3201 E 2nd Pl · Springfield, FL 32401

$182,900

4 bd · 4.0 ba · 906 sqft · Land · 31 Days on market

Built 2026

---

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 +16.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Recently repositioned to a highly competitive price, this newly completed duplex unit offers exceptional value for both investors and first-time homebuyers. Price reflects one individual unit (one side of the duplex). Each unit has its own separate parcel, utilities, and individual ownership structure. Featuring 2 bedrooms, 2 bathrooms, plus a flexible bonus room ideal for an office, nursery, guest room, or small bedroom. Originally designed and built with long-term durability and low maintenance in mind, this property incorporates quality materials and construction standards well suited for both owner-occupants and rental investment purposes. Construction features include 2x6 exterior wall

Key facts

• Duplex unit
• Quartz countertops
• Waterproof flooring

Tags

• DUPLEX UNIT
• FLEXIBLE BONUS ROOM
• 9-FOOT CEILINGS
• DOUBLE-INSULATED WALLS
• WATERPROOF FLOORING
• QUARTZ COUNTERTOPS

Property features AI

Exterior

• Utilities: Public sewer
• Home design: New construction
• Construction: Mobile dimensions reported in feet
• Exterior features: Lot dimensions approximately 87.70 x 34.74 feet

Interior

• Kitchen: Electric range
• Bedrooms: Includes primary bedroom; Additional bedroom on the first floor
• Bathrooms: 2 full bathrooms
• Interior features: 5 total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath land listed at $183k.

Deal economics

• At list price, monthly cash flow is $96 ($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 $172k (5.9% below list).
• Recommended offer: $172k (5.9% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.7% in Springfield — 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 59/100 on livability (#826 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, employment D, crime F.
• Bay (suburban): math 51% / reading 51% proficiency, ranked #29 of 73 in FL (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 258 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 39% of the median local income ($53k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $58k; list at $183k implies a 215% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $172,104 (5.9% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.94% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.46×
• Total profit: $-27,826
• Equity at exit: $27,271

10-year hold

• IRR: -12.3%
• Equity multiple: 0.35×
• Total profit: $-33,072
• Equity at exit: $15,814

Cash invested: $51,212 (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 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 258
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,721 high
• Mortgage (P&I): −$959
• Tax est. 1.5%: −$229 /mo · $2,744/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $96

Break-even live

Break-even rent $1,600

Max offer price $182,900

Occupancy floor 89%

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: $45,725
• Closing costs: $5,487
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3719 E 8th Ct Panama City, FL	1.0–4.0	1.0–1.5	950	$1,500	$1.58	21d	1	1.09mi
4905 Alameda St Unit 1 Panama City, FL	3.0	2.0	942	$1,295	$1.37	21d	1	1.12mi
725 Sherman Ave Unit B Panama City, FL	3.0	1.0	878	$1,250	$1.42	21d	1	1.18mi
208 North Highway 22 A Unit 33 Panama City, FL	3.0	2.0	1080	$1,350	$1.25	21d	1	1.24mi
5101 Willow St Panama City, FL	3.0	2.0	1099	$1,500	$1.36	13d	1	1.26mi

Listing history 20 events

1. 2026-06-19
   days on market $182,900 Active 31 DOM
2. 2026-06-18
   days on market $182,900 Active 30 DOM
3. 2026-06-17
   days on market $182,900 Active 29 DOM
4. 2026-06-16
   days on market $182,900 Active 28 DOM
5. 2026-06-15
   days on market $182,900 Active 27 DOM
6. 2026-06-14
   days on market $182,900 Active 25 DOM
7. 2026-06-13
   days on market $182,900 Active 24 DOM
8. 2026-06-10
   days on market $182,900 Active 22 DOM
9. 2026-06-09
   days on market $182,900 Active 21 DOM
10. 2026-06-08
    days on market $182,900 Active 20 DOM
11. 2026-06-07
    days on market $182,900 Active 19 DOM
12. 2026-06-05
    days on market $182,900 Active 16 DOM
13. 2026-06-03
    days on market $182,900 Active 15 DOM
14. 2026-06-02
    days on market $182,900 Active 14 DOM
15. 2026-06-01
    days on market $182,900 Active 13 DOM
16. 2026-05-31
    days on market $182,900 Active 12 DOM
17. 2026-05-30
    days on market $182,900 Active 11 DOM
18. 2026-05-14
    listed $182,900 Active
19. 2024-03-01
    soldstatus $58,000
20. 1987-03-01
    soldstatus $25,100

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,652
• − Mortgage interest: −$10,245
• − Property taxes: −$2,744
• − Insurance: −$914
• − Repairs & maintenance: −$1,652
• − Management: −$1,652
• − Depreciation: −$5,321
• Taxable loss: −$1,876
• Est. tax savings @ 24.0%: +$450
• After-tax cash flow: $1,598/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: Bay
• NCES district ID: 1200090
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $47,740
• Composite: 43.41/100
• National rank: #3014
• State rank: #29 of 73 in FL

Livability — Springfield

• Score: 59/100
• State rank: #826
• US rank: #20265

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, FL
• County: Bay County · 163,593 people
• Metro: Panama City, FL
• Population (ZIP): 18,947
• Household income: $52,523
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 935.0

Population outlook (Bay County) Hauer SSP2

• Today (2025): 206,264 people
• By 2030: 217,740 · +5.6%
• By 2040: 238,738 · +15.7%
• By 2050: 255,545 · +23.9%
• By 2075: 288,295 · +39.8%
• By 2100: 288,638 · +39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 23% Hispanic / Latino 11% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Bay

• 2024 margin: Solid R (+47.4) · D 25.8% · R 73.1% · Other 1.1%
• 2008→2024 swing: -6.6pp toward R · 2008: -40.7pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.5 2016: R+46.3 2012: R+43.6 2008: R+40.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.12%
• Current HPI: 290.3312
• Rent YoY: ▲ 0.45%
• Metro: Panama City, 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

+628.7% since first listed

3 events — show timeline

• 2026-05-14 Listed $182,900 CPARMLS
• 2024-03-01 Sold (Public Records) $58,000 Public Records
• 1987-03-01 Sold (Public Records) $25,100 Public Records

Property tax history

-5.4%/yr

Latest (2025): $318 · -3.0% YoY. Source: county tax records.