1920 N Spring St · Pensacola, FL 32501

$149,900

2 bd · 1.0 ba · 888 sqft · SingleFamily public records · 88 Days on market

Built 1950 6,098 sqft lot Est $170k · 12% 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 +21.6/30.0
• ARV discount +12.7/15.0
• DSCR +6.9/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Ready to get your hands dirty for a great opportunity? This 2 bedroom 1 bath home sits on a nice corner lot just north of downtown, right outside of North Hill on Spring St. With some TLC, this home could be great again. You have a large detached garage, a nice yard, and a great location. The hardwood floors are just begging to be brought back to life. If you are looking for a small project to get you into a great location, look no further and make your appointment today.

Key facts

• Corner lot
• Hardwood floors
• 6,098 sq ft lot

Tags

• CORNER LOT
• LARGE DETACHED GARAGE
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Building area approximately 888 square feet; Lot roughly 0.14 acres (dimensions approx. 50 x 125)
• HOA & community: No homeowners association

Exterior

• Parking: Attached 1-car garage (1 covered parking space, total 1 parking space)
• Utilities: Public water; Public sewer; Electric with circuit breakers; Publicly maintained road
• Home design: One-story property; Resale home; Not attached to other properties
• Construction: Brick construction; Off-grade foundation
• Exterior features: Corner lot; Composition roof

Interior

• Kitchen: Electric water heater
• Bedrooms: Master bedroom on the first floor (approx. 12 x 12); Second bedroom on the first floor (approx. 10 x 12)
• Flooring: Hardwood; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Ceiling fan(s); Natural gas heating
• Interior features: Living/Dining combo; Not updated bathroom details

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.6% in Pensacola — 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 83/100 on livability (#53 in FL, #924 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• 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.
• Zoned schools: Global Learning Academy (math 11% / reading 19%, grade F, #2,132 of 2,144 statewide, top 100%, 470 students, 90% FRL); J. H. Workman Middle School (math 20% / reading 27%, grade F, #536 of 571 statewide, top 95%, 705 students, 72% FRL); Pensacola High School (math 29% / reading 50%, grade F, #304 of 667 statewide, top 47%, 1,229 students, 55% FRL).
• Zoned-school proficiency averages 26% at this address vs 42% district-wide (-16 pts) — the specific schools serving this property underperform the Escambia average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.4%/yr); 130 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $150k implies a 323% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.03% ✓
• Cap rate: 8.12%
• Cash-on-cash: 6.52%
• DSCR: 1.29
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $169,608
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 W Avery St	0.26mi	2/1.0	844 (-5%)	10mo	$109,500	$130	71
2010 N G St	0.53mi	2/1.0	900 (+1%)	5mo	$172,000	$191	69
312 E Brainerd St	0.67mi	2/1.0	880 (-1%)	3mo	$158,500	$180	65
811 W Jordan St	0.37mi	2/1.0	800 (-10%)	4mo	$165,000	$206	63
2001 N B St	0.23mi	3/1.0 (+1)	960 (+8%)	12mo	$95,000	$99	61
506 E Jordan St	0.60mi	2/1.0	902 (+2%)	15mo	$90,000	$100	57
1111 N C St	0.67mi	2/1.0	896 (+1%)	14mo	$195,000	$218	55
660 W Lloyd St	0.53mi	3/1.0 (+1)	946 (+6%)	6mo	$95,000	$100	54
810 W Blount St	0.50mi	3/1.0 (+1)	912 (+3%)	18mo	$230,000	$252	52
1316 1/2 E Baars St	0.72mi	3/1.0 (+1)	989 (+11%)	1mo	$300,000	$303	42
1101 W Lloyd St	0.74mi	2/2.0	999 (+12%)	1mo	$265,000	$265	40
2504 N Davis Hwy	0.70mi	3/1.5 (+1)	977 (+10%)	6mo	$173,500	$178	39

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 · 5.4% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-5,954
• Equity at exit: $22,351

10-year hold

• IRR: 8.5%
• Equity multiple: 1.71×
• Total profit: $29,930
• Equity at exit: $12,961

Cash invested: $41,972 (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 32501

• Rents YoY: 5.4%
• Active inventory: 130
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,541 high
• Mortgage (P&I): −$786
• Tax from tax record: −$141 /mo · $1,691/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $228

Break-even live

Break-even rent $1,252

Max offer price $149,900

Occupancy floor 80%

Sensitivity live

Price	-10% $313	-5% $271	+0% $228	+5% $186	+10% $143
Rent	-10% $106	-5% $167	+0% $228	+5% $289	+10% $350
Rate	-1.0pp $304	-0.5pp $266	base $228	+0.5pp $189	+1.0pp $150

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2310 N Baylen St Pensacola, FL	2.0	1.0	660	$1,350	$2.05	25d	1	0.26mi
721 W Jordan St Pensacola, FL	3.0	2.0	1030	$1,895	$1.84	25d	1	0.34mi
2008 N 8th Ave Pensacola, FL	3.0	2.0	1058	$1,250	$1.18	15d	1	0.72mi
1106 Doctor Martin Luther King Junior Dr Unit A Pensacola, FL	2.0	1.0	762	$1,295	$1.70	15d	1	0.73mi
1011 Doctor M.L.K. Jr Dr Unit B Pensacola, FL	2.0	1.0	877	$1,200	$1.37	25d	1	0.76mi
1116 N 7th Ave Pensacola, FL	1.0	1.0	680	$1,520	$2.24	25d	1	0.84mi
811 N D St Pensacola, FL	2.0	2.0	1035	$1,395	$1.35	25d	1	0.89mi
615 N A St Pensacola, FL	3.0	2.0	1122	$1,900	$1.69	15d	1	0.95mi
2115 N 12th Ave Pensacola, FL	2.0	1.5	950	$1,800	$1.89	15d	1	1.02mi
222 W Belmont St Pensacola, FL	1.0	1.0	600	$1,100	$1.83	25d	1	1.03mi
307 E La Rua St Pensacola, FL	2.0	1.0	826	$1,575	$1.91	23d	1	1.06mi
418 N C St Pensacola, FL	3.0	2.0	1017	$2,775	$2.73	15d	1	1.10mi
1177 E Lloyd St Pensacola, FL	1.0	1.0	553	$999	$1.81	15d	1	1.11mi
422 N Davis Hwy Pensacola, FL	2.0	1.5	941	$2,100	$2.23	25d	1	1.11mi
3131 N 10th Ave Pensacola, FL	3.0	1.5	1085	$1,700	$1.57	25d	1	1.13mi
510 N G St Pensacola, FL	2.0	1.0	704	$850	$1.21	25d	1	1.15mi
1717 W Cervantes St Pensacola, FL	2.0	2.0	974	$1,169	$1.20	15d	3	1.24mi
802 E Belmont St Pensacola, FL	1.0	1.0	560	$1,400	$2.50	25d	1	1.24mi
220 W Chase St Pensacola, FL	2.0	1.0	648	$1,241	$1.92	25d	1	1.25mi
1918 W Strong St Unit B Pensacola, FL	2.0	1.0	870	$950	$1.09	15d	1	1.28mi
224 E Garden St #441 Pensacola, FL	1.0	2.0	625	$1,500	$2.40	15d	1	1.38mi
224 E Garden St Pensacola, FL	1.0	1.0–2.0	477	$1,438	$3.01	25d	2	1.38mi
1103 N 15th Ave Unit 104 Pensacola, FL	1.0	1.0	600	$1,150	$1.92	23d	1	1.39mi
2303 W Brainerd St Pensacola, FL	2.0	1.0	955	$1,100	$1.15	25d	1	1.39mi
1804 W Belmont St Unit A Pensacola, FL	3.0	1.0	925	$995	$1.08	23d	1	1.44mi
1705 N 17th Ave Pensacola, FL	1.0	1.0	600	$1,095	$1.82	25d	1	1.48mi
101 E Romana St Pensacola, FL	3.0	1.0–2.0	987	$2,288	$2.32	15d	20	1.50mi

Listing history 21 events

1. 2026-06-21
   statusdays on market $149,900 Pending 88 DOM
2. 2026-06-18
   days on market $149,900 Active 87 DOM
3. 2026-06-17
   days on market $149,900 Active 86 DOM
4. 2026-06-16
   days on market $149,900 Active 85 DOM
5. 2026-06-15
   days on market $149,900 Active 84 DOM
6. 2026-06-14
   days on market $149,900 Active 82 DOM
7. 2026-06-10
   days on market $149,900 Active 79 DOM
8. 2026-06-09
   days on market $149,900 Active 78 DOM
9. 2026-06-08
   days on market $149,900 Active 77 DOM
10. 2026-06-07
    days on market $149,900 Active 76 DOM
11. 2026-06-03
    days on market $149,900 Active 72 DOM
12. 2026-06-02
    days on market $149,900 Active 71 DOM
13. 2026-06-01
    days on market $149,900 Active 70 DOM
14. 2026-05-31
    days on market $149,900 Active 69 DOM
15. 2026-05-31
    statusdays on market $149,900 Active 68 DOM
16. 2026-05-15
    status Pending
17. 2026-04-21
    status Active
18. 2026-04-21
    price $149,900
19. 2026-03-18
    status Pending
20. 2026-02-03
    listed $199,900 Active
21. 1986-10-01
    soldstatus $35,400

ⓘ 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: $1,691 · $141/mo
• Projected year-2 tax: $1,691 · $141/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 · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,495
• − Mortgage interest: −$8,397
• − Property taxes: −$1,691
• − Insurance: −$750
• − Repairs & maintenance: −$1,480
• − Management: −$1,480
• − Depreciation: −$4,361
• Taxable income: $338
• Est. tax owed @ 24.0%: −$81
• After-tax cash flow: $2,657/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 — Pensacola

• Score: 83/100
• State rank: #53
• US rank: #924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pensacola, FL
• County: Escambia County · 301,722 people
• City population: 237,636
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 11,036
• Household income: $44,139
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 816.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 45% White 42% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Subsaharan African 2% Italian 2% Slovak 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -210.53%
• Current HPI: 273.0151
• Rent YoY: ▲ 5.40%
• 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

+323.4% since first listed

6 events — show timeline

• 2026-05-15 Pending — PARMLS
• 2026-04-21 Relisted — PARMLS
• 2026-04-21 Price Changed $149,900 PARMLS
• 2026-03-18 Pending — PARMLS
• 2026-02-03 Listed $199,900 PARMLS
• 1986-10-01 Sold (Public Records) $35,400 Public Records

Property tax history

+19.7%/yr

Latest (2025): $1,691 · +4.2% YoY. Source: county tax records.