135 & 137 Country Living Ln · Keystone Heights, FL 32666

$129,000

2 bd · 2.0 ba · 744 sqft · Manufactured public records · 64 Days on market

Built 1985 0.98 ac lot Est $97k · 32% over

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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 +25.8/30.0
• DSCR +8.7/10.0
• 1% rule +5.8/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Seeking space, privacy, and opportunities? This beautiful 2-acre property, shaded by mature trees, offers a serene country setting. One parcel features a 1985 single wide mobile home with a room addition (1072 sq ft) that requires repairs. There are multiple soft spots on the floor. The other parcel has a 1972 single wide mobile home with no value and likely needs removal. These parcels are being sold together and AS IS. This presents a fantastic opportunity for investors or buyers eager to renovate or build something new. The property offers ample space for a garden, workshop, or all your outdoor toys. Whether you're an investor, handyman, or someone seeking a private retreat, this propert

Key facts

• Garden
• 2 acre property
• Workshop

Tags

• 2 ACRE PROPERTY
• MATURE TREES
• ROOM ADDITION
• GARDEN
• WORKSHOP
• PRIVATE RETREAT

Property features AI

Exterior

• Parking: Other parking
• Utilities: Septic tank; Electricity available
• Home design: Mobile Home
• Exterior features: Agricultural lot use; County road frontage; Dirt road surface

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall/window unit(s) for cooling; No permanent heating
• Interior features: Electric range

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $129k.

Deal economics

• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• Recommended offer: $121k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.6% in Keystone Heights — 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 80/100 on livability (#109 in FL, #1,684 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: 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: 111 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 $892 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $18k; list at $129k implies a 597% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.08% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $97,464
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Country Living Cir	0.43mi	2/1.0	784 (+5%)	8mo	$103,020	$131	60
144 Country Living Ln	0.09mi	2/1.0	672 (-10%)	19mo	$70,000	$104	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -0.7%
• Equity multiple: 0.98×
• Total profit: $-892
• Equity at exit: $19,234

10-year hold

• IRR: 9.0%
• Equity multiple: 1.69×
• Total profit: $24,867
• Equity at exit: $11,154

Cash invested: $36,120 (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 32666

• Home prices YoY: -5.4%
• Active inventory: 111
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,392 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$54 /mo · $650/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $315

Break-even live

Break-even rent $993

Max offer price $129,000

Occupancy floor 72%

Sensitivity live

Price	-10% $388	-5% $351	+0% $315	+5% $278	+10% $242
Rent	-10% $205	-5% $260	+0% $315	+5% $370	+10% $425
Rate	-1.0pp $380	-0.5pp $348	base $315	+0.5pp $281	+1.0pp $247

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $129,000 Active 64 DOM
2. 2026-06-17
   days on market $129,000 Active 63 DOM
3. 2026-06-16
   days on market $129,000 Active 62 DOM
4. 2026-06-15
   days on market $129,000 Active 61 DOM
5. 2026-06-13
   days on market $129,000 Active 59 DOM
6. 2026-06-09
   days on market $129,000 Active 55 DOM
7. 2026-06-08
   days on market $129,000 Active 54 DOM
8. 2026-06-07
   days on market $129,000 Active 53 DOM
9. 2026-06-05
   days on market $129,000 Active 50 DOM
10. 2026-06-03
    days on market $129,000 Active 49 DOM
11. 2026-06-02
    days on market $129,000 Active 48 DOM
12. 2026-06-01
    days on market $129,000 Active 47 DOM
13. 2026-05-31
    days on market $129,000 Active 46 DOM
14. 2026-05-07
    price $129,000
15. 2026-04-15
    listed $149,900 Active
16. 1988-05-01
    soldstatus $18,500

ⓘ 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: $650 · $54/mo
• Projected year-2 tax: $1,071 · $89/mo
• Expected delta: +$421/yr (+$35/mo · 64.8%)

ⓘ 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 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,698
• − Mortgage interest: −$7,226
• − Property taxes: −$650
• − Insurance: −$645
• − Repairs & maintenance: −$1,336
• − Management: −$1,336
• − Depreciation: −$3,753
• Taxable income: $1,753
• Est. tax owed @ 24.0%: −$421
• After-tax cash flow: $3,358/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 — Keystone Heights

• Score: 80/100
• State rank: #109
• US rank: #1684

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,542

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 (89%)
• Race & ethnicity: White 89% Black 5% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Slovak 7% Italian 2% Serbian 2%
• Foreign-born: 2%
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

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: ▼ -17.77%
• Current HPI: 314.0055
• 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

+597.3% since first listed

3 events — show timeline

• 2026-05-07 Price Changed $129,000 realMLS
• 2026-04-15 Listed $149,900 realMLS
• 1988-05-01 Sold (Public Records) $18,500 Public Records

Property tax history

-0.8%/yr

Latest (2025): $650 · +12.4% YoY. Source: county tax records.