310 N 58th Ave

Myrtle Grove, FL 32506

$185,700D

3 bd · 2.0 ba · 1,300 sqft · Built 1960 · SingleFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,559/mo
• Mortgage (P&I): −$974
• Tax + insurance: −$247
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $10/mo
• Annual: $122/yr
• Cap rate: 6.36%
• Cash-on-cash: 0.24%
• DSCR: 1.01
• 1% rule: 0.84%
• Cash to close: $51,996

Investor read

• This is a 3-bed/2.0-bath single-family listed at $186k.
• At list price, monthly cash flow is $10 ($122/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (16.1% below list).
• It's been on market 25 days — a 2% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (16.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#701 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: amenities F, commute F, employment D-.
• 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: Myrtle Grove Elementary School (math 25% / reading 33%, grade F, #1,932 of 2,144 statewide, top 91%, 446 students, 80% FRL); Warrington Middle School (math 19% / reading 24%, grade F, #553 of 571 statewide, top 97%, 573 students, 87% FRL); Escambia High School (math 19% / reading 29%, grade F, #529 of 667 statewide, top 80%, 1,655 students, 62% FRL) — zoned schools average 76% FRL vs 58% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 25% at this address vs 42% district-wide (-18 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 (+3.9%/yr); 267 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 19y 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.
• Current owner paid $44k; list at $186k implies a 323% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% vs local median 5.1% in Myrtle Grove — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.