512C NE Ave A · Carrabelle, FL 32322

$369,900

3 bd · 2.0 ba · 1,500 sqft · Townhouse · 79 Days on market

Built 2005 Good condition 3,485 sqft lot $154/mo HOA · 4% of rent

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully furnished townhome on corner lot - one of our most popular rentals! Home features 1500sf with large open living area, tile flooring (carpet in the bedrooms), upgraded kitchen with all appliances, spacious master suite, nice furnishings & community pool. Price includes 10x10x30 dry storage boat slip at Carrabelle Boat Club. With pristine waters & secluded beaches just minutes away, there's not going to be a better buy to be found along the Forgotte n Coast of Florida - enjoy less maintenance and lower insurance just off the water but have full access for your boating pleasure. Now being offered at 2004 pricing - call today to take advantage of this unbelievable buy!

Key facts

• Tiled backsplash
• Walk-in closet
• Spacious kitchen

Tags

• UPDATED TOWNHOME
• SPACIOUS KITCHEN
• NEW APPLIANCES
• TILED BACKSPLASH
• PLANTATION SHUTTERS
• WALK-IN CLOSET

Property features AI

Finance

• Other: Subdivision: Sands of Carrabelle; Lot is landscaped and on a corner lot (approx. 30 x 98; 0.08 acres); Zoned City Residential Multi-Family
• HOA & community: Homeowners association with annual fee; Annual association fee $1,850 (approximately $154.17/month); HOA covers grounds maintenance; Community pool

Exterior

• Parking: Covered parking; 4 total parking spaces
• Utilities: Public water; Public sewer; Sewer connected; Water connected; Electricity connected; Cable available; Phone available
• Home design: Attached single-family townhouse; New construction; Corner unit; Facing city street
• Construction: Vinyl siding; Metal roof; New construction
• Exterior features: Balcony; Patio; Front porch; Rear porch; Screened porch; French doors; Storage building/space

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: Not specified
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Walk-in closets; Recessed lighting; Double pane windows; Window coverings
• Laundry & utility: Not specified

🏗️ New construction. The $369,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $277,500.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $370k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $370k).
• Recommended offer: $348k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 1.9% in Carrabelle — 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 (#466 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, amenities F.
• Franklin (rural): math 33% / reading 38% proficiency, ranked #67 of 73 in FL (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 320 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 113 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

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.
• Franklin County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $190k; list at $370k implies a 95% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $347,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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: 1.43% ✓
• Cap rate: 10.88%
• Cash-on-cash: 16.37%
• DSCR: 1.73
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $277,500
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 NE Ave A Unit B	0.02mi	3/2.0	1,500 (0%)	14mo	$277,500	$185	88
501c NE Ave A Unit C	0.14mi	3/3.0	1,500 (0%)	3mo	$275,000	$183	87
502B E Meridian Ave Unit B	0.15mi	3/3.0	1,500 (0%)	12mo	$280,000	$187	78
703 SE 3rd St Unit 703-A	0.42mi	3/3.0	1,472 (-2%)	7mo	$220,000	$149	67
706 Howard St Unit C	0.42mi	3/3.0	1,472 (-2%)	10mo	$330,000	$224	65

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.5%
• Equity multiple: 1.29×
• Total profit: $22,688
• Equity at exit: $41,376

10-year hold

• IRR: 16.8%
• Equity multiple: 2.38×
• Total profit: $107,301
• Equity at exit: $23,993

Cash invested: $77,700 (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 32322

• Home prices YoY: -8.8%
• Active inventory: 320
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $3,964 medium
• Mortgage (P&I): −$1,455
• Tax est. 1.5%: −$347 /mo · $4,162/yr
• Insurance: −$116
• HOA: −$154
• Vacancy / Maint / Mgmt: −$832
• Net cashflow: $1,060

Break-even live

Break-even rent $2,622

Max offer price $277,500

Occupancy floor 68%

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: $69,375
• Closing costs: $8,325
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 Anglers Harbor Ln Unit 1545694P Carrabelle, FL	3.0	3.0	2195	$3,964	$1.81	13d	1	1.01mi

HOA detail

• Monthly dues: $154 · $1,848/yr
• Likely covers: waterpool

Listing history 22 events

1. 2026-06-19
   days on market $369,900 Active 79 DOM
2. 2026-06-18
   days on market $369,900 Active 78 DOM
3. 2026-06-17
   days on market $369,900 Active 77 DOM
4. 2026-06-16
   days on market $369,900 Active 76 DOM
5. 2026-06-15
   days on market $369,900 Active 75 DOM
6. 2026-06-14
   days on market $369,900 Active 73 DOM
7. 2026-06-13
   days on market $369,900 Active 72 DOM
8. 2026-06-10
   days on market $369,900 Active 70 DOM
9. 2026-06-09
   days on market $369,900 Active 69 DOM
10. 2026-06-08
    days on market $369,900 Active 68 DOM
11. 2026-06-07
    days on market $369,900 Active 67 DOM
12. 2026-06-05
    days on market $369,900 Active 64 DOM
13. 2026-06-03
    days on market $369,900 Active 63 DOM
14. 2026-06-02
    days on market $369,900 Active 62 DOM
15. 2026-06-01
    days on market $369,900 Active 61 DOM
16. 2026-05-31
    days on market $369,900 Active 60 DOM
17. 2026-05-30
    days on market $369,900 Active 59 DOM
18. 2026-04-01
    listed $369,900 Active
19. 2008-08-04
    soldstatus $190,000 692-char remark

    Show marketing remark (692 chars)

    Fully furnished townhome on corner lot - one of our most popular rentals! Home features 1500sf with large open living area, tile flooring (carpet in the bedrooms), upgraded kitchen with all appliances, spacious master suite, nice furnishings & community pool. Price includes 10x10x30 dry storage boat slip at Carrabelle Boat Club. With pristine waters & secluded beaches just minutes away, there's not going to be a better buy to be found along the Forgotte n Coast of Florida - enjoy less maintenance and lower insurance just off the water but have full access for your boating pleasure. Now being offered at 2004 pricing - call today to take advantage of this unbelievable buy!

20. 2007-11-06
    listed $215,000 692-char remark

    Show marketing remark (692 chars)

    Fully furnished townhome on corner lot - one of our most popular rentals! Home features 1500sf with large open living area, tile flooring (carpet in the bedrooms), upgraded kitchen with all appliances, spacious master suite, nice furnishings & community pool. Price includes 10x10x30 dry storage boat slip at Carrabelle Boat Club. With pristine waters & secluded beaches just minutes away, there's not going to be a better buy to be found along the Forgotte n Coast of Florida - enjoy less maintenance and lower insurance just off the water but have full access for your boating pleasure. Now being offered at 2004 pricing - call today to take advantage of this unbelievable buy!

21. 2006-07-31
    historical
22. 2006-03-16
    listed $327,300

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 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: $47,568
• − Mortgage interest: −$15,544
• − Property taxes: −$4,162
• − Insurance: −$1,388
• − Repairs & maintenance: −$3,805
• − Management: −$3,805
• − HOA: −$1,848
• − Depreciation: −$8,073
• Taxable income: $8,942
• Est. tax owed @ 24.0%: −$2,146
• After-tax cash flow: $10,572/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained townhouse in The Sands of Carrabelle offers a good investment opportunity with minimal repairs needed.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace carpet — improves comfort and reduces maintenance
• Both update landscaping — enhances curb appeal and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace carpet — improves comfort and reduces maintenance ↑
• Both update landscaping — enhances curb appeal and resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Franklin
• NCES district ID: 1200570
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $39,084
• Composite: 29.7/100
• National rank: #6454
• State rank: #67 of 73 in FL

Livability — Carrabelle

• Score: 69/100
• State rank: #466
• US rank: #8398

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carrabelle, FL
• Population (ZIP): 4,348

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 11,827 people
• By 2030: 11,839 · +0.1%
• By 2040: 11,707 · -1.0%
• By 2050: 11,218 · -5.1%
• By 2075: 9,849 · -16.7%
• By 2100: 7,286 · -38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 1%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 7% French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+43.8) · D 27.7% · R 71.5%
• 2008→2024 swing: -15.9pp toward R · 2008: -27.9pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+37.3 2016: R+39.7 2012: R+31.5 2008: R+27.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.76%
• Current HPI: 185.16
• 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

+13.0% since first listed

5 events — show timeline

• 2026-04-01 Listed $369,900 RAFGC
• 2008-08-04 Sold (MLS) $190,000 CATRS
• 2007-11-06 Listed $215,000 CATRS
• 2006-07-31 Listing Removed — CATRS
• 2006-03-16 Listed $327,300 CATRS