56 NE 723rd St · Fanning Springs, FL 32680

$164,000

3 bd · 1.0 ba · 961 sqft · SingleFamily public records · 104 Days on market

Built 1935 0.67 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 +19.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Schools +4.2/10.0
• 1% rule +4.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to quaint country living within an easy walk to all the daily conveniences. This recently remodeled 3 bedroom, 2 bath home in Old Town proper is situated on a fenced parcel totaling . 67 acres (ADDITIONAL ADJOINING PARCEL IS AVAILABLE - . 66 ACRES). The extremely clean and refreshed home “lives larger” than its size, including a bonus room that can serve as an additional bedroom or office. The owner's insistent perfectionism shines through in this home - all work meticulously executed. The living room features a fully functioning, wood-burning fireplace for cozy winter enjoyment and efficient heating. The dining area adjoins the kitchen, but stands as its own area, close

Key facts

• Fenced parcels
• New metal roof
• Country living

Tags

• COUNTRY LIVING
• FENCED PARCELS
• BONUS ROOM
• WOOD BURNING FIREPLACE
• NEW METAL ROOF
• VINYL SIDING

Property features AI

Exterior

• Parking: Attached parking
• Utilities: Private well water
• Home design: Residential single-family detached home
• Construction: Vinyl siding; Metal roof
• Exterior features: Corner lot; Level lot; Wooded

Interior

• Kitchen: Refrigerator
• Flooring: Laminate; Tile; Vinyl; Wood
• Bathrooms: 2 full bathrooms
• Interior features: 6 total rooms; Crawl space basement
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $164k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/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 $149k (9.3% below list).
• Recommended offer: $149k (9.3% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 3.7% in Fanning Springs — 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 63/100 on livability (#739 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Dixie (rural): math 52% / reading 50% proficiency, ranked #36 of 73 in FL (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Old Town Elementary School (math 73% / reading 58%, grade B+, #500 of 2,144 statewide, top 24%, 456 students, 80% FRL); Ruth Rains Middle School (math 48% / reading 49%, grade C-, #274 of 571 statewide, top 50%, 431 students, 76% FRL); Dixie County High School (math 31% / reading 42%, grade F, #351 of 667 statewide, top 54%, 714 students, 70% FRL).
• Market conditions: 263 active listings in the ZIP; 49 units permitted in Dixie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Dixie County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $47k; list at $164k implies a 249% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $148,692 (9.3% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — 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 F-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: 0.91% ✗
• Cap rate: 7.72%
• Cash-on-cash: 5.10%
• DSCR: 1.23
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 28.0%
• Equity multiple: 3.21×
• Total profit: $101,683
• Equity at exit: $147,744

10-year hold

• IRR: 24.4%
• Equity multiple: 7.30×
• Total profit: $289,516
• Equity at exit: $318,616

Cash invested: $45,920 (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 32680

• Home prices YoY: 2.5%
• Active inventory: 263
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,487 medium
• Mortgage (P&I): −$860
• Tax from tax record: −$51 /mo · $612/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $195

Break-even live

Break-even rent $1,240

Max offer price $164,000

Occupancy floor 82%

Sensitivity live

Price	-10% $288	-5% $242	+0% $195	+5% $149	+10% $102
Rent	-10% $78	-5% $137	+0% $195	+5% $254	+10% $313
Rate	-1.0pp $278	-0.5pp $237	base $195	+0.5pp $153	+1.0pp $110

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-22
   status $164,000 Pending 104 DOM
2. 2026-06-21
   days on market $164,000 Active 104 DOM
3. 2026-06-21
   days on market $164,000 Active 103 DOM
4. 2026-06-18
   days on market $164,000 Active 101 DOM
5. 2026-06-17
   days on market $164,000 Active 100 DOM
6. 2026-06-16
   days on market $164,000 Active 99 DOM
7. 2026-06-15
   days on market $164,000 Active 98 DOM
8. 2026-06-13
   days on market $164,000 Active 96 DOM
9. 2026-06-12
   days on market $164,000 Active 95 DOM
10. 2026-06-09
    days on market $164,000 Active 92 DOM
11. 2026-06-08
    days on market $164,000 Active 91 DOM
12. 2026-06-07
    days on market $164,000 Active 90 DOM
13. 2026-06-07
    days on market $164,000 Active 89 DOM
14. 2026-06-04
    days on market $164,000 Active 86 DOM
15. 2026-06-02
    days on market $164,000 Active 85 DOM
16. 2026-06-01
    days on market $164,000 Active 84 DOM
17. 2026-05-31
    days on market $164,000 Active 83 DOM
18. 2026-05-31
    days on market $164,000 Active 82 DOM
19. 2026-05-03
    price $164,000
20. 2026-03-09
    listed $189,000 Active
21. 2012-03-23
    soldstatus $47,000

ⓘ 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: $612 · $51/mo
• Projected year-2 tax: $1,361 · $113/mo
• Expected delta: +$749/yr (+$62/mo · 122.2%)

ⓘ 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 8/10 Severe 7 d/yr ≥107°F today · 22 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: $17,843
• − Mortgage interest: −$9,187
• − Property taxes: −$612
• − Insurance: −$820
• − Repairs & maintenance: −$1,427
• − Management: −$1,427
• − Depreciation: −$4,771
• Taxable loss: −$402
• Est. tax savings @ 24.0%: +$96
• After-tax cash flow: $2,440/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: Dixie
• NCES district ID: 1200450
• Math proficiency: 52% ▼ -3.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $34,799
• Composite: 42.18/100
• National rank: #3290
• State rank: #36 of 73 in FL

Livability — Fanning Springs

• Score: 63/100
• State rank: #739
• US rank: #15960

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,445

Population outlook (Dixie County) Hauer SSP2

• Today (2025): 15,122 people
• By 2030: 14,521 · -4.0%
• By 2040: 13,503 · -10.7%
• By 2050: 12,671 · -16.2%
• By 2075: 10,857 · -28.2%
• By 2100: 8,344 · -44.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Romanian 2% Slovak 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Dixie

• 2024 margin: Solid R (+70.4) · D 14.5% · R 84.9%
• 2008→2024 swing: -25.4pp toward R · 2008: -45.0pp · 2024: -70.4pp
• All cycles: 2024: R+70.4 2020: R+66.0 2016: R+63.2 2012: R+46.9 2008: R+45.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.22%
• Current HPI: 424.0037
• 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

+248.9% since first listed

3 events — show timeline

• 2026-05-03 Price Changed $164,000 DGLMLS
• 2026-03-09 Listed $189,000 DGLMLS
• 2012-03-23 Sold (Public Records) $47,000 Public Records

Property tax history

-3.0%/yr

Latest (2025): $612 · +4.3% YoY. Source: county tax records.