115 Vermont Ave · Crescent City, FL 32112

$210,000

3 bd · 2.0 ba · 1,692 sqft · Manufactured public records · 68 Days on market

Built 2008 0.30 ac lot Est $193k · 9% over

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Why this score? — see what drove the D 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 +15.5/30.0
• Appreciation +6.4/10.0
• DSCR +4.8/10.0
• ARV discount +3.5/15.0
• 1% rule +3.1/10.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

GOLF COURSE VIEW ... One of the few residents in River Park with a view of the Golf Course ... You can walk to the Golf Course any time. Look at the photos to see the quality within.

Key facts

• 0.3 acre lot
• 2 parking spots
• Built 2008

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Off-street parking; 2-space carport
• Utilities: Cable available; Sewer connected; Water connected
• Home design: Manufactured home; Residential use
• Exterior features: Dirt road access; 0.3-acre lot

Interior

• Kitchen: Electric cooktop; Electric oven; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Refrigerator included; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $210k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/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 $170k (19.2% below list).
• Recommended offer: $170k (19.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.1% in Crescent City — 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 57/100 on livability (#857 in FL) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+; Watch: health & safety C-, schools F, amenities F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 143 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (2.9% local appreciation)).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.9% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,674 (19.2% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 19% 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $192,888
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Fairway Ln	0.16mi	3/2.0	1,680 (-1%)	2mo	$195,000	$116	89
212 Alabama St	0.33mi	3/2.0	1,620 (-4%)	2mo	$150,000	$93	76
108 Putter Ln	0.27mi	3/2.0	1,620 (-4%)	10mo	$184,000	$114	72
107 Golf Course Ln	0.18mi	3/2.0	1,456 (-14%)	1mo	$170,000	$117	68
206 June Ct	0.39mi	2/2.0 (-1)	1,508 (-11%)	9mo	$139,900	$93	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.7%
• Equity multiple: 1.49×
• Total profit: $29,007
• Equity at exit: $92,776

10-year hold

• IRR: 11.3%
• Equity multiple: 2.66×
• Total profit: $97,600
• Equity at exit: $141,710

Cash invested: $58,800 (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 32112

• Home prices YoY: 1.0%
• Active inventory: 143
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,697 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$68 /mo · $811/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $84

Break-even live

Break-even rent $1,590

Max offer price $210,000

Occupancy floor 90%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $210,000 Active 68 DOM
2. 2026-06-17
   days on market $210,000 Active 67 DOM
3. 2026-06-16
   days on market $210,000 Active 66 DOM
4. 2026-06-15
   days on market $210,000 Active 65 DOM
5. 2026-06-13
   days on market $210,000 Active 63 DOM
6. 2026-06-09
   days on market $210,000 Active 59 DOM
7. 2026-06-08
   days on market $210,000 Active 58 DOM
8. 2026-06-07
   days on market $210,000 Active 57 DOM
9. 2026-06-05
   days on market $210,000 Active 54 DOM
10. 2026-06-03
    days on market $210,000 Active 53 DOM
11. 2026-06-02
    days on market $210,000 Active 52 DOM
12. 2026-06-02
    price $210,000 Active 51 DOM
13. 2026-06-01
    days on market $220,000 Active 51 DOM
14. 2026-05-31
    days on market $220,000 Active 50 DOM
15. 2026-04-30
    price $220,000
16. 2026-04-11
    listed $225,000 Active
17. 2010-08-24
    historical 182-char remark

    Show marketing remark (182 chars)

    GOLF COURSE VIEW ... One of the few residents in River Park with a view of the Golf Course ... You can walk to the Golf Course any time. Look at the photos to see the quality within.

18. 2010-03-01
    listed $99,900 182-char remark

    Show marketing remark (182 chars)

    GOLF COURSE VIEW ... One of the few residents in River Park with a view of the Golf Course ... You can walk to the Golf Course any time. Look at the photos to see the quality within.

19. 2007-10-02
    historical 72-char remark

    Show marketing remark (72 chars)

    cleared water and sewer hook ups in place lovely view of the golf course

20. 2007-04-02
    listed $49,900 72-char remark

    Show marketing remark (72 chars)

    cleared water and sewer hook ups in place lovely view of the golf course

ⓘ 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: $811 · $68/mo
• Projected year-2 tax: $1,743 · $145/mo
• Expected delta: +$932/yr (+$78/mo · 114.9%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,361
• − Mortgage interest: −$11,763
• − Property taxes: −$811
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,629
• − Management: −$1,629
• − Depreciation: −$6,109
• Taxable loss: −$2,630
• Est. tax savings @ 24.0%: +$631
• After-tax cash flow: $1,640/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: Putnam
• NCES district ID: 1201620
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 39% ▼ -4.00%
• Median HH income: $33,350
• Composite: 29.99/100
• National rank: #6361
• State rank: #66 of 73 in FL

Livability — Crescent City

• Score: 57/100
• State rank: #857
• US rank: #22035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,099

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 65,299 people
• By 2030: 61,255 · -6.2%
• By 2040: 52,930 · -18.9%
• By 2050: 45,051 · -31.0%
• By 2075: 28,720 · -56.0%
• By 2100: 15,852 · -75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 47% Hispanic / Latino 38% Two or more races 30% Black 8% Asian 3%
• Hispanic origin (detail): Mexican 34% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 20% · Canada
• Languages at home: 64% English-only · Spanish 32% Other Asian/Pacific 3%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -28.5pp toward R · 2008: -19.3pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+41.2 2016: R+36.6 2012: R+24.5 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.86%
• Current HPI: 279.58
• 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

+340.9% since first listed

6 events — show timeline

• 2026-04-30 Price Changed $220,000 realMLS
• 2026-04-11 Listed $225,000 realMLS
• 2010-08-24 Listing Removed — realMLS
• 2010-03-01 Listed $99,900 realMLS
• 2007-10-02 Listing Removed — realMLS
• 2007-04-02 Listed $49,900 realMLS

Property tax history

+1.6%/yr

Latest (2025): $811 · +18.1% YoY. Source: county tax records.