122 Culpepper Rd · East Palatka, FL 32187

$184,000

3 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 246 Days on market

Built 1985 0.37 ac lot Est $181k · at est.

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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 +26.6/30.0
• Appreciation +9.6/10.0
• DSCR +9.1/10.0
• ARV discount +6.9/15.0
• 1% rule +5.9/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This recently updated 3 Bedroom 2 bath Manufactured Home located in a Quite Neighborhood. Short walk to the St John's River. Large front yard enjoy relaxing on the Front Covered porch. Large Backyard oasis includes newly renovated back deck, Fire pit, and inflatable hot tub conveys with the sale of home. Metal shed. This home offers brand new stainless steel appliances, All in one washer dryer. Newer water treatment system. 1 ½ year old water heater. Freshly painted inside and out. Just a short drive to Palatka. Approx 30 minute drive to St Augustine or Palm Coast and Beaches. Great opportunity to live near the St John's River. This home is being sold AS IS

Key facts

• 0.37 acre lot
• Built 1985
• Listed 246 days

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Off-street parking
• Utilities: Public sewer; Water available and connected; Sewer available and connected; Electricity connected; Cable available
• Home design: Mobile home; Single-story; Faces southwest; Used as ranch / single family
• Construction: Wood siding; Metal roof
• Exterior features: Fire pit; Deck; Front porch; Shed(s); Chain link and vinyl fencing around back yard; Dead-end street

Interior

• Kitchen: Convection oven; Electric cooktop; Electric range; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Split system cooling; Heating available; Cooling available
• Interior features: Breakfast nook; Ceiling fans; Walk-in closets; Electric fireplace (1 total)
• Laundry & utility: Washer; Dryer; Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $184k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $184k).
• Recommended offer: $162k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.3% in East Palatka — 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 61/100 on livability (#789 in FL) — a middle-class / working-renter tenant base. 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: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (9.2% 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 (9.2% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 246 days — a 12% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $25k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $184k implies a 53% 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; 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 $161,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 246 days. Have you received any prior offers? Is the seller open to a 12% 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. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 9.52%
• Cash-on-cash: 11.51%
• DSCR: 1.51
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $181,440
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
122 Culpepper Rd	0.00mi	3/2.0	1,080 (0%)	0mo	$189,000	$175	100
133 Weerts Rd	0.35mi	2/2.0 (-1)	1,188 (+10%)	18mo	$200,000	$168	47
107 Longwood Cir	0.70mi	3/2.0	1,188 (+10%)	17mo	$165,000	$139	37

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

Projected returns pro-forma

9.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.2%
• Equity multiple: 3.35×
• Total profit: $121,292
• Equity at exit: $154,785

10-year hold

• IRR: 27.2%
• Equity multiple: 7.41×
• Total profit: $330,026
• Equity at exit: $322,769

Cash invested: $51,520 (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 32187

• Home prices YoY: 4.4%
• Active inventory: 28
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$965
• Tax from tax record: −$44 /mo · $529/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $494

Break-even live

Break-even rent $1,374

Max offer price $184,000

Occupancy floor 70%

Sensitivity live

Price	-10% $598	-5% $546	+0% $494	+5% $442	+10% $390
Rent	-10% $336	-5% $415	+0% $494	+5% $573	+10% $652
Rate	-1.0pp $587	-0.5pp $541	base $494	+0.5pp $447	+1.0pp $398

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Woods Rd San Mateo, FL	3.0	1.0	1000	$2,000	$2.00	2d	1	1.45mi

Listing history 31 events

1. 2026-06-10
   days on market $184,000 Active 246 DOM
2. 2026-06-08
   days on market $184,000 Active 245 DOM
3. 2026-06-07
   days on market $184,000 Active 244 DOM
4. 2026-06-05
   days on market $184,000 Active 241 DOM
5. 2026-06-03
   days on market $184,000 Active 240 DOM
6. 2026-06-02
   days on market $184,000 Active 239 DOM
7. 2026-06-01
   days on market $184,000 Active 238 DOM
8. 2026-05-31
   days on market $184,000 Active 237 DOM
9. 2026-04-14
   price $184,000
10. 2026-01-07
    status Active
11. 2026-01-07
    price $187,000
12. 2025-10-08
    historical
13. 2025-09-23
    price $191,000
14. 2025-09-11
    price $195,000
15. 2025-08-18
    price $199,000
16. 2025-07-23
    price $205,000
17. 2025-07-06
    listed $209,000 Active
18. 2025-05-07
    historical 678-char remark

    Show marketing remark (678 chars)

    This recently updated 3 Bedroom 2 bath Manufactured Home located in a Quite Neighborhood. Short walk to the St John's River. Large front yard enjoy relaxing on the Front Covered porch. Large Backyard oasis includes newly renovated back deck, Fire pit, and inflatable hot tub conveys with the sale of home. Metal shed. This home offers brand new stainless steel appliances, All in one washer dryer. Newer water treatment system. 1 ½ year old water heater. Freshly painted inside and out. Just a short drive to Palatka. Approx 30 minute drive to St Augustine or Palm Coast and Beaches. Great opportunity to live near the St John's River. This home is being sold AS IS

19. 2025-04-27
    price $209,000 678-char remark

    Show marketing remark (678 chars)

    This recently updated 3 Bedroom 2 bath Manufactured Home located in a Quite Neighborhood. Short walk to the St John's River. Large front yard enjoy relaxing on the Front Covered porch. Large Backyard oasis includes newly renovated back deck, Fire pit, and inflatable hot tub conveys with the sale of home. Metal shed. This home offers brand new stainless steel appliances, All in one washer dryer. Newer water treatment system. 1 ½ year old water heater. Freshly painted inside and out. Just a short drive to Palatka. Approx 30 minute drive to St Augustine or Palm Coast and Beaches. Great opportunity to live near the St John's River. This home is being sold AS IS

20. 2025-04-04
    price $215,000 678-char remark

    Show marketing remark (678 chars)

    This recently updated 3 Bedroom 2 bath Manufactured Home located in a Quite Neighborhood. Short walk to the St John's River. Large front yard enjoy relaxing on the Front Covered porch. Large Backyard oasis includes newly renovated back deck, Fire pit, and inflatable hot tub conveys with the sale of home. Metal shed. This home offers brand new stainless steel appliances, All in one washer dryer. Newer water treatment system. 1 ½ year old water heater. Freshly painted inside and out. Just a short drive to Palatka. Approx 30 minute drive to St Augustine or Palm Coast and Beaches. Great opportunity to live near the St John's River. This home is being sold AS IS

21. 2025-02-07
    price $219,000 678-char remark

    Show marketing remark (678 chars)

    This recently updated 3 Bedroom 2 bath Manufactured Home located in a Quite Neighborhood. Short walk to the St John's River. Large front yard enjoy relaxing on the Front Covered porch. Large Backyard oasis includes newly renovated back deck, Fire pit, and inflatable hot tub conveys with the sale of home. Metal shed. This home offers brand new stainless steel appliances, All in one washer dryer. Newer water treatment system. 1 ½ year old water heater. Freshly painted inside and out. Just a short drive to Palatka. Approx 30 minute drive to St Augustine or Palm Coast and Beaches. Great opportunity to live near the St John's River. This home is being sold AS IS

22. 2025-01-03
    price $223,000 678-char remark

    Show marketing remark (678 chars)

    This recently updated 3 Bedroom 2 bath Manufactured Home located in a Quite Neighborhood. Short walk to the St John's River. Large front yard enjoy relaxing on the Front Covered porch. Large Backyard oasis includes newly renovated back deck, Fire pit, and inflatable hot tub conveys with the sale of home. Metal shed. This home offers brand new stainless steel appliances, All in one washer dryer. Newer water treatment system. 1 ½ year old water heater. Freshly painted inside and out. Just a short drive to Palatka. Approx 30 minute drive to St Augustine or Palm Coast and Beaches. Great opportunity to live near the St John's River. This home is being sold AS IS

23. 2024-12-18
    price $229,000 678-char remark

    Show marketing remark (678 chars)

    This recently updated 3 Bedroom 2 bath Manufactured Home located in a Quite Neighborhood. Short walk to the St John's River. Large front yard enjoy relaxing on the Front Covered porch. Large Backyard oasis includes newly renovated back deck, Fire pit, and inflatable hot tub conveys with the sale of home. Metal shed. This home offers brand new stainless steel appliances, All in one washer dryer. Newer water treatment system. 1 ½ year old water heater. Freshly painted inside and out. Just a short drive to Palatka. Approx 30 minute drive to St Augustine or Palm Coast and Beaches. Great opportunity to live near the St John's River. This home is being sold AS IS

24. 2024-11-07
    listed $236,000 Active 678-char remark

    Show marketing remark (678 chars)

    This recently updated 3 Bedroom 2 bath Manufactured Home located in a Quite Neighborhood. Short walk to the St John's River. Large front yard enjoy relaxing on the Front Covered porch. Large Backyard oasis includes newly renovated back deck, Fire pit, and inflatable hot tub conveys with the sale of home. Metal shed. This home offers brand new stainless steel appliances, All in one washer dryer. Newer water treatment system. 1 ½ year old water heater. Freshly painted inside and out. Just a short drive to Palatka. Approx 30 minute drive to St Augustine or Palm Coast and Beaches. Great opportunity to live near the St John's River. This home is being sold AS IS

25. 2024-01-30
    soldstatus $120,000
26. 2024-01-08
    soldstatus $120,000 Closed 338-char remark

    Show marketing remark (338 chars)

    Bring your boat! The St. John's River is a short walk to the end of Culpepper Road. Enjoy relaxing on the front porch of this 3 bed, 2 bath mobile home situated on a desirable lot. New appliances, new water treatment system, 1 year old water heater, freshly painted inside and out, and a nice metal shed. Great opportunity near the river.

27. 2023-09-21
    status Pending 338-char remark

    Show marketing remark (338 chars)

    Bring your boat! The St. John's River is a short walk to the end of Culpepper Road. Enjoy relaxing on the front porch of this 3 bed, 2 bath mobile home situated on a desirable lot. New appliances, new water treatment system, 1 year old water heater, freshly painted inside and out, and a nice metal shed. Great opportunity near the river.

28. 2023-09-07
    status Active 338-char remark

    Show marketing remark (338 chars)

    Bring your boat! The St. John's River is a short walk to the end of Culpepper Road. Enjoy relaxing on the front porch of this 3 bed, 2 bath mobile home situated on a desirable lot. New appliances, new water treatment system, 1 year old water heater, freshly painted inside and out, and a nice metal shed. Great opportunity near the river.

29. 2023-08-29
    status Pending 338-char remark

    Show marketing remark (338 chars)

    Bring your boat! The St. John's River is a short walk to the end of Culpepper Road. Enjoy relaxing on the front porch of this 3 bed, 2 bath mobile home situated on a desirable lot. New appliances, new water treatment system, 1 year old water heater, freshly painted inside and out, and a nice metal shed. Great opportunity near the river.

30. 2023-08-22
    status Pending 338-char remark

    Show marketing remark (338 chars)

    Bring your boat! The St. John's River is a short walk to the end of Culpepper Road. Enjoy relaxing on the front porch of this 3 bed, 2 bath mobile home situated on a desirable lot. New appliances, new water treatment system, 1 year old water heater, freshly painted inside and out, and a nice metal shed. Great opportunity near the river.

31. 2023-08-10
    listed $139,000 Active 338-char remark

    Show marketing remark (338 chars)

    Bring your boat! The St. John's River is a short walk to the end of Culpepper Road. Enjoy relaxing on the front porch of this 3 bed, 2 bath mobile home situated on a desirable lot. New appliances, new water treatment system, 1 year old water heater, freshly painted inside and out, and a nice metal shed. Great opportunity near the river.

ⓘ 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: $529 · $44/mo
• Projected year-2 tax: $1,527 · $127/mo
• Expected delta: +$998/yr (+$83/mo · 188.6%)

ⓘ 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 ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$10,307
• − Property taxes: −$529
• − Insurance: −$920
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$5,353
• Taxable income: $3,051
• Est. tax owed @ 24.0%: −$732
• After-tax cash flow: $5,200/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 — East Palatka

• Score: 61/100
• State rank: #789
• US rank: #18035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,117

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: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Russian 4% Scottish 3% Lithuanian 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: ▲ 9.17%
• Current HPI: 218.2988
• 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

+32.4% since first listed

23 events — show timeline

• 2026-04-14 Price Changed $184,000 realMLS
• 2026-01-07 Relisted — realMLS
• 2026-01-07 Price Changed $187,000 realMLS
• 2025-10-08 Listing Removed — realMLS
• 2025-09-23 Price Changed $191,000 realMLS
• 2025-09-11 Price Changed $195,000 realMLS
• 2025-08-18 Price Changed $199,000 realMLS
• 2025-07-23 Price Changed $205,000 realMLS
• 2025-07-06 Listed $209,000 realMLS
• 2025-05-07 Listing Removed — realMLS
• 2025-04-27 Price Changed $209,000 realMLS
• 2025-04-04 Price Changed $215,000 realMLS
• 2025-02-07 Price Changed $219,000 realMLS
• 2025-01-03 Price Changed $223,000 realMLS
• 2024-12-18 Price Changed $229,000 realMLS
• 2024-11-07 Listed $236,000 realMLS
• 2024-01-30 Sold (Public Records) $120,000 Public Records
• 2024-01-08 Sold (MLS) $120,000 realMLS
• 2023-09-21 Pending — realMLS
• 2023-09-07 Relisted — realMLS
• 2023-08-29 Pending — realMLS
• 2023-08-22 Pending — realMLS
• 2023-08-10 Listed $139,000 realMLS

Property tax history

-3.5%/yr

Latest (2025): $529 · -64.6% YoY. Source: county tax records.