1600 W Gregory St · Pensacola, FL 32502

$225,000

3 bd · 1.0 ba · 1,418 sqft · Other public records · 35 Days on market

Built 1939 7,405 sqft lot $159/sqft · 15% below area Est $361k · 38% 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 +14.2/30.0
• DSCR +4.3/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this three bedroom/one bath cottage style home located on a corner lot. The home offers the option for a dining/ living area and a separate great room area. The large screened front porch creates a great place to enjoy the outdoors. There are 2 detached buildings on the property. One serves as a workshop/laundry area. The property also features a 515 sq. ft. guest house/office area/rental. Location is key, within a mile of downtown & close to NAS. Legion Field is a few blocks away, offering fields and courts, a walking trail, a playground/splash pad and a library. Use your creativity to create your own space or create an investment property. Call today to schedule an appoi

Key facts

• Screened front porch
• Detached buildings
• Corner lot

Tags

• CORNER LOT
• SCREENED FRONT PORCH
• DETACHED BUILDINGS
• WORKSHOP LAUNDRY AREA
• GUEST HOUSE OFFICE AREA RENTAL
• CLOSE TO DOWNTOWN

Property features AI

Finance

• Other: Lot dimensions approx. 60 x 125 (0.17 acres)
• HOA & community: No homeowners association

Exterior

• Parking: Open parking; Driveway
• Utilities: Public water; Public sewer; Electric service with circuit breakers
• Home design: Single-story home; Not attached to another property; Resale property; Paved public road access
• Construction: Frame construction; Composition and gable roof; Off-grade foundation; Built on one level
• Exterior features: Covered patio/porch; Corner lot; Solar energy generation; Guest house

Interior

• Kitchen: Dishwasher; Refrigerator; Gas water heater
• Bedrooms: Primary bedroom on the first floor (approx. 13 x 10); Second bedroom on the first floor (approx. 12 x 12); Third bedroom on the first floor (approx. 13 x 9)
• Flooring: Carpet
• Bathrooms: One full bathroom on the first floor (approx. 8 x 5)
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Ceiling fan(s); Some blinds; Some drapes
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $225k.

Deal economics

• At list price, monthly cash flow is $39 ($469/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 $203k (9.8% below list).
• Recommended offer: $203k (9.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.6% in Pensacola — 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 83/100 on livability (#53 in FL, #924 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• Escambia (suburban): math 40% / reading 45% proficiency, ranked #56 of 73 in FL (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.4%/yr); 96 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($67k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $59k; list at $225k implies a 282% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,916 (9.8% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — 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. 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.
5. 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.
6. 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: 0.90% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.74%
• DSCR: 1.03
• GRM: 9.2

CMA / ARV

• ARV (median comp): $361,206
• List price: $225,000
• Delta: -37.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.37×
• Total profit: $-39,882
• Equity at exit: $33,548

10-year hold

• IRR: -18.5%
• Equity multiple: 0.14×
• Total profit: $-54,360
• Equity at exit: $19,454

Cash invested: $63,000 (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 32502

• Home prices YoY: -20.5%
• Rents YoY: -0.4%
• Active inventory: 96
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,029 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$290 /mo · $3,484/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $39

Break-even live

Break-even rent $1,980

Max offer price $225,000

Occupancy floor 93%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
239 N K St Pensacola, FL	3.0	2.0	1392	$1,950	$1.40	23d	1	0.11mi
1804 W Belmont St Unit A Pensacola, FL	3.0	1.0	925	$995	$1.08	21d	1	0.24mi
106 S G St Pensacola, FL	3.0	2.0	1300	$2,200	$1.69	23d	1	0.31mi
309 N Pace Blvd Unit B Pensacola, FL	3.0	2.0	1342	$1,650	$1.23	23d	1	0.36mi
315 N Pace Blvd Unit A Pensacola, FL	3.0	2.0	1342	$1,850	$1.38	23d	1	0.38mi
315 N Pace Blvd Unit b Pensacola, FL	3.0	2.0	1342	$1,650	$1.23	23d	1	0.38mi
1717 W Cervantes St Pensacola, FL	2.0	2.0	974	$1,169	$1.20	13d	3	0.42mi
411 N D St Pensacola, FL	4.0	2.0	1511	$2,175	$1.44	23d	1	0.44mi
410 N C St Unit 1367374P Pensacola, FL	3.0	2.0	1291	$3,313	$2.57	13d	1	0.52mi
418 N C St Pensacola, FL	3.0	2.0	1017	$2,775	$2.73	13d	1	0.52mi
814 N E St Pensacola, FL	3.0	2.0	1440	$1,695	$1.18	23d	1	0.60mi
811 N D St Pensacola, FL	2.0	2.0	1035	$1,395	$1.35	23d	1	0.62mi
615 N A St Pensacola, FL	3.0	2.0	1122	$1,900	$1.69	13d	1	0.68mi
1010 N D St Pensacola, FL	2.0	2.0	1196	$1,850	$1.55	23d	1	0.74mi
379 S Clubbs St Unit A Pensacola, FL	2.0	2.0	1190	$2,400	$2.02	23d	1	0.83mi
218 Junction Ave Pensacola, FL	2.0	2.5	1295	$2,400	$1.85	23d	1	0.84mi
2303 W Brainerd St Pensacola, FL	2.0	1.0	955	$1,100	$1.15	23d	1	0.86mi
1215 N C St Pensacola, FL	3.0	1.0	1203	$1,775	$1.48	13d	1	0.88mi
220 W Chase St Pensacola, FL	2.0	1.0	648	$1,241	$1.92	23d	1	0.99mi
214 W La Rua St Pensacola, FL	2.0	2.5	1600	$2,800	$1.75	13d	1	0.99mi
504 N Spring St Unit B Pensacola, FL	3.0	1.5	1485	$1,995	$1.34	23d	1	1.04mi
2802 W Gonzalez St Pensacola, FL	3.0	2.0	1824	$1,600	$0.88	23d	1	1.06mi
419 N Wentworth St Pensacola, FL	2.0	1.0	1100	$1,195	$1.09	23d	1	1.22mi
3141 Barrancas Ave Pensacola, FL	2.0	1.5	1200	$2,150	$1.79	13d	1	1.29mi
101 E Romana St Pensacola, FL	3.0	1.0–2.0	987	$2,588	$2.62	13d	20	1.38mi
13 Elegans Ave Pensacola, FL	3.0	2.0	1835	$1,895	$1.03	23d	1	1.38mi
721 W Jordan St Pensacola, FL	3.0	2.0	1030	$1,895	$1.84	23d	1	1.42mi
407 W Jordan St Unit NA Pensacola, FL	3.0	2.0	1300	$2,200	$1.69	23d	1	1.46mi
3740 Frontera Cir Pensacola, FL	3.0	1.0	1024	$1,295	$1.26	23d	1	1.49mi

Listing history 17 events

1. 2026-06-19
   status $225,000 Active 35 DOM
2. 2026-06-18
   days on market $225,000 Contingent 35 DOM
3. 2026-06-17
   days on market $225,000 Contingent 34 DOM
4. 2026-06-16
   days on market $225,000 Contingent 33 DOM
5. 2026-06-15
   days on market $225,000 Contingent 32 DOM
6. 2026-06-14
   statusdays on market $225,000 Contingent 30 DOM
7. 2026-06-10
   days on market $225,000 Active 27 DOM
8. 2026-06-09
   days on market $225,000 Active 26 DOM
9. 2026-06-08
   days on market $225,000 Active 25 DOM
10. 2026-06-07
    pricedays on market $225,000 Active 24 DOM
11. 2026-06-03
    days on market $249,000 Active 20 DOM
12. 2026-06-02
    days on market $249,000 Active 19 DOM
13. 2026-06-01
    days on market $249,000 Active 18 DOM
14. 2026-05-31
    days on market $249,000 Active 17 DOM
15. 2026-05-31
    days on market $249,000 Active 16 DOM
16. 2026-05-14
    listed $249,000 Active 719-char remark
17. 2020-09-08
    soldstatus $58,900

ⓘ 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: $3,484 · $290/mo
• Projected year-2 tax: $3,484 · $290/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 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: $24,350
• − Mortgage interest: −$12,603
• − Property taxes: −$3,484
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,948
• − Management: −$1,948
• − Depreciation: −$6,545
• Taxable loss: −$3,304
• Est. tax savings @ 24.0%: +$793
• After-tax cash flow: $1,262/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: Escambia
• NCES district ID: 1200510
• Math proficiency: 40% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $44,649
• Composite: 36.04/100
• National rank: #4773
• State rank: #56 of 73 in FL

Livability — Pensacola

• Score: 83/100
• State rank: #53
• US rank: #924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pensacola, FL
• County: Escambia County · 301,722 people
• City population: 237,636
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 4,231
• Household income: $67,207
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 176.0

Population outlook (Escambia County) Hauer SSP2

• Today (2025): 334,637 people
• By 2030: 345,779 · +3.3%
• By 2040: 364,828 · +9.0%
• By 2050: 378,514 · +13.1%
• By 2075: 403,220 · +20.5%
• By 2100: 386,125 · +15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Black 24% Two or more races 11% Hispanic / Latino 5% Pacific Islander 1%
• Common ancestry: Slovak 3% Lithuanian 3% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 4% French/Haitian/Cajun 3% Chinese 1%

Political lean MEDSL · Escambia

• 2024 margin: R (+19.5) · D 39.7% · R 59.2% · Other 1.1%
• 2008→2024 swing: -0.2pp no change · 2008: -19.3pp · 2024: -19.5pp
• All cycles: 2024: R+19.5 2020: R+15.1 2016: R+20.6 2012: R+20.6 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.19%
• Current HPI: 248.7402
• Rent YoY: ▼ -0.44%
• 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

+282.0% since first listed

4 events — show timeline

• 2026-06-11 Contingent — PARMLS
• 2026-06-05 Price Changed $225,000 PARMLS
• 2026-05-14 Listed $249,000 PARMLS
• 2020-09-08 Sold (Public Records) $58,900 Public Records

Property tax history

+24.7%/yr

Latest (2025): $3,484 · +12.5% YoY. Source: county tax records.