2300 W Michigan Ave #1 · Bellview, FL 32526

$85,000

2 bd · 2.0 ba · 962 sqft · Condo public records · 246 Days on market

Built 1983 $200/mo HOA · 14% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GROUND FLOOR CONDO WITH PATIO AND OUTSIDE STORAGE. FIRST BUILDING ON RIGHT. VERY NICE UNIT IN EXCELLENT CONDITION. Also see Unit #4. Seller will pay some closing costs. Priced way below all other units in the complex for quick sale. Unit is in very good condition.

Key facts

• $200 HOA
• Parking
• Built 1983

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $379 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 5.2% in Bellview — 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 67/100 on livability (#561 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Escambia (suburban): math 40% / reading 45% proficiency, ranked #56 of 73 in FL (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.4%/yr); 417 active listings in the ZIP; 12 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; 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 246 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $20k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $74,800 (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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.74% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.08%
• DSCR: 1.85
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.42% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.53×
• Total profit: $12,623
• Equity at exit: $12,674

10-year hold

• IRR: 23.3%
• Equity multiple: 3.17×
• Total profit: $51,679
• Equity at exit: $7,349

Cash invested: $23,800 (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 32526

• Home prices YoY: -28.3%
• Rents YoY: 4.4%
• Active inventory: 417
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,479 high
• Mortgage (P&I): −$446
• Tax from tax record: −$108 /mo · $1,301/yr
• Insurance: −$35
• HOA: −$200
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $379

Break-even live

Break-even rent $999

Max offer price $85,000

Occupancy floor 69%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2300 W Michigan Ave #12 Pensacola, FL	2.0	2.0	1050	$1,300	$1.24	23d	1	0.02mi
2355 W Michigan Ave Pensacola, FL	1.0–2.0	1.0–2.0	850	$1,450	$1.71	13d	9	0.18mi
5602 W Shore Dr Unit B Pensacola, FL	2.0	2.0	920	$1,250	$1.36	23d	1	0.26mi
2303 W Michigan Ave Unit A6 Pensacola, FL	2.0	2.0	1014	$1,300	$1.28	23d	1	0.29mi
925 Twinbrook Ave Pensacola, FL	3.0	1.0	1105	$1,750	$1.58	23d	1	0.70mi
5472 Dover Ave Pensacola, FL	3.0	2.0	840	$1,300	$1.55	23d	1	0.81mi
918 Montclair Rd Pensacola, FL	3.0	1.0	1012	$1,500	$1.48	13d	1	0.90mi
3216 Two Sisters Way Pensacola, FL	3.0	2.0	1117	$1,700	$1.52	23d	1	0.96mi
2702 Massachusetts Ave Pensacola, FL	1.0–3.0	1.0–2.5	1150	$1,520	$1.32	13d	9	1.04mi
5207 Charbar Dr Unit B Pensacola, FL	2.0	1.0	850	$1,050	$1.24	23d	1	1.05mi
6322 Louisville Ave Pensacola, FL	3.0	2.0	1001	$2,147	$2.14	23d	1	1.10mi
6201 Forest Pines Dr Unit D Pensacola, FL	2.0	1.0	857	$1,275	$1.49	13d	1	1.33mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-05-02
   status Pending
2. 2026-04-28
   historical Contingent
3. 2026-03-28
   status Active
4. 2026-03-28
   price $85,000
5. 2026-03-27
   historical Contingent
6. 2026-03-01
   historical
7. 2026-02-07
   historical Contingent
8. 2025-12-31
   price $90,000
9. 2025-08-02
   listed $105,000 Active
10. 2005-09-06
    soldstatus $64,000
11. 2004-08-18
    soldstatus $50,000
12. 2004-02-12
    soldstatus $44,400
13. 2002-08-02
    soldstatus $52,900
14. 2001-06-11
    soldstatus $40,000
15. 2001-06-04
    soldstatus $40,000 267-char remark

    Show marketing remark (267 chars)

    GROUND FLOOR CONDO WITH PATIO AND OUTSIDE STORAGE. FIRST BUILDING ON RIGHT. VERY NICE UNIT IN EXCELLENT CONDITION. Also see Unit #4. Seller will pay some closing costs. Priced way below all other units in the complex for quick sale. Unit is in very good condition.

16. 2001-01-01
    listed $52,900
17. 2000-12-20
    listed $42,900 267-char remark

    Show marketing remark (267 chars)

    GROUND FLOOR CONDO WITH PATIO AND OUTSIDE STORAGE. FIRST BUILDING ON RIGHT. VERY NICE UNIT IN EXCELLENT CONDITION. Also see Unit #4. Seller will pay some closing costs. Priced way below all other units in the complex for quick sale. Unit is in very good condition.

18. 1989-10-01
    soldstatus $36,000
19. 1987-11-01
    soldstatus $27,000

ⓘ 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: $1,301 · $108/mo
• Projected year-2 tax: $1,301 · $108/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 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: $17,743
• − Mortgage interest: −$4,761
• − Property taxes: −$1,301
• − Insurance: −$425
• − Repairs & maintenance: −$1,419
• − Management: −$1,419
• − HOA: −$2,400
• − Depreciation: −$2,473
• Taxable income: $3,544
• Est. tax owed @ 24.0%: −$851
• After-tax cash flow: $3,691/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: Escambia
• NCES district ID: 1200510
• Math proficiency: 40% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $44,649
• Composite: 36.04/100
• National rank: #4773
• State rank: #56 of 73 in FL

Livability — Bellview

• Score: 67/100
• State rank: #561
• US rank: #10731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellview, FL
• County: Escambia County · 301,722 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 44,680
• Household income: $75,098
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 1166.0

Population outlook (Escambia County) Hauer SSP2

• Today (2025): 334,637 people
• By 2030: 345,779 · +3.3%
• By 2040: 364,828 · +9.0%
• By 2050: 378,514 · +13.1%
• By 2075: 403,220 · +20.5%
• By 2100: 386,125 · +15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Black 19% Two or more races 8% Hispanic / Latino 5% Asian 3%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Escambia

• 2024 margin: R (+19.5) · D 39.7% · R 59.2% · Other 1.1%
• 2008→2024 swing: -0.2pp no change · 2008: -19.3pp · 2024: -19.5pp
• All cycles: 2024: R+19.5 2020: R+15.1 2016: R+20.6 2012: R+20.6 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.68%
• Current HPI: 252.6406
• Rent YoY: ▲ 4.42%
• Metro: Pensacola-Ferry Pass-Brent, 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

+214.8% since first listed

19 events — show timeline

• 2026-05-02 Pending — PARMLS
• 2026-04-28 Contingent — PARMLS
• 2026-03-28 Relisted — PARMLS
• 2026-03-28 Price Changed $85,000 PARMLS
• 2026-03-27 Contingent — PARMLS
• 2026-03-01 Listing Removed — PARMLS
• 2026-02-07 Contingent — PARMLS
• 2025-12-31 Price Changed $90,000 PARMLS
• 2025-08-02 Listed $105,000 PARMLS
• 2005-09-06 Sold (Public Records) $64,000 Public Records
• 2004-08-18 Sold (Public Records) $50,000 Public Records
• 2004-02-12 Sold (Public Records) $44,400 Public Records
• 2002-08-02 Sold (Public Records) $52,900 Public Records
• 2001-06-11 Sold (Public Records) $40,000 Public Records
• 2001-06-04 Sold (MLS) $40,000 PARMLS
• 2001-01-01 Listed $52,900 PARMLS
• 2000-12-20 Listed $42,900 PARMLS
• 1989-10-01 Sold (Public Records) $36,000 Public Records
• 1987-11-01 Sold (Public Records) $27,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $1,301 · +18.0% YoY. Source: county tax records.