5535 Barcelona St · Pea Ridge, FL 32571

$119,900

3 bd · 2.0 ba · 1,352 sqft · Manufactured public records · 120 Days on market

Built 1984 1.32 ac lot Est $155k · 23% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.3/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

LOCATION, LOCATION, LOCATION - OPPORTUNITY, OPPORTUNITY, OPPORTUNITY!!! Opportunities like this are rare in the heart of Pace. This charming mobile home sits on an impressive 1.325-acre flat lot, surrounded by beautiful pine trees thoughtfully spaced to provide both privacy and usable yard space. Whether you’re looking for a peaceful place to call home or the perfect site to build your future dream home, this property has the potential you’ve been searching for. A detached 2-car garage offers the ideal setup for a workshop, storage, or hobby space. Live comfortably in the mobile home while you design and construct your dream residence. This parcel gives you flexibility and freed

Key facts

• Usable yard space
• Beautiful pine trees
• Peaceful place

Tags

• 1.325-ACRE FLAT LOT
• DETACHED 2-CAR GARAGE
• BEAUTIFUL PINE TREES
• USABLE YARD SPACE
• PEACEFUL PLACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $785 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 4.5% in Pea Ridge — 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 69/100 on livability (#459 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D-, amenities F, commute F.
• Santa Rosa (suburban): math 63% / reading 60% proficiency, ranked #8 of 73 in FL (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.7%/yr); 665 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,983 units permitted in Santa Rosa County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Santa Rosa County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $109,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 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: 1.64% ✓
• Cap rate: 14.15%
• Cash-on-cash: 28.07%
• DSCR: 2.25
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $155,480
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4343 Lindsey Ln	0.19mi	3/2.0	1,296 (-4%)	4mo	$185,000	$143	81
4349 Lindsey Ln	0.20mi	2/2.0 (-1)	1,296 (-4%)	4mo	$125,000	$96	76
4410 Oak Ln	0.65mi	3/2.0	1,352 (0%)	8mo	$155,000	$115	63

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 · 2.72% rent growth · sell at horizon

5-year hold

• IRR: 21.9%
• Equity multiple: 1.89×
• Total profit: $30,024
• Equity at exit: $17,877

10-year hold

• IRR: 29.8%
• Equity multiple: 3.63×
• Total profit: $88,261
• Equity at exit: $10,367

Cash invested: $33,572 (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 32571

• Home prices YoY: -17.7%
• Rents YoY: 2.7%
• Active inventory: 665
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,970 high
• Mortgage (P&I): −$629
• Tax from tax record: −$92 /mo · $1,104/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $785

Break-even live

Break-even rent $976

Max offer price $119,900

Occupancy floor 55%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4530 Chantilly Way Milton, FL	3.0	2.0	1629	$1,750	$1.07	23d	1	0.74mi
4355 Park Ct Trlr Park , FL	2.0	1.5	1000	$1,200	$1.20	23d	1	1.04mi
4933 Bell Ridge Ln Milton, FL	1.0–3.0	1.0–2.0	865	$1,437	$1.66	14d	8	1.19mi
4624 Malay Cir Milton, FL	4.0	2.0	1787	$2,085	$1.17	14d	1	1.27mi
5061 Peach Dr Milton, FL	3.0	2.5	1581	$1,850	$1.17	23d	1	1.34mi
3984 Pendragon Cir Unit 1 Milton, FL	3.0	2.5	1537	$1,800	$1.17	21d	1	1.36mi
4836 Covenant Cir Milton, FL	3.0	2.0	1590	$1,875	$1.18	14d	1	1.39mi
3863 Pendragon Cir , FL	3.0	2.5	1579	$2,500	$1.58	23d	1	1.42mi
5320 Cornwall Dr Milton, FL	3.0	2.0	1703	$2,200	$1.29	14d	1	1.42mi
4051 Pendragon Cir Milton, FL	3.0	2.5	1530	$1,800	$1.18	14d	1	1.43mi
4067 Pendragon Cir Milton, FL	3.0	2.5	1537	$1,800	$1.17	14d	1	1.44mi
5604 Shooting Star Ct Milton, FL	3.0	2.0	1324	$2,300	$1.74	14d	1	1.46mi
4167 Pendragon Cir Milton, FL	3.0	2.5	1553	$1,800	$1.16	14d	1	1.47mi
4185 Pendragon Cir Unit Alisha walker Milton, FL	3.0	2.5	1553	$1,800	$1.16	14d	1	1.47mi

Listing history 9 events

1. 2026-04-13
   status Pending
2. 2026-04-10
   soldstatus $100,000
3. 2026-03-22
   historical
4. 2026-03-15
   historical Contingent
5. 2026-03-09
   price $119,900
6. 2026-02-18
   status Active
7. 2026-02-11
   historical Contingent
8. 2025-11-21
   listed $139,900 Active
9. 1987-12-01
   soldstatus $37,900

ⓘ 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: $1,104 · $92/mo
• Projected year-2 tax: $1,104 · $92/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 ≥105°F today · 21 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: $23,635
• − Mortgage interest: −$6,716
• − Property taxes: −$1,104
• − Insurance: −$600
• − Repairs & maintenance: −$1,891
• − Management: −$1,891
• − Depreciation: −$3,488
• Taxable income: $7,945
• Est. tax owed @ 24.0%: −$1,907
• After-tax cash flow: $7,516/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: Santa Rosa
• NCES district ID: 1201650
• Math proficiency: 63% ▼ -6.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $58,161
• Composite: 53.12/100
• National rank: #1511
• State rank: #8 of 73 in FL

Livability — Pea Ridge

• Score: 69/100
• State rank: #459
• US rank: #8316

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pea Ridge, FL
• County: Santa Rosa County · 194,764 people
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 42,171
• Household income: $87,617
• Rent vs Own: 16.1% rent · 83.9% own
• Severe rent burden: 301.0

Population outlook (Santa Rosa County) Hauer SSP2

• Today (2025): 195,978 people
• By 2030: 209,782 · +7.0%
• By 2040: 235,293 · +20.1%
• By 2050: 256,408 · +30.8%
• By 2075: 298,074 · +52.1%
• By 2100: 303,216 · +54.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 9% Hispanic / Latino 6% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 4% Italian 3% Slovak 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Santa Rosa

• 2024 margin: Solid R (+51.0) · D 24.1% · R 75.0%
• 2008→2024 swing: -3.0pp toward R · 2008: -47.9pp · 2024: -51.0pp
• All cycles: 2024: R+51.0 2020: R+46.5 2016: R+53.5 2012: R+52.6 2008: R+47.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.39%
• Current HPI: 290.2953
• Rent YoY: ▲ 2.72%
• 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

+163.9% since first listed

9 events — show timeline

• 2026-04-13 Pending — PARMLS
• 2026-04-10 Sold (Public Records) $100,000 Public Records
• 2026-03-22 Listing Removed — PARMLS
• 2026-03-15 Contingent — PARMLS
• 2026-03-09 Price Changed $119,900 PARMLS
• 2026-02-18 Relisted — PARMLS
• 2026-02-11 Contingent — PARMLS
• 2025-11-21 Listed $139,900 PARMLS
• 1987-12-01 Sold (Public Records) $37,900 Public Records

Property tax history

+19.4%/yr

Latest (2025): $1,104 · +171.3% YoY. Source: county tax records.