5620 Charter Cir · Midway, FL 32563

$199,700

3 bd · 1.0 ba · 1,012 sqft · SingleFamily public records · 93 Days on market

Built 2009 9,583 sqft lot Est $230k · 13% under ↓ 16% since listing

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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 +24.4/30.0
• ARV discount +13.4/15.0
• DSCR +7.9/10.0
• 1% rule +5.8/10.0
• Schools +5.3/10.0
• Rent growth +3.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ALERT! THIS IS THE LOWEST PRICED SINGLE FAMILY HOME IN NAVARRE/GULF BREEZE! THIS QUAINT 2009 HOME IS PERFECT FOR A STARTER HOME / INVESTMENT BUYER. Upon entry you are greeted by a cozy living space w/ceiling fan & sunny windows that opens to a lengthy kitchen space w/cabinets running down the entire wall for ample storage. A window sink brightens the space. Plenty of room for a Lg kitchen island too! BRs are ample size w/swing closet doors. Single bath is spacious w/tub/shower combo & single sink cabinet. Ample room for a future bath remodel..a double vanity & ''future'' tiled tub/shower surround. Dream away! A Lg washer/dryer closet, side door & exterior attached storage closet completes the home. NO HOA. This home only needs some update touches! This is a gem at a great value!

Key facts

• Window sink
• Lg kitchen island
• Spacious bath

Tags

• COZY LIVING SPACE
• AMPLE STORAGE
• WINDOW SINK
• LG KITCHEN ISLAND
• SPACIOUS BATH
• TUB SHOWER COMBO

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Risks & watch-outs

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

Recommended offer $181,727 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.08% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.68%
• DSCR: 1.39
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $229,724
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5620 Charter Cir	0.00mi	3/1.0	1,002 (-1%)	10mo	$192,000	$192	90
5668 Charter Cir	0.13mi	3/1.0	984 (-3%)	0mo	$190,000	$193	89
1866 Justice Cir	0.41mi	3/1.0	1,012 (0%)	7mo	$206,000	$204	75
1842 Justice Cir	0.33mi	3/2.0	1,056 (+4%)	12mo	$220,000	$208	63
1989 Justice Cir	0.24mi	3/2.0	1,144 (+13%)	4mo	$211,000	$184	59
1961 Guseman Rd	0.59mi	2/1.0 (-1)	960 (-5%)	1mo	$270,000	$281	58
5595 Meadow Creek Pl	0.38mi	2/2.0 (-1)	1,058 (+4%)	10mo	$210,000	$198	58
1893 Crosscreek Cir	0.46mi	3/2.0	1,124 (+11%)	6mo	$255,000	$227	51
5590 Meadow Creek Pl	0.35mi	2/2.0 (-1)	1,152 (+14%)	11mo	$290,000	$252	43
1903 Crosscreek Cir	0.47mi	3/2.0	1,124 (+11%)	18mo	$315,000	$280	40
5433 Fawn Ridge Dr	0.54mi	2/2.0 (-1)	1,136 (+12%)	15mo	$289,900	$255	33
5417 Fawn Ridge Dr	0.55mi	2/2.0 (-1)	1,150 (+14%)	20mo	$285,900	$249	26

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: -1.4%
• Equity multiple: 0.95×
• Total profit: $-3,067
• Equity at exit: $29,776

10-year hold

• IRR: 9.8%
• Equity multiple: 1.81×
• Total profit: $45,451
• Equity at exit: $17,266

Cash invested: $55,916 (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: 7.7×

Monthly cashflow live

• Estimated rent: $2,163 medium
• Mortgage (P&I): −$1,047
• Tax from tax record: −$174 /mo · $2,082/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $405

Break-even live

Break-even rent $1,651

Max offer price $199,700

Occupancy floor 76%

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: $49,925
• Closing costs: $5,991
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5359 Maverick Ln Gulf Breeze, FL	3.0	2.0	1350	$2,200	$1.63	13d	1	0.86mi
1643 Amarillo Trl Gulf Breeze, FL	3.0	2.0	1462	$1,995	$1.36	23d	1	1.37mi
1786 Kell Rd Gulf Breeze, FL	3.0	2.0	1342	$1,750	$1.30	13d	1	1.42mi

Listing history 13 events

1. 2025-08-12
   status Pending
2. 2025-08-12
   soldstatus $192,000
3. 2025-08-11
   soldstatus $192,000 Sold 808-char remark

   Show marketing remark (808 chars)

   ALERT! THIS IS THE LOWEST PRICED SINGLE FAMILY HOME IN NAVARRE/GULF BREEZE! THIS QUAINT 2009 HOME IS PERFECT FOR A STARTER HOME / INVESTMENT BUYER. Upon entry you are greeted by a cozy living space w/ceiling fan & sunny windows that opens to a lengthy kitchen space w/cabinets running down the entire wall for ample storage. A window sink brightens the space. Plenty of room for a Lg kitchen island too! BRs are ample size w/swing closet doors. Single bath is spacious w/tub/shower combo & single sink cabinet. Ample room for a future bath remodel..a double vanity & ''future'' tiled tub/shower surround. Dream away! A Lg washer/dryer closet, side door & exterior attached storage closet completes the home. NO HOA. This home only needs some update touches! This is a gem at a great value!

4. 2025-06-28
   historical Contingent
5. 2025-05-14
   listed $199,700 Active 808-char remark

   Show marketing remark (808 chars)

   ALERT! THIS IS THE LOWEST PRICED SINGLE FAMILY HOME IN NAVARRE/GULF BREEZE! THIS QUAINT 2009 HOME IS PERFECT FOR A STARTER HOME / INVESTMENT BUYER. Upon entry you are greeted by a cozy living space w/ceiling fan & sunny windows that opens to a lengthy kitchen space w/cabinets running down the entire wall for ample storage. A window sink brightens the space. Plenty of room for a Lg kitchen island too! BRs are ample size w/swing closet doors. Single bath is spacious w/tub/shower combo & single sink cabinet. Ample room for a future bath remodel..a double vanity & ''future'' tiled tub/shower surround. Dream away! A Lg washer/dryer closet, side door & exterior attached storage closet completes the home. NO HOA. This home only needs some update touches! This is a gem at a great value!

6. 2025-05-11
   listed $199,700 Active
7. 2025-01-13
   listed $215,000 Active
8. 2023-03-06
   historical
9. 2022-12-08
   status Pending
10. 2022-12-08
    status Pending
11. 2022-12-08
    listed $228,000 Active
12. 2022-12-08
    historical
13. 2022-12-08
    listed $228,000 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: $2,082 · $174/mo
• Projected year-2 tax: $2,082 · $174/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 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,953
• − Mortgage interest: −$11,186
• − Property taxes: −$2,082
• − Insurance: −$998
• − Repairs & maintenance: −$2,076
• − Management: −$2,076
• − Depreciation: −$5,809
• Taxable income: $1,724
• Est. tax owed @ 24.0%: −$414
• After-tax cash flow: $4,441/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

-15.8% since first listed

13 events — show timeline

• 2025-08-12 Pending — PARMLS
• 2025-08-12 Sold (Public Records) $192,000 Public Records
• 2025-08-11 Sold (MLS) $192,000 ECAR
• 2025-06-28 Contingent — PARMLS
• 2025-05-14 Listed $199,700 ECAR
• 2025-05-11 Listed $199,700 PARMLS
• 2025-01-13 Listed $215,000 ECAR
• 2023-03-06 Delisted — ECAR
• 2022-12-08 Pending — NAMLS
• 2022-12-08 Pending — ECAR
• 2022-12-08 Listed $228,000 ECAR
• 2022-12-08 Listed $228,000 NAMLS
• 2022-12-08 Listing Removed — NAMLS

Property tax history

+15.8%/yr

Latest (2025): $2,082 · +10.5% YoY. Source: county tax records.