5185 Hilltop Dr · Milton, FL 32570

$250,000

4 bd · 2.0 ba · 1,749 sqft · MultiFamily public records · 36 Days on market

Built 1968

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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 +28.1/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +5.3/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Rare opportunity to own a Duplex within Milton City Limits! Just north of Hwy 90 and close to so many conveniences! Established, shady residential neighborhood of duplexes and single family homes. Great for income property, or live in one and have rent from the other pay your mortgage! Each unit has 2 ample sized bedrooms with large closets, and 1 full bath. Both units have large eat-in kitchens with lots of counter space and cupboards. Each has it's own laundry nook off the kitchen with W/D hookups (W/D are personal property of the tenants). Both units have a back door off the kitchen that opens to large shady backyard, separated by privacy fence. One unit has laminate flooring in the living room and the other has tile. Bedrooms are carpeted. Seller is in the process of re-wiring to COPPER!!!

Key facts

• Hvac 2018
• Eat-in kitchen
• 12 inch tile floors

Tags

• EAT-IN KITCHEN
• INSIDE LAUNDRY
• 12 INCH TILE FLOORS
• HVAC 2018
• HVAC 2023
• COMPLETELY FENCED BACK YARDS

Property features AI

Finance

• Other: Publicly maintained road access

Exterior

• Parking: Open parking; Driveway with front entrance access
• Utilities: Public water; Public sewer; Circuit breaker electrical system; Cable available
• Home design: Single-story home; Resale property; Ridge vent (energy-efficient feature)
• Construction: Frame construction; Shingle gable roof; Slab foundation; Built as one level
• Exterior features: Patio; Satellite dish; Back yard fencing; Chain link fence; Privacy fence; Central access lot; Interior lot

Interior

• Kitchen: Laminate counters; Refrigerator; Water heater (appliance listed)
• Flooring: Tile; Carpet; Bamboo
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Multiple HVAC units; Ceiling fans
• Interior features: Baseboards; Bookcases; Ceiling fans; Chair rail; Double-pane windows; Pets allowed
• Laundry & utility: Inside laundry with washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive. Per door: $394/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.6% in Milton — 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 78/100 on livability (#166 in FL, #2,480 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• Santa Rosa (suburban): math 63% / reading 60% proficiency, ranked #8 of 73 in FL (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.7%/yr); 360 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,983 units permitted in Santa Rosa County in 2024 (128 in 5+ unit buildings).
• At $2,968/mo this rent would consume 46% of the median local household income ($77k/yr) (locally 590% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Santa Rosa County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $115k; list at $250k implies a 117% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
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: 1.19% ✓
• Cap rate: 10.08%
• Cash-on-cash: 13.52%
• DSCR: 1.60
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.7% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $8,781
• Equity at exit: $37,276

10-year hold

• IRR: 12.5%
• Equity multiple: 1.98×
• Total profit: $68,456
• Equity at exit: $21,615

Cash invested: $70,000 (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 32570

• Home prices YoY: -15.1%
• Rents YoY: 2.7%
• Active inventory: 360
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $2,968 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$141 /mo · $1,687/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $789

Break-even live

Break-even rent $1,969

Max offer price $250,000

Occupancy floor 68%

Sensitivity live

Price	-10% $930	-5% $860	+0% $789	+5% $718	+10% $647
Rent	-10% $554	-5% $672	+0% $789	+5% $906	+10% $1,023
Rate	-1.0pp $915	-0.5pp $852	base $789	+0.5pp $724	+1.0pp $658

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,968
Total (2 units)			$2,968

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5357 Locklin Ave Milton, FL	3.0	1.0	1100	$1,700	$1.55	14d	1	0.50mi
6218 Cottage Woods Dr Milton, FL	3.0	2.5	2035	$2,200	$1.08	24d	1	0.52mi
5555 Hannah St Milton, FL	3.0	2.0	2010	$1,900	$0.95	24d	1	1.00mi
5723 Maggie Rose Cir Milton, FL	3.0	2.0	1610	$2,000	$1.24	14d	1	1.09mi
5723 Maggie Rose Cir Milton, FL	3.0	2.0	1610	$2,000	$1.24	24d	1	1.09mi
4851 Jaimee Leigh Dr Milton, FL	4.0	2.0	1950	$1,895	$0.97	24d	1	1.26mi
4718 Lemoyne Vista Dr Milton, FL	3.0	2.0	1550	$1,795	$1.16	24d	1	1.29mi
5105 Westport Dr Milton, FL	3.0	2.0	1670	$1,900	$1.14	24d	1	1.31mi
5733 Orange St Milton, FL	3.0	1.5	1640	$1,500	$0.91	24d	1	1.45mi

Listing history 20 events

1. 2026-06-18
   days on market $250,000 Active 36 DOM
2. 2026-06-17
   days on market $250,000 Active 35 DOM
3. 2026-06-16
   days on market $250,000 Active 34 DOM
4. 2026-06-15
   days on market $250,000 Active 33 DOM
5. 2026-06-14
   days on market $250,000 Active 31 DOM
6. 2026-06-10
   days on market $250,000 Active 28 DOM
7. 2026-06-09
   days on market $250,000 Active 27 DOM
8. 2026-06-08
   days on market $250,000 Active 26 DOM
9. 2026-06-07
   days on market $250,000 Active 25 DOM
10. 2026-06-05
    days on market $250,000 Active 22 DOM
11. 2026-06-03
    days on market $250,000 Active 21 DOM
12. 2026-06-02
    days on market $250,000 Active 20 DOM
13. 2026-06-01
    days on market $250,000 Active 19 DOM
14. 2026-05-31
    days on market $250,000 Active 18 DOM
15. 2026-05-31
    days on market $250,000 Active 17 DOM
16. 2026-05-13
    listed $250,000 Active
17. 2016-10-03
    soldstatus $115,000
18. 2016-09-26
    soldstatus $114,950 812-char remark

    Show marketing remark (812 chars)

    Rare opportunity to own a Duplex within Milton City Limits! Just north of Hwy 90 and close to so many conveniences! Established, shady residential neighborhood of duplexes and single family homes. Great for income property, or live in one and have rent from the other pay your mortgage! Each unit has 2 ample sized bedrooms with large closets, and 1 full bath. Both units have large eat-in kitchens with lots of counter space and cupboards. Each has it's own laundry nook off the kitchen with W/D hookups (W/D are personal property of the tenants). Both units have a back door off the kitchen that opens to large shady backyard, separated by privacy fence. One unit has laminate flooring in the living room and the other has tile. Bedrooms are carpeted. Seller is in the process of re-wiring to COPPER!!!

19. 2016-03-02
    listed $117,900 812-char remark

    Show marketing remark (812 chars)

    Rare opportunity to own a Duplex within Milton City Limits! Just north of Hwy 90 and close to so many conveniences! Established, shady residential neighborhood of duplexes and single family homes. Great for income property, or live in one and have rent from the other pay your mortgage! Each unit has 2 ample sized bedrooms with large closets, and 1 full bath. Both units have large eat-in kitchens with lots of counter space and cupboards. Each has it's own laundry nook off the kitchen with W/D hookups (W/D are personal property of the tenants). Both units have a back door off the kitchen that opens to large shady backyard, separated by privacy fence. One unit has laminate flooring in the living room and the other has tile. Bedrooms are carpeted. Seller is in the process of re-wiring to COPPER!!!

20. 2006-12-29
    soldstatus $139,000

ⓘ 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: $1,687 · $141/mo
• Projected year-2 tax: $2,075 · $173/mo
• Expected delta: +$388/yr (+$32/mo · 23.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 21 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: $35,616
• − Mortgage interest: −$14,004
• − Property taxes: −$1,687
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,849
• − Management: −$2,849
• − Depreciation: −$7,273
• Taxable income: $5,703
• Est. tax owed @ 24.0%: −$1,369
• After-tax cash flow: $8,098/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: Santa Rosa
• NCES district ID: 1201650
• Math proficiency: 63% ▼ -6.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $58,161
• Composite: 53.12/100
• National rank: #1511
• State rank: #8 of 73 in FL

Livability — Milton

• Score: 78/100
• State rank: #166
• US rank: #2480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milton, FL
• County: Santa Rosa County · 194,764 people
• City population: 69,025
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 37,197
• Household income: $77,222
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 590.0

Population outlook (Santa Rosa County) Hauer SSP2

• Today (2025): 195,978 people
• By 2030: 209,782 · +7.0%
• By 2040: 235,293 · +20.1%
• By 2050: 256,408 · +30.8%
• By 2075: 298,074 · +52.1%
• By 2100: 303,216 · +54.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 7% Black 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Italian 4% Lithuanian 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Santa Rosa

• 2024 margin: Solid R (+51.0) · D 24.1% · R 75.0%
• 2008→2024 swing: -3.0pp toward R · 2008: -47.9pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+46.5 2016: R+53.5 2012: R+52.6 2008: R+47.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.06%
• Current HPI: 287.7469
• Rent YoY: ▲ 2.70%
• 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

+79.9% since first listed

5 events — show timeline

• 2026-05-13 Listed $250,000 PARMLS
• 2016-10-03 Sold (Public Records) $115,000 Public Records
• 2016-09-26 Sold (MLS) $114,950 PARMLS
• 2016-03-02 Listed $117,900 PARMLS
• 2006-12-29 Sold (Public Records) $139,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $1,687 · +0.7% YoY. Source: county tax records.