8962 Bluebell St · East Milton, FL 32583

$175,000

3 bd · 2.0 ba · 1,478 sqft · Manufactured public records · 90 Days on market

Built 1992 0.35 ac lot Est $195k · 10% under

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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 +28.2/30.0
• ARV discount +12.1/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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

HUD property sold as-is. Information from sources deemed reliable but not guaranteed. Buyer to verify all information. Liens/Code violations may/may not exist. Buyer to resolve. Evidence of mold may/may not be present. No remediation has or will be done. HUD CASE - 091-352991

Key facts

• Open-concept design
• Modern appliances
• En-suite bathroom

Tags

• OPEN-CONCEPT DESIGN
• MODERN APPLIANCES
• AMPLE CABINET STORAGE
• PRIVATE SPACE
• EN-SUITE BATHROOM
• GENEROUS CLOSET STORAGE

Property features AI

Finance

• Other: Lot size approximately 0.351 acres
• HOA & community: No association

Exterior

• Parking: Driveway with open parking
• Utilities: Electric with circuit breakers and copper wiring; Septic tank sewer; Paved county-maintained road access
• Home design: Mobile/Manufactured or modular home; One-story; Resale property; Homestead-eligible
• Construction: Off-grade foundation
• Exterior features: Shingle roof; Central access to the lot; Public water

Interior

• Kitchen: Electric water heater
• Bedrooms: Master bedroom on the first floor, approximately 12 x 11; Second bedroom on the first floor, approximately 13 x 10; Third bedroom on the first floor, approximately 10 x 8
• Flooring: Vinyl; Carpet
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Vinyl and carpet flooring; Eat-in kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $488 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,983 units permitted in Santa Rosa County in 2024 (128 in 5+ unit buildings).
• This rent runs 31% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $175k implies a 438% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
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: 1.28% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.59%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $195,096
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8919 Tara Cir	0.09mi	3/2.0	1,512 (+2%)	2mo	$200,000	$132	90

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 · 4.53% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $6,319
• Equity at exit: $26,093

10-year hold

• IRR: 14.3%
• Equity multiple: 2.24×
• Total profit: $60,643
• Equity at exit: $15,131

Cash invested: $49,000 (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: 6.5×

Monthly cashflow live

• Estimated rent: $2,233 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $488

Break-even live

Break-even rent $1,615

Max offer price $175,000

Occupancy floor 73%

Sensitivity live

Price	-10% $609	-5% $549	+0% $488	+5% $428	+10% $368
Rent	-10% $312	-5% $400	+0% $488	+5% $577	+10% $665
Rate	-1.0pp $577	-0.5pp $533	base $488	+0.5pp $443	+1.0pp $397

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9330 Tara Cir Milton, FL	4.0	2.0	1786	$2,000	$1.12	14d	1	0.63mi
8617 Tarsus Dr Milton, FL	4.0	2.0	1830	$2,200	$1.20	24d	1	0.91mi

Listing history 22 events

1. 2026-06-18
   days on market $175,000 Active 90 DOM
2. 2026-06-17
   days on market $175,000 Active 89 DOM
3. 2026-06-16
   days on market $175,000 Active 88 DOM
4. 2026-06-15
   days on market $175,000 Active 87 DOM
5. 2026-06-14
   pricedays on market $175,000 Active 85 DOM
6. 2026-06-10
   days on market $177,400 Active 82 DOM
7. 2026-06-09
   days on market $177,400 Active 81 DOM
8. 2026-06-08
   days on market $177,400 Active 80 DOM
9. 2026-06-07
   days on market $177,400 Active 79 DOM
10. 2026-06-05
    days on market $177,400 Active 76 DOM
11. 2026-06-03
    days on market $177,400 Active 75 DOM
12. 2026-06-02
    days on market $177,400 Active 74 DOM
13. 2026-06-01
    days on market $177,400 Active 73 DOM
14. 2026-05-31
    days on market $177,400 Active 72 DOM
15. 2026-05-31
    days on market $177,400 Active 71 DOM
16. 2026-05-24
    price $177,400
17. 2026-04-20
    price $179,999
18. 2026-03-20
    listed $184,900 Active
19. 2009-03-01
    soldstatus $32,500 278-char remark

    Show marketing remark (278 chars)

    HUD property sold as-is. Information from sources deemed reliable but not guaranteed. Buyer to verify all information. Liens/Code violations may/may not exist. Buyer to resolve. Evidence of mold may/may not be present. No remediation has or will be done. HUD CASE - 091-352991

20. 2009-01-23
    listed $35,150 278-char remark

    Show marketing remark (278 chars)

    HUD property sold as-is. Information from sources deemed reliable but not guaranteed. Buyer to verify all information. Liens/Code violations may/may not exist. Buyer to resolve. Evidence of mold may/may not be present. No remediation has or will be done. HUD CASE - 091-352991

21. 2001-06-06
    historical
22. 2001-05-10
    listed $62,400

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,800
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$1,672
• − Repairs & maintenance: −$2,144
• − Management: −$2,144
• − Depreciation: −$5,091
• Taxable income: $3,321
• Est. tax owed @ 24.0%: −$797
• After-tax cash flow: $5,065/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

+184.3% since first listed

7 events — show timeline

• 2026-05-24 Price Changed $177,400 PARMLS
• 2026-04-20 Price Changed $179,999 PARMLS
• 2026-03-20 Listed $184,900 PARMLS
• 2009-03-01 Sold (MLS) $32,500 PARMLS
• 2009-01-23 Listed $35,150 PARMLS
• 2001-06-06 Listing Removed — PARMLS
• 2001-05-10 Listed $62,400 PARMLS

Property tax history

-1.1%/yr

Latest (2025): $345 · +21.7% YoY. Source: county tax records.