026-06-14
   pricedays on market $179,999 Active 57 DOM
6. 2026-06-10
   days on market $185,000 Active 54 DOM
7. 2026-06-09
   days on market $185,000 Active 53 DOM
8. 2026-06-08
   days on market $185,000 Active 52 DOM
9. 2026-06-07
   days on market $185,000 Active 51 DOM
10. 2026-06-03
    days on market $185,000 Active 47 DOM
11. 2026-06-02
    days on market $185,000 Active 46 DOM
12. 2026-06-01
    days on market $185,000 Active 45 DOM
13. 2026-05-31
    days on market $185,000 Active 44 DOM
14. 2026-05-31
    days on market $185,000 Active 43 DOM
15. 2026-05-12
    price $185,000 595-char remark

    Show marketing remark (595 chars)

    Completely renovated 3-bedroom, 1-bath cottage ideally located near NAS Pensacola, just 7 minutes from downtown Pensacola and a short drive to both Perdido Key and Pensacola Beach. Situated in the desirable Corry neighborhood, this home is directly across from a well-maintained neighborhood park—perfect for enjoying the outdoors right outside your door. Inside, you’ll find a beautifully updated interior featuring a brand-new kitchen with modern appliances, stylish tiled bathroom, and durable luxury vinyl plank (LVP) flooring throughout. A move-in-ready gem in a prime location!

16. 2026-05-12
    price $180,000 595-char remark

    Show marketing remark (595 chars)

    Completely renovated 3-bedroom, 1-bath cottage ideally located near NAS Pensacola, just 7 minutes from downtown Pensacola and a short drive to both Perdido Key and Pensacola Beach. Situated in the desirable Corry neighborhood, this home is directly across from a well-maintained neighborhood park—perfect for enjoying the outdoors right outside your door. Inside, you’ll find a beautifully updated interior featuring a brand-new kitchen with modern appliances, stylish tiled bathroom, and durable luxury vinyl plank (LVP) flooring throughout. A move-in-ready gem in a prime location!

17. 2026-04-17
    listed $190,000 Active 595-char remark

    Show marketing remark (595 chars)

    Completely renovated 3-bedroom, 1-bath cottage ideally located near NAS Pensacola, just 7 minutes from downtown Pensacola and a short drive to both Perdido Key and Pensacola Beach. Situated in the desirable Corry neighborhood, this home is directly across from a well-maintained neighborhood park—perfect for enjoying the outdoors right outside your door. Inside, you’ll find a beautifully updated interior featuring a brand-new kitchen with modern appliances, stylish tiled bathroom, and durable luxury vinyl plank (LVP) flooring throughout. A move-in-ready gem in a prime location!

18. 2017-01-30
    soldstatus $927,000
19. 2006-10-24
    soldstatus $67,500
20. 2006-10-19
    listed $67,500

ⓘ 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: $1,526 · $127/mo
• Projected year-2 tax: $1,526 · $127/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 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,501
• − Mortgage interest: −$10,083
• − Property taxes: −$1,526
• − Insurance: −$900
• − Repairs & maintenance: −$1,480
• − Management: −$1,480
• − Depreciation: −$5,236
• Taxable loss: −$2,204
• Est. tax savings @ 24.0%: +$529
• After-tax cash flow: $1,392/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: Escambia
• NCES district ID: 1200510
• Math proficiency: 40% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $44,649
• Composite: 36.04/100
• National rank: #4773
• State rank: #56 of 73 in FL

Livability — Warrington

• Score: 65/100
• State rank: #631
• US rank: #12396

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warrington, FL
• County: Escambia County · 301,722 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 32,226
• Household income: $73,540
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1175.0

Population outlook (Escambia County) Hauer SSP2

• Today (2025): 334,637 people
• By 2030: 345,779 · +3.3%
• By 2040: 364,828 · +9.0%
• By 2050: 378,514 · +13.1%
• By 2075: 403,220 · +20.5%
• By 2100: 386,125 · +15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 10% Two or more races 10% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Lithuanian 2% Romanian 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% French/Haitian/Cajun 1%

Political lean MEDSL · Escambia

• 2024 margin: R (+19.5) · D 39.7% · R 59.2% · Other 1.1%
• 2008→2024 swing: -0.2pp no change · 2008: -19.3pp · 2024: -19.5pp
• All cycles: 2024: R+19.5 2020: R+15.1 2016: R+20.6 2012: R+20.6 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -26.23%
• Current HPI: 548.03
• Rent YoY: ▲ 1.22%
• 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

+174.1% since first listed

6 events — show timeline

• 2026-05-12 Price Changed $185,000 PARMLS
• 2026-05-12 Price Changed $180,000 PARMLS
• 2026-04-17 Listed $190,000 PARMLS
• 2017-01-30 Sold (Public Records) $927,000 Public Records
• 2006-10-24 Sold (Public Records) $67,500 Public Records
• 2006-10-19 Listed $67,500 PARMLS

Property tax history

+8.0%/yr

Latest (2025): $1,526 · +17.7% YoY. Source: county tax records.