109 Greenwood Rd · Keystone Heights, FL 32140

$150,000

3 bd · 2.0 ba · 1,440 sqft · Manufactured · 75 Days on market

Built 1999 0.36 ac lot Est $262k · 43% under

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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 +15.5/30.0
• ARV discount +15.0/15.0
• Appreciation +6.7/10.0
• DSCR +4.8/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Country living at its finest. The floor plan has a spacious living area. The 3 bedroom 2 bath mobile home has a split floor plan allowing for plenty of privacy. Off the dining room is a covered screen porch that allows you to enjoy a quiet morning cup of coffee. This home is set on 2 lots which gives a nice spacious yard for planting and playing. This house would also make a great rental income property if you are looking for an investment.

Key facts

• Spacious yard
• Split floor plan
• Covered screen porch

Tags

• COVERED SCREEN PORCH
• SPACIOUS YARD
• SPLIT FLOOR PLAN

Property features AI

Finance

• Other: Property type: Residential; Lot is approximately 0.36 acres (about 1/4 to less than 1/2 acre); Dirt road access; Two lots; One well and one septic on property; Furnished

Exterior

• Utilities: Well water; Septic tank; Electricity connected
• Home design: Manufactured home (double wide); Single-story; Faces north; Entry level: One
• Construction: Vinyl siding; Roof over; Pillar/post/pier foundation; Built as a double wide manufactured home
• Exterior features: Private mailbox; Sliding doors

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Vaulted ceilings; Window treatments; Living room fireplace
• Laundry & utility: Laundry area in kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $61 ($736/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 $135k (9.7% below list).
• Recommended offer: $135k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.4% local appreciation)).
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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 $6k; list at $150k implies a 2400% 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; severe 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 $135,422 (9.7% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 10% 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: 0.90% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $262,080
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
183 Ranchette Cir	0.73mi	3/2.0	1,344 (-7%)	8mo	$245,000	$182	49

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

Projected returns pro-forma

3.43% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.61×
• Total profit: $25,417
• Equity at exit: $71,105

10-year hold

• IRR: 12.4%
• Equity multiple: 2.93×
• Total profit: $80,851
• Equity at exit: $112,515

Cash invested: $42,000 (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 32140

• Home prices YoY: 1.6%
• Active inventory: 111
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,354 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$159 /mo · $1,913/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $61

Break-even live

Break-even rent $1,277

Max offer price $150,000

Occupancy floor 90%

Sensitivity live

Price	-10% $146	-5% $104	+0% $61	+5% $19	+10% $-24
Rent	-10% $-46	-5% $8	+0% $61	+5% $115	+10% $168
Rate	-1.0pp $137	-0.5pp $99	base $61	+0.5pp $22	+1.0pp $-17

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $150,000 Active 75 DOM
2. 2026-06-17
   days on market $150,000 Active 74 DOM
3. 2026-06-16
   days on market $150,000 Active 73 DOM
4. 2026-06-15
   days on market $150,000 Active 72 DOM
5. 2026-06-13
   days on market $150,000 Active 70 DOM
6. 2026-06-09
   days on market $150,000 Active 66 DOM
7. 2026-06-08
   days on market $150,000 Active 65 DOM
8. 2026-06-07
   days on market $150,000 Active 64 DOM
9. 2026-06-05
   days on market $150,000 Active 61 DOM
10. 2026-06-03
    days on market $150,000 Active 60 DOM
11. 2026-06-02
    days on market $150,000 Active 59 DOM
12. 2026-06-02
    price $150,000 Active 58 DOM
13. 2026-06-01
    days on market $155,000 Active 58 DOM
14. 2026-05-31
    days on market $155,000 Active 57 DOM
15. 2026-04-04
    listed $155,000 Active
16. 2026-04-02
    listed $155,000 Active 445-char remark

    Show marketing remark (445 chars)

    Country living at its finest. The floor plan has a spacious living area. The 3 bedroom 2 bath mobile home has a split floor plan allowing for plenty of privacy. Off the dining room is a covered screen porch that allows you to enjoy a quiet morning cup of coffee. This home is set on 2 lots which gives a nice spacious yard for planting and playing. This house would also make a great rental income property if you are looking for an investment.

17. 2025-04-05
    status Active 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

18. 2025-03-26
    status Pending 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

19. 2025-03-26
    historical 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

20. 2025-03-07
    status Active 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

21. 2025-03-07
    price $129,000 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

22. 2025-02-23
    status Pending 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

23. 2025-02-17
    price $139,000 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

24. 2025-01-10
    price $149,000 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

25. 2024-11-12
    price $157,000 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

26. 2024-10-08
    listed $159,000 Active 575-char remark

    Show marketing remark (575 chars)

    Well-kept and move-in ready, this spacious doublewide sits on an oversized 0.36-acre lot in a rural setting. The home offers a smart split-bedroom layout, a welcoming wood-burning fireplace, and a screened porch off the dining area—perfect for relaxing and taking in the peaceful surroundings. A durable metal roof was installed just three years ago, and most furnishings will convey with the sale. While the area reflects a more rustic, country lifestyle, this property is a solid value for buyers looking for space and comfort at an affordable price point. Cash only.

27. 2004-08-19
    soldstatus $6,000

ⓘ 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: $1,913 · $159/mo
• Projected year-2 tax: $1,913 · $159/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 8/10 Severe
• 🌡 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,251
• − Mortgage interest: −$8,402
• − Property taxes: −$1,913
• − Insurance: −$750
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − Depreciation: −$4,364
• Taxable loss: −$1,778
• Est. tax savings @ 24.0%: +$427
• After-tax cash flow: $1,163/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): 1,558

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 (86%)
• Race & ethnicity: White 86% Two or more races 7% Black 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 3% Romanian 2% Italian 2%
• Languages at home: 98% English-only · Spanish 2%

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: ▲ 3.43%
• Current HPI: 214.5041
• 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

+2483.3% since first listed

13 events — show timeline

• 2026-04-04 Listed $155,000 Stellar MLS as Distributed by MLS Grid
• 2026-04-02 Listed $155,000 realMLS
• 2025-04-05 Relisted — realMLS
• 2025-03-26 Pending — realMLS
• 2025-03-26 Listing Removed — realMLS
• 2025-03-07 Relisted — realMLS
• 2025-03-07 Price Changed $129,000 realMLS
• 2025-02-23 Pending — realMLS
• 2025-02-17 Price Changed $139,000 realMLS
• 2025-01-10 Price Changed $149,000 realMLS
• 2024-11-12 Price Changed $157,000 realMLS
• 2024-10-08 Listed $159,000 realMLS
• 2004-08-19 Sold (Public Records) $6,000 Public Records

Property tax history

+28.7%/yr

Latest (2025): $1,913 · +10.7% YoY. Source: county tax records.