512 E Meridian Ave Unit C · Carrabelle, FL 32322

$360,000

3 bd · 2.0 ba · 1,500 sqft · SingleFamily public records · 80 Days on market

Built 2005 3,485 sqft lot $142/mo HOA · 4% of rent

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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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great unit in the Sands of Carrabelle. Walking distance to downtown Carrabelle. Just minutes from public boat launches and the Carrabelle Public beach. Practically turn key, great for VRBO income!. Use at your leisure and appreciate some added income. Storage downstairs also. Front and rear balcony. Community pool, parking underneath and separate stairs to rear balcony. Stainless steel sink, Corian counter-tops, Sandstone tile flooring and carpeted bedrooms. Charming furnishings to complete the unit!

Key facts

• Screened front porch
• Central heat and air
• Large walk in closet

Tags

• FULLY EQUIPPED KITCHEN
• STAINLESS STEEL APPLIANCES
• MAINTENANCE FREE FLOORING
• CENTRAL HEAT AND AIR
• LARGE WALK IN CLOSET
• SCREENED FRONT PORCH

Property features AI

Finance

• Other: Subdivision: Sands of Carrabelle; Directions available
• HOA & community: Homeowners association with annual fee of $1,700 (covers grounds maintenance); Community pool

Exterior

• Parking: Driveway; Oversized parking; Total 4 parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Phone available
• Home design: Single family residence (detached); New construction
• Construction: Vinyl siding
• Exterior features: Balcony; Outdoor shower; Covered rear porch; Screened porch; Porch; French doors; Storage structure; Corner lot; City street frontage

Interior

• Kitchen: Cooktop; Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fan(s)
• Interior features: Breakfast bar; Elevator; Pantry; Walk-in closet(s); Storage; Double pane windows

🏗️ New construction. The $360,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $328,500.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $948 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• Recommended offer: $338k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 1.9% in Carrabelle — 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 69/100 on livability (#466 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, amenities F.
• Franklin (rural): math 33% / reading 38% proficiency, ranked #67 of 73 in FL (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 320 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 113 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Franklin County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y 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 $290k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: 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 $338,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.21% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $328,500
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
606 Storrs Ave	0.07mi	3/2.0	1,612 (+8%)	14mo	$215,000	$133	72
304 Hwy 98	0.21mi	3/2.0	1,328 (-12%)	1mo	$290,000	$218	70
102 E Meridian St	0.24mi	3/2.0	1,344 (-10%)	23mo	$295,000	$219	52
911 7th St	0.63mi	3/2.0	1,296 (-14%)	4mo	$315,000	$243	45

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $7,157
• Equity at exit: $48,980

10-year hold

• IRR: 11.6%
• Equity multiple: 1.91×
• Total profit: $84,009
• Equity at exit: $28,403

Cash invested: $91,980 (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 32322

• Home prices YoY: -8.8%
• Active inventory: 320
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $3,964 medium
• Mortgage (P&I): −$1,723
• Tax from tax record: −$182 /mo · $2,183/yr
• Insurance: −$137
• HOA: −$142
• Vacancy / Maint / Mgmt: −$832
• Net cashflow: $948

Break-even live

Break-even rent $2,764

Max offer price $328,500

Occupancy floor 71%

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: $82,125
• Closing costs: $9,855
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 Anglers Harbor Ln Unit 1545694P Carrabelle, FL	3.0	3.0	2195	$3,964	$1.81	13d	1	1.16mi

HOA detail

• Monthly dues: $142 · $1,704/yr
• Likely covers: pool

Listing history 30 events

1. 2026-06-19
   days on market $360,000 Active 80 DOM
2. 2026-06-18
   days on market $360,000 Active 79 DOM
3. 2026-06-17
   days on market $360,000 Active 78 DOM
4. 2026-06-16
   days on market $360,000 Active 77 DOM
5. 2026-06-15
   days on market $360,000 Active 76 DOM
6. 2026-06-14
   days on market $360,000 Active 74 DOM
7. 2026-06-13
   days on market $360,000 Active 73 DOM
8. 2026-06-10
   days on market $360,000 Active 71 DOM
9. 2026-06-09
   days on market $360,000 Active 70 DOM
10. 2026-06-08
    days on market $360,000 Active 69 DOM
11. 2026-06-07
    days on market $360,000 Active 68 DOM
12. 2026-06-05
    days on market $360,000 Active 65 DOM
13. 2026-06-03
    days on market $360,000 Active 64 DOM
14. 2026-06-02
    days on market $360,000 Active 63 DOM
15. 2026-06-01
    days on market $360,000 Active 62 DOM
16. 2026-05-31
    days on market $360,000 Active 61 DOM
17. 2026-05-30
    days on market $360,000 Active 60 DOM
18. 2026-03-30
    listed $360,000 Active
19. 2022-10-04
    soldstatus $290,000 505-char remark

    Show marketing remark (505 chars)

    Great unit in the Sands of Carrabelle. Walking distance to downtown Carrabelle. Just minutes from public boat launches and the Carrabelle Public beach. Practically turn key, great for VRBO income!. Use at your leisure and appreciate some added income. Storage downstairs also. Front and rear balcony. Community pool, parking underneath and separate stairs to rear balcony. Stainless steel sink, Corian counter-tops, Sandstone tile flooring and carpeted bedrooms. Charming furnishings to complete the unit!

20. 2022-05-15
    listed $315,000 505-char remark

    Show marketing remark (505 chars)

    Great unit in the Sands of Carrabelle. Walking distance to downtown Carrabelle. Just minutes from public boat launches and the Carrabelle Public beach. Practically turn key, great for VRBO income!. Use at your leisure and appreciate some added income. Storage downstairs also. Front and rear balcony. Community pool, parking underneath and separate stairs to rear balcony. Stainless steel sink, Corian counter-tops, Sandstone tile flooring and carpeted bedrooms. Charming furnishings to complete the unit!

21. 2015-05-29
    soldstatus $140,500 757-char remark

    Show marketing remark (757 chars)

    Impeccably maintained 3 BR/2BA Townhome walking distance from downtown Carrabelle and just minutes from Carrabelle Beach and public boat launching. Spacious open living area. Tile floors throughout. Large kitchen with generous cabinetry, corian countertops, breakfast bar, and pantry. Split bedroom arrangement. Large master suite with walk-in closet opens to covered southerly veranda. Two additional bedrooms This is the ONLY UNIT that has allows the two additional bedrooms to be accessed via rear deck stairs. Corner unit close to the community pool. Under house parking with 32'+ height clearance. Outdoor shower and fish cleaning sink. Two ground level storage rooms. This immaculate 2nd home is not a rental but is offered furnished and rental ready.

22. 2015-03-06
    listed $149,000 757-char remark

    Show marketing remark (757 chars)

    Impeccably maintained 3 BR/2BA Townhome walking distance from downtown Carrabelle and just minutes from Carrabelle Beach and public boat launching. Spacious open living area. Tile floors throughout. Large kitchen with generous cabinetry, corian countertops, breakfast bar, and pantry. Split bedroom arrangement. Large master suite with walk-in closet opens to covered southerly veranda. Two additional bedrooms This is the ONLY UNIT that has allows the two additional bedrooms to be accessed via rear deck stairs. Corner unit close to the community pool. Under house parking with 32'+ height clearance. Outdoor shower and fish cleaning sink. Two ground level storage rooms. This immaculate 2nd home is not a rental but is offered furnished and rental ready.

23. 2013-12-12
    soldstatus $132,000
24. 2013-12-12
    soldstatus $132,000
25. 2012-06-21
    listed $139,000
26. 2004-10-22
    soldstatus $205,000
27. 2004-09-21
    soldstatus $205,000
28. 2004-07-02
    soldstatus $182,000
29. 2004-07-02
    listed $205,000
30. 2003-10-30
    listed $190,800

ⓘ 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: $2,183 · $182/mo
• Projected year-2 tax: $2,988 · $249/mo
• Expected delta: +$805/yr (+$67/mo · 36.9%)

ⓘ 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 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 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: $47,568
• − Mortgage interest: −$18,401
• − Property taxes: −$2,183
• − Insurance: −$1,642
• − Repairs & maintenance: −$3,805
• − Management: −$3,805
• − HOA: −$1,704
• − Depreciation: −$9,556
• Taxable income: $6,470
• Est. tax owed @ 24.0%: −$1,553
• After-tax cash flow: $9,824/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: Franklin
• NCES district ID: 1200570
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $39,084
• Composite: 29.7/100
• National rank: #6454
• State rank: #67 of 73 in FL

Livability — Carrabelle

• Score: 69/100
• State rank: #466
• US rank: #8398

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carrabelle, FL
• Population (ZIP): 4,348

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 11,827 people
• By 2030: 11,839 · +0.1%
• By 2040: 11,707 · -1.0%
• By 2050: 11,218 · -5.1%
• By 2075: 9,849 · -16.7%
• By 2100: 7,286 · -38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 15% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 1%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 7% French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+43.8) · D 27.7% · R 71.5%
• 2008→2024 swing: -15.9pp toward R · 2008: -27.9pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+37.3 2016: R+39.7 2012: R+31.5 2008: R+27.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.76%
• Current HPI: 185.16
• 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

+88.7% since first listed

13 events — show timeline

• 2026-03-30 Listed $360,000 RAFGC
• 2022-10-04 Sold (MLS) $290,000 RAFGC
• 2022-05-15 Listed $315,000 RAFGC
• 2015-05-29 Sold (MLS) $140,500 RAFGC
• 2015-03-06 Listed $149,000 RAFGC
• 2013-12-12 Sold (Public Records) $132,000 Public Records
• 2013-12-12 Sold (MLS) $132,000 RAFGC
• 2012-06-21 Listed $139,000 RAFGC
• 2004-10-22 Sold (MLS) $205,000 RAFGC
• 2004-09-21 Sold (Public Records) $205,000 Public Records
• 2004-07-02 Listed $205,000 RAFGC
• 2004-07-02 Sold (MLS) $182,000 RAFGC
• 2003-10-30 Listed $190,800 RAFGC

Property tax history

+0.5%/yr

Latest (2025): $2,183 · +5.5% YoY. Source: county tax records.