1306 Cervantes · Pensacola, FL 32501

$460,000

5 bd · 3.0 ba · 2,564 sqft · MultiFamily · 647 Days on market

Built 1908 Fair condition $179/sqft · 16% above area Est $397k · 16% over ↓ 3% since listing

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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 +17.3/30.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Schools +3.6/10.0
• Condition / age +2.2/5.0
• ARV discount +0.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great property with great rental income located in the East Hill neighborhood on Cervantes St, between 13th Ave and 14th Ave. Currently, the property consists of 3 separate units and is zoned R2. It is conveniently located one block away from Publix and has 74 feet of street frontage on Cervantes St. The property offers ample off-street parking and has over 2500 sqft of space with newer upgrades. East Hill offers easy access to the beautiful Gulf Coast beaches, where you can enjoy activities such as sunbathing, swimming in the crystal-clear waters, and leisurely walks along the shore. The community also provides a variety of amenities, including parks, schools, and shopping centers. This property presents an incredible opportunity to own a desirable office space in Pensacola.

Key facts

• Zoned r2
• Newer upgrades
• Great rental history

Tags

• FULLY OCCUPIED OFFICE SPACE
• GREAT RENTAL HISTORY
• ZONED R2
• AMPLE OFF-STREET PARKING
• OVER 2500 SQFT OF SPACE
• NEWER UPGRADES

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $460k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $335 ($4k/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 $445k (3.3% below list).
• Recommended offer: $405k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.6% in Pensacola — 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 83/100 on livability (#53 in FL, #924 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• Escambia (suburban): math 40% / reading 45% proficiency, ranked #56 of 73 in FL (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.4%/yr); 127 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,479 units permitted in Escambia County in 2024 (0 in 5+ unit buildings).
• At $4,448/mo this rent would consume 121% of the median local household income ($44k/yr) (locally 816% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Escambia County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 647 days — a 12% lower offer ($405k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $404,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 647 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.12%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (median comp): $396,500
• List price: $460,000
• Delta: 16.02%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.4% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.67×
• Total profit: $-42,141
• Equity at exit: $68,587

10-year hold

• IRR: 3.7%
• Equity multiple: 1.30×
• Total profit: $38,454
• Equity at exit: $39,772

Cash invested: $128,800 (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 32501

• Rents YoY: 5.4%
• Active inventory: 127
• Price-to-rent: 25.9×

Monthly cashflow live

• Estimated rent: $4,448 high
• Mortgage (P&I): −$2,412
• Tax est. 1.5%: −$575 /mo · $6,900/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$934
• Net cashflow: $335

Break-even live

Break-even rent $4,024

Max offer price $460,000

Occupancy floor 87%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,449
Total (3 units)			$4,448

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 E Cross St Pensacola, FL	4.0	2.0	1920	$3,000	$1.56	14d	1	1.26mi
1501 E Cross St Pensacola, FL	4.0	2.0	1920	$3,200	$1.67	23d	1	1.26mi
517 W Wright St Pensacola, FL	4.0	3.5	2340	$4,100	$1.75	14d	1	1.47mi

Listing history 21 events

1. 2026-06-18
   days on market $460,000 Active 647 DOM
2. 2026-06-17
   days on market $460,000 Active 646 DOM
3. 2026-06-16
   days on market $460,000 Active 645 DOM
4. 2026-06-15
   days on market $460,000 Active 644 DOM
5. 2026-06-14
   days on market $460,000 Active 642 DOM
6. 2026-06-10
   days on market $460,000 Active 639 DOM
7. 2026-06-09
   days on market $460,000 Active 638 DOM
8. 2026-06-08
   days on market $460,000 Active 637 DOM
9. 2026-06-07
   days on market $460,000 Active 636 DOM
10. 2026-06-03
    days on market $460,000 Active 632 DOM
11. 2026-06-02
    days on market $460,000 Active 631 DOM
12. 2026-06-01
    days on market $460,000 Active 630 DOM
13. 2026-05-31
    days on market $460,000 Active 629 DOM
14. 2025-02-14
    status Active 786-char remark

    Show marketing remark (786 chars)

    Great property with great rental income located in the East Hill neighborhood on Cervantes St, between 13th Ave and 14th Ave. Currently, the property consists of 3 separate units and is zoned R2. It is conveniently located one block away from Publix and has 74 feet of street frontage on Cervantes St. The property offers ample off-street parking and has over 2500 sqft of space with newer upgrades. East Hill offers easy access to the beautiful Gulf Coast beaches, where you can enjoy activities such as sunbathing, swimming in the crystal-clear waters, and leisurely walks along the shore. The community also provides a variety of amenities, including parks, schools, and shopping centers. This property presents an incredible opportunity to own a desirable office space in Pensacola.

15. 2025-01-06
    historical Contingent 786-char remark

    Show marketing remark (786 chars)

    Great property with great rental income located in the East Hill neighborhood on Cervantes St, between 13th Ave and 14th Ave. Currently, the property consists of 3 separate units and is zoned R2. It is conveniently located one block away from Publix and has 74 feet of street frontage on Cervantes St. The property offers ample off-street parking and has over 2500 sqft of space with newer upgrades. East Hill offers easy access to the beautiful Gulf Coast beaches, where you can enjoy activities such as sunbathing, swimming in the crystal-clear waters, and leisurely walks along the shore. The community also provides a variety of amenities, including parks, schools, and shopping centers. This property presents an incredible opportunity to own a desirable office space in Pensacola.

16. 2024-09-09
    listed $460,000 Active 786-char remark

    Show marketing remark (786 chars)

    Great property with great rental income located in the East Hill neighborhood on Cervantes St, between 13th Ave and 14th Ave. Currently, the property consists of 3 separate units and is zoned R2. It is conveniently located one block away from Publix and has 74 feet of street frontage on Cervantes St. The property offers ample off-street parking and has over 2500 sqft of space with newer upgrades. East Hill offers easy access to the beautiful Gulf Coast beaches, where you can enjoy activities such as sunbathing, swimming in the crystal-clear waters, and leisurely walks along the shore. The community also provides a variety of amenities, including parks, schools, and shopping centers. This property presents an incredible opportunity to own a desirable office space in Pensacola.

17. 2024-09-03
    historical
18. 2024-07-18
    status Active
19. 2024-06-24
    historical Contingent
20. 2024-04-22
    price $460,000
21. 2023-09-10
    listed $475,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $53,376
• − Mortgage interest: −$25,767
• − Property taxes: −$6,900
• − Insurance: −$2,300
• − Repairs & maintenance: −$4,270
• − Management: −$4,270
• − Depreciation: −$13,382
• Taxable loss: −$3,513
• Est. tax savings @ 24.0%: +$843
• After-tax cash flow: $4,863/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

The property shows average condition with moderate rehabilitation needed, focusing on exterior repairs and landscaping to enhance its value.

Repairs flagged

• Major White picket fence — Significant wear and tear
• Minor Bushes — Overgrown and need trimming

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Trim bushes — Improves landscaping and enhances curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
White picket fence · Significant wear and tear	Major	$15,000–50,000
Bushes · Overgrown and need trimming	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Trim bushes — Improves landscaping and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Escambia
• NCES district ID: 1200510
• Math proficiency: 40% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $44,649
• Composite: 36.04/100
• National rank: #4773
• State rank: #56 of 73 in FL

Livability — Pensacola

• Score: 83/100
• State rank: #53
• US rank: #924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pensacola, FL
• County: Escambia County · 301,722 people
• City population: 237,636
• Metro: Pensacola-Ferry Pass-Brent, FL
• Population (ZIP): 11,036
• Household income: $44,139
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 816.0

Population outlook (Escambia County) Hauer SSP2

• Today (2025): 334,637 people
• By 2030: 345,779 · +3.3%
• By 2040: 364,828 · +9.0%
• By 2050: 378,514 · +13.1%
• By 2075: 403,220 · +20.5%
• By 2100: 386,125 · +15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 45% White 42% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Subsaharan African 2% Italian 2% Slovak 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Escambia

• 2024 margin: R (+19.5) · D 39.7% · R 59.2% · Other 1.1%
• 2008→2024 swing: -0.2pp no change · 2008: -19.3pp · 2024: -19.5pp
• All cycles: 2024: R+19.5 2020: R+15.1 2016: R+20.6 2012: R+20.6 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.53%
• Current HPI: 273.0151
• Rent YoY: ▲ 5.40%
• 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

-3.2% since first listed

8 events — show timeline

• 2025-02-14 Relisted — PARMLS
• 2025-01-06 Contingent — PARMLS
• 2024-09-09 Listed $460,000 PARMLS
• 2024-09-03 Listing Removed — PARMLS
• 2024-07-18 Relisted — PARMLS
• 2024-06-24 Contingent — PARMLS
• 2024-04-22 Price Changed $460,000 PARMLS
• 2023-09-10 Listed $475,000 PARMLS