274 S Forest Cir Unit - · Midway, FL 32343

$185,000

6 bd · 4.0 ba · 2,052 sqft · MultiFamily public records · 10 Days on market

Built 2006 Est $191k · 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.9/15.0
• Appreciation +4.6/10.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investment Opportunity or a great possibility to live in one side and rent out the other side! Ideal for a hands on owner for maximizing return. This is a single duplex listed for sale at $185,000 (2 units, each 3 bedroom 2 bath). It is bringing in $1,770 a month in rent. The owner has made it clear they are raising rents to $1000 each unit upon next renewal, and according to similar comps in the direct vicinity, rents can get up to $1200-$1300. They are currently $825 and $945.

Key facts

• Built 2006
• Listed 10 days

Property features AI

Finance

• Other: Owner pays insurance, management, pest control, and repairs; Rent includes gardener and pest control
• Financial info: Property is for sale; Typical lease term shown as twelve months; Both units listed with current actual rent of $900 each

Exterior

• Parking: Unassigned parking
• Utilities: Electric heating and cooling
• Home design: Single-story multi-family building; Two-unit building (left and right units)
• Construction: Frame construction with vinyl siding
• Exterior features: Deck; Lot dimensions approximately 102 x 131 x 102 x 131

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two mirror 3-bedroom units (Right unit: 3 bedrooms; Left unit: 3 bedrooms)
• Flooring: Carpet; Vinyl
• Bathrooms: Each unit has 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Carpet and vinyl flooring; Deck access

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $855/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $185k).
• Cap rate 17.4% vs local median 4.1% in Midway — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Gadsden (rural): math 31% / reading 31% proficiency, ranked #70 of 73 in FL (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 20 active listings in the ZIP; 107 units permitted in Gadsden County in 2024 (36 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.9%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Gadsden County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.9% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 2y 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 $66k; list at $185k implies a 179% 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 $185,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.00% ✓
• Cap rate: 17.39%
• Cash-on-cash: 39.63%
• DSCR: 2.76
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $190,836
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
69 Buckskin Cir Unit -	0.07mi	6/4.0	2,052 (0%)	6mo	$190,000	$93	92

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

Projected returns pro-forma

-0.89% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.3%
• Equity multiple: 2.85×
• Total profit: $95,979
• Equity at exit: $45,654

10-year hold

• IRR: 43.4%
• Equity multiple: 5.63×
• Total profit: $239,977
• Equity at exit: $48,795

Cash invested: $51,800 (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 32343

• Home prices YoY: -0.5%
• Active inventory: 20
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $3,700 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$165 /mo · $1,981/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$777
• Net cashflow: $1,711

Break-even live

Break-even rent $1,535

Max offer price $185,000

Occupancy floor 49%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,700
Total (2 units)			$3,700

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $185,000 Active 10 DOM
2. 2026-06-17
   days on market $185,000 Active 9 DOM
3. 2026-06-16
   days on market $185,000 Active 8 DOM
4. 2026-06-15
   days on market $185,000 Active 7 DOM
5. 2026-06-14
   days on market $185,000 Active 5 DOM
6. 2026-06-13
   remarks 483-char remark
7. 2026-06-13
   days on market $185,000 Active 4 DOM
8. 2026-06-10
   days on market $185,000 Active 2 DOM
9. 2026-06-09
   remarks 468-char remark
10. 2026-06-09
    listed $185,000 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: $1,981 · $165/mo
• Projected year-2 tax: $1,981 · $165/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 8/10 Severe 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,400
• − Mortgage interest: −$10,363
• − Property taxes: −$1,981
• − Insurance: −$925
• − Repairs & maintenance: −$3,552
• − Management: −$3,552
• − Depreciation: −$5,382
• Taxable income: $18,646
• Est. tax owed @ 24.0%: −$4,475
• After-tax cash flow: $16,054/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: Gadsden
• NCES district ID: 1200600
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 31% ▼ -7.00%
• Median HH income: $36,470
• Composite: 25.75/100
• National rank: #7373
• State rank: #70 of 73 in FL

Livability — Midway

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Midway, FL
• Population (ZIP): 3,583

Population outlook (Gadsden County) Hauer SSP2

• Today (2025): 42,956 people
• By 2030: 40,878 · -4.8%
• By 2040: 36,218 · -15.7%
• By 2050: 31,502 · -26.7%
• By 2075: 21,828 · -49.2%
• By 2100: 14,480 · -66.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (89%)
• Race & ethnicity: Black 89% Hispanic / Latino 7% Two or more races 4% White 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 5%
• Common ancestry: Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Gadsden

• 2024 margin: Solid D (+30.7) · D 65.0% · R 34.3%
• 2008→2024 swing: -8.3pp toward R · 2008: 39.0pp · 2024: 30.7pp
• All cycles: 2024: D+30.7 2020: D+36.6 2016: D+37.5 2012: D+40.6 2008: D+39.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.89%
• Current HPI: 167.7351
• 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

+988.2% since first listed

15 events — show timeline

• 2026-06-08 Listed $185,000 CATRS
• 2026-02-27 Listing Removed — CATRS
• 2025-11-22 Price Changed $210,000 CATRS
• 2025-08-01 Price Changed $215,000 CATRS
• 2025-06-24 Listed $220,000 CATRS
• 2025-04-30 Listing Removed — CATRS
• 2024-09-05 Relisted — CATRS
• 2024-09-05 Price Changed $220,000 CATRS
• 2024-08-21 Contingent — CATRS
• 2024-08-13 Listed $229,500 CATRS
• 2021-10-21 Sold (Public Records) $66,400 Public Records
• 2019-10-04 Sold (Public Records) $86,000 Public Records
• 2000-08-31 Sold (Public Records) $19,500 Public Records
• 2000-08-31 Sold (Public Records) $15,000 Public Records
• 1996-03-15 Sold (Public Records) $17,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $1,981 · +41.5% YoY. Source: county tax records.