109 Martindale Ave · Interlachen, FL 32148

$110,000

3 bd · 2.5 ba · 624 sqft · Manufactured public records · 80 Days on market

Built 1971 0.50 ac lot

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.4/5.0
• 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

A MUST SEE! COMPLETELY REMODELED HOME ON HALF ACRE. Enjoy your morning coffee on a screened front porch. A nice big living room to entertain or just relax. Large master bedroom with full bath and walk in closet. Upstairs to a drop-dead kitchen and dining area. Two more bedrooms and bath. Laundry area under roof. Huge workshop with electric for all your projects. Nice gazebo and firepit area for cool evenings. Grape arbor and Strawberry plants. Twelve-foot gate to enter from Ipswich Ave.

Key facts

• Quiet street
• Double lot
• 0.5 acre lot

Tags

• FULLY EQUIPPED KITCHEN
• DOUBLE LOT
• QUIET STREET
• EASY ACCESS TO LOCAL LAKES

Property features AI

Finance

• Other: Unfurnished
• HOA & community: Not a senior community

Exterior

• Parking: Detached garage; 2-car garage; Additional parking
• Utilities: Septic tank; Cable available; Electricity available; Sewer connected; Water connected; Propane available
• Home design: Single wide mobile home; Property attached; Residential use
• Construction: Metal roof
• Exterior features: Front porch; Chain link, full, privacy, wire, and wood fencing; Cleared lot; County road frontage; Dirt road surface

Interior

• Kitchen: Gas cooktop; Gas oven; Gas range; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Kitchen island; Primary bathroom with tub and shower; Walk-in closets
• Laundry & utility: Washer; Dryer; Laundry in unit; Laundry in carport

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 5.6% in Interlachen — 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 (#540 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• 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.
• Zoned schools: Interlachen Jr-Sr High School (math 16% / reading 32%, grade F, #529 of 667 statewide, top 80%, 1,097 students, 71% FRL) — zoned schools at 71% FRL track the district average.
• Zoned-school proficiency averages 24% at this address vs 36% district-wide (-12 pts) — the specific schools serving this property underperform the Putnam average; the district grade overstates school quality for this exact location.
• Market conditions: 759 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y 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 $31k; list at $110k implies a 255% gain — meaningful room to come down on a strong offer.

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 $103,400 (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. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 1.14% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.50%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.0%
• Equity multiple: 0.93×
• Total profit: $-2,289
• Equity at exit: $16,401

10-year hold

• IRR: 7.7%
• Equity multiple: 1.59×
• Total profit: $18,036
• Equity at exit: $9,511

Cash invested: $30,800 (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 32148

• Home prices YoY: -5.8%
• Active inventory: 759
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,250 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$121 /mo · $1,452/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $244

Break-even live

Break-even rent $941

Max offer price $110,000

Occupancy floor 76%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 Hayman Dr Interlachen, FL	2.0	1.0	642	$1,250	$1.95	23d	1	1.15mi
123 Hayman Dr Interlachen, FL	2.0	1.0	598	$1,250	$2.09	23d	1	1.15mi

Listing history 28 events

1. 2026-06-18
   days on market $110,000 Active 80 DOM
2. 2026-06-17
   days on market $110,000 Active 79 DOM
3. 2026-06-16
   days on market $110,000 Active 78 DOM
4. 2026-06-15
   days on market $110,000 Active 77 DOM
5. 2026-06-13
   days on market $110,000 Active 75 DOM
6. 2026-06-10
   days on market $110,000 Active 71 DOM
7. 2026-06-08
   days on market $110,000 Active 70 DOM
8. 2026-06-07
   days on market $110,000 Active 69 DOM
9. 2026-06-05
   days on market $110,000 Active 66 DOM
10. 2026-06-03
    days on market $110,000 Active 65 DOM
11. 2026-06-02
    days on market $110,000 Active 64 DOM
12. 2026-06-01
    days on market $110,000 Active 63 DOM
13. 2026-05-31
    days on market $110,000 Active 62 DOM
14. 2026-05-23
    price $110,000
15. 2026-04-30
    status Active
16. 2026-04-08
    status Pending
17. 2026-03-06
    listed $115,000 Active
18. 2024-05-15
    price $120,000
19. 2024-04-18
    listed $125,900 Active
20. 2023-04-11
    historical 491-char remark

    Show marketing remark (491 chars)

    A MUST SEE! COMPLETELY REMODELED HOME ON HALF ACRE. Enjoy your morning coffee on a screened front porch. A nice big living room to entertain or just relax. Large master bedroom with full bath and walk in closet. Upstairs to a drop-dead kitchen and dining area. Two more bedrooms and bath. Laundry area under roof. Huge workshop with electric for all your projects. Nice gazebo and firepit area for cool evenings. Grape arbor and Strawberry plants. Twelve-foot gate to enter from Ipswich Ave.

21. 2023-03-27
    price $123,000 491-char remark

    Show marketing remark (491 chars)

    A MUST SEE! COMPLETELY REMODELED HOME ON HALF ACRE. Enjoy your morning coffee on a screened front porch. A nice big living room to entertain or just relax. Large master bedroom with full bath and walk in closet. Upstairs to a drop-dead kitchen and dining area. Two more bedrooms and bath. Laundry area under roof. Huge workshop with electric for all your projects. Nice gazebo and firepit area for cool evenings. Grape arbor and Strawberry plants. Twelve-foot gate to enter from Ipswich Ave.

22. 2023-01-19
    listed $125,900 Active 491-char remark

    Show marketing remark (491 chars)

    A MUST SEE! COMPLETELY REMODELED HOME ON HALF ACRE. Enjoy your morning coffee on a screened front porch. A nice big living room to entertain or just relax. Large master bedroom with full bath and walk in closet. Upstairs to a drop-dead kitchen and dining area. Two more bedrooms and bath. Laundry area under roof. Huge workshop with electric for all your projects. Nice gazebo and firepit area for cool evenings. Grape arbor and Strawberry plants. Twelve-foot gate to enter from Ipswich Ave.

23. 2014-11-25
    soldstatus $31,000
24. 2014-11-19
    soldstatus $31,000 Sold
25. 2014-11-10
    status Pending
26. 2013-12-11
    listed $39,900 Active
27. 2002-08-30
    soldstatus $21,000
28. 2002-07-06
    listed $30,000

ⓘ 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: $1,452 · $121/mo
• Projected year-2 tax: $1,452 · $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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,000
• − Mortgage interest: −$6,162
• − Property taxes: −$1,452
• − Insurance: −$550
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$3,200
• Taxable income: $1,236
• Est. tax owed @ 24.0%: −$297
• After-tax cash flow: $2,629/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 — Interlachen

• Score: 67/100
• State rank: #540
• US rank: #10162

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 11,580
• Population (ZIP): 11,580

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7%
• Common ancestry: Slovak 4% Lithuanian 3% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4%

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: ▼ -16.98%
• Current HPI: 277.2763
• 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

+266.7% since first listed

15 events — show timeline

• 2026-05-23 Price Changed $110,000 realMLS
• 2026-04-30 Relisted — realMLS
• 2026-04-08 Pending — realMLS
• 2026-03-06 Listed $115,000 realMLS
• 2024-05-15 Price Changed $120,000 Stellar MLS as Distributed by MLS Grid
• 2024-04-18 Listed $125,900 Stellar MLS as Distributed by MLS Grid
• 2023-04-11 Listing Removed — realMLS
• 2023-03-27 Price Changed $123,000 realMLS
• 2023-01-19 Listed $125,900 realMLS
• 2014-11-25 Sold (Public Records) $31,000 Public Records
• 2014-11-19 Sold (MLS) $31,000 realMLS
• 2014-11-10 Pending — realMLS
• 2013-12-11 Listed $39,900 realMLS
• 2002-08-30 Sold (MLS) $21,000 realMLS
• 2002-07-06 Listed $30,000 realMLS

Property tax history

+6.3%/yr

Latest (2025): $1,452 · +18.1% YoY. Source: county tax records.