2600 W Michigan Ave Unit 231C · Bellview, FL 32526

$75,200

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 108 Days on market

Built 2026 Average condition $56/sqft · 58% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a fitness center, a playground, a volleyball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Volleyball court
• Fitness center
• Playground

Tags

• FITNESS CENTER
• PLAYGROUND
• VOLLEYBALL COURT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $75k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $968 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.7% vs local median 5.2% in Bellview — 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 67/100 on livability (#561 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• 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.
• Market conditions: Rents rising fast (+4.4%/yr); 423 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($75k/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 $520 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Recommended offer $68,432 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% 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 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?
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: 2.50% ✓
• Cap rate: 21.75%
• Cash-on-cash: 55.19%
• DSCR: 3.46
• GRM: 3.3

CMA / ARV

• ARV (median comp): $179,000
• List price: $75,200
• Delta: -57.99%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5816 Chicago Ave	0.70mi	3/2.0	1,512 (+12%)	23mo	$85,000	$56	28

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 · 4.42% rent growth · sell at horizon

5-year hold

• IRR: 55.1%
• Equity multiple: 3.48×
• Total profit: $52,249
• Equity at exit: $11,213

10-year hold

• IRR: 60.7%
• Equity multiple: 7.49×
• Total profit: $136,560
• Equity at exit: $6,502

Cash invested: $21,056 (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 32526

• Home prices YoY: -28.3%
• Rents YoY: 4.4%
• Active inventory: 423
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,884 high
• Mortgage (P&I): −$394
• Tax est. 1.5%: −$94 /mo · $1,128/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $968

Break-even live

Break-even rent $658

Max offer price $75,200

Occupancy floor 44%

Sensitivity live

Price	-10% $1,020	-5% $994	+0% $968	+5% $942	+10% $916
Rent	-10% $820	-5% $894	+0% $968	+5% $1,043	+10% $1,117
Rate	-1.0pp $1,006	-0.5pp $988	base $968	+0.5pp $949	+1.0pp $929

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: $18,800
• Closing costs: $2,256
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5877 Tryton Cir Pensacola, FL	4.0	2.0	1419	$1,825	$1.29	24d	1	0.22mi
2143 Yardley Cir Pensacola, FL	3.0	2.0	1725	$2,300	$1.33	15d	1	0.41mi
2300 W Michigan Ave #12 Pensacola, FL	2.0	2.0	1050	$1,300	$1.24	24d	1	0.48mi
2355 W Michigan Ave Pensacola, FL	1.0–2.0	1.0–2.0	850	$1,450	$1.71	15d	9	0.53mi
5602 W Shore Dr Unit B Pensacola, FL	2.0	2.0	920	$1,250	$1.36	24d	1	0.64mi
2303 W Michigan Ave Unit A6 Pensacola, FL	2.0	2.0	1014	$1,300	$1.28	24d	1	0.72mi
6322 Louisville Ave Pensacola, FL	3.0	2.0	1001	$2,147	$2.14	24d	1	0.72mi
2301 W Michigan Ave #21 Pensacola, FL	2.0	2.5	1164	$1,325	$1.14	24d	1	0.76mi
925 Twinbrook Ave Pensacola, FL	3.0	1.0	1105	$1,750	$1.58	24d	1	0.88mi
1860 Broyhill Ln Pensacola, FL	3.0	2.0	1561	$1,600	$1.02	24d	1	1.06mi
6379 Mers Ln Pensacola, FL	3.0	2.5	1811	$1,900	$1.05	22d	1	1.07mi
6740 Scotts Pl Pensacola, FL	3.0	2.5	1663	$2,350	$1.41	24d	1	1.17mi
6740 Scotts Pl Pensacola, FL	3.0	2.5	1663	$2,350	$1.41	15d	1	1.17mi
6225 Mobile Hwy Pensacola, FL	1.0–3.0	1.0–2.0	1036	$2,595	$2.50	15d	15	1.20mi
2702 Massachusetts Ave Pensacola, FL	1.0–3.0	1.0–2.5	1150	$1,745	$1.52	15d	9	1.23mi
902 Lucerne Ave Pensacola, FL	3.0	2.0	1276	$1,600	$1.25	24d	1	1.25mi
918 Montclair Rd Pensacola, FL	3.0	1.0	1012	$1,500	$1.48	15d	1	1.28mi
3216 Two Sisters Way Pensacola, FL	3.0	2.0	1117	$1,700	$1.52	24d	1	1.28mi
3296 Two Sisters Way Pensacola, FL	4.0	2.5	1856	$1,795	$0.97	24d	1	1.29mi
6081 Royal Port Ct Pensacola, FL	3.0	2.5	1428	$1,850	$1.30	24d	1	1.30mi
6077 Royal Port Ct Pensacola, FL	3.0	2.5	1542	$1,775	$1.15	24d	1	1.30mi
918 Fremont Ave Pensacola, FL	3.0	1.0	1756	$1,450	$0.83	15d	1	1.41mi

Listing history 7 events

1. 2026-06-08
   days on market $75,200 Active 108 DOM
2. 2026-06-07
   days on market $75,200 Active 107 DOM
3. 2026-06-03
   days on market $75,200 Active 103 DOM
4. 2026-06-02
   days on market $75,200 Active 102 DOM
5. 2026-06-01
   pricedays on market $75,200 Active 101 DOM
6. 2026-05-31
   days on market $74,700 Active 100 DOM
7. 2026-02-20
   listed $74,700 Active 406-char remark

   Show marketing remark (406 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a fitness center, a playground, a volleyball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,604
• − Mortgage interest: −$4,212
• − Property taxes: −$1,128
• − Insurance: −$376
• − Repairs & maintenance: −$1,808
• − Management: −$1,808
• − Depreciation: −$2,188
• Taxable income: $11,083
• Est. tax owed @ 24.0%: −$2,660
• After-tax cash flow: $8,961/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.

Condition & rehab AI · 1 photo

Average 55/100 Cosmetic rehab

This 3-bedroom, 2-bathroom manufactured home is in good condition with a good exterior and foundation. It has some landscaping that could be improved to enhance its curb appeal and value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers
• Both Painting exterior and interior — Fresh paint can make the home look more appealing and increase its value
• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers ↑
• Both Painting exterior and interior — Fresh paint can make the home look more appealing and increase its value ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Escambia
• NCES district ID: 1200510
• Math proficiency: 40% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $44,649
• Composite: 36.04/100
• National rank: #4773
• State rank: #56 of 73 in FL

Livability — Bellview

• Score: 67/100
• State rank: #561
• US rank: #10731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellview, FL
• County: Escambia County · 301,722 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 44,680
• Household income: $75,098
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 1166.0

Population outlook (Escambia County) Hauer SSP2

• Today (2025): 334,637 people
• By 2030: 345,779 · +3.3%
• By 2040: 364,828 · +9.0%
• By 2050: 378,514 · +13.1%
• By 2075: 403,220 · +20.5%
• By 2100: 386,125 · +15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Black 19% Two or more races 8% Hispanic / Latino 5% Asian 3%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Escambia

• 2024 margin: R (+19.5) · D 39.7% · R 59.2% · Other 1.1%
• 2008→2024 swing: -0.2pp no change · 2008: -19.3pp · 2024: -19.5pp
• All cycles: 2024: R+19.5 2020: R+15.1 2016: R+20.6 2012: R+20.6 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.68%
• Current HPI: 252.6406
• Rent YoY: ▲ 4.42%
• Metro: Pensacola-Ferry Pass-Brent, 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

1 event — show timeline

• 2026-02-20 Listed $74,700 Zillow