2034 Morning Glory St · Allentown, FL 32570

$259,900

4 bd · 2.0 ba · 1,962 sqft · Manufactured public records · 20 Days on market

Built 1996

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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 +18.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Schools +5.3/10.0
• 1% rule +4.0/10.0
• Rent growth +3.2/5.0
• Livability +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This HUD REO home rests in the a country setting on 6 acres. Built in 1992, this 4 bedroom 2 bath mobile home rests on a mostly wooded lot and comes with large porch, privacy fenced area and an in ground pool. Home needs repairs and will not qualify for most financing. HUD properties are a great way to purchase homes and this is a great opportunity. Call today! Property is FHA (IE) Insurable with Escrows.

Key facts

• Double vanity
• Two master bedrooms
• Dressing room

Tags

• 6 ACRES
• WOODED AND PASTURELANDS
• TWO MASTER BEDROOMS
• WALK IN CLOSETS
• DRESSING ROOM
• DOUBLE VANITY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $260k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/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 $234k (9.8% below list).
• Recommended offer: $234k (9.8% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 2.7% in Allentown — 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 54/100 on livability (#882 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, schools D+, amenities F.
• 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 (+2.7%/yr); 360 active listings in the ZIP; solid renter incomes; 1,983 units permitted in Santa Rosa County in 2024 (128 in 5+ unit buildings).
• This rent runs 36% of the median local income ($77k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 10y 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 $45k; list at $260k implies a 476% 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; major 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 $234,446 (9.8% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 0.90% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.89%
• DSCR: 1.17
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.7% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.62×
• Total profit: $-27,886
• Equity at exit: $38,752

10-year hold

• IRR: -1.7%
• Equity multiple: 0.89×
• Total profit: $-8,137
• Equity at exit: $22,471

Cash invested: $72,772 (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 32570

• Home prices YoY: -15.1%
• Rents YoY: 2.7%
• Active inventory: 360
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,344 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$145 /mo · $1,743/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $236

Break-even live

Break-even rent $2,046

Max offer price $259,900

Occupancy floor 85%

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-15
   days on market $259,900 Active 20 DOM
2. 2026-06-14
   days on market $259,900 Active 18 DOM
3. 2026-06-10
   days on market $259,900 Active 15 DOM
4. 2026-06-09
   days on market $259,900 Active 14 DOM
5. 2026-06-08
   days on market $259,900 Active 13 DOM
6. 2026-06-07
   days on market $259,900 Active 12 DOM
7. 2026-06-05
   days on market $259,900 Active 9 DOM
8. 2026-06-03
   days on market $259,900 Active 8 DOM
9. 2026-06-02
   days on market $259,900 Active 7 DOM
10. 2026-06-01
    days on market $259,900 Active 6 DOM
11. 2026-05-31
    days on market $259,900 Active 5 DOM
12. 2026-05-31
    days on market $259,900 Active 4 DOM
13. 2026-05-26
    listed $259,900 Active
14. 2025-07-04
    historical $1,950
15. 2025-06-16
    listed $1,950
16. 2022-04-05
    price $1,950
17. 2018-01-25
    soldstatus $45,100 408-char remark

    Show marketing remark (408 chars)

    This HUD REO home rests in the a country setting on 6 acres. Built in 1992, this 4 bedroom 2 bath mobile home rests on a mostly wooded lot and comes with large porch, privacy fenced area and an in ground pool. Home needs repairs and will not qualify for most financing. HUD properties are a great way to purchase homes and this is a great opportunity. Call today! Property is FHA (IE) Insurable with Escrows.

18. 2018-01-25
    soldstatus $45,100 408-char remark

    Show marketing remark (408 chars)

    This HUD REO home rests in the a country setting on 6 acres. Built in 1992, this 4 bedroom 2 bath mobile home rests on a mostly wooded lot and comes with large porch, privacy fenced area and an in ground pool. Home needs repairs and will not qualify for most financing. HUD properties are a great way to purchase homes and this is a great opportunity. Call today! Property is FHA (IE) Insurable with Escrows.

19. 2017-12-22
    listed $45,000 408-char remark

    Show marketing remark (408 chars)

    This HUD REO home rests in the a country setting on 6 acres. Built in 1992, this 4 bedroom 2 bath mobile home rests on a mostly wooded lot and comes with large porch, privacy fenced area and an in ground pool. Home needs repairs and will not qualify for most financing. HUD properties are a great way to purchase homes and this is a great opportunity. Call today! Property is FHA (IE) Insurable with Escrows.

20. 2017-12-22
    listed $45,000 408-char remark

    Show marketing remark (408 chars)

    This HUD REO home rests in the a country setting on 6 acres. Built in 1992, this 4 bedroom 2 bath mobile home rests on a mostly wooded lot and comes with large porch, privacy fenced area and an in ground pool. Home needs repairs and will not qualify for most financing. HUD properties are a great way to purchase homes and this is a great opportunity. Call today! Property is FHA (IE) Insurable with Escrows.

21. 2016-09-24
    historical
22. 2016-09-24
    historical
23. 2016-08-30
    listed $62,700
24. 2016-03-24
    listed $62,700
25. 2016-03-24
    listed $62,700
26. 1995-11-30
    soldstatus $12,000

ⓘ 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: $1,743 · $145/mo
• Projected year-2 tax: $2,157 · $180/mo
• Expected delta: +$415/yr (+$35/mo · 23.8%)

ⓘ 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 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 19 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: $28,134
• − Mortgage interest: −$14,558
• − Property taxes: −$1,743
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,251
• − Management: −$2,251
• − Depreciation: −$7,561
• Taxable loss: −$1,529
• Est. tax savings @ 24.0%: +$367
• After-tax cash flow: $3,195/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 — Allentown

• Score: 54/100
• State rank: #882
• US rank: #23941

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Santa Rosa County · 194,764 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 37,197
• Household income: $77,222
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 590.0

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 (80%)
• Race & ethnicity: White 80% Two or more races 7% Black 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Italian 4% Lithuanian 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 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: ▼ -51.06%
• Current HPI: 287.7469
• Rent YoY: ▲ 2.70%
• 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

+2065.8% since first listed

14 events — show timeline

• 2026-05-26 Listed $259,900 FSBO.com
• 2025-07-04 Rental Removed $1,950 TURBOTENANT
• 2025-06-16 Listed for Rent $1,950 TURBOTENANT
• 2022-04-05 Price Changed $1,950 RENT.
• 2018-01-25 Sold (MLS) $45,100 ECAR
• 2018-01-25 Sold (MLS) $45,100 NAMLS
• 2017-12-22 Listed $45,000 ECAR
• 2017-12-22 Listed $45,000 NAMLS
• 2016-09-24 Listing Removed — NAMLS
• 2016-09-24 Listing Removed — CATRS
• 2016-08-30 Listed $62,700 CATRS
• 2016-03-24 Listed $62,700 NAMLS
• 2016-03-24 Listed $62,700 ECAR
• 1995-11-30 Sold (Public Records) $12,000 Public Records

Property tax history

+10.2%/yr

Latest (2025): $1,743 · +7.9% YoY. Source: county tax records.