3916 Whitehead Blvd

Springfield, FL 32404

$324,900D-

4 bd · 3.0 ba · 2,022 sqft · Built 2020 · SingleFamily · Pending · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,461/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$366
• HOA: −$0
• Vac / Maint / Mgmt: −$517
• Net cashflow: $-126/mo
• Annual: $-1,514/yr
• Cap rate: 5.83%
• Cash-on-cash: -1.66%
• DSCR: 0.93
• 1% rule: 0.76%
• Cash to close: $90,972

Investor read

• This is a 4-bed/3.0-bath single-family listed at $325k.
• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $303k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (24.3% below list).
• It's been on market 78 days — a 6% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (24.3% 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 $10k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#826 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime F, amenities F.
• Bay (suburban): math 51% / reading 51% proficiency, ranked #29 of 73 in FL (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cedar Grove Elementary School (math 18% / reading 18%, grade F, #2,115 of 2,144 statewide, top 99%, 562 students, 76% FRL); Merritt Brown Middle School (math 38% / reading 38%, grade F, #388 of 571 statewide, top 69%, 701 students, 55% FRL); Bay High School (math 37% / reading 34%, grade F, #367 of 667 statewide, top 57%, 1,255 students, 53% FRL).
• Zoned-school proficiency averages 30% at this address vs 51% district-wide (-20 pts) — the specific schools serving this property underperform the Bay average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.1%/yr); 983 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $278k; 17% 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; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 4.8% in Springfield — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 40% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 24% 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.
• 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?
• Crime grade is F 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?
• 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?
• 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.