500 N 9th St · Palatka, FL 32177

$20,000

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 5 Days on market

Built 1949 4,791 sqft lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.1/5.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR OPPORTUNITY!! 2/1 Rehab needed and perfect rental area or flip! This is an assignment contract and buyer is to pay all closing costs.

Key facts

• 4,791 sq ft lot
• Built 1949
• Listed 5 days

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Off-street parking
• Utilities: Electricity available; Water available
• Home design: Single family residence; Used as a residential single-family home
• Exterior features: Lot approximately 0.11 acres; No private pool

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: No built-in appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $769 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Cap rate 52.4% 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: Rents rising (+2.2%/yr); 319 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($48k/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 $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $20,000

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 6.08% ✓
• Cap rate: 52.42%
• Cash-on-cash: 164.73%
• DSCR: 8.33
• GRM: 1.4

CMA / ARV

• ARV (on-the-fly): $135,456
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
816 Oak St	0.35mi	2/1.0	848 (+4%)	6mo	$154,000	$182	72
503 Laurel St	0.50mi	1/1.0 (-1)	816 (0%)	1mo	$127,500	$156	71
505 N 4th St	0.37mi	2/1.0	870 (+7%)	6mo	$164,000	$189	67
410 N 6th St	0.21mi	3/1.0 (+1)	879 (+8%)	15mo	$50,000	$57	60
209 N 7th St	0.25mi	2/1.0	916 (+12%)	10mo	$169,900	$185	59
1701 Wapalaw St	0.70mi	2/1.0	840 (+3%)	6mo	$155,000	$185	58
1714 Gillis St	0.70mi	2/1.0	862 (+6%)	9mo	$106,500	$124	51
507 Laurel St	0.50mi	2/1.0	748 (-8%)	16mo	$130,000	$174	49
617 Crill Ave	0.53mi	2/1.0	916 (+12%)	16mo	$120,000	$131	42
1519 Laurel St	0.64mi	2/1.0	720 (-12%)	21mo	$77,000	$107	33
1405 Laurel St	0.58mi	3/1.0 (+1)	902 (+10%)	23mo	$149,900	$166	31

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 · 2.23% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.01×
• Total profit: $44,837
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 18.59×
• Total profit: $98,520
• Equity at exit: $1,729

Cash invested: $5,600 (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 32177

• Home prices YoY: -28.1%
• Rents YoY: 2.2%
• Active inventory: 319
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,217 high
• Mortgage (P&I): −$105
• Tax from tax record: −$79 /mo · $950/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $769

Break-even live

Break-even rent $244

Max offer price $20,000

Occupancy floor 32%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
716 Bronson St Palatka, FL	3.0	1.0	900	$1,175	$1.31	23d	1	0.11mi
1010 Bronson St Unit 3 Palatka, FL	1.0	1.0	650	$975	$1.50	23d	1	0.13mi
1010 Bronson St Apt 12 Palatka, FL	2.0	1.0	700	$1,095	$1.56	4d	1	0.13mi
105 N 2nd St Palatka, FL	2.0	2.0	924	$1,650	$1.79	23d	1	0.57mi
1510 Laurel St Palatka, FL	3.0	1.0	1080	$1,659	$1.54	4d	1	0.62mi
2113 Silver Lake Dr Palatka, FL	2.0	1.0	988	$1,500	$1.52	23d	1	1.36mi

Listing history 5 events

1. 2026-06-15
   status $20,000 Pending 5 DOM
2. 2026-06-15
   days on market $20,000 Active 5 DOM
3. 2026-06-13
   days on market $20,000 Active 3 DOM
4. 2026-06-10
   remarks 142-char remark
5. 2026-06-10
   listed $20,000 Active 1 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: $950 · $79/mo
• Projected year-2 tax: $950 · $79/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 · 21 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: $14,600
• − Mortgage interest: −$1,120
• − Property taxes: −$950
• − Insurance: −$100
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$582
• Taxable income: $9,511
• Est. tax owed @ 24.0%: −$2,283
• After-tax cash flow: $6,942/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

• Census place: Palatka, FL
• County: Putnam County · 25,645 people
• City population: 25,645
• Metro: Palatka, FL
• Population (ZIP): 25,645
• Household income: $47,796
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 806.0

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: Majority White (62%)
• Race & ethnicity: White 62% Black 28% Hispanic / Latino 7% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 2%
• Common ancestry: Lithuanian 2% Hispanic 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% French/Haitian/Cajun 1%

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: ▼ -87.10%
• Current HPI: 223.1966
• Rent YoY: ▲ 2.23%
• Metro: Palatka, 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

+2.6% since first listed

4 events — show timeline

• 2026-06-09 Listed $20,000 realMLS
• 2023-03-24 Pending — realMLS
• 2023-03-23 Listing Removed — realMLS
• 2023-03-20 Listed $19,500 realMLS

Property tax history

+10.9%/yr

Latest (2025): $950 · +4.3% YoY. Source: county tax records.