116 Springfield Ave · Springfield, FL 32401

$608,000

1 bd · 1.0 ba · 494 sqft · MultiFamily public records · 20 Days on market

Built 1952 0.31 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

CURRENTLY UNDER CONTRACT, SELLER WILL CONSIDER BACKUP OFFERS Welcome to your next investment property! This property allows you to add 6 single family units to your investment portfolio, grossing over $57,000 in income per year. Each unit features one bedroom, one spacious bathroom, as well as a living and kitchen area. All six properties have been completely remodeled down to the studs and all have individual water and electric meters, new 30-year Dimensional shingle roofs, new energy efficient windows, new sheetrock, new painting, new electrical wiring, new luxury vinyl plank flooring, and new kitchen cabinets and countertops. These units have a great Return on Investment and are easily maintained due to this meticulous remodel. All units are currently rented and are professionally managed by ERA Neubauer Property Management. Schedule your private viewing today with your favorite Realtor! The cleared lot next to this property (Parcel ID 24228-005-000) is also for sale where you can add more rental units if desired. Please see MLS 738324.

Key facts

• Fresh sheetrock
• Interior paint
• Fully occupied

Tags

• FULLY OCCUPIED
• ENERGY-EFFICIENT WINDOWS
• UPDATED ELECTRICAL WIRING
• FRESH SHEETROCK
• INTERIOR PAINT
• LUXURY VINYL PLANK FLOORING

Property features AI

Finance

• Other: Pool referenced in remarks (see listing remarks for details)
• Financial info: Property has a land lease
• HOA & community: Short-term rentals allowed

Exterior

• Utilities: Public sewer
• Home design: Zoned for residential multi-family; Single-level entry (first floor rooms listed)
• Construction: Block construction; Shingle roof; Slab foundation; Built on a 0.31-acre lot with roughly 154 x 100 x 154 x 101 dimensions
• Exterior features: Covered porch/patio

Interior

• Kitchen: Electric cooktop; Electric oven
• Bedrooms: Multiple bedrooms on the first floor
• Bathrooms: 6 full bathrooms
• Heating & cooling: Window unit(s) for cooling
• Interior features: Great room
• Laundry & utility: No furnished units (for multi-unit) — buyer to verify specific unit details

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath multifamily listed at $608k.

Deal economics

• At list price, monthly cash flow is $-3k ($-38k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (77.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (79.9% below list).
• Recommended offer: $122k (79.9% below list) — sets the bar for 1% rule.
• Cap rate 0.0% vs local median 4.7% in Springfield — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 59/100 on livability (#826 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, employment D, crime F.
• Bay (suburban): math 51% / reading 51% proficiency, ranked #29 of 73 in FL (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 258 active listings in the ZIP; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($599k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• 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 $122,027 (79.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.20% ✗
• Cap rate: 0.02%
• Cash-on-cash: -22.42%
• DSCR: 0.00
• GRM: 41.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -66.3%
• Equity multiple: -0.79×
• Total profit: $-304,165
• Equity at exit: $90,655

10-year hold

• IRR: —
• Equity multiple: -2.16×
• Total profit: $-537,679
• Equity at exit: $52,569

Cash invested: $170,240 (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 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 258
• Price-to-rent: 41.5×

Monthly cashflow live

• Estimated rent: $1,220 medium
• Mortgage (P&I): −$3,188
• Tax from tax record: −$703 /mo · $8,434/yr
• Insurance: −$253
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-3,181

Break-even live

Break-even rent $5,246

Max offer price $139,494

Occupancy floor —

Sensitivity live

Price	-10% $-2,836	-5% $-3,008	+0% $-3,181	+5% $-3,353	+10% $-3,525
Rent	-10% $-3,277	-5% $-3,229	+0% $-3,181	+5% $-3,132	+10% $-3,084
Rate	-1.0pp $-2,874	-0.5pp $-3,026	base $-3,181	+0.5pp $-3,338	+1.0pp $-3,498

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: $152,000
• Closing costs: $18,240
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $608,000 Active 20 DOM
2. 2026-06-18
   days on market $608,000 Active 19 DOM
3. 2026-06-17
   days on market $608,000 Active 18 DOM
4. 2026-06-16
   days on market $608,000 Active 17 DOM
5. 2026-06-15
   days on market $608,000 Active 16 DOM
6. 2026-06-14
   days on market $608,000 Active 14 DOM
7. 2026-06-13
   days on market $608,000 Active 13 DOM
8. 2026-06-10
   days on market $608,000 Active 11 DOM
9. 2026-06-09
   days on market $608,000 Active 10 DOM
10. 2026-06-08
    days on market $608,000 Active 9 DOM
11. 2026-06-07
    days on market $608,000 Active 8 DOM
12. 2026-06-05
    days on market $608,000 Active 5 DOM
13. 2026-06-03
    days on market $608,000 Active 4 DOM
14. 2026-06-02
    days on market $608,000 Active 3 DOM
15. 2026-06-01
    days on market $608,000 Active 2 DOM
16. 2026-05-30
    remarks 699-char remark
17. 2026-05-30
    listed $608,000 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: $8,434 · $703/mo
• Projected year-2 tax: $8,434 · $703/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 · 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: $14,643
• − Mortgage interest: −$34,057
• − Property taxes: −$8,434
• − Insurance: −$3,040
• − Repairs & maintenance: −$1,171
• − Management: −$1,171
• − Depreciation: −$17,687
• Taxable loss: −$50,919
• Est. tax savings @ 24.0%: +$12,220
• After-tax cash flow: $-25,947/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: Bay
• NCES district ID: 1200090
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $47,740
• Composite: 43.41/100
• National rank: #3014
• State rank: #29 of 73 in FL

Livability — Springfield

• Score: 59/100
• State rank: #826
• US rank: #20265

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, FL
• County: Bay County · 163,593 people
• Metro: Panama City, FL
• Population (ZIP): 18,947
• Household income: $52,523
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 935.0

Population outlook (Bay County) Hauer SSP2

• Today (2025): 206,264 people
• By 2030: 217,740 · +5.6%
• By 2040: 238,738 · +15.7%
• By 2050: 255,545 · +23.9%
• By 2075: 288,295 · +39.8%
• By 2100: 288,638 · +39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 23% Hispanic / Latino 11% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Bay

• 2024 margin: Solid R (+47.4) · D 25.8% · R 73.1% · Other 1.1%
• 2008→2024 swing: -6.6pp toward R · 2008: -40.7pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.5 2016: R+46.3 2012: R+43.6 2008: R+40.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.12%
• Current HPI: 290.3312
• Rent YoY: ▲ 0.45%
• Metro: Panama City, 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

+619.5% since first listed

16 events — show timeline

• 2026-05-30 Listed $608,000 CPARMLS
• 2025-02-27 Price Changed $599,997 ECAR
• 2024-12-22 Listed $605,000 ECAR
• 2023-04-24 Sold (MLS) $560,000 ECAR
• 2023-04-24 Sold (MLS) $560,000 CPARMLS
• 2023-04-08 Pending — ECAR
• 2023-04-08 Contingent — CPARMLS
• 2023-04-08 Pending — CPARMLS
• 2023-03-05 Listed $579,000 ECAR
• 2023-03-05 Listed $579,000 CPARMLS
• 2023-02-03 Listing Removed — CPARMLS
• 2022-09-07 Listed $579,000 CPARMLS
• 2019-08-13 Sold (Public Records) $80,000 Public Records
• 2019-08-09 Sold (MLS) $80,000 CPARMLS
• 2019-03-02 Listed $88,000 CPARMLS
• 2003-11-25 Sold (Public Records) $84,500 Public Records

Property tax history

+14.5%/yr

Latest (2025): $8,434 · +7.8% YoY. Source: county tax records.