146 Kelley Smith School Rd · Palatka, FL 32177

$175,000

3 bd · 1.0 ba · 1,234 sqft · SingleFamily public records · 44 Days on market

Built 1956 0.55 ac lot Est $246k · 29% under

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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 +15.2/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• 1% rule +3.3/10.0
• Rent growth +3.1/5.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfect for anyone that does home business or needs storage for all their toys. Brand new HVAC Unit to keep you cool all summer long!.Car enthusiasts would have ample inside parking. Three detached buildings for workshops, home office and crafting etc, you could even convert to guest space. Home is huge with attached two car garage. Large eat in kitchen with new built ins and tons of cabinets. Great location on edge of town but not in city limits for lower property taxes.

Key facts

• Large dining room
• Metal roof
• Spacious kitchen

Tags

• METAL ROOF
• NEWER HVAC
• ORIGINAL HARDWOOD FLOORING
• SPACIOUS KITCHEN
• LARGE DINING ROOM
• FRENCH DOORS

Property features AI

Exterior

• Parking: Attached garage; 2-car garage
• Utilities: Septic tank; Electricity connected
• Home design: Single family residence
• Construction: Frame and stucco construction; Metal roof
• Exterior features: Deck; Chain link fencing; Workshop on the property; Asphalt road access

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heat; Central air
• Interior features: Central heating; Central air conditioning
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $60 ($720/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 $145k (16.9% below list).
• Recommended offer: $145k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.8% in Palatka — 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 58/100 on livability (#839 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: health & safety C-, crime D, amenities 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.
• Zoned schools: Kelley Smith Elementary School (math 58% / reading 57%, grade C+, #764 of 2,144 statewide, top 36%, 753 students, 54% FRL); Putnam Academy of Arts And Sciences (math 42% / reading 52%, grade D+, #291 of 571 statewide, top 52%, 177 students, 75% FRL, charter); Palatka Jr - Sr High School (math 13% / reading 30%, grade F, #546 of 667 statewide, top 82%, 1,639 students, 64% FRL).
• Market conditions: Rents rising (+2.2%/yr); 319 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 44 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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 $85k; list at $175k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,353 (16.9% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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. 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: 0.83% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.47%
• DSCR: 1.07
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $245,566
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Jackson Cir	0.32mi	3/1.0	1,300 (+5%)	1mo	$205,000	$158	76
112 County Road 309c	0.22mi	3/2.0	1,196 (-3%)	13mo	$217,000	$181	70
1110 Tierra Woods Dr	0.42mi	3/2.0	1,307 (+6%)	20mo	$260,000	$199	50
7208 Andrew Jackson St	0.45mi	2/2.0 (-1)	1,152 (-7%)	23mo	$235,000	$204	40

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 · 2.23% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.48×
• Total profit: $-25,708
• Equity at exit: $26,093

10-year hold

• IRR: -7.4%
• Equity multiple: 0.55×
• Total profit: $-22,195
• 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 32177

• Home prices YoY: -28.1%
• Rents YoY: 2.2%
• Active inventory: 319
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,454 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$98 /mo · $1,172/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $60

Break-even live

Break-even rent $1,378

Max offer price $175,000

Occupancy floor 91%

Sensitivity live

Price	-10% $159	-5% $110	+0% $60	+5% $10	+10% $-39
Rent	-10% $-55	-5% $3	+0% $60	+5% $117	+10% $175
Rate	-1.0pp $148	-0.5pp $104	base $60	+0.5pp $15	+1.0pp $-32

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: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 Herja Acre Ln Palatka, FL	2.0	1.0	700	$1,500	$2.14	25d	1	0.76mi
7017 Silver Lake Dr Lot 14 Palatka, FL	2.0	2.0	840	$1,290	$1.54	5d	1	0.91mi
6401 Saint Johns Ave Palatka, FL	1.0–2.0	1.0–1.5	647	$1,144	$1.77	14d	8	1.36mi

Listing history 30 events

1. 2026-06-21
   days on market $175,000 Active 44 DOM
2. 2026-06-18
   days on market $175,000 Active 41 DOM
3. 2026-06-17
   days on market $175,000 Active 40 DOM
4. 2026-06-16
   days on market $175,000 Active 39 DOM
5. 2026-06-15
   days on market $175,000 Active 38 DOM
6. 2026-06-13
   days on market $175,000 Active 36 DOM
7. 2026-06-09
   days on market $175,000 Active 32 DOM
8. 2026-06-08
   days on market $175,000 Active 31 DOM
9. 2026-06-07
   days on market $175,000 Active 30 DOM
10. 2026-06-05
    days on market $175,000 Active 27 DOM
11. 2026-06-03
    days on market $175,000 Active 26 DOM
12. 2026-06-02
    days on market $175,000 Active 25 DOM
13. 2026-06-01
    days on market $175,000 Active 24 DOM
14. 2026-05-31
    days on market $175,000 Active 23 DOM
15. 2026-05-06
    listed $175,000 Active
16. 2025-09-30
    historical 478-char remark

    Show marketing remark (478 chars)

    Perfect for anyone that does home business or needs storage for all their toys. Brand new HVAC Unit to keep you cool all summer long!.Car enthusiasts would have ample inside parking. Three detached buildings for workshops, home office and crafting etc, you could even convert to guest space. Home is huge with attached two car garage. Large eat in kitchen with new built ins and tons of cabinets. Great location on edge of town but not in city limits for lower property taxes.

17. 2025-06-02
    status Active 478-char remark

    Show marketing remark (478 chars)

    Perfect for anyone that does home business or needs storage for all their toys. Brand new HVAC Unit to keep you cool all summer long!.Car enthusiasts would have ample inside parking. Three detached buildings for workshops, home office and crafting etc, you could even convert to guest space. Home is huge with attached two car garage. Large eat in kitchen with new built ins and tons of cabinets. Great location on edge of town but not in city limits for lower property taxes.

18. 2025-06-01
    historical 478-char remark

    Show marketing remark (478 chars)

    Perfect for anyone that does home business or needs storage for all their toys. Brand new HVAC Unit to keep you cool all summer long!.Car enthusiasts would have ample inside parking. Three detached buildings for workshops, home office and crafting etc, you could even convert to guest space. Home is huge with attached two car garage. Large eat in kitchen with new built ins and tons of cabinets. Great location on edge of town but not in city limits for lower property taxes.

19. 2025-01-08
    price $249,900 478-char remark

    Show marketing remark (478 chars)

    Perfect for anyone that does home business or needs storage for all their toys. Brand new HVAC Unit to keep you cool all summer long!.Car enthusiasts would have ample inside parking. Three detached buildings for workshops, home office and crafting etc, you could even convert to guest space. Home is huge with attached two car garage. Large eat in kitchen with new built ins and tons of cabinets. Great location on edge of town but not in city limits for lower property taxes.

20. 2025-01-08
    listed $239,900 Active 478-char remark

    Show marketing remark (478 chars)

    Perfect for anyone that does home business or needs storage for all their toys. Brand new HVAC Unit to keep you cool all summer long!.Car enthusiasts would have ample inside parking. Three detached buildings for workshops, home office and crafting etc, you could even convert to guest space. Home is huge with attached two car garage. Large eat in kitchen with new built ins and tons of cabinets. Great location on edge of town but not in city limits for lower property taxes.

21. 2024-01-26
    status Active 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

22. 2024-01-16
    historical Active Under Contract 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

23. 2024-01-05
    status Active 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

24. 2023-12-11
    status Active 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

25. 2023-12-06
    status Pending 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

26. 2023-12-06
    historical 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

27. 2023-12-06
    historical 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

28. 2023-11-14
    price $239,900 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

29. 2023-07-22
    listed $249,900 Active 507-char remark

    Show marketing remark (507 chars)

    Wonderful location close to town but not in the city limits! Large lot with fenced front and backyard. 660 square foot detached workshop and 2 car attached garage as well as ample attic space give you so much storage space. Metal roof and brick stucco finish for low maintenance. Updated cabinets in the kitchen, some original wood floors in some rooms and new laminate flooring being installed in kitchen and dining room. Priced right so you can do your own cosmetic touches to make it perfect for you.

30. 2014-09-12
    soldstatus $85,000

ⓘ 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: $1,172 · $98/mo
• Projected year-2 tax: $1,452 · $121/mo
• Expected delta: +$280/yr (+$23/mo · 23.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,442
• − Mortgage interest: −$9,803
• − Property taxes: −$1,172
• − Insurance: −$875
• − Repairs & maintenance: −$1,395
• − Management: −$1,395
• − Depreciation: −$5,091
• Taxable loss: −$2,289
• Est. tax savings @ 24.0%: +$549
• After-tax cash flow: $1,269/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 — Palatka

• Score: 58/100
• State rank: #839
• US rank: #20793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Putnam County · 25,645 people
• City population: 25,645
• Metro: Palatka, FL
• Population (ZIP): 25,645
• Household income: $47,796
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 806.0

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: Majority White (62%)
• Race & ethnicity: White 62% Black 28% Hispanic / Latino 7% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2%
• Common ancestry: Lithuanian 2% Hispanic 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% French/Haitian/Cajun 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: ▼ -87.10%
• Current HPI: 223.1966
• Rent YoY: ▲ 2.23%
• Metro: Palatka, 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

+105.9% since first listed

16 events — show timeline

• 2026-05-06 Listed $175,000 realMLS
• 2025-09-30 Listing Removed — realMLS
• 2025-06-02 Relisted — realMLS
• 2025-06-01 Listing Removed — realMLS
• 2025-01-08 Price Changed $249,900 realMLS
• 2025-01-08 Listed $239,900 realMLS
• 2024-01-26 Relisted — realMLS
• 2024-01-16 Contingent — realMLS
• 2024-01-05 Relisted — realMLS
• 2023-12-11 Relisted — realMLS
• 2023-12-06 Pending — realMLS
• 2023-12-06 Listing Removed — realMLS
• 2023-12-06 Listing Removed — realMLS
• 2023-11-14 Price Changed $239,900 realMLS
• 2023-07-22 Listed $249,900 realMLS
• 2014-09-12 Sold (Public Records) $85,000 Public Records

Property tax history

-3.3%/yr

Latest (2025): $1,172 · +12.4% YoY. Source: county tax records.