2303 W Michigan Ave Unit E-8 · Bellview, FL 32526

$114,999

2 bd · 2.0 ba · 1,014 sqft · Condo · 67 Days on market

Built 1983 Good condition $113/sqft · 10% above area Est $104k · 10% over $340/mo HOA · 23% of rent

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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 +14.4/30.0
• 1% rule +7.7/10.0
• DSCR +4.4/10.0
• Condition / age +3.8/5.0
• Rent growth +3.6/5.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• ARV discount +2.9/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience stylish, low-maintenance living in this beautifully furnished two-bedroom, two-bath second-floor condo, where comfort meets modern appeal. The open layout creates a smooth, airy flow from the kitchen to the living area, offering an inviting space for relaxing or entertaining. The primary suite feels refined and spacious with its private bath and generous closet, while the second bedroom adds versatility for guests, work, or creative space. Step onto your private balcony and enjoy a quiet moment to start or end your day. An exterior storage room adds convenience for bikes, seasonal items, or beach gear. Perfectly positioned in central Pensacola, this condo keeps you close to parks, dining, entertainment, and everyday essentials. And when you’re ready for sunshine and adventure, Pensacola’s iconic Gulf beaches are only a short drive away, giving you effortless access to coastal fun without the bustle of beachfront living. Military members will appreciate the easy commute to nearby bases. Elegant, convenient, and move-in ready—this condo offers a polished Pensacola lifestyle with quick access to everything that makes the area so enjoyable.

Key facts

• Private balcony
• $340 HOA
• Built 1983

Tags

• PRIVATE BALCONY
• EXTERIOR STORAGE ROOM
• EASY COMMUTE TO NEARBY BASES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $115k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $23 ($273/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 5.2% in Bellview — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 67/100 on livability (#561 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• 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: Bellview Elementary School (math 28% / reading 34%, grade F, #1,854 of 2,144 statewide, top 87%, 545 students, 75% FRL); Bellview Middle School (math 17% / reading 23%, grade F, #558 of 571 statewide, top 98%, 992 students, 76% FRL); Pine Forest High School (math 20% / reading 32%, grade F, #494 of 667 statewide, top 75%, 1,870 students, 62% FRL).
• Zoned-school proficiency averages 26% at this address vs 42% district-wide (-17 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 (+4.4%/yr); 421 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $795 of loan paydown is wiped out by about $3k 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 67 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $49k; list at $115k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• 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 $108,099 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.27% ✓
• Cap rate: 6.53%
• Cash-on-cash: 0.85%
• DSCR: 1.04
• GRM: 6.5

CMA / ARV

• ARV (median comp): $104,385
• List price: $114,999
• Delta: 10.17%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.42% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.54×
• Total profit: $-14,834
• Equity at exit: $17,147

10-year hold

• IRR: -0.5%
• Equity multiple: 0.96×
• Total profit: $-1,148
• Equity at exit: $9,943

Cash invested: $32,200 (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 32526

• Home prices YoY: -28.3%
• Rents YoY: 4.4%
• Active inventory: 421
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,465 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$340
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $23

Break-even live

Break-even rent $1,436

Max offer price $114,999

Occupancy floor 93%

Sensitivity live

Price	-10% $102	-5% $62	+0% $23	+5% $-17	+10% $-57
Rent	-10% $-93	-5% $-35	+0% $23	+5% $81	+10% $138
Rate	-1.0pp $81	-0.5pp $52	base $23	+0.5pp $-7	+1.0pp $-37

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2303 W Michigan Ave Unit A6 Pensacola, FL	2.0	2.0	1014	$1,300	$1.28	25d	1	0.03mi
2301 W Michigan Ave #21 Pensacola, FL	2.0	2.5	1164	$1,325	$1.14	25d	1	0.05mi
5602 W Shore Dr Unit B Pensacola, FL	2.0	2.0	920	$1,250	$1.36	25d	1	0.09mi
2300 W Michigan Ave #12 Pensacola, FL	2.0	2.0	1050	$1,300	$1.24	25d	1	0.28mi
2355 W Michigan Ave Pensacola, FL	1.0–2.0	1.0–2.0	850	$1,450	$1.71	15d	9	0.41mi
925 Twinbrook Ave Pensacola, FL	3.0	1.0	1105	$1,750	$1.58	25d	1	0.53mi
918 Montclair Rd Pensacola, FL	3.0	1.0	1012	$1,500	$1.48	15d	1	0.60mi
902 Lucerne Ave Pensacola, FL	3.0	2.0	1276	$1,600	$1.25	25d	1	0.65mi
3216 Two Sisters Way Pensacola, FL	3.0	2.0	1117	$1,700	$1.52	25d	1	1.00mi
5180 Burlington Ave Pensacola, FL	3.0	2.0	1184	$1,650	$1.39	25d	1	1.04mi
5472 Dover Ave Pensacola, FL	3.0	2.0	840	$1,300	$1.55	25d	1	1.07mi
2702 Massachusetts Ave Pensacola, FL	1.0–3.0	1.0–2.5	1150	$1,520	$1.32	15d	9	1.19mi
221 Edison Dr Pensacola, FL	3.0	1.0	1500	$1,598	$1.07	25d	1	1.22mi
5207 Charbar Dr Unit B Pensacola, FL	2.0	1.0	850	$1,050	$1.24	25d	1	1.23mi
6322 Louisville Ave Pensacola, FL	3.0	2.0	1001	$2,147	$2.14	25d	1	1.40mi
707 New York Dr Pensacola, FL	2.0	1.0	1266	$1,185	$0.94	25d	1	1.46mi

HOA detail condo

• Monthly dues: $340 · $4,080/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $114,999 Active 67 DOM
2. 2026-06-18
   days on market $114,999 Active 64 DOM
3. 2026-06-17
   days on market $114,999 Active 63 DOM
4. 2026-06-16
   days on market $114,999 Active 62 DOM
5. 2026-06-15
   days on market $114,999 Active 61 DOM
6. 2026-06-14
   days on market $114,999 Active 59 DOM
7. 2026-06-10
   days on market $114,999 Active 56 DOM
8. 2026-06-09
   days on market $114,999 Active 55 DOM
9. 2026-06-08
   days on market $114,999 Active 54 DOM
10. 2026-06-07
    days on market $114,999 Active 53 DOM
11. 2026-06-03
    days on market $114,999 Active 49 DOM
12. 2026-06-02
    days on market $114,999 Active 48 DOM
13. 2026-06-01
    days on market $114,999 Active 47 DOM
14. 2026-05-31
    days on market $114,999 Active 46 DOM
15. 2026-05-31
    pricedays on market $114,999 Active 45 DOM
16. 2026-05-08
    price $119,500 1183-char remark

    Show marketing remark (1166 chars)

    Experience stylish, low-maintenance living in this beautifully furnished two-bedroom, two-bath second-floor condo, where comfort meets modern appeal. The open layout creates a smooth, airy flow from the kitchen to the living area, offering an inviting space for relaxing or entertaining. The primary suite feels refined and spacious with its private bath and generous closet, while the second bedroom adds versatility for guests, work, or creative space. Step onto your private balcony and enjoy a quiet moment to start or end your day. An exterior storage room adds convenience for bikes, seasonal items, or beach gear. Perfectly positioned in central Pensacola, this condo keeps you close to parks, dining, entertainment, and everyday essentials. And when you're ready for sunshine and adventure, Pensacola's iconic Gulf beaches are only a short drive away, giving you effortless access to coastal fun without the bustle of beachfront living. Military members will appreciate the easy commute to nearby bases. Elegant, convenient, and move-in ready--this condo offers a polished Pensacola lifestyle with quick access to everything that makes the area so enjoyable.

17. 2026-05-08
    price $119,500 1166-char remark

    Show marketing remark (1166 chars)

    Experience stylish, low-maintenance living in this beautifully furnished two-bedroom, two-bath second-floor condo, where comfort meets modern appeal. The open layout creates a smooth, airy flow from the kitchen to the living area, offering an inviting space for relaxing or entertaining. The primary suite feels refined and spacious with its private bath and generous closet, while the second bedroom adds versatility for guests, work, or creative space. Step onto your private balcony and enjoy a quiet moment to start or end your day. An exterior storage room adds convenience for bikes, seasonal items, or beach gear. Perfectly positioned in central Pensacola, this condo keeps you close to parks, dining, entertainment, and everyday essentials. And when you're ready for sunshine and adventure, Pensacola's iconic Gulf beaches are only a short drive away, giving you effortless access to coastal fun without the bustle of beachfront living. Military members will appreciate the easy commute to nearby bases. Elegant, convenient, and move-in ready--this condo offers a polished Pensacola lifestyle with quick access to everything that makes the area so enjoyable.

18. 2026-04-15
    listed $121,499 Active 1166-char remark

    Show marketing remark (1183 chars)

    Experience stylish, low-maintenance living in this beautifully furnished two-bedroom, two-bath second-floor condo, where comfort meets modern appeal. The open layout creates a smooth, airy flow from the kitchen to the living area, offering an inviting space for relaxing or entertaining. The primary suite feels refined and spacious with its private bath and generous closet, while the second bedroom adds versatility for guests, work, or creative space. Step onto your private balcony and enjoy a quiet moment to start or end your day. An exterior storage room adds convenience for bikes, seasonal items, or beach gear. Perfectly positioned in central Pensacola, this condo keeps you close to parks, dining, entertainment, and everyday essentials. And when you’re ready for sunshine and adventure, Pensacola’s iconic Gulf beaches are only a short drive away, giving you effortless access to coastal fun without the bustle of beachfront living. Military members will appreciate the easy commute to nearby bases. Elegant, convenient, and move-in ready—this condo offers a polished Pensacola lifestyle with quick access to everything that makes the area so enjoyable.

19. 2026-04-15
    listed $121,499 Active 1183-char remark

    Show marketing remark (1183 chars)

    Experience stylish, low-maintenance living in this beautifully furnished two-bedroom, two-bath second-floor condo, where comfort meets modern appeal. The open layout creates a smooth, airy flow from the kitchen to the living area, offering an inviting space for relaxing or entertaining. The primary suite feels refined and spacious with its private bath and generous closet, while the second bedroom adds versatility for guests, work, or creative space. Step onto your private balcony and enjoy a quiet moment to start or end your day. An exterior storage room adds convenience for bikes, seasonal items, or beach gear. Perfectly positioned in central Pensacola, this condo keeps you close to parks, dining, entertainment, and everyday essentials. And when you’re ready for sunshine and adventure, Pensacola’s iconic Gulf beaches are only a short drive away, giving you effortless access to coastal fun without the bustle of beachfront living. Military members will appreciate the easy commute to nearby bases. Elegant, convenient, and move-in ready—this condo offers a polished Pensacola lifestyle with quick access to everything that makes the area so enjoyable.

20. 2026-03-29
    listed $121,499 Active
21. 2016-05-09
    soldstatus $49,000
22. 2016-01-27
    listed $52,750
23. 2009-05-07
    historical
24. 2008-11-07
    listed $75,000

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

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 · 22 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: $17,582
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,407
• − Management: −$1,407
• − HOA: −$4,080
• − Depreciation: −$3,345
• Taxable loss: −$1,399
• Est. tax savings @ 24.0%: +$336
• After-tax cash flow: $608/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained two-bedroom condo offers a good starting point for a cosmetic renovation, with updates that can significantly boost its resale and rental value.

Repairs flagged

• Minor kitchen countertops — Worn appearance
• Minor bathroom fixtures — Signs of wear
• Minor exterior paint — Faded appearance

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace worn kitchen countertops — New countertops improve functionality and appearance
• Both Replace worn bathroom fixtures — New fixtures enhance functionality and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen countertops · Worn appearance	Minor	$500–3,000
bathroom fixtures · Signs of wear	Minor	$500–3,000
exterior paint · Faded appearance	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace worn kitchen countertops — New countertops improve functionality and appearance ↑
• Both Replace worn bathroom fixtures — New fixtures enhance functionality and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Bellview

• Score: 67/100
• State rank: #561
• US rank: #10731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellview, FL
• County: Escambia County · 301,722 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 44,680
• Household income: $75,098
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 1166.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Black 19% Two or more races 8% Hispanic / Latino 5% Asian 3%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 1% Other Indo-European 1%

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: ▼ -99.68%
• Current HPI: 252.6406
• Rent YoY: ▲ 4.42%
• 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

+59.3% since first listed

9 events — show timeline

• 2026-05-08 Price Changed $119,500 PARMLS
• 2026-05-08 Price Changed $119,500 ECAR
• 2026-04-15 Listed $121,499 ECAR
• 2026-04-15 Listed $121,499 PARMLS
• 2026-03-29 Listed $121,499 ECAR
• 2016-05-09 Sold (MLS) $49,000 PARMLS
• 2016-01-27 Listed $52,750 PARMLS
• 2009-05-07 Listing Removed — PARMLS
• 2008-11-07 Listed $75,000 PARMLS