5650 Charter Cir · Midway, FL 32563

$110,000

2 bd · 1.0 ba · 637 sqft · Manufactured public records · 40 Days on market

Built 1998 0.64 ac lot Est $104k · 5% over

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Schools +5.3/10.0
• ARV discount +5.1/15.0
• Rent growth +3.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover refined living in this beautifully maintained manufactured home, gracefully set on a generous 0.64-acre parcel in Gulf Breeze. Perfectly suited as a starter home, investment importunity, or a cozy private retreat, this residence features 2 bedrooms and 1 bath. NO HOA - Metal roof - The property is ideally located near schools and just moments from premier shopping and dining. The expansive grounds provide a sense of privacy and endless possibilities—perfect for outdoor enjoyment, or simply embracing the peaceful surroundings. Come tour this home today !

Key facts

• Near schools
• 0.64-acre parcel
• No hoa

Tags

• 0.64-ACRE PARCEL
• NO HOA
• NEAR SCHOOLS
• PREMIER SHOPPING AND DINING
• EXPANSIVE GROUNDS

Property features AI

Finance

• Other: Building area approximately 728 square feet; Lot about 0.642 acres; Property listed by HomeSmart Sunshine Realty
• HOA & community: No association

Exterior

• Parking: Open parking; Boat parking available; Front entrance parking; RV access/parking; On-street parking
• Utilities: Circuit breakers and copper wiring; Public sewer or septic tank
• Home design: Modular property; One level; Resale property; Not new construction; County-maintained road access
• Construction: Off-grade foundation
• Exterior features: Interior lot with central access; Metal roof; No horses allowed

Interior

• Kitchen: Updated kitchen
• Bedrooms: Bedroom on the first floor (approximately 3 x 15)
• Flooring: Tile; Vinyl
• Bathrooms: 1 full bathroom (updated)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Eat-in kitchen and kitchen/dining combo; Living/dining combo; Updated kitchen; Updated bathroom; Paint updates in kitchen and bathroom
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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 B — affects rentability + tenant quality, not the cash-flow math above.
• Santa Rosa (suburban): math 63% / reading 60% proficiency, ranked #8 of 73 in FL (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.6%/yr); 453 active listings in the ZIP; solid renter incomes; 1,983 units permitted in Santa Rosa County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Santa Rosa County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.49% ✓
• Cap rate: 12.49%
• Cash-on-cash: 22.12%
• DSCR: 1.98
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $104,468
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1830 Justice Cir	0.23mi	2/1.0	672 (+6%)	12mo	$110,000	$164	70

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 · 4.6% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 1.68×
• Total profit: $21,022
• Equity at exit: $16,401

10-year hold

• IRR: 26.3%
• Equity multiple: 3.48×
• Total profit: $76,237
• Equity at exit: $9,511

Cash invested: $30,800 (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 32563

• Rents YoY: 4.6%
• Active inventory: 453
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,637 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$102 /mo · $1,229/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $568

Break-even live

Break-even rent $918

Max offer price $110,000

Occupancy floor 60%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-04-17
   listed $110,000 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: $1,229 · $102/mo
• Projected year-2 tax: $1,229 · $102/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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 6 d/yr ≥105°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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,639
• − Mortgage interest: −$6,162
• − Property taxes: −$1,229
• − Insurance: −$550
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$3,200
• Taxable income: $5,357
• Est. tax owed @ 24.0%: −$1,286
• After-tax cash flow: $5,529/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: Santa Rosa
• NCES district ID: 1201650
• Math proficiency: 63% ▼ -6.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $58,161
• Composite: 53.12/100
• National rank: #1511
• State rank: #8 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
• County: Santa Rosa County · 194,764 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 30,364
• Household income: $100,396
• Rent vs Own: 18.4% rent · 81.6% own
• Severe rent burden: 397.0

Population outlook (Santa Rosa County) Hauer SSP2

• Today (2025): 195,978 people
• By 2030: 209,782 · +7.0%
• By 2040: 235,293 · +20.1%
• By 2050: 256,408 · +30.8%
• By 2075: 298,074 · +52.1%
• By 2100: 303,216 · +54.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 6% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Italian 5% Slovak 3% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% German/W. Germanic 1% Chinese 1%

Political lean MEDSL · Santa Rosa

• 2024 margin: Solid R (+51.0) · D 24.1% · R 75.0%
• 2008→2024 swing: -3.0pp toward R · 2008: -47.9pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+46.5 2016: R+53.5 2012: R+52.6 2008: R+47.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -229.78%
• Current HPI: 278.9852
• Rent YoY: ▲ 4.60%
• Metro: Pensacola-Ferry Pass-Brent, 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

1 event — show timeline

• 2026-04-17 Listed $110,000 PARMLS

Property tax history

+11.3%/yr

Latest (2025): $1,229 · +12.0% YoY. Source: county tax records.