1732 Salem Dr · Wausau, FL 32428

$49,900

2 bd · 1.0 ba · 1,050 sqft · SingleFamily public records · 3 Days on market

Built 1971 7,841 sqft lot ↓ 49% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity in Sunny Hills -- Chipley, FL (Washington County). Solid 1971 single-family, 1,050 SF heated (1,500 total) on a 0.18-acre lot in an established Panhandle community about 50 minutes north of Panama City and the Gulf beaches. Block-stucco and T1-11 exterior construction with central forced-air heating and air conditioning already in place. This is a full-rehab project priced for investors. The home has been vacant and needs a complete renovation -- roof, electrical (existing Zinsco 125A panel), HVAC (~21-yr Lennox system), plumbing, kitchen, bath, flooring, and cosmetics throughout. Utilities were off at inspection, so all mechanical systems should be budgeted as replacem

Key facts

• 0.18-acre lot
• T1-11 construction
• Central heat

Tags

• 0.18-ACRE LOT
• BLOCK-STUCCO CONSTRUCTION
• T1-11 CONSTRUCTION
• CENTRAL HEAT
• CENTRAL AC
• CARPORT

Property features AI

Exterior

• Exterior features: Lot dimensions approximately 80 x 100

Interior

• Kitchen: Kitchen (14 x 14)
• Bedrooms: Bedroom (10 x 10); Primary bedroom
• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Total of 4 rooms; Living room; Kitchen; Primary bedroom

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 17.7% vs local median 3.1% in Wausau — 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 (#856 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• Washington (rural): math 49% / reading 50% proficiency, ranked #45 of 73 in FL (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 775 active listings in the ZIP; 217 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Washington County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 2.16% ✓
• Cap rate: 17.70%
• Cash-on-cash: 40.74%
• DSCR: 2.81
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 37.2%
• Equity multiple: 2.59×
• Total profit: $22,159
• Equity at exit: $7,440

10-year hold

• IRR: 43.8%
• Equity multiple: 5.18×
• Total profit: $58,339
• Equity at exit: $4,314

Cash invested: $13,972 (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 32428

• Home prices YoY: -9.2%
• Active inventory: 775
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,076 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$93 /mo · $1,118/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $474

Break-even live

Break-even rent $476

Max offer price $49,900

Occupancy floor 51%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-12
   statusdays on market $49,900 Pending 3 DOM
2. 2026-06-09
   remarks 699-char remark
3. 2026-06-09
   listed $49,900 Active 1 DOM

ⓘ 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: $1,118 · $93/mo
• Projected year-2 tax: $1,118 · $93/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 22 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: $12,911
• − Mortgage interest: −$2,795
• − Property taxes: −$1,118
• − Insurance: −$250
• − Repairs & maintenance: −$1,033
• − Management: −$1,033
• − Depreciation: −$1,452
• Taxable income: $5,231
• Est. tax owed @ 24.0%: −$1,255
• After-tax cash flow: $4,437/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: Washington
• NCES district ID: 1202010
• Math proficiency: 49% ▼ -7.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $36,948
• Composite: 41.12/100
• National rank: #3561
• State rank: #45 of 73 in FL

Livability — Wausau

• Score: 57/100
• State rank: #856
• US rank: #21961

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 196
• Population (ZIP): 18,015

Population outlook (Washington County) Hauer SSP2

• Today (2025): 24,087 people
• By 2030: 23,600 · -2.0%
• By 2040: 22,643 · -6.0%
• By 2050: 21,524 · -10.6%
• By 2075: 18,432 · -23.5%
• By 2100: 13,298 · -44.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 13% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+65.4) · D 17.0% · R 82.4%
• 2008→2024 swing: -17.7pp toward R · 2008: -47.8pp · 2024: -65.4pp
• All cycles: 2024: R+65.4 2020: R+61.1 2016: R+57.1 2012: R+47.4 2008: R+47.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.96%
• Current HPI: 247.8492
• 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

-48.8% since first listed

5 events — show timeline

• 2026-06-08 Listed $49,900 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2006-12-26 Listed $94,500 CPARMLS
• 2006-07-17 Listed $97,500 CPARMLS

Property tax history

+5.0%/yr

Latest (2025): $1,118 · +5.1% YoY. Source: county tax records.