1680 Will Lee Rd

Bonifay, FL 32425

$79,900C+

1 bd · 1.0 ba · 720 sqft · Built 1950 · SingleFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $820/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$257
• HOA: −$0
• Vac / Maint / Mgmt: −$172
• Net cashflow: $-28/mo
• Annual: $-334/yr
• Cap rate: 7.76%
• Cash-on-cash: 5.22%
• DSCR: 1.23
• 1% rule: 1.03%
• Cash to close: $22,372

Investor read

• This is a 1-bed/1.0-bath single-family listed at $80k. Condition is rated fair.
• 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).
• It's been on market 43 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (6.2% below list) — sets the bar for cash-flow.
• In year one you build about $9k of equity ($552 loan paydown + $8k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: flood insurance adds $125/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 144 active listings in the ZIP; 12 units permitted in Holmes County in 2024 (0 in 5+ unit buildings).
• Holmes County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.

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 43 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

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