208 Country Living Cir · Keystone Heights, FL 32666

$119,000

3 bd · 2.0 ba · 1,288 sqft · Manufactured public records · 3 Days on market

Built 1974 2.00 ac lot Est $90k · 32% over

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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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

DESIRED MELROSE LOCATION. Bring your tools, imagination and some TLC and you will have a great investment. 3BR 2BA mobile home on 2 acres in Country Living Estates. Perfect for your primary residence or rental opportunity. New panel. 400 square foot additional building can be finished for a shop or party room. 5 minutes from 5800 acre Lake Santa Fe for boating , swimming and fishing.

Key facts

• New panel
• 2 acre lot
• Garage

Tags

• NEW PANEL
• 5 MINUTES FROM LAKE SANTA FE

Property features AI

Finance

• Other: Lot size approximately 2 acres; Current use: Residential
• HOA & community: Not a senior community

Exterior

• Parking: Carport (detached) with 2 carport spaces; Other parking
• Utilities: Septic tank; Electricity connected; Water available; Propane
• Home design: Double wide mobile home; Single-story; Property is attached
• Construction: Metal roof
• Exterior features: Front porch; Shed(s); Agricultural lot features; City street frontage; Dirt road surface

Interior

• Kitchen: Gas cooktop; Gas oven
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall/window unit(s) for cooling; No central heating listed
• Interior features: Accessible approach with ramp
• Laundry & utility: Unfurnished (no washer/dryer included listed)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $119k.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Cap rate 10.1% vs local median 3.7% in Keystone Heights — 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 80/100 on livability (#109 in FL, #1,684 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute 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.
• Zoned schools: Melrose Elementary School (math 62% / reading 57%, grade B-, #690 of 2,144 statewide, top 34%, 376 students, 49% FRL); Putnam Academy of Arts And Sciences (math 42% / reading 52%, grade D+, #291 of 571 statewide, top 52%, 177 students, 75% FRL, charter); Interlachen Jr-Sr High School (math 16% / reading 32%, grade F, #529 of 667 statewide, top 80%, 1,097 students, 71% FRL).
• Market conditions: 111 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

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Putnam County population projected at -31% 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 $33k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,000

Questions for the listing agent

1. Built in 1974 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.26% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.68%
• DSCR: 1.61
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $90,160
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 Country Living Cir	0.00mi	3/2.0	1,288 (0%)	1mo	$90,000	$70	100

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: 3.8%
• Equity multiple: 1.15×
• Total profit: $4,923
• Equity at exit: $17,743

10-year hold

• IRR: 13.3%
• Equity multiple: 2.07×
• Total profit: $35,490
• Equity at exit: $10,289

Cash invested: $33,320 (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 32666

• Home prices YoY: -5.4%
• Active inventory: 111
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,500 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$131 /mo · $1,578/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $380

Break-even live

Break-even rent $1,019

Max offer price $119,000

Occupancy floor 70%

Sensitivity live

Price	-10% $447	-5% $414	+0% $380	+5% $346	+10% $313
Rent	-10% $261	-5% $321	+0% $380	+5% $439	+10% $498
Rate	-1.0pp $440	-0.5pp $410	base $380	+0.5pp $349	+1.0pp $318

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
175 Piedmont Ct Melrose, FL	3.0	2.0	1248	$1,500	$1.20	3d	1	1.36mi

Listing history 2 events

1. 2026-05-19
   status Pending
2. 2026-05-16
   listed $119,000 Active

ⓘ 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: $1,578 · $131/mo
• Projected year-2 tax: $1,578 · $131/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 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,000
• − Mortgage interest: −$6,666
• − Property taxes: −$1,578
• − Insurance: −$595
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$3,462
• Taxable income: $2,819
• Est. tax owed @ 24.0%: −$677
• After-tax cash flow: $3,882/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 — Keystone Heights

• Score: 80/100
• State rank: #109
• US rank: #1684

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,542

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 (89%)
• Race & ethnicity: White 89% Black 5% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Slovak 7% Italian 2% Serbian 2%
• Foreign-born: 2%
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

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: ▼ -17.77%
• Current HPI: 314.0055
• 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

2 events — show timeline

• 2026-05-19 Pending — realMLS
• 2026-05-16 Listed $119,000 realMLS

Property tax history

+13.4%/yr

Latest (2025): $1,578 · +9.2% YoY. Source: county tax records.