668 M L King Blvd · Midway, FL 32343

$219,900

2 bd · 1.0 ba · 1,505 sqft · SingleFamily public records · 223 Days on market

Built 1940 0.29 ac lot $146/sqft · 17% below area Est $264k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.6/30.0
• Appreciation +4.6/10.0
• DSCR +4.1/10.0
• 1% rule +2.9/10.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Discover this beautifully updated 3-bedroom, 2-bath home tucked away in a serene and private setting in Midway, FL. Boasting a classic brick exterior, this home combines timeless appeal with modern upgrades, making it truly move-in ready.

Key facts

• 0.29 acre lot
• Parking
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $12 ($143/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 $175k (20.5% below list).
• Recommended offer: $175k (20.5% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• Gadsden (rural): math 31% / reading 31% proficiency, ranked #70 of 73 in FL (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 20 active listings in the ZIP; 107 units permitted in Gadsden County in 2024 (36 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.9%/yr); year-one equity from $2k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Gadsden County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 223 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $220k implies a 144% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,722 (20.5% below list)

Questions for the listing agent

1. It's been on market 223 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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.
6. 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.
7. 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: 0.79% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• GRM: 10.5

CMA / ARV

• ARV (median comp): $264,020
• List price: $219,900
• Delta: -16.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
381 Sand Pine Dr	0.74mi	3/2.0 (+1)	1,424 (-5%)	19mo	$252,000	$177	32

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

Projected returns pro-forma

-0.89% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.76×
• Total profit: $-14,752
• Equity at exit: $54,267

10-year hold

• IRR: 1.2%
• Equity multiple: 1.11×
• Total profit: $6,927
• Equity at exit: $58,001

Cash invested: $61,572 (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 32343

• Home prices YoY: -0.5%
• Active inventory: 20
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,747 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$124 /mo · $1,483/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $12

Break-even live

Break-even rent $1,732

Max offer price $219,900

Occupancy floor 94%

Sensitivity live

Price	-10% $136	-5% $74	+0% $12	+5% $-50	+10% $-113
Rent	-10% $-126	-5% $-57	+0% $12	+5% $81	+10% $150
Rate	-1.0pp $123	-0.5pp $68	base $12	+0.5pp $-45	+1.0pp $-103

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $219,900 Active 223 DOM
2. 2026-06-17
   days on market $219,900 Active 222 DOM
3. 2026-06-16
   days on market $219,900 Active 221 DOM
4. 2026-06-15
   days on market $219,900 Active 220 DOM
5. 2026-06-14
   days on market $219,900 Active 218 DOM
6. 2026-06-13
   days on market $219,900 Active 217 DOM
7. 2026-06-10
   days on market $219,900 Active 215 DOM
8. 2026-06-09
   days on market $219,900 Active 214 DOM
9. 2026-06-08
   days on market $219,900 Active 213 DOM
10. 2026-06-07
    days on market $219,900 Active 212 DOM
11. 2026-06-05
    days on market $219,900 Active 209 DOM
12. 2026-06-03
    days on market $219,900 Active 208 DOM
13. 2026-06-02
    days on market $219,900 Active 207 DOM
14. 2026-06-01
    days on market $219,900 Active 206 DOM
15. 2026-05-31
    days on market $219,900 Active 205 DOM
16. 2026-05-30
    days on market $219,900 Active 204 DOM
17. 2025-11-07
    listed $219,900 Active 238-char remark

    Show marketing remark (238 chars)

    Discover this beautifully updated 3-bedroom, 2-bath home tucked away in a serene and private setting in Midway, FL. Boasting a classic brick exterior, this home combines timeless appeal with modern upgrades, making it truly move-in ready.

18. 2025-06-14
    historical
19. 2024-12-31
    historical Contingent
20. 2024-12-16
    listed $219,900 Active
21. 2024-11-27
    soldstatus $90,000
22. 2023-02-04
    historical
23. 2023-01-31
    historical Active Under Contract
24. 2022-10-30
    listed $65,000 Active

ⓘ 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: $1,483 · $124/mo
• Projected year-2 tax: $1,825 · $152/mo
• Expected delta: +$342/yr (+$28/mo · 23.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,967
• − Mortgage interest: −$12,318
• − Property taxes: −$1,483
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,677
• − Management: −$1,677
• − Depreciation: −$6,397
• Taxable loss: −$3,686
• Est. tax savings @ 24.0%: +$885
• After-tax cash flow: $1,027/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: Gadsden
• NCES district ID: 1200600
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 31% ▼ -7.00%
• Median HH income: $36,470
• Composite: 25.75/100
• National rank: #7373
• State rank: #70 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
• Population (ZIP): 3,583

Population outlook (Gadsden County) Hauer SSP2

• Today (2025): 42,956 people
• By 2030: 40,878 · -4.8%
• By 2040: 36,218 · -15.7%
• By 2050: 31,502 · -26.7%
• By 2075: 21,828 · -49.2%
• By 2100: 14,480 · -66.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (89%)
• Race & ethnicity: Black 89% Hispanic / Latino 7% Two or more races 4% White 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5%
• Common ancestry: Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Gadsden

• 2024 margin: Solid D (+30.7) · D 65.0% · R 34.3%
• 2008→2024 swing: -8.3pp toward R · 2008: 39.0pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+36.6 2016: D+37.5 2012: D+40.6 2008: D+39.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.89%
• Current HPI: 167.7351
• 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

+238.3% since first listed

8 events — show timeline

• 2025-11-07 Listed $219,900 CATRS
• 2025-06-14 Listing Removed — CATRS
• 2024-12-31 Contingent — CATRS
• 2024-12-16 Listed $219,900 CATRS
• 2024-11-27 Sold (Public Records) $90,000 Public Records
• 2023-02-04 Listing Removed — CATRS
• 2023-01-31 Contingent — CATRS
• 2022-10-30 Listed $65,000 CATRS

Property tax history

+9.8%/yr

Latest (2025): $1,483 · +30.7% YoY. Source: county tax records.