1680 Will Lee Rd · Bonifay, FL 32425

$79,900

1 bd · 1.0 ba · 720 sqft · SingleFamily public records · 43 Days on market

Built 1950 Fair condition 2.87 ac lot ↓ 20% since listing

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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).

• Cash flow +20.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Escape to your own private retreat with this one-of-a-kind property offering endless potential for a homestead, hunting camp, weekend getaway, or off-grid living opportunity. Situated on nearly 3 acres, this unique setup combines privacy, functionality, and room to make it your own. According to the Property Appraiser, the structure was originally built in 1950 with an effective year built of 2022, and may have originated as a barn that has since been thoughtfully transformed into living space. Interior features include a concrete foundation, vinyl flooring, paneling and sheetrock walls, and wood-sheathed ceilings for a rustic yet comfortable feel. Electrical has already been installed, with designated spaces ready for a future kitchen and bathroom, while plumbing remains unfinished for the next owner to customize. The property also includes an outdoor shed currently serving as a bathhouse, a window A/C unit, space for two bedrooms, a covered front porch, and an attached carport. Approximately ¾ of an acre is level and mostly cleared, providing plenty of usable space for gardening, animals, recreation, or additional improvements. Partial fencing is already in place and could easily be repaired or expanded. A tractor trailer used for storage will also convey with the sale. Whether you're looking to simplify, start a mini homestead, or create a secluded getaway, this property offers a rare opportunity with plenty of potential. Property is being sold As Is. Buyer to verify all information and perform their own due diligence.

Key facts

• Covered front porch
• Nearly 3 acres
• Attached carport

Tags

• NEARLY 3 ACRES
• OUTDOOR SHED
• COVERED FRONT PORCH
• ATTACHED CARPORT
• LEVEL AND MOSTLY CLEARED
• PARTIAL FENCING

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Home design: Single-story property (first level room listed)
• Construction: Metal roof
• Exterior features: Covered porch; Outbuilding and shed(s); Partial fencing; Dirt road access

Interior

• Heating & cooling: Window unit cooling
• Interior features: One large open room (30 x 24) described as building size

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $80k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-28 ($-334/yr) — negative.
• To cash-flow at today's rent, offer at most $75k (6.2% below list).
• Meets the 1% rule at list price ($820 rent vs $80k).
• Recommended offer: $75k (6.2% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 67/100 on livability (#577 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Holmes (rural): math 44% / reading 45% proficiency, ranked #53 of 73 in FL (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ponce De Leon Elementary School (math 42% / reading 52%, grade D-, #1,191 of 2,144 statewide, top 57%, 308 students, 58% FRL); Holmes County High School (math 22% / reading 50%, grade F, #359 of 667 statewide, top 55%, 453 students, 49% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: 144 active listings in the ZIP; 12 units permitted in Holmes County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($552 loan paydown + $8k appreciation (10.0% local appreciation)).
• Holmes County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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 $65k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $74,986 (6.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.03% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.22%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.3%
• Equity multiple: 2.87×
• Total profit: $41,832
• Equity at exit: $71,980

10-year hold

• IRR: 20.8%
• Equity multiple: 6.58×
• Total profit: $124,758
• Equity at exit: $155,228

Cash invested: $22,372 (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 32425

• Home prices YoY: 16.2%
• Active inventory: 144
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $820 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$98 /mo · $1,178/yr
• Insurance: −$33
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$172
• Net cashflow: $-28

Break-even live

Break-even rent $855

Max offer price $74,986

Occupancy floor 98%

Sensitivity live

Price	-10% $17	-5% $-5	+0% $-28	+5% $-50	+10% $-73
Rent	-10% $-93	-5% $-60	+0% $-28	+5% $5	+10% $37
Rate	-1.0pp $12	-0.5pp $-7	base $-28	+0.5pp $-49	+1.0pp $-70

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-22
   days on market $79,900 Active 43 DOM
2. 2026-06-18
   days on market $79,900 Active 40 DOM
3. 2026-06-17
   days on market $79,900 Active 39 DOM
4. 2026-06-16
   days on market $79,900 Active 38 DOM
5. 2026-06-15
   days on market $79,900 Active 37 DOM
6. 2026-06-14
   days on market $79,900 Active 35 DOM
7. 2026-06-13
   days on market $79,900 Active 34 DOM
8. 2026-06-10
   days on market $79,900 Active 32 DOM
9. 2026-06-09
   days on market $79,900 Active 31 DOM
10. 2026-06-08
    days on market $79,900 Active 30 DOM
11. 2026-06-07
    days on market $79,900 Active 29 DOM
12. 2026-06-05
    days on market $79,900 Active 26 DOM
13. 2026-06-02
    days on market $79,900 Active 24 DOM
14. 2026-06-01
    days on market $79,900 Active 23 DOM
15. 2026-05-31
    days on market $79,900 Active 22 DOM
16. 2026-05-30
    days on market $79,900 Active 21 DOM
17. 2026-05-01
    listed $79,900 Active 1561-char remark

    Show marketing remark (1561 chars)

    Escape to your own private retreat with this one-of-a-kind property offering endless potential for a homestead, hunting camp, weekend getaway, or off-grid living opportunity. Situated on nearly 3 acres, this unique setup combines privacy, functionality, and room to make it your own. According to the Property Appraiser, the structure was originally built in 1950 with an effective year built of 2022, and may have originated as a barn that has since been thoughtfully transformed into living space. Interior features include a concrete foundation, vinyl flooring, paneling and sheetrock walls, and wood-sheathed ceilings for a rustic yet comfortable feel. Electrical has already been installed, with designated spaces ready for a future kitchen and bathroom, while plumbing remains unfinished for the next owner to customize. The property also includes an outdoor shed currently serving as a bathhouse, a window A/C unit, space for two bedrooms, a covered front porch, and an attached carport. Approximately ¾ of an acre is level and mostly cleared, providing plenty of usable space for gardening, animals, recreation, or additional improvements. Partial fencing is already in place and could easily be repaired or expanded. A tractor trailer used for storage will also convey with the sale. Whether you're looking to simplify, start a mini homestead, or create a secluded getaway, this property offers a rare opportunity with plenty of potential. Property is being sold As Is. Buyer to verify all information and perform their own due diligence.

18. 2026-05-01
    listed $79,900 Active

    Show marketing remark (1561 chars)

    Escape to your own private retreat with this one-of-a-kind property offering endless potential for a homestead, hunting camp, weekend getaway, or off-grid living opportunity. Situated on nearly 3 acres, this unique setup combines privacy, functionality, and room to make it your own. According to the Property Appraiser, the structure was originally built in 1950 with an effective year built of 2022, and may have originated as a barn that has since been thoughtfully transformed into living space. Interior features include a concrete foundation, vinyl flooring, paneling and sheetrock walls, and wood-sheathed ceilings for a rustic yet comfortable feel. Electrical has already been installed, with designated spaces ready for a future kitchen and bathroom, while plumbing remains unfinished for the next owner to customize. The property also includes an outdoor shed currently serving as a bathhouse, a window A/C unit, space for two bedrooms, a covered front porch, and an attached carport. Approximately ¾ of an acre is level and mostly cleared, providing plenty of usable space for gardening, animals, recreation, or additional improvements. Partial fencing is already in place and could easily be repaired or expanded. A tractor trailer used for storage will also convey with the sale. Whether you're looking to simplify, start a mini homestead, or create a secluded getaway, this property offers a rare opportunity with plenty of potential. Property is being sold As Is. Buyer to verify all information and perform their own due diligence.

19. 2026-04-12
    historical
20. 2025-10-12
    listed $79,900 Active
21. 2025-10-10
    historical
22. 2025-04-21
    listed $79,900 Active
23. 2024-12-22
    historical
24. 2024-12-05
    listed $82,500 Active
25. 2024-12-05
    listed $82,500 Active
26. 2023-09-06
    soldstatus $65,000 Closed
27. 2023-08-17
    status Pending
28. 2023-08-04
    price $89,000
29. 2023-04-07
    listed $99,900 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: $1,178 · $98/mo
• Projected year-2 tax: $1,178 · $98/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 5/10 Major FEMA zone A · 24% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,841
• − Mortgage interest: −$4,476
• − Property taxes: −$1,178
• − Insurance: −$1,902
• − Repairs & maintenance: −$787
• − Management: −$787
• − Depreciation: −$2,324
• Taxable loss: −$1,614
• Est. tax savings @ 24.0%: +$387
• After-tax cash flow: $54/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the exterior, flooring, and landscaping.

Repairs flagged

• Major siding — Significant wear and tear
• Major flooring — Worn and damaged
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace flooring — Improves living space and resale value
• Both Landscaping and curb appeal — Enhances property's visual appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
flooring · Worn and damaged	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace flooring — Improves living space and resale value ↑
• Both Landscaping and curb appeal — Enhances property's visual appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Holmes
• NCES district ID: 1200900
• Math proficiency: 44% ▼ -5.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $35,365
• Composite: 36.83/100
• National rank: #4558
• State rank: #53 of 73 in FL

Livability — Bonifay

• Score: 67/100
• State rank: #577
• US rank: #10976

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,944

Population outlook (Holmes County) Hauer SSP2

• Today (2025): 17,963 people
• By 2030: 17,245 · -4.0%
• By 2040: 15,970 · -11.1%
• By 2050: 14,905 · -17.0%
• By 2075: 12,327 · -31.4%
• By 2100: 9,760 · -45.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Slovak 1% Iranian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Holmes

• 2024 margin: Solid R (+80.2) · D 9.7% · R 89.9%
• 2008→2024 swing: -15.1pp toward R · 2008: -65.0pp · 2024: -80.2pp
• All cycles: 2024: R+80.2 2020: R+78.9 2016: R+77.9 2012: R+68.3 2008: R+65.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 44.87%
• Current HPI: 322.29
• 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

-20.0% since first listed

13 events — show timeline

• 2026-05-01 Listed $79,900 CPARMLS
• 2026-05-01 Listed $79,900 CPARMLS
• 2026-04-12 Listing Removed — CPARMLS
• 2025-10-12 Listed $79,900 CPARMLS
• 2025-10-10 Listing Removed — CPARMLS
• 2025-04-21 Listed $79,900 CPARMLS
• 2024-12-22 Listing Removed — CPARMLS
• 2024-12-05 Listed $82,500 CPARMLS
• 2024-12-05 Listed $82,500 CPARMLS
• 2023-09-06 Sold (MLS) $65,000 CPARMLS
• 2023-08-17 Pending — CPARMLS
• 2023-08-04 Price Changed $89,000 CPARMLS
• 2023-04-07 Listed $99,900 CPARMLS

Property tax history

+196.8%/yr

Latest (2025): $1,178 · +14.2% YoY. Source: county tax records.