508 N 13th St · Palatka, FL 32177

$59,900

2 bd · 1.0 ba · 828 sqft · SingleFamily public records · 179 Days on market

Built 1963 4,752 sqft 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
• Rent growth +3.1/5.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This concrete block with metal roof. Home needs rehabbing.

Key facts

• 4,752 sq ft lot
• Built 1963
• Listed 179 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 3.8% in Palatka — 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 58/100 on livability (#839 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: schools C-, health & safety C-, crime D.
• 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: Rents rising (+2.2%/yr); 319 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $20k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $60k implies a 107% 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 $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 2.07% ✓
• Cap rate: 17.38%
• Cash-on-cash: 39.61%
• DSCR: 2.76
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $137,448
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
816 Oak St	0.46mi	2/1.0	848 (+2%)	6mo	$154,000	$182	70
1701 Wapalaw St	0.51mi	2/1.0	840 (+1%)	6mo	$155,000	$185	69
1714 Gillis St	0.50mi	2/1.0	862 (+4%)	9mo	$106,500	$124	62
503 Laurel St	0.68mi	1/1.0 (-1)	816 (-1%)	1mo	$127,500	$156	60
505 N 4th St	0.64mi	2/1.0	870 (+5%)	6mo	$164,000	$189	57
209 N 7th St	0.47mi	2/1.0	916 (+11%)	10mo	$169,900	$185	52
410 N 6th St	0.48mi	3/1.0 (+1)	879 (+6%)	15mo	$50,000	$57	50
2007 Oak St	0.62mi	2/1.0	760 (-8%)	14mo	$91,000	$120	45
617 Crill Ave	0.62mi	2/1.0	916 (+11%)	16mo	$120,000	$131	40
1405 Laurel St	0.46mi	3/1.0 (+1)	902 (+9%)	23mo	$149,900	$166	39
507 Laurel St	0.68mi	2/1.0	748 (-10%)	17mo	$130,000	$174	38
1519 Laurel St	0.49mi	2/1.0	720 (-13%)	21mo	$77,000	$107	38

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 · 2.23% rent growth · sell at horizon

5-year hold

• IRR: 35.0%
• Equity multiple: 2.47×
• Total profit: $24,623
• Equity at exit: $8,931

10-year hold

• IRR: 41.4%
• Equity multiple: 4.76×
• Total profit: $63,094
• Equity at exit: $5,179

Cash invested: $16,772 (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 32177

• Home prices YoY: -28.1%
• Rents YoY: 2.2%
• Active inventory: 319
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,238 high
• Mortgage (P&I): −$314
• Tax from tax record: −$85 /mo · $1,025/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $554

Break-even live

Break-even rent $537

Max offer price $59,900

Occupancy floor 50%

Sensitivity live

Price	-10% $587	-5% $571	+0% $554	+5% $537	+10% $520
Rent	-10% $456	-5% $505	+0% $554	+5% $602	+10% $651
Rate	-1.0pp $584	-0.5pp $569	base $554	+0.5pp $538	+1.0pp $522

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1010 Bronson St Apt 12 Palatka, FL	2.0	1.0	700	$1,095	$1.56	4d	1	0.20mi
1010 Bronson St Unit 3 Palatka, FL	1.0	1.0	650	$975	$1.50	24d	1	0.20mi
716 Bronson St Palatka, FL	3.0	1.0	900	$1,175	$1.31	24d	1	0.41mi
1510 Laurel St Palatka, FL	3.0	1.0	1080	$1,659	$1.54	4d	1	0.47mi
105 N 2nd St Palatka, FL	2.0	2.0	924	$1,650	$1.79	24d	1	0.86mi
2113 Silver Lake Dr Palatka, FL	2.0	1.0	988	$1,500	$1.52	24d	1	1.26mi
1510 Cleveland Ave Palatka, FL	2.0	1.0	916	$1,350	$1.47	24d	1	1.44mi
3115 Carter Ln Palatka, FL	2.0	1.0	684	$900	$1.32	22d	1	1.47mi

Listing history 16 events

1. 2026-05-31
   days on market $59,900 Active 179 DOM
2. 2026-02-05
   price $59,900
3. 2025-12-03
   listed $79,900 Active
4. 2023-03-31
   soldstatus $29,000 Sold 58-char remark

   Show marketing remark (58 chars)

   This concrete block with metal roof. Home needs rehabbing.

5. 2023-02-11
   status Pending 58-char remark

   Show marketing remark (58 chars)

   This concrete block with metal roof. Home needs rehabbing.

6. 2023-02-09
   historical Active - Contingent 58-char remark

   Show marketing remark (58 chars)

   This concrete block with metal roof. Home needs rehabbing.

7. 2023-02-01
   status Active 58-char remark

   Show marketing remark (58 chars)

   This concrete block with metal roof. Home needs rehabbing.

8. 2023-01-07
   status Pending 58-char remark

   Show marketing remark (58 chars)

   This concrete block with metal roof. Home needs rehabbing.

9. 2023-01-01
   historical Active - Contingent 58-char remark

   Show marketing remark (58 chars)

   This concrete block with metal roof. Home needs rehabbing.

10. 2023-01-01
    status Active 58-char remark

    Show marketing remark (58 chars)

    This concrete block with metal roof. Home needs rehabbing.

11. 2022-12-31
    historical 58-char remark

    Show marketing remark (58 chars)

    This concrete block with metal roof. Home needs rehabbing.

12. 2022-11-03
    price $35,000 58-char remark

    Show marketing remark (58 chars)

    This concrete block with metal roof. Home needs rehabbing.

13. 2022-09-17
    price $40,000 58-char remark

    Show marketing remark (58 chars)

    This concrete block with metal roof. Home needs rehabbing.

14. 2022-08-23
    price $55,000 58-char remark

    Show marketing remark (58 chars)

    This concrete block with metal roof. Home needs rehabbing.

15. 2022-07-14
    listed $61,000 Active 58-char remark

    Show marketing remark (58 chars)

    This concrete block with metal roof. Home needs rehabbing.

16. 1990-11-01
    soldstatus $5,000

ⓘ 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: $1,025 · $85/mo
• Projected year-2 tax: $1,025 · $85/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 3/10 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,857
• − Mortgage interest: −$3,355
• − Property taxes: −$1,025
• − Insurance: −$300
• − Repairs & maintenance: −$1,189
• − Management: −$1,189
• − Depreciation: −$1,743
• Taxable income: $6,057
• Est. tax owed @ 24.0%: −$1,454
• After-tax cash flow: $5,189/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 — Palatka

• Score: 58/100
• State rank: #839
• US rank: #20793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palatka, FL
• County: Putnam County · 25,645 people
• City population: 25,645
• Metro: Palatka, FL
• Population (ZIP): 25,645
• Household income: $47,796
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 806.0

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: Majority White (62%)
• Race & ethnicity: White 62% Black 28% Hispanic / Latino 7% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2%
• Common ancestry: Lithuanian 2% Hispanic 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% French/Haitian/Cajun 1%

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: ▼ -87.10%
• Current HPI: 223.1966
• Rent YoY: ▲ 2.23%
• Metro: Palatka, 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

+1098.0% since first listed

15 events — show timeline

• 2026-02-05 Price Changed $59,900 CPARMLS
• 2025-12-03 Listed $79,900 CPARMLS
• 2023-03-31 Sold (MLS) $29,000 realMLS
• 2023-02-11 Pending — realMLS
• 2023-02-09 Contingent — realMLS
• 2023-02-01 Relisted — realMLS
• 2023-01-07 Pending — realMLS
• 2023-01-01 Contingent — realMLS
• 2023-01-01 Relisted — realMLS
• 2022-12-31 Listing Removed — realMLS
• 2022-11-03 Price Changed $35,000 realMLS
• 2022-09-17 Price Changed $40,000 realMLS
• 2022-08-23 Price Changed $55,000 realMLS
• 2022-07-14 Listed $61,000 realMLS
• 1990-11-01 Sold (Public Records) $5,000 Public Records

Property tax history

+13.1%/yr

Latest (2025): $1,025 · -2.6% YoY. Source: county tax records.