29 Rylin Ln

Palm Coast, FL 32164

$255,000C-

3 bd · 3.0 ba · 1,817 sqft · Built 1987 · SingleFamily · Pending · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,010/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$422
• Net cashflow: $69/mo
• Annual: $824/yr
• Cap rate: 6.62%
• Cash-on-cash: 1.15%
• DSCR: 1.05
• 1% rule: 0.79%
• Cash to close: $71,400

Investor read

• This is a 3-bed/3.0-bath single-family listed at $255k.
• At list price, monthly cash flow is $69 ($824/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 $201k (21.2% below list).
• It's been on market 75 days — a 6% lower offer ($240k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $201k (21.2% 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 69/100 on livability (#478 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities F, commute F.
• Flagler (rural): math 53% / reading 56% proficiency, ranked #20 of 73 in FL (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Rymfire Elementary School (math 55% / reading 55%, grade C, #872 of 2,144 statewide, top 42%, 892 students, 67% FRL); Buddy Taylor Middle School (math 50% / reading 45%, grade C-, #288 of 571 statewide, top 51%, 1,343 students, 63% FRL); Flagler-Palm Coast High School (math 36% / reading 51%, grade F, #248 of 667 statewide, top 38%, 2,523 students, 52% FRL).
• Market conditions: Rents rising (+1.2%/yr); 1380 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,588 units permitted in Flagler County in 2024 (0 in 5+ unit buildings).
• Flagler County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $207k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• Cap rate 6.6% vs local median 3.8% in Palm Coast — 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.
• This rent runs 32% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.
• 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.