88 Covington Ln · Palm Coast, FL 32137

$595,000

5 bd · 3.0 ba · 2,858 sqft · SingleFamily public records · 62 Days on market

Built 2004 10,019 sqft lot Est $609k · at est.

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Why this score? — see what drove the C- 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 +17.8/30.0
• ARV discount +8.5/15.0
• DSCR +5.6/10.0
• 1% rule +4.9/10.0
• Schools +4.6/10.0
• Livability +3.5/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your forever home. This two-story 5 bdrm, 3bath, pool home exudes elegance with its combination of modern comfort and charm. The interior provides all hard flooring (no carpet except for stairs to 2nd floor), 5'' baseboards, custom window treatments and upgraded light fixtures. The Chef's kitchen boasts solid surface counters and all stainless steel appliances. The exterior provides beautiful pavered circular driveway and walkways and a fully fenced yard. The roof and hot water heater are only 2 yrs old. This home is located on a peaceful area of Covington Ln with no thru traffic as the road ends with a cul-de-sac. Close to the beaches and other recreational activities such as world class golf, pickleball and scenic parks. Also, extremely close to |European Village with fine dining, entertainment and a Sunday farmers market. For shows, in addition to Flagler Fitzgerald Auditorium, you are less than 1 hr from Jacksonville and 1/2 hour +/- from St. Augustine and world famous Daytona Beach. These two towns also provide additional fine dining. Picture yourself relaxing and enjoying th Fl sunshine from your private backyard overlooking your pool. Schedule your showing now!

Key facts

• Cul-de-sac
• Fully fenced yard
• Chef's kitchen

Tags

• CHEF'S KITCHEN
• SOLID SURFACE COUNTERS
• STAINLESS STEEL APPLIANCES
• PAVERED CIRCULAR DRIVEWAY
• FULLY FENCED YARD
• CUL-DE-SAC

Property features AI

Finance

• Other: Zoning: SFR3
• Financial info: No lease restrictions indicated
• HOA & community: Not in development; Pets allowed

Exterior

• Parking: Circular driveway; Driveway; Attached garage with garage door opener; 2-car garage
• Security: Pool alarm; Child safety fence
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Irrigation equipment
• Home design: Single family residence; Residential property; Two levels; Southeast facing
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built as a single family residence
• Exterior features: Outdoor grill; Outdoor shower; Private mailbox; Rain gutters; Sliding doors; Sprinkler (metered); Child safety fence around pool; Pool alarm; Salt water pool; Screen enclosure; In-ground spa

Interior

• Kitchen: Built-in oven; Convection oven; Cooktop; Dishwasher; Disposal; Exhaust fan; Freezer; Ice maker; Microwave; Range; Refrigerator
• Bedrooms: 5 bedrooms
• Flooring: Ceramic tile; Hardwood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Heat pump; Central air conditioning; Attic fan
• Interior features: Ceiling fans; Crown molding; Eat-in kitchen; High ceilings; Kitchen/family room combo; Living room/dining room combo; Open floorplan; Solid surface counters; Solid wood cabinets; Split bedroom layout; Stone counters; Thermostat; Tray ceilings; Vaulted ceilings; Walk-in closets; Window treatments; Blinds; Inside utility
• Laundry & utility: Inside laundry room with electric dryer hookup; Dryer included (appliance listed)

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $595k.

Deal economics

• At list price, monthly cash flow is $421 ($5k/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 $592k (0.5% below list).
• Recommended offer: $559k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.8% in Palm Coast — 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 69/100 on livability (#478 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities F, commute F.
• Flagler (rural): math 53% / reading 56% proficiency, ranked #20 of 73 in FL (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 1616 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,588 units permitted in Flagler County in 2024 (0 in 5+ unit buildings).
• At $5,918/mo this rent would consume 85% of the median local household income ($84k/yr) (locally 816% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Flagler County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($559k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 6y 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

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $559,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.99% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.51%
• DSCR: 1.16
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $608,754
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
101 Covington Ln	0.07mi	4/2.5 (-1)	2,661 (-7%)	0mo	$835,000	$314	78
105 Colechester Ln	0.72mi	4/2.5 (-1)	2,930 (+2%)	1mo	$483,000	$165	54
17 Coleridge Ct	0.74mi	4/3.0 (-1)	2,706 (-5%)	4mo	$975,000	$360	48
10 Ferngate Ln	0.50mi	4/2.0 (-1)	2,447 (-14%)	14mo	$366,000	$150	32
2 Fielding Ln	0.73mi	4/3.5 (-1)	3,165 (+11%)	14mo	$555,000	$175	30
8 Fieldstone Ln	0.74mi	4/3.5 (-1)	2,520 (-12%)	22mo	$538,000	$213	21

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

Projected returns pro-forma

-3.0% appreciation · 0.85% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.51×
• Total profit: $-81,987
• Equity at exit: $88,716

10-year hold

• IRR: -9.2%
• Equity multiple: 0.49×
• Total profit: $-85,444
• Equity at exit: $51,445

Cash invested: $166,600 (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 32137

• Home prices YoY: -34.5%
• Rents YoY: 0.8%
• Active inventory: 1616
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $5,918 high
• Mortgage (P&I): −$3,120
• Tax from tax record: −$820 /mo · $9,840/yr
• Insurance: −$248
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,243
• Net cashflow: $421

Break-even live

Break-even rent $5,386

Max offer price $595,000

Occupancy floor 88%

Sensitivity live

Price	-10% $757	-5% $589	+0% $421	+5% $252	+10% $84
Rent	-10% $-47	-5% $187	+0% $421	+5% $654	+10% $888
Rate	-1.0pp $720	-0.5pp $572	base $421	+0.5pp $266	+1.0pp $110

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Cedarwood Ct Palm Coast, FL	4.0	3.0	2360	$6,000	$2.54	24d	1	0.97mi
16 Cedarwood Ct Unit 1261605P Palm Coast, FL	4.0	3.0	2798	$6,877	$2.46	12d	1	0.97mi
2 Cedar Ct Palm Coast, FL	4.0	3.0	2669	$6,500	$2.44	24d	1	1.01mi
2 Cedar Ct Unit 1261623P Palm Coast, FL	5.0	4.0	2594	$7,839	$3.02	22d	1	1.01mi
129 Cimmaron Dr Unit 1261597P Palm Coast, FL	4.0	3.0	3993	$7,851	$1.97	15d	1	1.02mi
13 Cleveland Ct Unit 1261600P Palm Coast, FL	4.0	3.0	2798	$6,705	$2.40	15d	1	1.13mi

Listing history 41 events

1. 2026-06-21
   days on market $595,000 Active 62 DOM
2. 2026-06-18
   days on market $595,000 Active 59 DOM
3. 2026-06-17
   days on market $595,000 Active 58 DOM
4. 2026-06-16
   days on market $595,000 Active 57 DOM
5. 2026-06-15
   days on market $595,000 Active 56 DOM
6. 2026-06-14
   days on market $595,000 Active 54 DOM
7. 2026-06-13
   days on market $595,000 Active 53 DOM
8. 2026-06-10
   days on market $595,000 Active 51 DOM
9. 2026-06-09
   days on market $595,000 Active 50 DOM
10. 2026-06-08
    days on market $595,000 Active 49 DOM
11. 2026-06-07
    days on market $595,000 Active 48 DOM
12. 2026-06-03
    days on market $595,000 Active 44 DOM
13. 2026-06-02
    days on market $595,000 Active 43 DOM
14. 2026-06-01
    days on market $595,000 Active 42 DOM
15. 2026-05-31
    days on market $595,000 Active 41 DOM
16. 2026-04-20
    listed $595,000 Active 1197-char remark

    Show marketing remark (1197 chars)

    Welcome to your forever home. This two-story 5 bdrm, 3bath, pool home exudes elegance with its combination of modern comfort and charm. The interior provides all hard flooring (no carpet except for stairs to 2nd floor), 5'' baseboards, custom window treatments and upgraded light fixtures. The Chef's kitchen boasts solid surface counters and all stainless steel appliances. The exterior provides beautiful pavered circular driveway and walkways and a fully fenced yard. The roof and hot water heater are only 2 yrs old. This home is located on a peaceful area of Covington Ln with no thru traffic as the road ends with a cul-de-sac. Close to the beaches and other recreational activities such as world class golf, pickleball and scenic parks. Also, extremely close to |European Village with fine dining, entertainment and a Sunday farmers market. For shows, in addition to Flagler Fitzgerald Auditorium, you are less than 1 hr from Jacksonville and 1/2 hour +/- from St. Augustine and world famous Daytona Beach. These two towns also provide additional fine dining. Picture yourself relaxing and enjoying th Fl sunshine from your private backyard overlooking your pool. Schedule your showing now!

17. 2026-04-20
    listed $595,000 Active

    Show marketing remark (1197 chars)

    Welcome to your forever home. This two-story 5 bdrm, 3bath, pool home exudes elegance with its combination of modern comfort and charm. The interior provides all hard flooring (no carpet except for stairs to 2nd floor), 5'' baseboards, custom window treatments and upgraded light fixtures. The Chef's kitchen boasts solid surface counters and all stainless steel appliances. The exterior provides beautiful pavered circular driveway and walkways and a fully fenced yard. The roof and hot water heater are only 2 yrs old. This home is located on a peaceful area of Covington Ln with no thru traffic as the road ends with a cul-de-sac. Close to the beaches and other recreational activities such as world class golf, pickleball and scenic parks. Also, extremely close to |European Village with fine dining, entertainment and a Sunday farmers market. For shows, in addition to Flagler Fitzgerald Auditorium, you are less than 1 hr from Jacksonville and 1/2 hour +/- from St. Augustine and world famous Daytona Beach. These two towns also provide additional fine dining. Picture yourself relaxing and enjoying th Fl sunshine from your private backyard overlooking your pool. Schedule your showing now!

18. 2025-03-19
    historical $3,500
19. 2025-01-30
    listed $3,500
20. 2024-12-20
    historical
21. 2024-09-26
    price $725,000
22. 2024-07-26
    historical
23. 2024-07-01
    listed $750,000 Active
24. 2024-06-04
    price $750,000
25. 2024-04-17
    price $775,000
26. 2024-02-19
    listed $800,000 Active
27. 2022-11-21
    soldstatus $634,900
28. 2022-11-09
    soldstatus $634,900 Closed
29. 2022-09-20
    status Pending
30. 2022-09-14
    price $634,900
31. 2022-09-14
    price $635,000
32. 2022-08-11
    listed $649,000 Active
33. 2021-04-30
    soldstatus $453,500
34. 2021-04-23
    soldstatus $453,500
35. 2021-03-04
    listed $454,900
36. 2020-07-09
    soldstatus $409,000
37. 2020-07-08
    soldstatus $409,000
38. 2020-07-08
    soldstatus $409,000
39. 2020-05-25
    listed $425,000
40. 2020-05-03
    listed $425,000
41. 2006-10-06
    soldstatus $410,000

ⓘ 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: $9,840 · $820/mo
• Projected year-2 tax: $9,840 · $820/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 8/10 Severe FEMA zone X (shaded) · 96% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 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: $71,015
• − Mortgage interest: −$33,329
• − Property taxes: −$9,840
• − Insurance: −$3,772
• − Repairs & maintenance: −$5,681
• − Management: −$5,681
• − Depreciation: −$17,309
• Taxable loss: −$4,598
• Est. tax savings @ 24.0%: +$1,104
• After-tax cash flow: $6,150/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: Flagler
• NCES district ID: 1200540
• Math proficiency: 53% ▼ -9.00%
• Reading proficiency: 56% ▼ -4.00%
• Median HH income: $48,354
• Composite: 46.35/100
• National rank: #2464
• State rank: #20 of 73 in FL

Livability — Palm Coast

• Score: 69/100
• State rank: #478
• US rank: #8721

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Coast, FL
• County: Flagler County · 113,412 people
• City population: 105,049
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 48,391
• Household income: $83,923
• Rent vs Own: 13.6% rent · 86.4% own
• Severe rent burden: 816.0

Population outlook (Flagler County) Hauer SSP2

• Today (2025): 123,474 people
• By 2030: 131,864 · +6.8%
• By 2040: 146,176 · +18.4%
• By 2050: 157,398 · +27.5%
• By 2075: 177,990 · +44.2%
• By 2100: 183,381 · +48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 10% Two or more races 8% Black 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 4% Russian 2% Lithuanian 2%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 85% English-only · Spanish 7% Other Indo-European 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Flagler

• 2024 margin: Strong R (+28.2) · D 35.6% · R 63.8%
• 2008→2024 swing: -29.8pp toward R · 2008: 1.6pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+20.8 2016: R+20.6 2012: R+7.4 2008: D+1.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -153.27%
• Current HPI: 290.4607
• Rent YoY: ▲ 0.85%
• Metro: Deltona-Daytona Beach-Ormond Beach, 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

+45.1% since first listed

26 events — show timeline

• 2026-04-20 Listed $595,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-20 Listed $595,000 Daytona MLS
• 2025-03-19 Rental Removed $3,500 STELLARMLS
• 2025-01-30 Listed for Rent $3,500 STELLARMLS
• 2024-12-20 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-09-26 Price Changed $725,000 Stellar MLS as Distributed by MLS Grid
• 2024-07-26 Listing Removed — Daytona MLS
• 2024-07-01 Listed $750,000 Daytona MLS
• 2024-06-04 Price Changed $750,000 Stellar MLS as Distributed by MLS Grid
• 2024-04-17 Price Changed $775,000 Stellar MLS as Distributed by MLS Grid
• 2024-02-19 Listed $800,000 Stellar MLS as Distributed by MLS Grid
• 2022-11-21 Sold (Public Records) $634,900 Public Records
• 2022-11-09 Sold (MLS) $634,900 Stellar MLS as Distributed by MLS Grid
• 2022-09-20 Pending — Stellar MLS as Distributed by MLS Grid
• 2022-09-14 Price Changed $634,900 Stellar MLS as Distributed by MLS Grid
• 2022-09-14 Price Changed $635,000 Stellar MLS as Distributed by MLS Grid
• 2022-08-11 Listed $649,000 Stellar MLS as Distributed by MLS Grid
• 2021-04-30 Sold (Public Records) $453,500 Public Records
• 2021-04-23 Sold (MLS) $453,500 Stellar MLS as Distributed by MLS Grid
• 2021-03-04 Listed $454,900 Stellar MLS as Distributed by MLS Grid
• 2020-07-09 Sold (Public Records) $409,000 Public Records
• 2020-07-08 Sold (MLS) $409,000 Daytona MLS
• 2020-07-08 Sold (MLS) $409,000 Stellar MLS as Distributed by MLS Grid
• 2020-05-25 Listed $425,000 Daytona MLS
• 2020-05-03 Listed $425,000 Stellar MLS as Distributed by MLS Grid
• 2006-10-06 Sold (Public Records) $410,000 Public Records

Property tax history

+9.3%/yr

Latest (2025): $9,840 · -3.4% YoY. Source: county tax records.