140 Palmetto Ave · Freeport, FL 32439

$270,000

2 bd · 2.0 ba · 1,240 sqft · Manufactured public records · 136 Days on market

Built 2020 10,454 sqft lot Est $274k · at est. ↓ 2% 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 +13.6/30.0
• ARV discount +8.2/15.0
• Schools +5.2/10.0
• DSCR +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 140 Palmetto Ave in Freeport! This beautifully updated 3-bedroom, 2-bath home sits on a spacious quarter-acre lot and offers modern upgrades throughout. The home has been completely renovated and freshly painted, featuring new baseboards, luxury vinyl flooring throughout, and a stunning kitchen with granite countertops and an eye-catching backsplash. Both bathrooms have been fully updated with elegant white marble tile showers, creating a clean, spa-like feel. Outside, enjoy plenty of parking on the paver driveway, a fully fenced yard ideal for pets or outdoor living, and a welcoming new front porch with hardy board siding at front that adds charm and durability. Located just a s

Key facts

• Modern upgrades
• New front porch
• Paver driveway

Tags

• QUARTER-ACRE LOT
• MODERN UPGRADES
• FULLY FENCED YARD
• PAVER DRIVEWAY
• NEW FRONT PORCH
• GRANITE COUNTERTOPS

Property features AI

Finance

• HOA & community: Located in Magnolia Bayes subdivision (Lot 125)

Exterior

• Utilities: Electric service; Public water; Septic tank
• Home design: Mobile home style; Single-story (1 story); Built in 2020
• Construction: Vinyl siding and wood siding; Metal roof
• Exterior features: Fenced lot with privacy fencing; Covered deck; Porch; Interior, level lot; City street frontage; Paved road access

Interior

• Kitchen: Cooktop; Refrigerator
• Bedrooms: 3 bedrooms total; Master bedroom located on the first floor
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; Master bath with double vanity, shower (no tub), and tile
• Heating & cooling: Central heating; Central air; Ceiling fans; Electric heat control
• Interior features: Newly painted; Washer/dryer hookup
• Laundry & utility: Laundry room on the first floor; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $270k.

Deal economics

• At list price, monthly cash flow is $14 ($168/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 $202k (25.2% below list).
• Recommended offer: $202k (25.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.0% in Freeport — 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 68/100 on livability (#520 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: health & safety C-, amenities F, commute F.
• Walton (rural): math 62% / reading 61% proficiency, ranked #10 of 73 in FL (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Freeport Elementary School (math 50% / reading 57%, grade C, #949 of 2,144 statewide, top 45%, 1,123 students, 55% FRL); Freeport Senior High School (math 47% / reading 62%, grade C-, #138 of 667 statewide, top 21%, 557 students, 43% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+1.4%/yr); 1012 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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 $201,897 (25.2% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.75% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.22%
• DSCR: 1.01
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $274,040
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
376 Stillwater Rd	0.13mi	3/2.0 (+1)	1,064 (-14%)	1mo	$235,000	$221	64
264 Pinelog St	0.13mi	3/2.0 (+1)	1,404 (+13%)	22mo	$230,000	$164	49

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 · 1.4% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.39×
• Total profit: $-46,203
• Equity at exit: $40,258

10-year hold

• IRR: -12.5%
• Equity multiple: 0.31×
• Total profit: $-52,385
• Equity at exit: $23,345

Cash invested: $75,600 (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 32439

• Home prices YoY: -4.2%
• Rents YoY: 1.4%
• Active inventory: 1012
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,019 medium
• Mortgage (P&I): −$1,416
• Tax from tax record: −$53 /mo · $631/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $14

Break-even live

Break-even rent $2,001

Max offer price $270,000

Occupancy floor 94%

Sensitivity live

Price	-10% $167	-5% $90	+0% $14	+5% $-62	+10% $-139
Rent	-10% $-145	-5% $-66	+0% $14	+5% $94	+10% $174
Rate	-1.0pp $150	-0.5pp $83	base $14	+0.5pp $-56	+1.0pp $-127

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 Formby St Freeport, FL	3.0	2.0	924	$1,850	$2.00	22d	1	0.43mi
1952 County Highway 3280 Unit 3280 Freeport, FL	3.0	2.0	1269	$1,900	$1.50	22d	1	1.06mi

Listing history 18 events

1. 2026-06-18
   days on market $270,000 Active 136 DOM
2. 2026-06-17
   days on market $270,000 Active 135 DOM
3. 2026-06-16
   days on market $270,000 Active 134 DOM
4. 2026-06-15
   days on market $270,000 Active 133 DOM
5. 2026-06-14
   days on market $270,000 Active 131 DOM
6. 2026-06-13
   days on market $270,000 Active 130 DOM
7. 2026-06-10
   days on market $270,000 Active 128 DOM
8. 2026-06-09
   days on market $270,000 Active 127 DOM
9. 2026-06-08
   days on market $270,000 Active 126 DOM
10. 2026-06-07
    days on market $270,000 Active 125 DOM
11. 2026-06-05
    days on market $270,000 Active 122 DOM
12. 2026-06-03
    days on market $270,000 Active 121 DOM
13. 2026-06-03
    days on market $270,000 Active 120 DOM
14. 2026-06-01
    days on market $270,000 Active 119 DOM
15. 2026-05-31
    days on market $270,000 Active 118 DOM
16. 2026-05-30
    days on market $270,000 Active 117 DOM
17. 2026-03-18
    price $280,000
18. 2026-02-02
    listed $285,000 Active

ⓘ 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: $631 · $53/mo
• Projected year-2 tax: $2,241 · $187/mo
• Expected delta: +$1,610/yr (+$134/mo · 255.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 14% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,228
• − Mortgage interest: −$15,124
• − Property taxes: −$631
• − Insurance: −$1,350
• − Repairs & maintenance: −$1,938
• − Management: −$1,938
• − Depreciation: −$7,855
• Taxable loss: −$4,608
• Est. tax savings @ 24.0%: +$1,106
• After-tax cash flow: $1,274/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: Walton
• NCES district ID: 1201980
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 61% ▼ -2.00%
• Median HH income: $46,794
• Composite: 52.03/100
• National rank: #1634
• State rank: #10 of 73 in FL

Livability — Freeport

• Score: 68/100
• State rank: #520
• US rank: #9579

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Walton County · 70,839 people
• City population: 15,328
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 15,328
• Household income: $83,227
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 172.0

Population outlook (Walton County) Hauer SSP2

• Today (2025): 80,014 people
• By 2030: 88,120 · +10.1%
• By 2040: 103,537 · +29.4%
• By 2050: 117,034 · +46.3%
• By 2075: 143,901 · +79.8%
• By 2100: 155,138 · +93.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 8% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 1%
• Common ancestry: Slovak 3% Italian 3% Serbian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 13% Other Indo-European 1%

Political lean MEDSL · Walton

• 2024 margin: Solid R (+57.8) · D 20.7% · R 78.6%
• 2008→2024 swing: -12.0pp toward R · 2008: -45.8pp · 2024: -57.8pp
• All cycles: 2024: R+57.8 2020: R+51.7 2016: R+56.1 2012: R+52.0 2008: R+45.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.18%
• Current HPI: 350.4692
• Rent YoY: ▲ 1.40%
• Metro: Crestview-Fort Walton Beach-Destin, 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

-1.8% since first listed

2 events — show timeline

• 2026-03-18 Price Changed $280,000 ECAR
• 2026-02-02 Listed $285,000 ECAR

Property tax history

+27.2%/yr

Latest (2025): $631 · +2.5% YoY. Source: county tax records.