624 Norman Ave · Interlachen, FL 32148

$18,000

2 bd · 1.0 ba · 660 sqft · Manufactured public records · 5 Days on market

Built 1970 0.47 ac lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HOME IS IN AWFUL SHAPE! NICE SLAB, WELL AND SEPTIC NONE OF WHICH ARE WARRANTED BY SELLER. NICE LOCATION WITH CORNER LOTS. HOME HAS NOT BEEN OCCUPIED IN MANY YEARS. PLEASE USE CAUTION SHOULD YOU ENTER.

Key facts

• 0.47 acre lot
• Built 1970
• Listed 5 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $18k.

Deal economics

• At list price, monthly cash flow is $679 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• Cap rate 51.6% vs local median 5.6% in Interlachen — 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 67/100 on livability (#540 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 759 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $124 of loan paydown is wiped out by about $540 of value loss. Plan a longer hold.
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y 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: property tax is 2.8% of price.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $18,000

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
6. 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.
7. 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.
8. 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: 5.79% ✓
• Cap rate: 51.55%
• Cash-on-cash: 161.64%
• DSCR: 8.19
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 9.01×
• Total profit: $40,349
• Equity at exit: $2,684

10-year hold

• IRR: —
• Equity multiple: 19.04×
• Total profit: $90,925
• Equity at exit: $1,556

Cash invested: $5,040 (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 32148

• Home prices YoY: -5.8%
• Active inventory: 759
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,042 medium
• Mortgage (P&I): −$94
• Tax from tax record: −$42 /mo · $508/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $679

Break-even live

Break-even rent $183

Max offer price $18,000

Occupancy floor 30%

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: $4,500
• Closing costs: $540
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2025-03-31
   status Pending
2. 2025-03-26
   listed $18,000 Active
3. 2009-05-28
   soldstatus $17,000
4. 2009-05-27
   historical 202-char remark

   Show marketing remark (202 chars)

   HOME IS IN AWFUL SHAPE! NICE SLAB, WELL AND SEPTIC NONE OF WHICH ARE WARRANTED BY SELLER. NICE LOCATION WITH CORNER LOTS. HOME HAS NOT BEEN OCCUPIED IN MANY YEARS. PLEASE USE CAUTION SHOULD YOU ENTER.

5. 2009-05-22
   soldstatus $10,000 202-char remark

   Show marketing remark (202 chars)

   HOME IS IN AWFUL SHAPE! NICE SLAB, WELL AND SEPTIC NONE OF WHICH ARE WARRANTED BY SELLER. NICE LOCATION WITH CORNER LOTS. HOME HAS NOT BEEN OCCUPIED IN MANY YEARS. PLEASE USE CAUTION SHOULD YOU ENTER.

6. 2009-04-22
   historical 224-char remark

   Show marketing remark (224 chars)

   VALUE IS IN LAND BUT HAS OLDER SINGLEWIDE MH ON IT THAT COULD BE SALVAGED. WELL AND SEPTIC. PROPERTY IS SOLD AS IS. NICE LOTS.ONLY A SURVEY CAN DETERMINE EXACT BOUNDARIES. HOME HAS LOTS OF BAD SPOTS IN FLOORS AND ROOF LEAKS.

7. 2009-02-07
   listed $15,900 202-char remark

   Show marketing remark (202 chars)

   HOME IS IN AWFUL SHAPE! NICE SLAB, WELL AND SEPTIC NONE OF WHICH ARE WARRANTED BY SELLER. NICE LOCATION WITH CORNER LOTS. HOME HAS NOT BEEN OCCUPIED IN MANY YEARS. PLEASE USE CAUTION SHOULD YOU ENTER.

8. 2005-07-26
   listed $15,900 224-char remark

   Show marketing remark (224 chars)

   VALUE IS IN LAND BUT HAS OLDER SINGLEWIDE MH ON IT THAT COULD BE SALVAGED. WELL AND SEPTIC. PROPERTY IS SOLD AS IS. NICE LOTS.ONLY A SURVEY CAN DETERMINE EXACT BOUNDARIES. HOME HAS LOTS OF BAD SPOTS IN FLOORS AND ROOF LEAKS.

9. 2005-03-08
   historical
10. 2005-03-07
    soldstatus $12,000
11. 2004-03-04
    listed $12,000

ⓘ 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: $508 · $42/mo
• Projected year-2 tax: $508 · $42/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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,502
• − Mortgage interest: −$1,008
• − Property taxes: −$508
• − Insurance: −$90
• − Repairs & maintenance: −$1,000
• − Management: −$1,000
• − Depreciation: −$524
• Taxable income: $8,372
• Est. tax owed @ 24.0%: −$2,009
• After-tax cash flow: $6,137/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: Putnam
• NCES district ID: 1201620
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 39% ▼ -4.00%
• Median HH income: $33,350
• Composite: 29.99/100
• National rank: #6361
• State rank: #66 of 73 in FL

Livability — Interlachen

• Score: 67/100
• State rank: #540
• US rank: #10162

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 11,580
• Population (ZIP): 11,580

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 65,299 people
• By 2030: 61,255 · -6.2%
• By 2040: 52,930 · -18.9%
• By 2050: 45,051 · -31.0%
• By 2075: 28,720 · -56.0%
• By 2100: 15,852 · -75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7%
• Common ancestry: Slovak 4% Lithuanian 3% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -28.5pp toward R · 2008: -19.3pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+41.2 2016: R+36.6 2012: R+24.5 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -16.98%
• Current HPI: 277.2763
• Rent YoY: —
• Metro: —
• 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

+50.0% since first listed

11 events — show timeline

• 2025-03-31 Pending — realMLS
• 2025-03-26 Listed $18,000 realMLS
• 2009-05-28 Sold (Public Records) $17,000 Public Records
• 2009-05-27 Listing Removed — realMLS
• 2009-05-22 Sold (MLS) $10,000 realMLS
• 2009-04-22 Listing Removed — realMLS
• 2009-02-07 Listed $15,900 realMLS
• 2005-07-26 Listed $15,900 realMLS
• 2005-03-08 Listing Removed — realMLS
• 2005-03-07 Sold (MLS) $12,000 realMLS
• 2004-03-04 Listed $12,000 realMLS

Property tax history

-1.7%/yr

Latest (2025): $508 · +7.0% YoY. Source: county tax records.