2887 Pinecrest St · Vernon, FL 32462

$69,000

3 bd · 1.0 ba · 1,080 sqft · SingleFamily public records · 31 Days on market

Built 1966 0.29 ac 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
• Appreciation +6.1/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Opportunity awaits with this investor special in Vernon, FL! This solid brick 3-bedroom, 1-bath home sits on a spacious lot and offers great potential for a renovation project, rental investment, or starter home makeover. With good bones and a desirable location, this property is ready for someone to bring their vision to life. Conveniently located just minutes from Holmes Creek and Cypress Springs, you'll enjoy easy access to some of the area's most beautiful natural attractions, along with several nearby lakes for fishing, boating, and outdoor recreation. Plus, Panama City Beach is only approximately 37 minutes away, giving you the perfect balance of small-town living and coastal convenie

Key facts

• Natural attractions
• Easy access
• Outdoor recreation

Tags

• SPACIOUS LOT
• DESIRABLE LOCATION
• EASY ACCESS
• NATURAL ATTRACTIONS
• NEARBY LAKES
• OUTDOOR RECREATION

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Utilities: Public sewer
• Home design: Single-family residence (zoned residential); Single-story layout (rooms listed on first floor)
• Construction: Brick construction
• Exterior features: Full fenced yard; Paved lot access; Lot dimensions approximately 90 x 140

Interior

• Kitchen: Electric cooktop; Electric oven
• Bedrooms: Two bedrooms on the first floor (each about 8 x 10); One additional bedroom/room (dimensions listed separately as living room)
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating via fireplace; Window unit cooling
• Interior features: Gas fireplace; Total of 3 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.4% vs local median 3.2% in Vernon — 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 59/100 on livability (#834 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D+, amenities F.
• Washington (rural): math 49% / reading 50% proficiency, ranked #45 of 73 in FL (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 47 active listings in the ZIP; 217 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($477 loan paydown + $2k appreciation (2.2% local appreciation)).
• Washington County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $15k; list at $69k implies a 360% 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1966 — 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 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?
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: 2.21% ✓
• Cap rate: 19.45%
• Cash-on-cash: 46.98%
• DSCR: 3.09
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $149,040
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3310 Jackson Ave	0.40mi	3/1.5	1,144 (+6%)	6mo	$157,500	$138	64
2895 Church St	0.48mi	2/1.0 (-1)	963 (-11%)	22mo	$49,900	$52	37

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

Projected returns pro-forma

2.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.2%
• Equity multiple: 3.78×
• Total profit: $53,756
• Equity at exit: $28,119

10-year hold

• IRR: 51.6%
• Equity multiple: 7.59×
• Total profit: $127,384
• Equity at exit: $41,197

Cash invested: $19,320 (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 32462

• Home prices YoY: 1.0%
• Active inventory: 47
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,526 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$59 /mo · $703/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $756

Break-even live

Break-even rent $569

Max offer price $69,000

Occupancy floor 45%

Sensitivity live

Price	-10% $795	-5% $776	+0% $756	+5% $737	+10% $717
Rent	-10% $636	-5% $696	+0% $756	+5% $817	+10% $877
Rate	-1.0pp $791	-0.5pp $774	base $756	+0.5pp $738	+1.0pp $720

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $69,000 Active 31 DOM
2. 2026-06-18
   days on market $69,000 Active 29 DOM
3. 2026-06-17
   days on market $69,000 Active 28 DOM
4. 2026-06-16
   days on market $69,000 Active 27 DOM
5. 2026-06-15
   days on market $69,000 Active 26 DOM
6. 2026-06-13
   days on market $69,000 Active 24 DOM
7. 2026-06-12
   days on market $69,000 Active 23 DOM
8. 2026-06-09
   days on market $69,000 Active 20 DOM
9. 2026-06-08
   days on market $69,000 Active 19 DOM
10. 2026-06-07
    days on market $69,000 Active 18 DOM
11. 2026-06-07
    days on market $69,000 Active 17 DOM
12. 2026-06-04
    days on market $69,000 Active 14 DOM
13. 2026-06-02
    days on market $69,000 Active 13 DOM
14. 2026-06-01
    days on market $69,000 Active 12 DOM
15. 2026-05-31
    days on market $69,000 Active 11 DOM
16. 2026-05-31
    days on market $69,000 Active 10 DOM
17. 2026-05-20
    listed $69,000 Active
18. 1990-06-01
    soldstatus $15,000

ⓘ 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: $703 · $59/mo
• Projected year-2 tax: $703 · $59/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 ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,311
• − Mortgage interest: −$3,865
• − Property taxes: −$703
• − Insurance: −$345
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − Depreciation: −$2,007
• Taxable income: $8,461
• Est. tax owed @ 24.0%: −$2,031
• After-tax cash flow: $7,045/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: Washington
• NCES district ID: 1202010
• Math proficiency: 49% ▼ -7.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $36,948
• Composite: 41.12/100
• National rank: #3561
• State rank: #45 of 73 in FL

Livability — Vernon

• Score: 59/100
• State rank: #834
• US rank: #20536

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vernon, FL
• Population (ZIP): 3,452

Population outlook (Washington County) Hauer SSP2

• Today (2025): 24,087 people
• By 2030: 23,600 · -2.0%
• By 2040: 22,643 · -6.0%
• By 2050: 21,524 · -10.6%
• By 2075: 18,432 · -23.5%
• By 2100: 13,298 · -44.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 20% Two or more races 8% Native American 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Greek 2% Slovak 1% Lithuanian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 97% English-only · Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+65.4) · D 17.0% · R 82.4%
• 2008→2024 swing: -17.7pp toward R · 2008: -47.8pp · 2024: -65.4pp
• All cycles: 2024: R+65.4 2020: R+61.1 2016: R+57.1 2012: R+47.4 2008: R+47.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.24%
• Current HPI: 221.7113
• 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

+360.0% since first listed

2 events — show timeline

• 2026-05-20 Listed $69,000 CPARMLS
• 1990-06-01 Sold (Public Records) $15,000 Public Records

Property tax history

+11.5%/yr

Latest (2025): $703 · +14.3% YoY. Source: county tax records.