3203 E 2nd Pl · Springfield, FL 32401

$175,000

6 bd · 4.0 ba · 906 sqft · Land · 35 Days on market

Built 2026 3,049 sqft lot ↓ 4% since listing

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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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Recently repositioned to a highly competitive price, this newly completed duplex unit offers exceptional value for both investors and first-time homebuyers. Price reflects one individual unit (one side of the duplex). Each unit has its own separate parcel, utilities, and individual ownership structure. Featuring 2 bedrooms, 2 bathrooms, plus a flexible bonus room ideal for an office, nursery, guest room, or small bedroom. Originally designed and built with long-term durability and low maintenance in mind, this property incorporates quality materials and construction standards well suited for both owner-occupants and rental investment purposes. Construction features include 2x6 exterior wall

Key facts

• Duplex unit
• Quality materials
• Waterproof flooring

Tags

• DUPLEX UNIT
• FLEXIBLE BONUS ROOM
• QUALITY MATERIALS
• 9-FOOT CEILINGS
• DOUBLE-INSULATED WALLS
• WATERPROOF FLOORING

Property features AI

Exterior

• Utilities: Public sewer
• Home design: New construction
• Exterior features: Lot approximately 0.07 acres; Lot dimensions approximately 87.7 x 34.74 feet

Interior

• Kitchen: Convection oven
• Bedrooms: One first-floor bedroom (approx. 10.8 x 12.4)
• Bathrooms: 2 full bathrooms
• Interior features: Convection oven

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath land listed at $175k.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.7% in Springfield — 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 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).
• At $2,155/mo this rent would consume 49% of the median local household income ($53k/yr) (locally 935% 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 $1k of loan paydown is wiped out by about $5k 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 35 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.23% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.07%
• DSCR: 1.54
• GRM: 6.8

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,323
• Equity at exit: $26,093

10-year hold

• IRR: 5.5%
• Equity multiple: 1.36×
• Total profit: $17,512
• Equity at exit: $15,131

Cash invested: $49,000 (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 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 258
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,155 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $493

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 72%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $175,000 Active 35 DOM
2. 2026-06-18
   days on market $175,000 Active 34 DOM
3. 2026-06-17
   days on market $175,000 Active 33 DOM
4. 2026-06-16
   days on market $175,000 Active 32 DOM
5. 2026-06-15
   days on market $175,000 Active 31 DOM
6. 2026-06-14
   days on market $175,000 Active 29 DOM
7. 2026-06-13
   days on market $175,000 Active 28 DOM
8. 2026-06-10
   days on market $175,000 Active 26 DOM
9. 2026-06-09
   days on market $175,000 Active 25 DOM
10. 2026-06-08
    days on market $175,000 Active 24 DOM
11. 2026-06-07
    days on market $175,000 Active 23 DOM
12. 2026-06-05
    days on market $175,000 Active 20 DOM
13. 2026-06-03
    pricedays on market $175,000 Active 19 DOM
14. 2026-06-02
    days on market $179,000 Active 18 DOM
15. 2026-06-01
    days on market $179,000 Active 17 DOM
16. 2026-05-31
    days on market $179,000 Active 16 DOM
17. 2026-05-30
    days on market $179,000 Active 15 DOM
18. 2026-05-14
    listed $182,900 Active 1350-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $25,858
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,069
• − Management: −$2,069
• − Depreciation: −$5,091
• Taxable income: $3,327
• Est. tax owed @ 24.0%: −$798
• After-tax cash flow: $5,117/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

-4.3% since first listed

3 events — show timeline

• 2026-06-03 Price Changed $175,000 CPARMLS
• 2026-05-28 Price Changed $179,000 CPARMLS
• 2026-05-14 Listed $182,900 CPARMLS

Property tax history

+107.9%/yr

Latest (2025): $318 · +107.9% YoY. Source: county tax records.