5473 Bluebird St · East Milton, FL 32583

$129,000

2 bd · 2.0 ba · 780 sqft · Manufactured public records · 1 Days on market

Built 1994 0.25 ac 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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +5.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW, NEW, NEW and never lived in since the renovation! This beautifully updated 2-bedroom, 2-bathroom home has been completely renovated from top to bottom, offering a fresh, modern feel throughout. Major improvements include a new roof (2024), HVAC system (2024), water heater (2023), and new exterior stairs. Step inside to discover new flooring, fresh neutral paint, and stylish blue/grey accent details on the doors and cabinetry that create a cohesive design. The kitchen features all-new cabinetry and countertops, providing both style and functionality. The split-bedroom floor plan places each bedroom on opposite ends of the home, offering privacy and personal space. Both bathrooms include tub/shower combinations and single vanities, while the primary bathroom also features convenient washer and dryer hookups. Situated on a quarter-acre lot, this property offers a peaceful setting nestled among the trees. Enjoy the freedom of a neighborhood with no HOA while still being conveniently located just 3 miles from historic downtown Milton and only 6 minutes from I-10 for an easy commute. Move-in ready and waiting for its very first occupants since the renovation, don't miss this like-new home!

Key facts

• Water heater
• New flooring
• New exterior stairs

Tags

• NEW ROOF
• HVAC SYSTEM
• WATER HEATER
• NEW EXTERIOR STAIRS
• NEW FLOORING
• NEW CABINETRY

Property features AI

Finance

• Other: Paved, county-maintained road access
• HOA & community: No association

Exterior

• Parking: Driveway with open parking
• Security: Smoke detector(s)
• Utilities: Public water; Septic tank sewer; Electric service with circuit breakers and copper wiring
• Home design: Mobile/Manufactured or Modular home; One story
• Construction: Off-grade foundation
• Exterior features: Metal roof; Interior lot

Interior

• Kitchen: Updated kitchen with new cabinets, appliances, and countertops (updated within 1–5 years); Pantry; Laminate and solid surface countertops
• Bedrooms: Master bedroom on the first floor (approx. 12.7' x 11.4'); Additional bedroom on the first floor (approx. 12.7' x 13.5')
• Bathrooms: Two full bathrooms on the first floor; Updated bathrooms with new vanities and countertops (updated within 1–5 years)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Storage; Baseboards; Ceiling fan(s); Vaulted ceilings; Blinds; Pets allowed
• Laundry & utility: Inside laundry with washer/dryer hookups; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $129k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Cap rate 10.2% vs local median 4.6% in East Milton — 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 77/100 on livability (#199 in FL, #3,139 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities C-, 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 fast (+4.5%/yr); 806 active listings in the ZIP; 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 $892 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 + 4.5% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 11y 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 $47k; list at $129k implies a 174% 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; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $129,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 1.18% ✓
• Cap rate: 10.22%
• Cash-on-cash: 14.02%
• DSCR: 1.62
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.53% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.23×
• Total profit: $8,328
• Equity at exit: $19,234

10-year hold

• IRR: 16.5%
• Equity multiple: 2.43×
• Total profit: $51,812
• Equity at exit: $11,154

Cash invested: $36,120 (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 32583

• Home prices YoY: -11.3%
• Rents YoY: 4.5%
• Active inventory: 806
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,528 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$55 /mo · $659/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $422

Break-even live

Break-even rent $994

Max offer price $129,000

Occupancy floor 67%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark

   Show marketing remark (1207 chars)

   NEW, NEW, NEW and never lived in since the renovation! This beautifully updated 2-bedroom, 2-bathroom home has been completely renovated from top to bottom, offering a fresh, modern feel throughout. Major improvements include a new roof (2024), HVAC system (2024), water heater (2023), and new exterior stairs. Step inside to discover new flooring, fresh neutral paint, and stylish blue/grey accent details on the doors and cabinetry that create a cohesive design. The kitchen features all-new cabinetry and countertops, providing both style and functionality. The split-bedroom floor plan places each bedroom on opposite ends of the home, offering privacy and personal space. Both bathrooms include tub/shower combinations and single vanities, while the primary bathroom also features convenient washer and dryer hookups. Situated on a quarter-acre lot, this property offers a peaceful setting nestled among the trees. Enjoy the freedom of a neighborhood with no HOA while still being conveniently located just 3 miles from historic downtown Milton and only 6 minutes from I-10 for an easy commute. Move-in ready and waiting for its very first occupants since the renovation, don't miss this like-new home!

2. 2026-06-18
   listed $129,000 Active 1 DOM

   Show marketing remark (1207 chars)

   NEW, NEW, NEW and never lived in since the renovation! This beautifully updated 2-bedroom, 2-bathroom home has been completely renovated from top to bottom, offering a fresh, modern feel throughout. Major improvements include a new roof (2024), HVAC system (2024), water heater (2023), and new exterior stairs. Step inside to discover new flooring, fresh neutral paint, and stylish blue/grey accent details on the doors and cabinetry that create a cohesive design. The kitchen features all-new cabinetry and countertops, providing both style and functionality. The split-bedroom floor plan places each bedroom on opposite ends of the home, offering privacy and personal space. Both bathrooms include tub/shower combinations and single vanities, while the primary bathroom also features convenient washer and dryer hookups. Situated on a quarter-acre lot, this property offers a peaceful setting nestled among the trees. Enjoy the freedom of a neighborhood with no HOA while still being conveniently located just 3 miles from historic downtown Milton and only 6 minutes from I-10 for an easy commute. Move-in ready and waiting for its very first occupants since the renovation, don't miss this like-new home!

ⓘ 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: $659 · $55/mo
• Projected year-2 tax: $1,071 · $89/mo
• Expected delta: +$412/yr (+$34/mo · 62.5%)

ⓘ 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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,338
• − Mortgage interest: −$7,226
• − Property taxes: −$659
• − Insurance: −$645
• − Repairs & maintenance: −$1,467
• − Management: −$1,467
• − Depreciation: −$3,753
• Taxable income: $3,122
• Est. tax owed @ 24.0%: −$749
• After-tax cash flow: $4,316/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 — East Milton

• Score: 77/100
• State rank: #199
• US rank: #3139

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Milton, FL
• County: Santa Rosa County · 194,764 people
• City population: 31,415
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 31,828
• Household income: $85,440
• Rent vs Own: 12.9% rent · 87.1% own
• Severe rent burden: 122.0

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 (74%)
• Race & ethnicity: White 74% Black 11% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3%

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: ▼ -38.35%
• Current HPI: 301.8819
• Rent YoY: ▲ 4.53%
• 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

+765.8% since first listed

41 events — show timeline

• 2026-06-18 Listed $129,000 PARMLS
• 2026-06-18 Listed $129,000 ECAR
• 2023-03-08 Sold (Public Records) $47,000 Public Records
• 2023-02-24 Sold (MLS) $47,000 PARMLS
• 2023-02-24 Sold (MLS) $47,000 ECAR
• 2023-02-24 Sold (MLS) $47,000 NAMLS
• 2023-02-12 Contingent — PARMLS
• 2023-02-12 Pending — NAMLS
• 2023-02-12 Pending — ECAR
• 2023-02-09 Price Changed $60,000 PARMLS
• 2023-02-08 Price Changed $60,000 ECAR
• 2023-02-08 Price Changed $60,000 NAMLS
• 2023-02-02 Price Changed $69,950 ECAR
• 2023-02-02 Price Changed $69,950 PARMLS
• 2023-02-02 Price Changed $69,950 NAMLS
• 2022-11-29 Price Changed $75,000 ECAR
• 2022-11-29 Price Changed $75,000 PARMLS
• 2022-11-29 Price Changed $75,000 NAMLS
• 2022-11-04 Listed $90,000 ECAR
• 2022-11-04 Listed $90,000 PARMLS
• 2022-11-04 Listed $90,000 NAMLS
• 2022-08-30 Listing Removed — PARMLS
• 2022-08-12 Listed $90,000 PARMLS
• 2022-07-05 Listing Removed — PARMLS
• 2022-05-13 Price Changed $90,000 PARMLS
• 2022-04-04 Listed $94,500 PARMLS
• 2022-03-16 Sold (MLS) $30,000 PARMLS
• 2022-03-09 Pending — PARMLS
• 2022-03-09 Price Changed $37,500 PARMLS
• 2022-03-02 Relisted — PARMLS
• 2022-02-16 Contingent — PARMLS
• 2022-02-12 Listed $45,000 PARMLS
• 2018-09-08 Listing Removed — PARMLS
• 2018-08-10 Listed $19,000 PARMLS
• 2017-08-09 Sold (MLS) $7,500 PARMLS
• 2017-08-09 Sold (MLS) $7,500 NAMLS
• 2016-07-21 Listing Removed — PARMLS
• 2016-07-20 Listed $10,000 PARMLS
• 2015-07-20 Listed $10,000 PARMLS
• 2015-07-20 Listed $10,000 NAMLS
• 2006-03-09 Sold (Public Records) $14,900 Public Records

Property tax history

+13.5%/yr

Latest (2025): $659 · +12.5% YoY. Source: county tax records.