139 NE Patterson Ave · Lake City, FL 32055

$149,700

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 24 Days on market

Built 1945 0.29 ac lot Est $118k · 27% over

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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 +14.0/30.0
• Appreciation +10.0/10.0
• Schools +4.5/10.0
• DSCR +4.2/10.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks

Don’t miss the chance to secure 139 NE Patterson Ave, one of the strongest opportunities in Lake City right now. Homes in this area are moving quickly, with nearby properties receiving multiple offers and high buyer interest, and this location stands out even more with no HOA, giving buyers the freedom and flexibility they want. The property sits in an established neighborhood close to parks, schools, shopping, medical centers, and major commuter routes, offering both convenience and long-term appeal. With strong value compared to recent sales, this is an ideal choice for investors, renovators, or buyers looking to build equity and create something special. As inventory continues to t

Key facts

• Close to parks
• Close to schools
• No hoa

Tags

• NO HOA
• ESTABLISHED NEIGHBORHOOD
• CLOSE TO PARKS
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• CLOSE TO MEDICAL CENTERS

Property features AI

Finance

• Other: Zoning: RSF-3; Property type: Residential — Single Family Residence; Lot size reported as 1/4 to less than 1/2 acre
• Financial info: No lease restrictions; Taxes listed (not included per instructions)
• HOA & community: No HOA/association indicated

Exterior

• Utilities: Public water; Public utilities with water connected; Sewer: Other
• Home design: Single-family residence; 1 story, one level; Faces west
• Construction: Frame construction with wood siding; Shingle roof; Crawlspace foundation; Built area approximately 960 square feet
• Exterior features: Paved road access; Lot dimensions approximately 75 x 160; Lot around 0.29 acres

Interior

• Kitchen: Dishwasher; Microwave
• Bedrooms: 2 bedrooms
• Flooring: Wood and other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating: Other; Wall/window air conditioning units
• Interior features: Living room and dining room combined; 5 total rooms
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $19 ($228/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (16.9% below list).
• Recommended offer: $124k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.7% in Lake City — 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 73/100 on livability (#304 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, commute F, employment F.
• Columbia (town): math 53% / reading 54% proficiency, ranked #25 of 73 in FL (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 145 active listings in the ZIP; 178 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Columbia County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% 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 ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $10k; list at $150k implies a 1397% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $124,391 (16.9% below list)

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.83% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.54%
• DSCR: 1.02
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $118,080
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
898 SE Saint Johns St	0.19mi	3/1.0 (+1)	988 (+3%)	9mo	$47,500	$48	74
890 NE Lake Dr	0.09mi	3/1.0 (+1)	943 (-2%)	24mo	$154,500	$164	68
606 SE Brown St	0.46mi	2/1.0	960 (0%)	19mo	$103,000	$107	63
1026 NE Lake Dr	0.20mi	2/1.0	840 (-12%)	15mo	$113,000	$135	58
627 NE Washington St	0.39mi	2/2.0	1,058 (+10%)	6mo	$132,000	$125	56
702 SE Putnam St	0.30mi	3/1.0 (+1)	864 (-10%)	17mo	$75,000	$87	50
966 SE Brock Gln	0.30mi	3/1.0 (+1)	1,080 (+12%)	13mo	$155,500	$144	50
1020 SE Brock Glen Lake City	0.34mi	3/1.0 (+1)	869 (-10%)	22mo	$107,000	$123	45
538 SE Lomond Ave	0.61mi	3/1.0 (+1)	1,092 (+14%)	23mo	$60,000	$55	24

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.7%
• Equity multiple: 2.97×
• Total profit: $82,715
• Equity at exit: $134,862

10-year hold

• IRR: 21.8%
• Equity multiple: 6.79×
• Total profit: $242,581
• Equity at exit: $290,834

Cash invested: $41,916 (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 32055

• Home prices YoY: 24.1%
• Active inventory: 145
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,244 medium
• Mortgage (P&I): −$785
• Tax from tax record: −$116 /mo · $1,395/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $19

Break-even live

Break-even rent $1,220

Max offer price $149,700

Occupancy floor 93%

Sensitivity live

Price	-10% $104	-5% $61	+0% $19	+5% $-23	+10% $-66
Rent	-10% $-79	-5% $-30	+0% $19	+5% $68	+10% $117
Rate	-1.0pp $94	-0.5pp $57	base $19	+0.5pp $-20	+1.0pp $-59

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: $37,425
• Closing costs: $4,491
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $149,700 Active 24 DOM
2. 2026-06-18
   days on market $149,700 Active 23 DOM
3. 2026-06-17
   days on market $149,700 Active 22 DOM
4. 2026-06-16
   days on market $149,700 Active 21 DOM
5. 2026-06-15
   days on market $149,700 Active 20 DOM
6. 2026-06-14
   days on market $149,700 Active 18 DOM
7. 2026-06-12
   days on market $149,700 Active 17 DOM
8. 2026-06-09
   days on market $149,700 Active 14 DOM
9. 2026-06-08
   days on market $149,700 Active 13 DOM
10. 2026-06-07
    days on market $149,700 Active 12 DOM
11. 2026-06-05
    days on market $149,700 Active 9 DOM
12. 2026-06-03
    days on market $149,700 Active 8 DOM
13. 2026-06-02
    days on market $149,700 Active 7 DOM
14. 2026-06-01
    days on market $149,700 Active 6 DOM
15. 2026-05-31
    days on market $149,700 Active 5 DOM
16. 2026-05-30
    days on market $149,700 Active 4 DOM
17. 2026-05-26
    listed $149,700 Active
18. 1991-10-01
    soldstatus $10,000

ⓘ 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: $1,395 · $116/mo
• Projected year-2 tax: $1,395 · $116/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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,927
• − Mortgage interest: −$8,386
• − Property taxes: −$1,395
• − Insurance: −$748
• − Repairs & maintenance: −$1,194
• − Management: −$1,194
• − Depreciation: −$4,355
• Taxable loss: −$2,346
• Est. tax savings @ 24.0%: +$563
• After-tax cash flow: $791/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: Columbia
• NCES district ID: 1200360
• Math proficiency: 53% ▼ -10.00%
• Reading proficiency: 54% ▼ -3.00%
• Median HH income: $40,053
• Composite: 44.74/100
• National rank: #2750
• State rank: #25 of 73 in FL

Livability — Lake City

• Score: 73/100
• State rank: #304
• US rank: #5154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake City, FL
• County: Columbia County · 40,507 people
• City population: 40,507
• Metro: Lake City, FL
• Population (ZIP): 17,559
• Household income: $61,111
• Rent vs Own: 37.0% rent · 63.0% own
• Severe rent burden: 391.0

Population outlook (Columbia County) Hauer SSP2

• Today (2025): 68,129 people
• By 2030: 67,501 · -0.9%
• By 2040: 65,465 · -3.9%
• By 2050: 63,058 · -7.4%
• By 2075: 56,291 · -17.4%
• By 2100: 45,243 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Black 29% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 2% Iranian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Columbia

• 2024 margin: Solid R (+50.2) · D 24.6% · R 74.7%
• 2008→2024 swing: -16.4pp toward R · 2008: -33.8pp · 2024: -50.2pp
• All cycles: 2024: R+50.2 2020: R+45.2 2016: R+44.5 2012: R+36.7 2008: R+33.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 67.79%
• Current HPI: 348.8923
• Rent YoY: —
• Metro: Lake City, 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

+1397.0% since first listed

2 events — show timeline

• 2026-05-26 Listed $149,700 Stellar MLS as Distributed by MLS Grid
• 1991-10-01 Sold (Public Records) $10,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $1,395 · +12.2% YoY. Source: county tax records.