102 Waterway Dr · Palatka, FL 32187

$150,000

2 bd · 2.0 ba · 840 sqft · Manufactured public records · 58 Days on market

Built 1983 9,147 sqft lot Est $127k · 18% over

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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 +24.9/30.0
• Appreciation +9.6/10.0
• DSCR +8.1/10.0
• 1% rule +5.9/10.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks

Discover the ultimate waterfront retreat in Satsuma! This updated 2-bedroom, 2-bath canal-front home is offered fully furnished and move-in ready, perfect for a full-time residence or a weekend getaway. Enjoy the freedom of no HOA fees or restrictions on this gorgeous canal front lot featuring a mature orange tree and a private dock that is only a few years old. Inside, the refreshed living space is complemented by a massive addition--a true blank slate ready to be converted into extra bedrooms, a home office, or storage for your water toys. Updates include a custom tiled shower and a metal roof that is approximately one year old, providing long-term peace of mind. Located just minutes from

Key facts

• Mature orange tree
• Metal roof
• Private dock

Tags

• CANAL FRONT LOT
• PRIVATE DOCK
• MATURE ORANGE TREE
• MASSIVE ADDITION
• CUSTOM TILED SHOWER
• METAL ROOF

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Off-street parking
• Utilities: Electricity connected; Water connected; Septic tank
• Home design: Single wide manufactured home; Faces southeast
• Construction: Metal roof
• Exterior features: Private dock; Cleared lot; Canal-front waterfront

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Propane heating; Wall/window cooling units
• Interior features: Six total rooms; Furnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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: schools C-, health & safety C-, crime D.
• 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: 30 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 $15k of equity ($1k loan paydown + $14k appreciation (9.2% 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 (9.2% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.09% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.22%
• DSCR: 1.41
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $126,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
133 Sportsman Rd	0.21mi	2/2.0	784 (-7%)	1mo	$140,000	$179	78
103 Pamela Dr	0.12mi	2/2.0	924 (+10%)	2mo	$135,000	$146	76
149 Sportsman Rd	0.11mi	2/2.0	960 (+14%)	4mo	$145,000	$151	68
773 San Mateo Rd	0.36mi	2/1.0	834 (-1%)	14mo	$50,000	$60	66
124 Edgewater Rd	0.51mi	2/2.0	840 (0%)	22mo	$134,000	$160	58
140 Coolwater	0.37mi	2/2.0	960 (+14%)	2mo	$174,000	$181	57
202 Clearwater Rd	0.35mi	2/2.0	960 (+14%)	8mo	$78,000	$81	53
107 Fisherman Rd	0.41mi	2/2.0	784 (-7%)	20mo	$199,999	$255	53
105 Leisurely Ave	0.42mi	2/2.0	960 (+14%)	6mo	$60,000	$63	52
143 Sportsman Rd	0.14mi	2/1.0	728 (-13%)	23mo	$89,000	$122	48
106 Edgewater Rd	0.53mi	2/1.0	720 (-14%)	14mo	$169,900	$236	36
200 Amberjack St	0.62mi	3/2.0 (+1)	924 (+10%)	20mo	$81,000	$88	32

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

Projected returns pro-forma

9.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.4%
• Equity multiple: 3.23×
• Total profit: $93,823
• Equity at exit: $126,183

10-year hold

• IRR: 25.8%
• Equity multiple: 7.15×
• Total profit: $258,272
• Equity at exit: $263,127

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 32187

• Home prices YoY: 4.4%
• Active inventory: 30
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,636 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$121 /mo · $1,447/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $323

Break-even live

Break-even rent $1,227

Max offer price $150,000

Occupancy floor 75%

Sensitivity live

Price	-10% $408	-5% $365	+0% $323	+5% $280	+10% $238
Rent	-10% $194	-5% $258	+0% $323	+5% $387	+10% $452
Rate	-1.0pp $398	-0.5pp $361	base $323	+0.5pp $284	+1.0pp $244

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 15 events

1. 2026-06-21
   days on market $150,000 Active 58 DOM
2. 2026-06-18
   days on market $150,000 Active 55 DOM
3. 2026-06-17
   days on market $150,000 Active 54 DOM
4. 2026-06-16
   days on market $150,000 Active 53 DOM
5. 2026-06-15
   days on market $150,000 Active 52 DOM
6. 2026-06-13
   days on market $150,000 Active 50 DOM
7. 2026-06-09
   days on market $150,000 Active 46 DOM
8. 2026-06-08
   days on market $150,000 Active 45 DOM
9. 2026-06-07
   days on market $150,000 Active 44 DOM
10. 2026-06-05
    days on market $150,000 Active 41 DOM
11. 2026-06-03
    days on market $150,000 Active 40 DOM
12. 2026-06-02
    days on market $150,000 Active 39 DOM
13. 2026-06-01
    days on market $150,000 Active 38 DOM
14. 2026-05-31
    days on market $150,000 Active 37 DOM
15. 2026-04-24
    listed $150,000 Active

ⓘ 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: $1,447 · $121/mo
• Projected year-2 tax: $1,447 · $121/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,632
• − Mortgage interest: −$8,402
• − Property taxes: −$1,447
• − Insurance: −$750
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$4,364
• Taxable income: $1,528
• Est. tax owed @ 24.0%: −$367
• After-tax cash flow: $3,506/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

• City population: 25,645
• Population (ZIP): 1,117

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 (99%)
• Race & ethnicity: White 99%
• Common ancestry: Russian 4% Scottish 3% Lithuanian 3%

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: ▲ 9.17%
• Current HPI: 218.2988
• 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

1 event — show timeline

• 2026-04-24 Listed $150,000 realMLS

Property tax history

+10.7%/yr

Latest (2025): $1,447 · +21.9% YoY. Source: county tax records.