3609 Empire St · Pace, FL 32571

$185,000

3 bd · 2.0 ba · 1,272 sqft · SingleFamily public records · 9 Days on market

Built 1961 0.31 ac lot Est $242k · 23% under

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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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• Schools +5.3/10.0
• 1% rule +5.2/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 3609 Empire St, a solid brick home tucked away in the heart of Pace with no HOA and a spacious lot shaded by mature trees. This 3-bedroom, 2-bath residence offers a functional floor plan with over 1,200 square feet of living space and an open-concept layout that seamlessly connects the living room, dining area, and kitchen. Inside, you'll find a generously sized living area with abundant natural light and plenty of room for entertaining or relaxing. The kitchen features ample cabinet and countertop space, a breakfast bar, and an adjoining dining area with French doors leading to the backyard. The primary suite includes a private bath, while two additional bedrooms provide flexibi

Key facts

• Spacious lot
• Solid brick home
• Mature trees

Tags

• SOLID BRICK HOME
• SPACIOUS LOT
• MATURE TREES
• OPEN-CONCEPT LAYOUT
• LARGE FENCED BACKYARD
• DETACHED STORAGE BUILDING

Property features AI

Finance

• Other: Property condition: Resale; Lot size approximately 0.309 acres
• Financial info: Not specified
• HOA & community: No association

Exterior

• Parking: 2 spaces per unit
• Security: Not specified
• Utilities: Public water; Public sewer; Electric with circuit breakers and copper wiring; County-maintained road access
• Home design: One-story frame home; Resale property; Not attached to other properties
• Construction: Frame construction; Slab foundation; Composition roof; Built as a single-level (one) building
• Exterior features: Interior lot

Interior

• Kitchen: Electric water heater
• Bedrooms: Master bedroom on the first floor (approx. 10 x 10 ft); Second bedroom on the first floor (approx. 8 x 10 ft); Third bedroom on the first floor (approx. 8 x 10 ft)
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Carpet and laminate flooring; Kitchen/dining combo
• Laundry & utility: Not specified

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 8.3% vs local median 4.5% in Pace — 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 (#475 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B+; Watch: amenities F, commute F, health & safety 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); 665 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $22k; list at $185k implies a 749% 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→23/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. Built in 1961 — 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 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?
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: 1.02% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $241,680
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4308 Floridatown Rd	0.68mi	3/2.0	1,264 (-1%)	1mo	$205,000	$162	66
4187 Sixth Ave	0.35mi	3/2.0	1,200 (-6%)	14mo	$205,000	$171	63
3725 Martin St	0.27mi	3/2.0	1,428 (+12%)	9mo	$295,000	$207	59
3830 University St	0.56mi	3/2.0	1,382 (+9%)	11mo	$285,000	$206	50
4221 Willow St	0.75mi	3/2.0	1,262 (-1%)	16mo	$240,000	$190	50
4316 Floridatown Rd	0.70mi	2/1.5 (-1)	1,316 (+4%)	8mo	$215,000	$163	48
4329 Floridatown Rd	0.65mi	4/2.0 (+1)	1,374 (+8%)	7mo	$235,000	$171	45
4412 Bayou Ridge Dr	0.52mi	3/2.0	1,452 (+14%)	9mo	$340,000	$234	44

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 · 2.72% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-11,150
• Equity at exit: $27,584

10-year hold

• IRR: 3.5%
• Equity multiple: 1.25×
• Total profit: $12,981
• Equity at exit: $15,995

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 32571

• Home prices YoY: -17.7%
• Rents YoY: 2.7%
• Active inventory: 665
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,894 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$145 /mo · $1,739/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $304

Break-even live

Break-even rent $1,509

Max offer price $185,000

Occupancy floor 79%

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: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4606 Southern Pl Milton, FL	3.0	1.5	1431	$1,500	$1.05	14d	1	0.77mi
3982 Edgefield St Milton, FL	3.0	2.0	1135	$1,750	$1.54	14d	1	1.06mi
3492 Quail Dr Milton, FL	3.0	2.0	1637	$1,900	$1.16	23d	1	1.26mi

Listing history 8 events

1. 2026-06-18
   days on market $185,000 Active 9 DOM
2. 2026-06-17
   days on market $185,000 Active 8 DOM
3. 2026-06-16
   days on market $185,000 Active 7 DOM
4. 2026-06-15
   days on market $185,000 Active 6 DOM
5. 2026-06-14
   days on market $185,000 Active 4 DOM
6. 2026-06-13
   days on market $185,000 Active 3 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   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: $1,739 · $145/mo
• Projected year-2 tax: $1,739 · $145/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 3/10 Moderate
• 🌡 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: $22,731
• − Mortgage interest: −$10,363
• − Property taxes: −$1,739
• − Insurance: −$925
• − Repairs & maintenance: −$1,819
• − Management: −$1,819
• − Depreciation: −$5,382
• Taxable income: $686
• Est. tax owed @ 24.0%: −$165
• After-tax cash flow: $3,488/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 — Pace

• Score: 69/100
• State rank: #475
• US rank: #8593

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pace, FL
• County: Santa Rosa County · 194,764 people
• City population: 42,171
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 42,171
• Household income: $87,617
• Rent vs Own: 16.1% rent · 83.9% own
• Severe rent burden: 301.0

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 9% Hispanic / Latino 6% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 4% Italian 3% Slovak 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -62.39%
• Current HPI: 290.2953
• Rent YoY: ▲ 2.72%
• 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

+436.2% since first listed

3 events — show timeline

• 2026-06-09 Listed $185,000 PARMLS
• 1993-09-08 Sold (Public Records) $21,800 Public Records
• 1982-04-01 Sold (Public Records) $34,500 Public Records

Property tax history

+5.4%/yr

Latest (2025): $1,739 · +5.3% YoY. Source: county tax records.