1228 S Old Corry Field Rd · Warrington, FL 32507

$89,900

3 bd · 1.5 ba · 1,680 sqft · SingleFamily public records · 8 Days on market

Built 1938 8,873 sqft lot

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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
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special in Pensacola – Prime Value-Add Opportunity Excellent investment opportunity in a growing Pensacola market. This 3-bedroom, 1.5-bath home offers 1,680 square feet of living space on an oversized 8,873-square-foot lot, presenting significant potential for renovation, rental income, or redevelopment. Built in 1938 with wood-frame construction, the property is being offered vacant at closing with a clean title. The home requires substantial rehabilitation, including flooring replacement and repairs to the right side of the structure, making it an ideal project for experienced investors, builders, or developers seeking to create value. Conveniently located just minutes

Key facts

• Strong rental demand
• Oversized lot
• 8,873 sq ft lot

Tags

• OVERSIZED LOT
• WOOD-FRAME CONSTRUCTION
• SUBSTANTIAL REHABILITATION
• STRONG RENTAL DEMAND

Property features AI

Finance

• Other: Property zoned MDR; Lot approximately 0.2 acres (about 824 m²); Living area approximately 1,806 (public records); Building area approximately 1,680 (public records)
• Financial info: Taxes listed (not included per instructions)
• HOA & community: No HOA

Exterior

• Parking: Parking details not specified
• Security: No security features specified
• Utilities: Public water; Public sewer; Other utilities
• Home design: Single-family residence; One story; Faces south
• Construction: Frame construction with wood siding; Other roof type; Other foundation
• Exterior features: Other exterior features

Interior

• Kitchen: No appliances specified
• Bedrooms: 3 bedrooms
• Flooring: Other flooring
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Central heating; Central air conditioning
• Interior features: No interior features specified
• Laundry & utility: No laundry hookups specified

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $861 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 17.8% vs local median 4.3% in Warrington — 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 65/100 on livability (#631 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 (+1.2%/yr); 702 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($74k/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 $622 of loan paydown is wiped out by about $3k 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 + 1.2% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $90k implies a 649% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.12% ✓
• Cap rate: 17.79%
• Cash-on-cash: 41.05%
• DSCR: 2.83
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $250,320
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1423 Wisteria Ave	0.07mi	3/2.0	1,669 (-1%)	5mo	$162,500	$97	90
1322 Dexter Ave	0.30mi	4/2.0 (+1)	1,689 (+0%)	3mo	$315,000	$187	76
1306 Poppy Ave	0.31mi	4/2.0 (+1)	1,745 (+4%)	2mo	$265,000	$152	70
803 Rue Max St	0.61mi	2/1.0 (-1)	1,706 (+2%)	1mo	$200,000	$117	61
406 E Sunset Ave	0.48mi	3/2.0	1,917 (+14%)	0mo	$308,000	$161	52
1200 Wisteria Ave	0.50mi	3/2.0	1,444 (-14%)	2mo	$245,000	$170	50
5 Bell Ct	0.53mi	3/1.0	1,430 (-15%)	1mo	$117,000	$82	48
307 N Navy Blvd	0.40mi	2/1.0 (-1)	1,456 (-13%)	6mo	$91,000	$63	47
505 S 2nd St	0.75mi	3/1.0	1,502 (-11%)	1mo	$195,000	$130	45
19 N Harris St	0.46mi	4/2.0 (+1)	1,454 (-14%)	10mo	$58,000	$40	41
14 Brandywine Rd	0.61mi	4/2.5 (+1)	1,876 (+12%)	5mo	$278,947	$149	39
205 Milton Rd	0.70mi	3/2.0	1,472 (-12%)	9mo	$314,900	$214	37

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 · 1.22% rent growth · sell at horizon

5-year hold

• IRR: 35.5%
• Equity multiple: 2.47×
• Total profit: $36,960
• Equity at exit: $13,404

10-year hold

• IRR: 41.3%
• Equity multiple: 4.56×
• Total profit: $89,698
• Equity at exit: $7,773

Cash invested: $25,172 (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 32507

• Home prices YoY: -4.6%
• Rents YoY: 1.2%
• Active inventory: 702
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,905 high
• Mortgage (P&I): −$471
• Tax from tax record: −$135 /mo · $1,617/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $861

Break-even live

Break-even rent $815

Max offer price $89,900

Occupancy floor 50%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 S 2nd St Pensacola, FL	3.0	2.0	1232	$1,900	$1.54	23d	1	0.42mi
103 NW Kalash Rd Pensacola, FL	2.0	1.0	1250	$1,400	$1.12	23d	1	1.05mi
1401 Maritime Dr Pensacola, FL	3.0	2.5	1553	$1,750	$1.13	13d	1	1.24mi
300 Gibbs Rd Pensacola, FL	3.0	2.5	1377	$1,999	$1.45	23d	1	1.24mi
1405 Maritime Dr Pensacola, FL	3.0	2.5	1537	$1,800	$1.17	23d	1	1.25mi
1306 Leeway Dr Pensacola, FL	3.0	2.0	1550	$1,750	$1.13	13d	1	1.26mi
1306 Leeway Dr Pensacola, FL	3.0	2.5	1537	$1,800	$1.17	23d	1	1.26mi
1308 Leeway Dr Pensacola, FL	3.0	2.5	1537	$1,950	$1.27	23d	1	1.26mi
190 N Old Corry Field Rd Pensacola, FL	1.0–2.0	1.0–2.0	915	$1,174	$1.28	13d	3	1.38mi
206 Berry Rd Pensacola, FL	3.0	2.0	1488	$2,000	$1.34	23d	1	1.40mi
13 Elegans Ave Pensacola, FL	3.0	2.0	1835	$1,895	$1.03	23d	1	1.42mi

Listing history 6 events

1. 2026-06-18
   days on market $89,900 Active 8 DOM
2. 2026-06-17
   days on market $89,900 Active 7 DOM
3. 2026-06-16
   days on market $89,900 Active 6 DOM
4. 2026-06-15
   days on market $89,900 Active 5 DOM
5. 2026-06-14
   remarks 693-char remark
6. 2026-06-14
   listed $89,900 Active 3 DOM

ⓘ 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: $1,617 · $135/mo
• Projected year-2 tax: $1,617 · $135/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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 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: $22,855
• − Mortgage interest: −$5,036
• − Property taxes: −$1,617
• − Insurance: −$450
• − Repairs & maintenance: −$1,828
• − Management: −$1,828
• − Depreciation: −$2,615
• Taxable income: $9,481
• Est. tax owed @ 24.0%: −$2,275
• After-tax cash flow: $8,057/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: 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 — Warrington

• Score: 65/100
• State rank: #631
• US rank: #12396

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warrington, FL
• County: Escambia County · 301,722 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 32,226
• Household income: $73,540
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1175.0

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 (73%)
• Race & ethnicity: White 73% Black 10% Two or more races 10% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Lithuanian 2% Romanian 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -26.23%
• Current HPI: 548.03
• Rent YoY: ▲ 1.22%
• 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

+649.2% since first listed

7 events — show timeline

• 2026-06-12 Price Changed $89,900 Stellar MLS as Distributed by MLS Grid
• 2026-06-10 Listed $99,900 Stellar MLS as Distributed by MLS Grid
• 2023-10-18 Listing Removed — PARMLS
• 2023-08-15 Listed $180,000 PARMLS
• 2010-12-30 Listing Removed — PARMLS
• 2010-07-02 Listed $399,000 PARMLS
• 1974-01-01 Sold (Public Records) $12,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $1,617 · +17.5% YoY. Source: county tax records.