FLORIDA RESIDENTIAL INVESTMENT WATCH October 3 2026 statewide baseline Public acquisition research | USD EXECUTIVE SUMMARY Current stance: WATCH statewide. No property is cleared to buy. This October 3, 2026 baseline covers all 22 current Florida metropolitan statistical areas and creates a separate statewide history. The acquisition decision is whether ordinary annual rent can support the price after realistic costs and debt. No appreciation, refinancing, rent growth, seasonal income or unapproved extra units are required or credited. - The requested 100-point investment ranking is incomplete. Comparable inputs cover 55 of 100 points for most markets and 50 for the Pensacola, Sebastian–Vero Beach and Sebring apartment proxies. Yield and debt resilience (25), insurance and property risk (15), and matched current vacancy (5) are missing. The report shows earned partial points and missing-data ranges without scaling them to 100. These are research priorities, not acquisition rankings. - Statewide buyer leverage is mixed. September residential asking inventory was 146,478, down 9.55% year over year; median list price was $409,950, down 3.54%; median listing time was 81 days. The provider monthly price-reduced share was 20.14%. August closed SFR median was $415,000, up 1.2%, with 4.3 months of supply. Asking and closed-sale series use different samples and periods. - The best next research markets for ordinary SFR rentals are Deltona–Daytona, Lakeland–Winter Haven and Orlando under the partial screen. This does not prove 3–5-bedroom rental yield or parcel legality. Jacksonville, Gainesville, Tallahassee and Pensacola have specific SFR observations, but no purchase clears all gates. - Zero legally qualified multifamily buys were established. Five duplex observations, four live triplex screens and five preliminary fourplex records are retained, with freshness stated individually. County classifications and trade permits help triage but do not establish legal unit count, separate metering or restoration rights. Best Triplex and Best Fourplex remain unawarded. - Financing is the immediate constraint. The model uses 8.50% fixed for 30 years at 75% LTV, plus 9.50% rate sensitivity. The official October 1 conforming home-purchase benchmark was 7.28%; the investor spread is an assumption, not a quote. All modeled candidates fail the base 1.25x after-reserve DSCR hurdle at asking price under these budgets. - Use conditional ceilings, then subtract real acquisition work. The price ceiling must satisfy after-reserve DSCR of at least 1.25x, break-even collected-rent occupancy no more than 85%, and at least 1.00x coverage under rent down 5% and operating-expense ratio up 5 percentage points. A preferred 80% occupancy ceiling is also shown. Unpriced costs, capital work and legal obstacles can make the executable offer lower or zero. Sources: [RDC_S]; [FR_SFR]; [S01]. No Best Conventional SFR, Best House Hack or Best Flexible Strategy SFR is awarded. Six portal-active SFR screens and one availability-conflicted reserve are documented. Alternative strategies receive no added income, score or price premium. The base annual rental must work first. COVERAGE AND EVIDENCE STANDARDS Evidence labels used throughout Observed Meaning: A dated public source value, official record or visible page status. An assessor record is not a legal opinion. Listing claim Meaning: Seller or portal facts, asking price, advertised rent, condition, utilities, HOA or occupancy. No executed leases or collections were verified. Modeled Meaning: Arithmetic using explicitly stated analyst inputs. Insurance, vacancy, repairs and most post-sale tax are budgets. Unverified or not available Meaning: Evidence was not established. A blank is not zero, a permit was not proven absent, and no estimate is silently substituted. The 22-MSA spine preserves current Census county components and CBSA IDs. County-level costs and municipal use rules are labeled separately. Zillow metros are mapped by provider name; exact boundary vintage was not verified. Florida Realtors uses 2013 MSA definitions: Gainesville excludes Levy County and Panama City uses Bay and Gulf instead of current Bay and Washington. Do not use those two sale medians as exact current-MSA medians. Nonmetro Florida, including Monroe/Key West, is not represented by a standalone MSA row; it remains outside the quantitative ranking. State totals include nonmetro areas. There is no complete available-listing census for legal two-, three- or four-unit properties. Counts in property tables are examined records only. No verified metro 3–5-bedroom entry-price distribution or executed per-bedroom rental series was obtained. Market rent indexes are context, never multiplied by units or bedrooms to invent a rent roll. Current matched effective rents, concessions outside four covered metros, small-multifamily vacancy, deliveries, construction pipeline, household-growth observations and metro final-sale-to-list ratios are missing. HUD FY2027 fair-market rents became effective October 1, 2026, subject to valid area reevaluation requests. They are 40th-percentile gross-rent program benchmarks including utilities, not achievable subject rent or guaranteed voucher income. No FMR value is used in acquisition underwriting; local payment standards, utility allowance and rent reasonableness would need separate review. Concession-adjusted effective rent is not inferred from asking rent. Sources: [HUD_FMR27]; [HUD_SCHEDULE27]. No 2025 ACS household-growth observation is assumed available: Census announced that release timing was being determined during disclosure-avoidance review. The population series is explicitly a proxy, and household growth remains missing. Sources: [ACS_TIMING]. STATEWIDE MARKET CONDITIONS Florida source periods are intentionally separate Residential active listings Value: 146,478; −9.55% YoY Period and scope: September 2026 Realtor.com Florida listing mix Median asking price Value: $409,950; −3.54% YoY Period and scope: September 2026; not closed price Median asking price per square foot Value: $249; −3.78% YoY Period and scope: September 2026; all covered listing types, not investment-grade 3–5BR Listing time and reductions Value: 81 days; monthly reduced share 20.14% Period and scope: September 2026; provider definitions Closed SFR price and supply Value: $415,000; +1.2% YoY; 4.3 months Period and scope: August 2026 Florida Realtors SFR SFR original list price received Value: 96.0%; median time to contract 44 days Period and scope: August 2026 statewide; not metro final-list ratio Condo and townhouse context Value: $298,000; +2.8% YoY; 7.7 months supply Period and scope: August 2026; not apartment-building values Employment context Value: Payroll jobs +0.6% YoY; unemployment 4.6% versus 4.3% Period and scope: August 2026 BLS, not seasonally adjusted; preliminary Foreclosure context Value: One housing unit with a filing per 2,397; 3,189 starts Period and scope: August 2026 ATTOM state measure; filings are not unique discounted listings Sources: [RDC_S]; [FR_SFR]; [FR_CONDO]; [BLS]; [ATTOM]. TWENTY TWO METRO PRICE RENT AND BUYER LEVERAGE Pricing and annual asking rent context Miami-Fort Lauderdale-West Palm Beach, FL SFR sold median Aug: $658,000 ZHVI Aug and YoY: $475,830 / -0.5% SFR ZORI Aug and YoY: $3,436 / 2.6% 5 plus unit ZORI Aug and YoY: $2,468 / 1.2% Stance: WATCH; no marketwide Buy clearance Tampa-St. Petersburg-Clearwater, FL SFR sold median Aug: $410,000 ZHVI Aug and YoY: $358,706 / -1.5% SFR ZORI Aug and YoY: $2,410 / 1.4% 5 plus unit ZORI Aug and YoY: $1,793 / -1.2% Stance: WATCH; no marketwide Buy clearance Orlando-Kissimmee-Sanford, FL SFR sold median Aug: $439,000 ZHVI Aug and YoY: $383,445 / -1.8% SFR ZORI Aug and YoY: $2,452 / 1.7% 5 plus unit ZORI Aug and YoY: $1,771 / -0.3% Stance: WATCH; no marketwide Buy clearance Jacksonville, FL SFR sold median Aug: $405,000 ZHVI Aug and YoY: $350,783 / -0.5% SFR ZORI Aug and YoY: $2,075 / 2.5% 5 plus unit ZORI Aug and YoY: $1,522 / 1.1% Stance: WATCH; no marketwide Buy clearance North Port-Bradenton-Sarasota, FL SFR sold median Aug: $485,000 ZHVI Aug and YoY: $402,040 / -3.1% SFR ZORI Aug and YoY: $2,541 / 0.8% 5 plus unit ZORI Aug and YoY: $1,856 / -2.3% Stance: WATCH; no marketwide Buy clearance Cape Coral-Fort Myers, FL SFR sold median Aug: $380,000 ZHVI Aug and YoY: $335,410 / -4.4% SFR ZORI Aug and YoY: $2,154 / -0.0% 5 plus unit ZORI Aug and YoY: $1,664 / -1.7% Stance: WATCH; no marketwide Buy clearance Lakeland-Winter Haven, FL SFR sold median Aug: $327,000 ZHVI Aug and YoY: $295,821 / -2.4% SFR ZORI Aug and YoY: $2,099 / 2.6% 5 plus unit ZORI Aug and YoY: $1,587 / 0.1% Stance: WATCH; no marketwide Buy clearance Deltona-Daytona Beach-Ormond Beach, FL SFR sold median Aug: $360,000 ZHVI Aug and YoY: $330,389 / -0.9% SFR ZORI Aug and YoY: $2,147 / 3.1% 5 plus unit ZORI Aug and YoY: $1,576 / -0.4% Stance: WATCH; no marketwide Buy clearance Palm Bay-Melbourne-Titusville, FL SFR sold median Aug: $375,000 ZHVI Aug and YoY: $341,944 / -0.9% SFR ZORI Aug and YoY: $2,255 / 2.6% 5 plus unit ZORI Aug and YoY: $1,665 / -0.2% Stance: WATCH; no marketwide Buy clearance Port St. Lucie, FL SFR sold median Aug: $430,000 ZHVI Aug and YoY: $381,749 / -1.3% SFR ZORI Aug and YoY: $2,681 / 2.8% 5 plus unit ZORI Aug and YoY: $2,076 / 2.2% Stance: WATCH; no marketwide Buy clearance Pensacola-Ferry Pass-Brent, FL SFR sold median Aug: $332,900 ZHVI Aug and YoY: $310,111 / 1.4% SFR ZORI Aug and YoY: $1,948 / 2.0% 5 plus unit ZORI Aug and YoY: $1,592 / 2.7% Stance: WATCH; no marketwide Buy clearance Ocala, FL SFR sold median Aug: $289,000 ZHVI Aug and YoY: $269,193 / -2.3% SFR ZORI Aug and YoY: $1,770 / 1.0% 5 plus unit ZORI Aug and YoY: $1,459 / -1.2% Stance: WATCH; no marketwide Buy clearance Naples-Marco Island, FL SFR sold median Aug: $760,000 ZHVI Aug and YoY: $550,720 / -2.4% SFR ZORI Aug and YoY: $3,465 / 4.2% 5 plus unit ZORI Aug and YoY: $2,200 / -0.2% Stance: WATCH; no marketwide Buy clearance Tallahassee, FL SFR sold median Aug: $349,950 ZHVI Aug and YoY: $284,218 / 1.1% SFR ZORI Aug and YoY: $1,650 / 1.9% 5 plus unit ZORI Aug and YoY: $1,347 / 1.0% Stance: WATCH; no marketwide Buy clearance Gainesville, FL SFR sold median Aug: $352,995 † ZHVI Aug and YoY: $302,455 / -1.0% SFR ZORI Aug and YoY: $2,001 / 2.9% 5 plus unit ZORI Aug and YoY: $1,553 / 0.8% Stance: WATCH; no marketwide Buy clearance Crestview-Fort Walton Beach-Destin, FL SFR sold median Aug: $435,000 ZHVI Aug and YoY: $438,425 / 0.4% SFR ZORI Aug and YoY: $2,182 / 3.2% 5 plus unit ZORI Aug and YoY: $1,774 / 1.1% Stance: WATCH; no marketwide Buy clearance Panama City-Panama City Beach, FL SFR sold median Aug: $365,000 † ZHVI Aug and YoY: $344,018 / -0.4% SFR ZORI Aug and YoY: $2,110 / 1.6% 5 plus unit ZORI Aug and YoY: $1,581 / 0.5% Stance: WATCH; no marketwide Buy clearance Punta Gorda, FL SFR sold median Aug: $350,000 ZHVI Aug and YoY: $297,279 / -4.9% SFR ZORI Aug and YoY: $2,087 / 1.0% 5 plus unit ZORI Aug and YoY: $1,544 / -2.1% Stance: WATCH; no marketwide Buy clearance Sebastian-Vero Beach-West Vero Corridor, FL SFR sold median Aug: $410,000 ZHVI Aug and YoY: $364,169 / -1.5% SFR ZORI Aug and YoY: $2,330 / 5.5% 5 plus unit ZORI Aug and YoY: $1,847 / -0.9% Stance: WATCH; no marketwide Buy clearance Homosassa Springs, FL SFR sold median Aug: $270,990 ZHVI Aug and YoY: $271,612 / -1.1% SFR ZORI Aug and YoY: $1,774 / 1.8% 5 plus unit ZORI Aug and YoY: $1,297 / 1.5% Stance: WATCH; no marketwide Buy clearance Wildwood-The Villages, FL SFR sold median Aug: $382,000 ZHVI Aug and YoY: $388,139 / -0.8% SFR ZORI Aug and YoY: $1,962 / 4.2% 5 plus unit ZORI Aug and YoY: $1,579 / 4.8% Stance: WATCH; no marketwide Buy clearance Sebring, FL SFR sold median Aug: $271,900 ZHVI Aug and YoY: $233,314 / -1.5% SFR ZORI Aug and YoY: $1,616 / 0.7% 5 plus unit ZORI Aug and YoY: $1,161 / 3.3% Stance: WATCH; no marketwide Buy clearance † The Florida Realtors 2013 sale geography differs materially from the current MSA. ZHVI is a modeled typical home value, not a purchase price. ZORI is a stock-weighted asking-rent index: the SFR series is not bedroom-specific and the MFR series covers 5+ unit rental buildings, not duplexes, triplexes or fourplexes. Neither deducts concessions. All dollar rent indexes are monthly. Sources: [FR_MSA]; [ZHVI]; [ZORI_SFR]; [ZORI_MFR]. September residential resale leverage Miami-Fort Lauderdale-West Palm Beach, FL Active listings and YoY: 41,277 / -12.3% Median list price and YoY: $490,000 / -2.0% DOM: 85 Monthly cut share: 14.9% Pending to active: 0.227 Tampa-St. Petersburg-Clearwater, FL Active listings and YoY: 17,965 / -3.8% Median list price and YoY: $385,398 / -6.6% DOM: 76 Monthly cut share: 27.5% Pending to active: 0.292 Orlando-Kissimmee-Sanford, FL Active listings and YoY: 13,869 / 0.3% Median list price and YoY: $410,000 / -2.5% DOM: 77 Monthly cut share: 22.7% Pending to active: 0.319 Jacksonville, FL Active listings and YoY: 7,799 / -13.7% Median list price and YoY: $379,000 / -3.9% DOM: 66 Monthly cut share: 24.8% Pending to active: 0.429 North Port-Bradenton-Sarasota, FL Active listings and YoY: 6,905 / -14.5% Median list price and YoY: $457,450 / -3.7% DOM: 88 Monthly cut share: 18.1% Pending to active: 0.398 Cape Coral-Fort Myers, FL Active listings and YoY: 9,173 / -14.1% Median list price and YoY: $379,900 / -5.0% DOM: 91 Monthly cut share: 19.3% Pending to active: 0.248 Lakeland-Winter Haven, FL Active listings and YoY: 4,801 / 0.7% Median list price and YoY: $329,000 / -3.2% DOM: 80 Monthly cut share: 23.4% Pending to active: 0.343 Deltona-Daytona Beach-Ormond Beach, FL Active listings and YoY: 5,472 / -12.3% Median list price and YoY: $374,950 / -3.1% DOM: 78 Monthly cut share: 22.9% Pending to active: 0.278 Palm Bay-Melbourne-Titusville, FL Active listings and YoY: 3,554 / -14.9% Median list price and YoY: $369,775 / -2.4% DOM: 68 Monthly cut share: 24.2% Pending to active: 0.365 Port St. Lucie, FL Active listings and YoY: 3,905 / -9.1% Median list price and YoY: $429,000 / -0.8% DOM: 80 Monthly cut share: 19.4% Pending to active: 0.313 Pensacola-Ferry Pass-Brent, FL Active listings and YoY: 2,937 / -6.8% Median list price and YoY: $363,600 / 0.4% DOM: 72 Monthly cut share: 19.0% Pending to active: 0.447 Ocala, FL Active listings and YoY: 3,468 / -12.5% Median list price and YoY: $299,900 / 0.0% DOM: 77 Monthly cut share: 21.0% Pending to active: 0.318 Naples-Marco Island, FL Active listings and YoY: 4,523 / -14.5% Median list price and YoY: $676,694 / -1.9% DOM: 101 Monthly cut share: 12.3% Pending to active: 0.231 Tallahassee, FL Active listings and YoY: 1,384 / 5.9% Median list price and YoY: $337,000 / -0.6% DOM: 60 Monthly cut share: 16.1% Pending to active: 0.346 Gainesville, FL Active listings and YoY: 1,423 / -0.9% Median list price and YoY: $335,000 / 1.4% DOM: 82 Monthly cut share: 21.6% Pending to active: 0.305 Crestview-Fort Walton Beach-Destin, FL Active listings and YoY: 4,194 / -10.4% Median list price and YoY: $595,000 / -1.6% DOM: 98 Monthly cut share: 18.9% Pending to active: 0.233 Panama City-Panama City Beach, FL Active listings and YoY: 2,933 / -4.7% Median list price and YoY: $399,000 / -3.4% DOM: 101 Monthly cut share: 20.9% Pending to active: 0.213 Punta Gorda, FL Active listings and YoY: 2,655 / -23.1% Median list price and YoY: $360,000 / -5.0% DOM: 87 Monthly cut share: 18.8% Pending to active: 0.282 Sebastian-Vero Beach-West Vero Corridor, FL Active listings and YoY: 1,315 / -16.8% Median list price and YoY: $421,950 / -0.7% DOM: 87 Monthly cut share: 14.7% Pending to active: 0.313 Homosassa Springs, FL Active listings and YoY: 1,529 / -15.0% Median list price and YoY: $299,950 / -4.5% DOM: 87 Monthly cut share: 20.9% Pending to active: 0.322 Wildwood-The Villages, FL Active listings and YoY: 593 / -7.7% Median list price and YoY: $388,925 / 4.4% DOM: 59 Monthly cut share: 20.8% Pending to active: 0.427 Sebring, FL Active listings and YoY: 917 / 15.3% Median list price and YoY: $284,950 / -6.1% DOM: 80 Monthly cut share: 20.5% Pending to active: 0.233 These counts cover the Realtor.com residential listing mix, not exact small-multifamily inventory. DOM is provider listing-to-close/removal time, not time to first contract. The price-reduced share is the native provider monthly measure; it is not cumulative listing cuts and is not computed by dividing reductions by the active snapshot. A consistent current metro sale-to-final-list series was not obtained. No zero values are imputed. Sources: [RDC_M]; [RDC_REPORT]. DEMAND CONSTRUCTION VACANCY AND CONCESSIONS Population labor and authorized housing supply Miami-Fort Lauderdale-West Palm Beach, FL Population July 2025 and YoY: 6,391,072 / -0.1% Payroll jobs YoY Aug 2026: 0.4% Unemployment Aug 2026: 3.7% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 4,569 / 332 / 130 / 9,875 Total permits YoY: -0.8% Tampa-St. Petersburg-Clearwater, FL Population July 2025 and YoY: 3,418,895 / 0.4% Payroll jobs YoY Aug 2026: 0.9% Unemployment Aug 2026: 4.7% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 9,484 / 88 / 56 / 5,470 Total permits YoY: -7.9% Orlando-Kissimmee-Sanford, FL Population July 2025 and YoY: 2,957,672 / 1.3% Payroll jobs YoY Aug 2026: 0.8% Unemployment Aug 2026: 4.6% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 8,997 / 120 / 236 / 4,127 Total permits YoY: -33.1% Jacksonville, FL Population July 2025 and YoY: 1,785,500 / 1.5% Payroll jobs YoY Aug 2026: 0.1% Unemployment Aug 2026: 4.8% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 6,625 / 52 / 7 / 1,985 Total permits YoY: -10.0% North Port-Bradenton-Sarasota, FL Population July 2025 and YoY: 948,158 / 1.4% Payroll jobs YoY Aug 2026: 1.0% Unemployment Aug 2026: 4.9% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 7,006 / 50 / 76 / 1,747 Total permits YoY: -13.8% Cape Coral-Fort Myers, FL Population July 2025 and YoY: 875,607 / 1.6% Payroll jobs YoY Aug 2026: 0.5% Unemployment Aug 2026: 5.2% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 5,267 / 104 / 32 / 2,436 Total permits YoY: -22.5% Lakeland-Winter Haven, FL Population July 2025 and YoY: 874,790 / 2.7% Payroll jobs YoY Aug 2026: 1.3% Unemployment Aug 2026: 5.6% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 4,584 / 52 / 0 / 192 Total permits YoY: -21.2% Deltona-Daytona Beach-Ormond Beach, FL Population July 2025 and YoY: 746,933 / 1.3% Payroll jobs YoY Aug 2026: 0.9% Unemployment Aug 2026: 5.3% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 2,641 / 80 / 3 / 305 Total permits YoY: -23.1% Palm Bay-Melbourne-Titusville, FL Population July 2025 and YoY: 663,982 / 1.2% Payroll jobs YoY Aug 2026: 0.5% Unemployment Aug 2026: 4.8% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 2,483 / 0 / 9 / 729 Total permits YoY: 12.6% Port St. Lucie, FL Population July 2025 and YoY: 568,721 / 2.1% Payroll jobs YoY Aug 2026: 0.5% Unemployment Aug 2026: 5.2% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 3,044 / 36 / 12 / 24 Total permits YoY: -14.8% Pensacola-Ferry Pass-Brent, FL Population July 2025 and YoY: 544,949 / 0.9% Payroll jobs YoY Aug 2026: -0.2% Unemployment Aug 2026: 4.9% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 2,660 / 22 / 0 / 138 Total permits YoY: 22.7% Ocala, FL Population July 2025 and YoY: 442,660 / 3.4% Payroll jobs YoY Aug 2026: 1.2% Unemployment Aug 2026: 5.7% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 3,985 / 68 / 0 / 0 Total permits YoY: -10.0% Naples-Marco Island, FL Population July 2025 and YoY: 417,131 / 0.1% Payroll jobs YoY Aug 2026: 1.4% Unemployment Aug 2026: 5.0% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 1,490 / 2 / 8 / 972 Total permits YoY: 14.8% Tallahassee, FL Population July 2025 and YoY: 397,442 / 0.4% Payroll jobs YoY Aug 2026: 1.3% Unemployment Aug 2026: 4.9% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 807 / 14 / 0 / 683 Total permits YoY: -19.5% Gainesville, FL Population July 2025 and YoY: 359,036 / 0.5% Payroll jobs YoY Aug 2026: 0.6% Unemployment Aug 2026: 5.4% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 839 / 26 / 8 / 1,082 Total permits YoY: 22.6% Crestview-Fort Walton Beach-Destin, FL Population July 2025 and YoY: 315,098 / 1.6% Payroll jobs YoY Aug 2026: 0.4% Unemployment Aug 2026: 4.3% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 2,143 / 74 / 8 / 385 Total permits YoY: 5.8% Panama City-Panama City Beach, FL Population July 2025 and YoY: 231,174 / 2.0% Payroll jobs YoY Aug 2026: 1.8% Unemployment Aug 2026: 4.5% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 1,335 / 12 / 6 / 150 Total permits YoY: -6.7% Punta Gorda, FL Population July 2025 and YoY: 217,212 / 2.7% Payroll jobs YoY Aug 2026: 0.0% Unemployment Aug 2026: 5.9% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 2,225 / 42 / 38 / 107 Total permits YoY: 12.3% Sebastian-Vero Beach-West Vero Corridor, FL Population July 2025 and YoY: 172,799 / 0.7% Payroll jobs YoY Aug 2026: -0.2% Unemployment Aug 2026: 5.6% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 113 / 2 / 0 / 204 Total permits YoY: 163.6% Homosassa Springs, FL Population July 2025 and YoY: 171,666 / 1.1% Payroll jobs YoY Aug 2026: -0.5% Unemployment Aug 2026: 6.7% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 1,254 / 14 / 3 / 0 Total permits YoY: -9.4% Wildwood-The Villages, FL Population July 2025 and YoY: 157,772 / 2.3% Payroll jobs YoY Aug 2026: 0.7% Unemployment Aug 2026: 7.9% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 2,742 / 98 / 0 / 26 Total permits YoY: 19.4% Sebring, FL Population July 2025 and YoY: 111,122 / 1.1% Payroll jobs YoY Aug 2026: 0.7% Unemployment Aug 2026: 6.8% Jan to Aug permits 1 unit / 2 unit / 3 to 4 unit / 5 plus: 435 / 6 / 0 / 0 Total permits YoY: -17.7% Permits are housing units authorized, not buildings, starts, completions, deliveries or an active construction pipeline. The 3–4-unit source bin cannot separate triplex from fourplex construction. Current delivery and under-construction series were not consistently available. Population growth is a labeled demand proxy; household formation was not measured. Payroll workplace jobs and resident unemployment use different denominators. August labor figures are preliminary and not seasonally adjusted. Sources: [BLS]; [CENSUS_POP]; [BPS_cbsa2608y.txt]; [BPS_cbsa2508y.txt]; [BPS_cbsa2025a.txt]; [BPS_cbsa2608c.txt]. Limited vacancy and concession context Miami-Fort Lauderdale-West Palm Beach, FL HVS rental vacancy 2025: 8.3% 90 percent margin of error: ±1.5 pp 2024 vacancy: 9.5% Aug 2026 mixed 0 to 2BR rent: $2,271 Concession listing share: 28.1% Tampa-St. Petersburg-Clearwater, FL HVS rental vacancy 2025: 11.2% 90 percent margin of error: ±2.6 pp 2024 vacancy: 8.7% Aug 2026 mixed 0 to 2BR rent: $1,634 Concession listing share: 63.9% Orlando-Kissimmee-Sanford, FL HVS rental vacancy 2025: 9.4% 90 percent margin of error: ±2.4 pp 2024 vacancy: 9.4% Aug 2026 mixed 0 to 2BR rent: $1,672 Concession listing share: 58.5% Jacksonville, FL HVS rental vacancy 2025: 9.8% 90 percent margin of error: ±3.3 pp 2024 vacancy: 8.8% Aug 2026 mixed 0 to 2BR rent: $1,478 Concession listing share: 63.2% North Port-Bradenton-Sarasota, FL HVS rental vacancy 2025: 16.6% 90 percent margin of error: ±7.1 pp 2024 vacancy: 10.1% Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Cape Coral-Fort Myers, FL HVS rental vacancy 2025: 10.7% 90 percent margin of error: ±7.0 pp 2024 vacancy: 10.1% Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Lakeland-Winter Haven, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Deltona-Daytona Beach-Ormond Beach, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Palm Bay-Melbourne-Titusville, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Port St. Lucie, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Pensacola-Ferry Pass-Brent, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Ocala, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Naples-Marco Island, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Tallahassee, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Gainesville, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Crestview-Fort Walton Beach-Destin, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Panama City-Panama City Beach, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Punta Gorda, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Sebastian-Vero Beach-West Vero Corridor, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Homosassa Springs, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Wildwood-The Villages, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available Sebring, FL HVS rental vacancy 2025: Not available 90 percent margin of error: Not published 2024 vacancy: Not available Aug 2026 mixed 0 to 2BR rent: Not established Concession listing share: Not available The six HVS observations cover all rental types and older metro boundaries, with large sampling margins. The 2025 annual table uses 11 collected months and excludes October; the annual-table geography note takes precedence over conflicting older MOE workbook wording. Exact boundary comparability is unverified. These observations do not determine the 8% property model assumption or earn vacancy points. Realtor.com concessions cover 0–2-bedroom apartments and private homes in four metros, not 3–5BR SFR or small-MF effective rent. A concession share measures incidence, not its dollar cost. Sources: [RDC_RENT]; [HVS_RATE]; [HVS_MOE]. Distress coverage is insufficient for a comparable 22-market ranking. Punta Gorda had one housing unit with a foreclosure filing per 1,249 in the August 2026 ATTOM source. Other metro values are withheld. A foreclosure filing is neither a finished foreclosure nor a property that can be bought at a discount. Short sales and REO require separate title, lien, condition, possession and financeability work. WHAT IS IMPROVING AND DETERIORATING These arrows describe measured annual asking-rent-growth acceleration, not changes versus an earlier statewide report or broad changes in investment quality. Metric = August 2026 year-over-year growth minus August 2025 year-over-year growth, in percentage points, calculated from one downloaded vintage. A market can have rising acceleration while rents still decline. The first statewide month-to-month comparison is not yet available. Single family five fastest improving Naples-Marco Island, FL Aug 2026 rent growth YoY: 4.2% Aug 2025 rent growth YoY: -2.4% Acceleration: ↑ 6.63 pp Sebastian-Vero Beach-West Vero Corridor, FL Aug 2026 rent growth YoY: 5.5% Aug 2025 rent growth YoY: 0.9% Acceleration: ↑ 4.54 pp Wildwood-The Villages, FL Aug 2026 rent growth YoY: 4.2% Aug 2025 rent growth YoY: 1.1% Acceleration: ↑ 3.15 pp Cape Coral-Fort Myers, FL Aug 2026 rent growth YoY: -0.0% Aug 2025 rent growth YoY: -2.5% Acceleration: ↑ 2.44 pp Crestview-Fort Walton Beach-Destin, FL Aug 2026 rent growth YoY: 3.2% Aug 2025 rent growth YoY: 0.9% Acceleration: ↑ 2.37 pp Single family five fastest deteriorating Tallahassee, FL Aug 2026 rent growth YoY: 1.9% Aug 2025 rent growth YoY: 3.6% Acceleration: ↓ -1.65 pp Tampa-St. Petersburg-Clearwater, FL Aug 2026 rent growth YoY: 1.4% Aug 2025 rent growth YoY: 2.8% Acceleration: ↓ -1.34 pp Sebring, FL Aug 2026 rent growth YoY: 0.7% Aug 2025 rent growth YoY: 1.6% Acceleration: ↓ -0.91 pp Ocala, FL Aug 2026 rent growth YoY: 1.0% Aug 2025 rent growth YoY: 1.4% Acceleration: ↓ -0.45 pp Pensacola-Ferry Pass-Brent, FL Aug 2026 rent growth YoY: 2.0% Aug 2025 rent growth YoY: 2.4% Acceleration: ↓ -0.36 pp Five plus unit apartment proxy five fastest improving Wildwood-The Villages, FL Aug 2026 rent growth YoY: 4.8% Aug 2025 rent growth YoY: -3.2% Acceleration: ↑ 8.04 pp Naples-Marco Island, FL Aug 2026 rent growth YoY: -0.2% Aug 2025 rent growth YoY: -4.3% Acceleration: ↑ 4.07 pp Cape Coral-Fort Myers, FL Aug 2026 rent growth YoY: -1.7% Aug 2025 rent growth YoY: -5.0% Acceleration: ↑ 3.37 pp Crestview-Fort Walton Beach-Destin, FL Aug 2026 rent growth YoY: 1.1% Aug 2025 rent growth YoY: -2.0% Acceleration: ↑ 3.11 pp Pensacola-Ferry Pass-Brent, FL Aug 2026 rent growth YoY: 2.7% Aug 2025 rent growth YoY: -0.2% Acceleration: ↑ 2.89 pp Five plus unit apartment proxy five fastest deteriorating Sebastian-Vero Beach-West Vero Corridor, FL Aug 2026 rent growth YoY: -0.9% Aug 2025 rent growth YoY: 3.4% Acceleration: ↓ -4.27 pp Ocala, FL Aug 2026 rent growth YoY: -1.2% Aug 2025 rent growth YoY: 1.7% Acceleration: ↓ -2.92 pp Tampa-St. Petersburg-Clearwater, FL Aug 2026 rent growth YoY: -1.2% Aug 2025 rent growth YoY: 1.2% Acceleration: ↓ -2.38 pp Homosassa Springs, FL Aug 2026 rent growth YoY: 1.5% Aug 2025 rent growth YoY: 3.5% Acceleration: ↓ -2.08 pp Gainesville, FL Aug 2026 rent growth YoY: 0.8% Aug 2025 rent growth YoY: 2.3% Acceleration: ↓ -1.49 pp Sources: [ZORI_SFR]; [ZORI_MFR]. THE REQUESTED 100 POINT FRAMEWORK Weight and evidence coverage Yield and debt resilience Requested points: 25 Covered points: 0 Measurement or gap: Property net income, debt, condition and fully priced risk are not established marketwide Tenant demand Requested points: 15 Covered points: 15 Measurement or gap: Type-specific rent growth 10; payroll growth 5, both proxies Buyer leverage Requested points: 15 Covered points: 15 Measurement or gap: Residential monthly cut share 7.5; pending/active ratio 7.5 Supply and vacancy Requested points: 15 Covered points: 10 generally Measurement or gap: Relevant permits per population 5; permit trend 5; current matched vacancy 5 missing Insurance flood and climate burden Requested points: 15 Covered points: 0 Measurement or gap: No comparable property insurance/risk clearance; county averages are context Employment and household growth Requested points: 10 Covered points: 10 proxy Measurement or gap: Population growth 5 substitutes explicitly for missing household growth; unemployment 5 Resale liquidity and inventory Requested points: 5 Covered points: 5 proxy Measurement or gap: Residential DOM, with inventory shown separately Total Requested points: 100 Covered points: 55 generally; 50 in three apartment proxies Measurement or gap: Missing-data intervals are not statistical confidence intervals Points are analyst judgments, not provider ratings or a backtested investment model. Payroll and unemployment can covary; demand and buyer leverage deliberately express different tradeoffs. No market score is normalized to 100. Markets are ordered by earned common points, then liquidity, demand and name. Pensacola, Sebastian–Vero Beach and Sebring apartment proxies have a different denominator because prior-year 5+ permits were zero; its percent change is undefined and they are not directly rank-comparable. Combined small multifamily research priorities using apartment context 1 Metro: Wildwood-The Villages, FL Earned / covered: 40 / 55 Possible 100 point envelope: 40–85 Demand / leverage / supply known / growth / liquidity: 13 / 9 / 10 / 5 / 3 2 Metro: Port St. Lucie, FL Earned / covered: 38 / 55 Possible 100 point envelope: 38–83 Demand / leverage / supply known / growth / liquidity: 11 / 9 / 10 / 7 / 1 3 Metro: Lakeland-Winter Haven, FL Earned / covered: 36.5 / 55 Possible 100 point envelope: 36.5–81.5 Demand / leverage / supply known / growth / liquidity: 8 / 10.5 / 10 / 7 / 1 4 Metro: Ocala, FL Earned / covered: 34.5 / 55 Possible 100 point envelope: 34.5–79.5 Demand / leverage / supply known / growth / liquidity: 6 / 10.5 / 10 / 7 / 1 5 Metro: Panama City-Panama City Beach, FL Earned / covered: 34.5 / 55 Possible 100 point envelope: 34.5–79.5 Demand / leverage / supply known / growth / liquidity: 8 / 10.5 / 8 / 8 / 0 6 Metro: Homosassa Springs, FL Earned / covered: 32.5 / 55 Possible 100 point envelope: 32.5–77.5 Demand / leverage / supply known / growth / liquidity: 7 / 10.5 / 10 / 4 / 1 7 Metro: Tallahassee, FL Earned / covered: 32 / 55 Possible 100 point envelope: 32–77 Demand / leverage / supply known / growth / liquidity: 10 / 9 / 6 / 4 / 3 8 Metro: Jacksonville, FL Earned / covered: 31 / 55 Possible 100 point envelope: 31–76 Demand / leverage / supply known / growth / liquidity: 8 / 9 / 6 / 6 / 2 9 Metro: Crestview-Fort Walton Beach-Destin, FL Earned / covered: 31 / 55 Possible 100 point envelope: 31–76 Demand / leverage / supply known / growth / liquidity: 8 / 9 / 7 / 7 / 0 10 Metro: Deltona-Daytona Beach-Ormond Beach, FL Earned / covered: 30.5 / 55 Possible 100 point envelope: 30.5–75.5 Demand / leverage / supply known / growth / liquidity: 5 / 10.5 / 9 / 5 / 1 11 Metro: Orlando-Kissimmee-Sanford, FL Earned / covered: 29.5 / 55 Possible 100 point envelope: 29.5–74.5 Demand / leverage / supply known / growth / liquidity: 5 / 10.5 / 7 / 6 / 1 12 Metro: Tampa-St. Petersburg-Clearwater, FL Earned / covered: 28 / 55 Possible 100 point envelope: 28–73 Demand / leverage / supply known / growth / liquidity: 5 / 12 / 6 / 4 / 1 13 Metro: Punta Gorda, FL Earned / covered: 28 / 55 Possible 100 point envelope: 28–73 Demand / leverage / supply known / growth / liquidity: 3 / 9 / 8 / 7 / 1 14 Metro: North Port-Bradenton-Sarasota, FL Earned / covered: 27.5 / 55 Possible 100 point envelope: 27.5–72.5 Demand / leverage / supply known / growth / liquidity: 6 / 7.5 / 7 / 6 / 1 15 Metro: Miami-Fort Lauderdale-West Palm Beach, FL Earned / covered: 25.5 / 55 Possible 100 point envelope: 25.5–70.5 Demand / leverage / supply known / growth / liquidity: 8 / 7.5 / 5 / 4 / 1 16 Metro: Palm Bay-Melbourne-Titusville, FL Earned / covered: 25 / 55 Possible 100 point envelope: 25–70 Demand / leverage / supply known / growth / liquidity: 5 / 9 / 3 / 6 / 2 17 Metro: Cape Coral-Fort Myers, FL Earned / covered: 24 / 55 Possible 100 point envelope: 24–69 Demand / leverage / supply known / growth / liquidity: 5 / 9 / 4 / 6 / 0 18 Metro: Gainesville, FL Earned / covered: 23.5 / 55 Possible 100 point envelope: 23.5–68.5 Demand / leverage / supply known / growth / liquidity: 7 / 10.5 / 1 / 4 / 1 19 Metro: Naples-Marco Island, FL Earned / covered: 18.5 / 55 Possible 100 point envelope: 18.5–63.5 Demand / leverage / supply known / growth / liquidity: 6 / 7.5 / 1 / 4 / 0 Unranked 50 point coverage Metro: Pensacola-Ferry Pass-Brent, FL Earned / covered: 27.5 / 50 Possible 100 point envelope: 27.5–77.5 Demand / leverage / supply known / growth / liquidity: 9 / 7.5 / 4 / 5 / 2 Unranked 50 point coverage Metro: Sebastian-Vero Beach-West Vero Corridor, FL Earned / covered: 17.5 / 50 Possible 100 point envelope: 17.5–67.5 Demand / leverage / supply known / growth / liquidity: 3 / 7.5 / 2 / 4 / 1 Unranked 50 point coverage Metro: Sebring, FL Earned / covered: 33.5 / 50 Possible 100 point envelope: 33.5–83.5 Demand / leverage / supply known / growth / liquidity: 13 / 10.5 / 5 / 4 / 1 Separate requested investment rankings Duplex Investment rank status: Not computable Why the ranking is withheld: No representative legal-unit acquisition/rent/cost sample or current type vacancy across markets Triplex Investment rank status: Not computable Why the ranking is withheld: Zero legally qualified acquisitions; two usable conditional rent inputs, legal and cost gates open Fourplex Investment rank status: Not computable Why the ranking is withheld: Zero legally qualified acquisitions; three conditional income scenarios, other rent rolls missing Combined small multifamily Investment rank status: Not computable as a full investment rank Why the ranking is withheld: The ordered partial context above is shared research triage, not a duplex/triplex/fourplex return score A separate price and underwriting table for each unit count follows. Copying the same apartment-proxy ordering into three type rankings would create false precision, so no such rankings are asserted. The full rubric and every input are in the public data package. SEPARATE DUPLEX TRIPLEX AND FOURPLEX MARKET SCREENS All examined examples are a small purposive sample. Active-market available counts, legal market counts, representative acquisition medians and recent comparable-sale distributions are unknown. A zero examined count below means no retained example, not no supply. Each property uses ordinary annual rent only. The shared vacancy assumption is 8%; maintenance is 7% of scheduled rent; management is 10% of effective income; replacement reserve is 5% below NOI. OER, NOI, cap rate, DSCR and BEO are property-specific and appear in the following tables and cards. Duplex market coverage and acquisition evidence Miami-Fort Lauderdale-West Palm Beach, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $639,000 Modeled rent per unit per month: $2,550 Modeled NOI and cap: D04: $20,710 / 3.2% Stance: WATCH; conditional only Orlando-Kissimmee-Sanford, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $540,000 Modeled rent per unit per month: $1,800 Modeled NOI and cap: D02: $13,802 / 2.6% Stance: WATCH; conditional only Jacksonville, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $210,000 Modeled rent per unit per month: $950 Modeled NOI and cap: D01: $4,682 / 2.2% Stance: WATCH; conditional only Cape Coral-Fort Myers, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $499,000 Modeled rent per unit per month: $1,650 Modeled NOI and cap: D03: $13,137 / 2.6% Stance: WATCH; conditional only Pensacola-Ferry Pass-Brent, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $252,000 Modeled rent per unit per month: $1,050 Modeled NOI and cap: D05: $4,562 / 1.8% Stance: WATCH; conditional only Other 17 MSAs Examined count: 0 retained; market inventory unknown Observed asking basis: Not established Modeled rent per unit per month: Not established Modeled NOI and cap: Not modeled Stance: WATCH; data gaps No retained duplex acquisition sample in: Tampa-St. Petersburg-Clearwater, FL; North Port-Bradenton-Sarasota, FL; Lakeland-Winter Haven, FL; Deltona-Daytona Beach-Ormond Beach, FL; Palm Bay-Melbourne-Titusville, FL; Port St. Lucie, FL; Ocala, FL; Naples-Marco Island, FL; Tallahassee, FL; Gainesville, FL; Crestview-Fort Walton Beach-Destin, FL; Panama City-Panama City Beach, FL; Punta Gorda, FL; Sebastian-Vero Beach-West Vero Corridor, FL; Homosassa Springs, FL; Wildwood-The Villages, FL; Sebring, FL. Duplex comparable model at asking price 1811/1815 Whitner Street, Jacksonville, FL 32209 (https://www.zillow.com/homedetails/1811-Whitner-St-Jacksonville-FL-32209/2119137802_zpid/) Ask / unit: $105,000 Annual scheduled potential: $22,800 OER / NOI: 77.7% / $4,682 Cap / after reserve yield: 2.2% / 1.7% After reserve DSCR / BEO: 0.24x / 145.6% 85 percent ceiling: $70,693 6600/6602 Pot O Gold Lane, Orlando, FL 32809 (https://www.zillow.com/homedetails/6602-Pot-O-Gold-Ln-Orlando-FL-32809/46198092_zpid/) Ask / unit: $270,000 Annual scheduled potential: $43,200 OER / NOI: 65.3% / $13,802 Cap / after reserve yield: 2.6% / 2.2% After reserve DSCR / BEO: 0.31x / 158.2% 85 percent ceiling: $197,800 1010/1012 Gerald Avenue, Lehigh Acres, FL 33936 (https://www.coldwellbankerhomes.com/fl/lehigh-acres/1010-1012-gerald-ave/pid_72126861/) Ask / unit: $249,500 Annual scheduled potential: $39,600 OER / NOI: 63.9% / $13,137 Cap / after reserve yield: 2.6% / 2.2% After reserve DSCR / BEO: 0.32x / 157.6% 85 percent ceiling: $198,462 1255 NE 110th Terrace, Miami, FL 33161 (https://www.zillow.com/homedetails/1255-NE-110th-Ter-Miami-FL-33161/44136838_zpid/) Ask / unit: $319,500 Annual scheduled potential: $61,200 OER / NOI: 63.2% / $20,710 Cap / after reserve yield: 3.2% / 2.8% After reserve DSCR / BEO: 0.40x / 140.2% 85 percent ceiling: $285,717 3701 W Brainerd Street A & B, Pensacola, FL 32505 (https://www.byowner.com/multifamily/pensacola/3701-w-brainerd-st-fl-32505-688183) Ask / unit: $126,000 Annual scheduled potential: $25,200 OER / NOI: 80.3% / $4,562 Cap / after reserve yield: 1.8% / 1.3% After reserve DSCR / BEO: 0.19x / 154.3% 85 percent ceiling: $75,716 All legal-unit approvals remain unverified. Averages per unit conceal the stated unit mix. Where rents or occupancy are contradictory, the model is withheld; this is not a zero NOI. Every numeric ceiling is a conditional income screen, before capital work and unresolved charges. Tallahassee Sutor figures are a full-lease-up scenario, not its current three-unit income. Triplex market coverage and acquisition evidence Miami-Fort Lauderdale-West Palm Beach, FL Examined count: 2 examined; 0 legal cleared Observed asking basis: $709,500–$769,000 Modeled rent per unit per month: $1,653–$1,733 Modeled NOI and cap: T01: $12,336 / 1.6%; T02: $15,691 / 2.2% Stance: WATCH; conditional only Tampa-St. Petersburg-Clearwater, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $440,000 Modeled rent per unit per month: Withheld Modeled NOI and cap: T03: Withheld / Withheld Stance: WATCH; conditional only Jacksonville, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $109,999 Modeled rent per unit per month: Withheld Modeled NOI and cap: T04: Withheld / Withheld Stance: WATCH; conditional only Other 19 MSAs Examined count: 0 retained; market inventory unknown Observed asking basis: Not established Modeled rent per unit per month: Not established Modeled NOI and cap: Not modeled Stance: WATCH; data gaps No retained triplex acquisition sample in: Orlando-Kissimmee-Sanford, FL; North Port-Bradenton-Sarasota, FL; Cape Coral-Fort Myers, FL; Lakeland-Winter Haven, FL; Deltona-Daytona Beach-Ormond Beach, FL; Palm Bay-Melbourne-Titusville, FL; Port St. Lucie, FL; Pensacola-Ferry Pass-Brent, FL; Ocala, FL; Naples-Marco Island, FL; Tallahassee, FL; Gainesville, FL; Crestview-Fort Walton Beach-Destin, FL; Panama City-Panama City Beach, FL; Punta Gorda, FL; Sebastian-Vero Beach-West Vero Corridor, FL; Homosassa Springs, FL; Wildwood-The Villages, FL; Sebring, FL. Triplex comparable model at asking price 4265 SW 51st Street #1-3, Dania Beach, FL 33314 (https://www.zillow.com/homedetails/4265-Sw-51st-St-1-3-Fort-Lauderdale-FL-33314/2098328526_zpid/) Ask / unit: $256,333 Annual scheduled potential: $59,520 OER / NOI: 77.5% / $12,336 Cap / after reserve yield: 1.6% / 1.2% After reserve DSCR / BEO: 0.18x / 173.9% 85 percent ceiling: $232,296 5200-5208 NW 16th Street, Lauderhill, FL 33313 (https://www.zillow.com/homedetails/5200-NW-16th-St-Fort-Lauderdale-FL-33313/2071272879_zpid/) Ask / unit: $236,500 Annual scheduled potential: $62,376 OER / NOI: 72.7% / $15,691 Cap / after reserve yield: 2.2% / 1.8% After reserve DSCR / BEO: 0.26x / 157.1% 85 percent ceiling: $251,282 1403 College Park Lane, Tampa, FL 33612 (https://www.zillow.com/homedetails/1403-College-Park-Ln-Tampa-FL-33612/68584666_zpid/) Ask / unit: $146,667 Annual scheduled potential: Withheld OER / NOI: Withheld / Withheld Cap / after reserve yield: Withheld / Withheld After reserve DSCR / BEO: Withheld / Withheld 85 percent ceiling: Not established 134 W 32nd Street, Jacksonville, FL 32206 (https://www.zillow.com/homedetails/134-W-32nd-St-Jacksonville-FL-32206/44533603_zpid/) Ask / unit: $36,666 Annual scheduled potential: Withheld OER / NOI: Withheld / Withheld Cap / after reserve yield: Withheld / Withheld After reserve DSCR / BEO: Withheld / Withheld 85 percent ceiling: Not established All legal-unit approvals remain unverified. Averages per unit conceal the stated unit mix. Where rents or occupancy are contradictory, the model is withheld; this is not a zero NOI. Every numeric ceiling is a conditional income screen, before capital work and unresolved charges. Tallahassee Sutor figures are a full-lease-up scenario, not its current three-unit income. Fourplex market coverage and acquisition evidence Jacksonville, FL Examined count: 2 examined; 0 legal cleared Observed asking basis: $240,000–$335,000 Modeled rent per unit per month: $781 Modeled NOI and cap: 519_w_23rd_jacksonville: $9,425 / 2.8%; 1504_w_15th_jacksonville: Withheld / Withheld Stance: WATCH; conditional only Cape Coral-Fort Myers, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $599,900 Modeled rent per unit per month: Withheld Modeled NOI and cap: 1840_lafayette_fort_myers: Withheld / Withheld Stance: WATCH; conditional only Lakeland-Winter Haven, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $499,000 Modeled rent per unit per month: $1,112 Modeled NOI and cap: 902_e_lime_lakeland: $15,389 / 3.1% Stance: WATCH; conditional only Tallahassee, FL Examined count: 1 examined; 0 legal cleared Observed asking basis: $499,000 Modeled rent per unit per month: $1,100 Modeled NOI and cap: 997_sutor_tallahassee: $21,342 / 4.3% Stance: WATCH; conditional only Other 18 MSAs Examined count: 0 retained; market inventory unknown Observed asking basis: Not established Modeled rent per unit per month: Not established Modeled NOI and cap: Not modeled Stance: WATCH; data gaps No retained fourplex acquisition sample in: Miami-Fort Lauderdale-West Palm Beach, FL; Tampa-St. Petersburg-Clearwater, FL; Orlando-Kissimmee-Sanford, FL; North Port-Bradenton-Sarasota, FL; Deltona-Daytona Beach-Ormond Beach, FL; Palm Bay-Melbourne-Titusville, FL; Port St. Lucie, FL; Pensacola-Ferry Pass-Brent, FL; Ocala, FL; Naples-Marco Island, FL; Gainesville, FL; Crestview-Fort Walton Beach-Destin, FL; Panama City-Panama City Beach, FL; Punta Gorda, FL; Sebastian-Vero Beach-West Vero Corridor, FL; Homosassa Springs, FL; Wildwood-The Villages, FL; Sebring, FL. Fourplex comparable model at asking price 519 W 23rd St, Jacksonville, FL 32206 (https://www.mystatemls.com/property/519-w-23rd-st-jacksonville-fl-32206/11775147/) Ask / unit: $83,750 Annual scheduled potential: $37,500 OER / NOI: 72.7% / $9,425 Cap / after reserve yield: 2.8% / 2.3% After reserve DSCR / BEO: 0.33x / 138.3% 85 percent ceiling: $133,265 902–904 E Lime St, Lakeland, FL 33801 (https://www.innovateonline.com/multifamily-for-sale/902-E-Lime-Street-Lakeland-FL-33801-440076252) Ask / unit: $124,750 Annual scheduled potential: $53,400 OER / NOI: 68.7% / $15,389 Cap / after reserve yield: 3.1% / 2.5% After reserve DSCR / BEO: 0.37x / 137.4% 85 percent ceiling: $213,132 997 Sutor Rd, Tallahassee, FL 32311 (https://www.crexi.com/properties/2449907/florida-tallahassee-fl-quadruplex) Ask / unit: $124,750 Annual scheduled potential: $52,800 OER / NOI: 56.1% / $21,342 Cap / after reserve yield: 4.3% / 3.7% After reserve DSCR / BEO: 0.54x / 125.3% 85 percent ceiling: $269,311 1840 Lafayette St, Fort Myers, FL 33901 (https://www.redfin.com/FL/Fort-Myers/1840-Lafayette-St-33901/home/67856711) Ask / unit: $149,975 Annual scheduled potential: Withheld OER / NOI: Withheld / Withheld Cap / after reserve yield: Withheld / Withheld After reserve DSCR / BEO: Withheld / Withheld 85 percent ceiling: Not established 1504 W 15th St, Jacksonville, FL 32209 (https://www.loopnet.com/Listing/1504-15th-St-Jacksonville-FL/40401539/) Ask / unit: $60,000 Annual scheduled potential: Withheld OER / NOI: Withheld / Withheld Cap / after reserve yield: Withheld / Withheld After reserve DSCR / BEO: Withheld / Withheld 85 percent ceiling: Not established All legal-unit approvals remain unverified. Averages per unit conceal the stated unit mix. Where rents or occupancy are contradictory, the model is withheld; this is not a zero NOI. Every numeric ceiling is a conditional income screen, before capital work and unresolved charges. Tallahassee Sutor figures are a full-lease-up scenario, not its current three-unit income. PROPERTY DILIGENCE CARDS Best Triplex and Best Fourplex: unawarded. The following is a document-verification watchlist. No candidate has complete legal-unit, separate-meter, flood, insurance, title, condition and all-in cost clearance. No broker, seller or tenant was contacted. Lease terms and collections must be verified before relying on listing income. 1811/1815 Whitner Street, Jacksonville, FL 32209 DUPLEX · Jacksonville, FL · $210,000 asking · $105,000 per marketed unit. Direct listing (https://www.zillow.com/homedetails/1811-Whitner-St-Jacksonville-FL-32209/2119137802_zpid/) Availability: Active live Zillow October 3. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: Two 2-bedroom/1-bath units; upstairs/downstairs. DOM: 90 days; 2026-07-05 per Zillow; July 3 per Redfin. Price history: No current-list cuts. Earlier $215,000 Apr 2026 listing removed July 2; $265,000 Mar 2025 listing removed Aug 2025. Rent and occupancy: Advertised existing aggregate $1,900/month; no collections verified. Existing aggregate advertised income, no market increase. Lease expirations: Upstairs 2027-04-30; Downstairs month-to-month. - Building: 1951; 1664 living square feet - County unit evidence: 2 assessed; 0801 DUPLEX, 2 rooms/units, 4 bedrooms/2 baths, 1951; same building duplicated under 1811 and 1815 addresses, not four units; RLD-60 zoning assessment - Legal and permit issues: RLD-60 and tiny 0.05-acre lot require lawful nonconforming/rebuild confirmation; no original CO retrieved; Permit detail not established - Meters: Not disclosed/verified - Waterfront and flood: No waterfront claim; map/survey not verified; FEMA zone unverified Condition claims: Roof 2018; kitchens/plumbing 2022; second-unit HVAC 2023; second-unit water heater/panel 2026. Immediate capital needs: No contractor scope or capital bid established. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $4,500, separate flood placeholder $1,500, owner utilities/services $2,400, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $22,800; EGI $20,976; operating expenses $16,294 (77.7% of EGI); NOI $4,682; reserve $1,140; debt service $14,532. Cap 2.2%; after-reserve unlevered yield 1.7%. Debt resilience for D01 Base 8.50% Conventional DSCR: 0.32x After reserve DSCR: 0.24x Annual cash flow after debt: -$10,990 Base BEO: 145.6% Rent −5%; OER +5 pp Conventional DSCR: 0.24x After reserve DSCR: 0.16x Annual cash flow after debt: -$12,221 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.29x After reserve DSCR: 0.22x Annual cash flow after debt: -$12,350 Base BEO: 152.2% Combined operating and rate stress Conventional DSCR: 0.22x After reserve DSCR: 0.15x Annual cash flow after debt: -$13,580 Base BEO: Separate stress scenario Conditional maximum price: $70,693 at 85% BEO; preferred $59,191 at 80%; $65,909 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: Comparative annual-income screen only; legal/meter/condition/insurance diligence unresolved. - Diligence gate: Comparative annual-income screen only; legal/meter/condition/insurance diligence unresolved Property evidence: [P088] [P089] [P090]. Full links and vintages are in the source ledger. 6600/6602 Pot O Gold Lane, Orlando, FL 32809 DUPLEX · Orlando-Kissimmee-Sanford, FL · $540,000 asking · $270,000 per marketed unit. Direct listing (https://www.zillow.com/homedetails/6602-Pot-O-Gold-Ln-Orlando-FL-32809/46198092_zpid/) Availability: For sale live Zillow October 3. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: Two 2-bedroom/2-bath units, each about 1,000 sf with garage. DOM: 201 days; 2026-03-16. Price history: $650k initial; 620k Apr 23; 580k Jun 11; 550k Jul 16; 540k Sep 15; pending May 28, returned active Jun 4. Rent and occupancy: Advertised existing aggregate $3,600/month; no collections verified. Existing stated leases without upside. Lease expirations: October 2026; September 2027. - Building: 1970; 2056 living square feet - County unit evidence: 2 assessed; Live Oct 3 refresh: use 0812 Duplex; ORG-R-2; 1970; 4 beds/4 baths; 2056 living/2508 gross sf; block/stucco; unincorporated - Legal and permit issues: No original CO; official permit index has 10 entries, then CAPTCHA prevents details; existing zoning class not occupancy proof; Index: complete electrical E22017459, Dec 2022; B17002358/B17001339 residential 2017; H17000743 mechanical 2017; B08006552 residential 2008; T07050338 roof 2007; plumbing 1997; electrical 1992; 2017 rezoning withdrawn. Scope beyond index unverified. - Meters: Not disclosed/verified - Waterfront and flood: No waterfront claimed; parcel/survey waterfront status not independently verified; FEMA zone unverified Condition claims: 1970 block/stucco; septic; public water; roof life/septic inspection unresolved. Immediate capital needs: No contractor scope or capital bid established. No capital amount is treated as zero. Tax and recurring budgets: 2026 displayed total 15.9798 mills × offer plus $914.56 known non-ad-valorem; future assessed value and final bill unverified. Property insurance $5,500, separate flood placeholder $1,500, owner utilities/services $2,400, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $43,200; EGI $39,744; operating expenses $25,942 (65.3% of EGI); NOI $13,802; reserve $2,160; debt service $37,369. Cap 2.6%; after-reserve unlevered yield 2.2%. Debt resilience for D02 Base 8.50% Conventional DSCR: 0.37x After reserve DSCR: 0.31x Annual cash flow after debt: -$25,727 Base BEO: 158.2% Rent −5%; OER +5 pp Conventional DSCR: 0.30x After reserve DSCR: 0.24x Annual cash flow after debt: -$28,305 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.34x After reserve DSCR: 0.28x Annual cash flow after debt: -$29,224 Base BEO: 167.2% Combined operating and rate stress Conventional DSCR: 0.27x After reserve DSCR: 0.22x Annual cash flow after debt: -$31,802 Base BEO: Separate stress scenario Conditional maximum price: $197,800 at 85% BEO; preferred $183,201 at 80%; $183,322 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: Cleanest annual-lease and tax inputs among duplex screens, but ask requires substantial income-based discount and legal/insurance diligence. - Diligence gate: Cleanest annual-lease and tax inputs among duplex screens, but ask requires substantial income-based discount and legal/insurance diligence Property evidence: [P091] [P092] [P093]. Full links and vintages are in the source ledger. 1010/1012 Gerald Avenue, Lehigh Acres, FL 33936 DUPLEX · Cape Coral-Fort Myers, FL · $499,000 asking · $249,500 per marketed unit. Direct listing (https://www.coldwellbankerhomes.com/fl/lehigh-acres/1010-1012-gerald-ave/pid_72126861/) Availability: Active live Coldwell Banker October 3. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: Two 1199 sf units; listing has 6 beds total, county has 4 beds/4 baths; likely den/bedroom discrepancy needs plans. DOM: 102 days; Not established. Price history: Not established. Rent and occupancy: Advertised existing aggregate $3,300/month; no collections verified. Existing stated August 2026 annual leases, no seller hypothetical uplift. Lease expirations: Annual terms began August 2026; exact expiry unknown. - Building: 2025; 2398 living square feet - County unit evidence: 2 assessed; Live official, current Oct 2: improvement 27 Duplex; 2 living units; 2025; 2398 sf; 4 beds/4 baths - Legal and permit issues: New construction permit RES2024-03891 indexed; Accela blocked public portal after one reload, no CO retrieved; bedroom discrepancy unresolved; Permit detail not established - Meters: Separate meters not verified; tenants pay electricity per listing - Waterfront and flood: False; Lee card shows panel 071C0338F dated Aug 28, 2008 and evacuation NC; not a verified FEMA zone Condition claims: Not established. Immediate capital needs: No contractor scope or capital bid established. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $5,400, separate flood placeholder $1,500, owner utilities/services $0, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $39,600; EGI $36,432; operating expenses $23,295 (63.9% of EGI); NOI $13,137; reserve $1,980; debt service $34,532. Cap 2.6%; after-reserve unlevered yield 2.2%. Debt resilience for D03 Base 8.50% Conventional DSCR: 0.38x After reserve DSCR: 0.32x Annual cash flow after debt: -$23,375 Base BEO: 157.6% Rent −5%; OER +5 pp Conventional DSCR: 0.31x After reserve DSCR: 0.25x Annual cash flow after debt: -$25,762 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.35x After reserve DSCR: 0.30x Annual cash flow after debt: -$26,606 Base BEO: 166.7% Combined operating and rate stress Conventional DSCR: 0.28x After reserve DSCR: 0.23x Annual cash flow after debt: -$28,993 Base BEO: Separate stress scenario Conditional maximum price: $198,462 at 85% BEO; preferred $189,009 at 80%; $184,446 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: Current annual-lease/new-build benchmark; no financial justification from projected rents, resolve 4 versus 6 bedrooms. - Diligence gate: Current annual-lease/new-build benchmark; no financial justification from projected rents, resolve 4 versus 6 bedrooms Property evidence: [P094] [P095] [P096]. Full links and vintages are in the source ledger. 1255 NE 110th Terrace, Miami, FL 33161 DUPLEX · Miami-Fort Lauderdale-West Palm Beach, FL · $639,000 asking · $319,500 per marketed unit. Direct listing (https://www.zillow.com/homedetails/1255-NE-110th-Ter-Miami-FL-33161/44136838_zpid/) Availability: For sale live Zillow October 3. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 3/1 plus 2/1 per older listing; current 5 beds/2 baths. DOM: 397 days; 2025-08-31. Price history: $660k to $639k, Aug 6, 2026. Rent and occupancy: Advertised existing aggregate $5,100/month; no collections verified. Advertised existing rents only; no leases, ledger, or actual collection proof. Lease expirations: Not established. - Building: 1967; 1706 living square feet - County unit evidence: None assessed; Official search tab loaded title but DOM/frame timed out twice; no parcel data acquired - Legal and permit issues: No CO/use determination obtained; Permit detail not established - Meters: Compass separate-meter Yes claim; actual meters/bills not verified - Waterfront and flood: Not advertised; unverified; FEMA zone unverified Condition claims: Not established. Immediate capital needs: No contractor scope or capital bid established. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $9,000, separate flood placeholder $1,500, owner utilities/services $2,400, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $61,200; EGI $56,304; operating expenses $35,594 (63.2% of EGI); NOI $20,710; reserve $3,060; debt service $44,220. Cap 3.2%; after-reserve unlevered yield 2.8%. Debt resilience for D04 Base 8.50% Conventional DSCR: 0.47x After reserve DSCR: 0.40x Annual cash flow after debt: -$26,571 Base BEO: 140.2% Rent −5%; OER +5 pp Conventional DSCR: 0.38x After reserve DSCR: 0.32x Annual cash flow after debt: -$30,281 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.43x After reserve DSCR: 0.36x Annual cash flow after debt: -$30,708 Base BEO: 147.8% Combined operating and rate stress Conventional DSCR: 0.35x After reserve DSCR: 0.29x Annual cash flow after debt: -$34,418 Base BEO: Separate stress scenario Conditional maximum price: $285,717 at 85% BEO; preferred $267,034 at 80%; $265,538 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: Listing-only South Florida price/income benchmark; significant wind/flood/bedroom/legal verification remains. - Diligence gate: Listing-only South Florida price/income benchmark; significant wind/flood/bedroom/legal verification remains Property evidence: [P097] [P098] [P099] [P100]. Full links and vintages are in the source ledger. 3701 W Brainerd Street A & B, Pensacola, FL 32505 DUPLEX · Pensacola-Ferry Pass-Brent, FL · $252,000 asking · $126,000 per marketed unit. Direct listing (https://www.byowner.com/multifamily/pensacola/3701-w-brainerd-st-fl-32505-688183) Availability: Active live By Owner October 3; source updated October 2, 23:51. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: Two 2/1s. DOM: 36 days; 2026-08-28. Price history: None observed. Rent and occupancy: Advertised existing aggregate $2,100/month; no collections verified. Advertised existing rents, no increase. Lease expirations: Not established. - Building: 1938; 1356 living square feet - County unit evidence: None assessed; No parcel-level official record retrieved - Legal and permit issues: No CO/use determination obtained; Permit detail not established - Meters: Unknown - Waterfront and flood: Not advertised; unverified; FEMA zone unverified Condition claims: 1938 frame/off-grade; roof age and termite/wind resistance unknown. Immediate capital needs: No contractor scope or capital bid established. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $5,600, separate flood placeholder $1,500, owner utilities/services $2,400, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $25,200; EGI $23,184; operating expenses $18,622 (80.3% of EGI); NOI $4,562; reserve $1,260; debt service $17,439. Cap 1.8%; after-reserve unlevered yield 1.3%. Debt resilience for D05 Base 8.50% Conventional DSCR: 0.26x After reserve DSCR: 0.19x Annual cash flow after debt: -$14,137 Base BEO: 154.3% Rent −5%; OER +5 pp Conventional DSCR: 0.19x After reserve DSCR: 0.11x Annual cash flow after debt: -$15,467 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.24x After reserve DSCR: 0.17x Annual cash flow after debt: -$15,769 Base BEO: 161.5% Combined operating and rate stress Conventional DSCR: 0.17x After reserve DSCR: 0.10x Annual cash flow after debt: -$17,098 Base BEO: Separate stress scenario Conditional maximum price: $75,716 at 85% BEO; preferred $63,003 at 80%; $70,592 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: Panhandle listing-only annual-income price benchmark; not legal-qualified. - Diligence gate: Panhandle listing-only annual-income price benchmark; not legal-qualified Property evidence: [P101] [P102] [P103]. Full links and vintages are in the source ledger. 4265 SW 51st Street #1-3, Dania Beach, FL 33314 TRIPLEX · Miami-Fort Lauderdale-West Palm Beach, FL · $769,000 asking · $256,333 per marketed unit. Direct listing (https://www.zillow.com/homedetails/4265-Sw-51st-St-1-3-Fort-Lauderdale-FL-33314/2098328526_zpid/) Availability: Active on live Zillow and Compass, observed October 3. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 1 × 2BR/1BA at $1,850/month until 2027-02-28; 1 × 3BR/1BA at $1,960/month until 2026-12-31; 1 × 1BR/1BA at $1,150/month until 2026-12-31. DOM: 121 displayed days; 2026-06-04. Price history: None displayed; $769,000 since June 4. Rent and occupancy: All three leased on annual/multiyear leases, listing claim only. Use disclosed existing unit rents without upside. Need leases, ledger and estoppels; documents advertised available but not supplied. Lease expirations: See unit-level dates where supplied; other dates unavailable. - Building: 1961; 2362 living square feet - County unit evidence: Live parcel search matched address; 3 units, use 08 multifamily under 10, 1961, 2,362 adjusted sf, RD-8000, 11,376 land sf. Record is tax evidence only. - Zoning and legal use: RD-8000; Dania code calls R-D 8000 Two-Family Residential District; three assessed units do not establish lawful triplex use. Need city confirmation of lawful nonconforming use and restoration/rebuild rights. - Permit evidence: Dania public address search returned six records: roof, fence, doors and plumbing; no original three-unit CO found. Roof 2021-00001487 has final pass 2021-10-14 and completed status 2022-09-06. Fence 2019-00000646 final pass 2019-04-26. These are limited-scope permits, not occupancy approval. - Meters and utilities: Listing states three meters, separate electricity and water; tenants pay electricity/water. Sewer public. Owner landscape, trash/common costs still need confirmation. - Waterfront and flood: Live Compass Waterfront No; Zillow Waterfront None; FEMA zone unverified Condition claims: Condition inspections and all system ages not established. Immediate capital needs: Unbid: Insurance/wind/flood quote, Post-sale tax, Two dated unit renovations, Sewer/plumbing condition, Owner services and common utilities, Legal/nonconforming validation. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $12,300, separate flood placeholder $1,500, owner utilities/services $3,600, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $59,520; EGI $54,758; operating expenses $42,422 (77.5% of EGI); NOI $12,336; reserve $2,976; debt service $53,217. Cap 1.6%; after-reserve unlevered yield 1.2%. Debt resilience for T01 Base 8.50% Conventional DSCR: 0.23x After reserve DSCR: 0.18x Annual cash flow after debt: -$43,856 Base BEO: 173.9% Rent −5%; OER +5 pp Conventional DSCR: 0.17x After reserve DSCR: 0.12x Annual cash flow after debt: -$47,074 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.21x After reserve DSCR: 0.16x Annual cash flow after debt: -$48,835 Base BEO: 183.2% Combined operating and rate stress Conventional DSCR: 0.16x After reserve DSCR: 0.11x Annual cash flow after debt: -$52,053 Base BEO: Separate stress scenario Conditional maximum price: $232,296 at 85% BEO; preferred $205,286 at 80%; $215,890 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: Lawful third-unit status and rebuild rights. - Diligence gate: Lawful third-unit status and rebuild rights - Diligence gate: Rent collection/lease confirmation - Diligence gate: Inspection and renovation bids - Diligence gate: Insurance and flood evidence Property evidence: [P104] [P105] [P106] [P107] [P108] [P109] [P110]. Full links and vintages are in the source ledger. 5200-5208 NW 16th Street, Lauderhill, FL 33313 TRIPLEX · Miami-Fort Lauderdale-West Palm Beach, FL · $709,500 asking · $236,500 per marketed unit. Direct listing (https://www.zillow.com/homedetails/5200-NW-16th-St-Fort-Lauderdale-FL-33313/2071272879_zpid/) Availability: For sale on live Zillow, observed October 3. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 2 × 2BR/1BA; 1 × 2BR/2BA. DOM: 146 displayed days; 2026-05-09 price history; date-on-market field says May 7. Price history: Initial $799,999; numerous small changes. Latest live cut $400 on Sep 28 from $709,900 to $709,500; Sep 22 had reached $708,000 before a Sep 24 increase. Rent and occupancy: Annual-lease tenants; no per-unit lease/expiry or collection evidence. Lower of the two advertised triplex totals; provisional until address-specific rent roll. No upside used. Lease expirations: Not established. Shared marketing for adjacent 5200/5210 states triplex #1 $5,645/mo and #2 $5,198/mo but does not explicitly map the labels to addresses. Do not attribute the full portfolio $10,843 or projected $14,000 to this parcel. - Building: 1971; 2399 living square feet - County unit evidence: Live county record matched 5200-5208 NW 16 Street Lauderhill; 3 units, 1971, 2,399 adjusted sf, 9,568 land sf; multifamily <10; RM-8. - Zoning and legal use: RM-8; Parcel-specific lawful-use determination not obtained - Permit evidence: BCPA building card has no listed permit/CO rows and warns records may be incomplete. Its Lauderhill permit link returned 502 connection closed. No legal unit-count approval obtained. - Meters and utilities: Current listing rent includes water, trash and gardener. Electricity metering appears in older Crexi listing but not verified current; treat as unresolved. Sewer public. - Waterfront and flood: Current Trulia MLS data: not on waterfront; FEMA zone unverified Condition claims: Condition inspections and all system ages not established. Immediate capital needs: Unbid: Insurance/wind/flood quote, Post-sale tax, Water/sewer/trash/gardener bills, Roof age, Plumbing condition, Unit-specific electric metering. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $12,300, separate flood placeholder $1,500, owner utilities/services $3,600, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $62,376; EGI $57,386; operating expenses $41,695 (72.7% of EGI); NOI $15,691; reserve $3,119; debt service $49,099. Cap 2.2%; after-reserve unlevered yield 1.8%. Debt resilience for T02 Base 8.50% Conventional DSCR: 0.32x After reserve DSCR: 0.26x Annual cash flow after debt: -$36,527 Base BEO: 157.1% Rent −5%; OER +5 pp Conventional DSCR: 0.25x After reserve DSCR: 0.18x Annual cash flow after debt: -$40,037 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.29x After reserve DSCR: 0.23x Annual cash flow after debt: -$41,121 Base BEO: 165.2% Combined operating and rate stress Conventional DSCR: 0.23x After reserve DSCR: 0.17x Annual cash flow after debt: -$44,631 Base BEO: Separate stress scenario Conditional maximum price: $251,282 at 85% BEO; preferred $224,497 at 80%; $233,535 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: Address-specific rent roll and lease expiries. - Diligence gate: Address-specific rent roll and lease expiries - Diligence gate: Lawful triplex and density/nonconforming evidence - Diligence gate: Roof, plumbing and electrical inspection - Diligence gate: Owner utility costs Property evidence: [P111] [P112] [P106] [P113] [P114]. Full links and vintages are in the source ledger. 1403 College Park Lane, Tampa, FL 33612 TRIPLEX · Tampa-St. Petersburg-Clearwater, FL · $440,000 asking · $146,667 per marketed unit. Direct listing (https://www.zillow.com/homedetails/1403-College-Park-Ln-Tampa-FL-33612/68584666_zpid/) Availability: For sale on live Zillow, observed October 3. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 1 × 3BR/1BA at $1,900/month; 1 × 1BR/1BA at $1,250/month; 1 × 0BR/1BA at $1,000/month. DOM: 249 displayed days; 2026-01-27. Price history: $450,000 to $440,000 July 26; returned active after Feb 21 and Apr 8 pending periods. Rent and occupancy: Contradiction: description says one unit vacant but calls all three leased and $4,150 current monthly income. Do not underwrite $4,150 as current collected income. If exactly one unit vacant, known potential in-place aggregate could range $2,250-$3,150 depending on which. Obtain unit-level status first. Lease expirations: Not established. - Building: 1965; 1656 living square feet - County unit evidence: HCPA updated Oct 2: 3 units; multifamily <10; mixed masonry/frame; 1965; 1,656 heated sf; 11,022 land sf; unincorporated; RMC-12. - Zoning and legal use: RMC-12; Parcel-specific lawful-use determination not obtained - Permit evidence: HCPA lists RGB43056 on June 2 2015 as RES/DUPLEX/REMODEL KITCHENS UNITS A & B. Sewer-line replacement NPL47058 August 2015; meter/A-C NEL45826 May 2015. No third-unit CO identified. Assessor expressly says it must list improvements including potentially unpermitted work. - Meters and utilities: Three separate electrical meters, tenant-paid power; single community water meter, HOA covers water/sewer/trash - Waterfront and flood: Live Compass October 3: Waterfront No; Water View No; X; 12057C0212H dated 2008-08-28, not current FEMA verification Condition claims: Condition inspections and all system ages not established. Immediate capital needs: Unbid: Roof age, Frame sections/wind insurance, Inspection/rehab, HOA reserves, assessments and rental restrictions, Vacant unit identity and turn cost, Post-sale tax. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $7,100, separate flood placeholder $1,500, owner utilities/services $3,600, included HOA $3,276 annually. HOA documents and all exact cost quotes remain unverified. NOI, cap, DSCR, BEO and maximum offer withheld. A reliable subject rent/occupancy or stabilization basis is missing. Applying a seller pro forma would create unsupported precision. Low price per unit alone is not an acquisition case. - Diligence gate: Third-unit legal status given duplex permit - Diligence gate: Vacancy/rent contradiction - Diligence gate: HOA documents/estoppel - Diligence gate: Wind/flood quote and condition Property evidence: [P115] [P116] [P117] [P118]. Full links and vintages are in the source ledger. 134 W 32nd Street, Jacksonville, FL 32206 TRIPLEX · Jacksonville, FL · $109,999 asking · $36,666 per marketed unit. Direct listing (https://www.zillow.com/homedetails/134-W-32nd-St-Jacksonville-FL-32206/44533603_zpid/) Availability: Active on live Zillow, observed October 3. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 1 × 2BR/1BA; 2 × 1BR/1BA. DOM: 4 displayed days; 2026-09-28 price history; date-on-market field says October 2. Price history: None displayed. Rent and occupancy: All three delivered vacant, no leases. Seller target is unsubstantiated. No rent comps or renovation bid establish stabilized rent; current income zero. Lease expirations: No existing leases per listing. - Building: 1938; 1700 living square feet - County unit evidence: One building type 0802 TRIPLEX, rooms/units 3, four bedrooms/three baths, 1938, 1,700 heated sf. Parcel presents 134/136/138 W 32nd addresses for same building, not nine units. Land 5,471 sf; RMD-A; USD1. - Zoning and legal use: RMD-A per county zoning-assessment field; Parcel-specific lawful-use determination not obtained - Permit evidence: No unit-count CO retrieved; separate permit/municipal legal-use inquiry remains outstanding - Meters and utilities: Listing says all three separately metered for public utilities; verify actual electric/water meter accounts and any common service - Waterfront and flood: Current Compass MLS record Waterfront YN No; FEMA zone unverified Condition claims: AS-IS renovation required. Listing says central HVAC but assessor says wall units/unducted heat; inspect systems. Immediate capital needs: Unbid: Full rehab scope/bids and contingency, Holding costs/lease-up, Roof and electrical/plumbing replacements, Builder-risk/insurance availability, Post-sale tax, Municipal liens/code cases. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $6,000, separate flood placeholder $1,500, owner utilities/services $3,600, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. NOI, cap, DSCR, BEO and maximum offer withheld. A reliable subject rent/occupancy or stabilization basis is missing. Applying a seller pro forma would create unsupported precision. Low price per unit alone is not an acquisition case. - Diligence gate: Complete rehab budget - Diligence gate: Lawful triplex/CO and reoccupancy approval - Diligence gate: Municipal code/lien search - Diligence gate: Supported rent comps - Diligence gate: Financeability and insurance Property evidence: [P119] [P120] [P121]. Full links and vintages are in the source ledger. 519 W 23rd St, Jacksonville, FL 32206 FOURPLEX · Jacksonville, FL · $335,000 asking · $83,750 per marketed unit. Direct listing (https://www.mystatemls.com/property/519-w-23rd-st-jacksonville-fl-32206/11775147/) Availability: Active for sale observed in direct MLS and current Realtor syndication; updated Sep16. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 4 x 1BR/1BA. DOM: Realtor displays140; elapsed since first listing142 as of Oct3, relisting/pending intervals mean not continuous market time. Price history: 2026-09-16: $349,000 to $335,000. Rent and occupancy: No uplift over disclosed in-place schedule; not lease/collection verified. Recent subject rental asks around$775 corroborate order of magnitude. Claimed occupied-unit schedule $3,125/month; lease expirations Not established. - Building: Listing year 1940; official 1940; listing area 3060; official area 3060 square feet - County and legal evidence: County assessed quadruplex and permits recognize3/4families; legal nonconforming status and CO unresolved - Zoning: RLD-60 - Permits: 19 JAXEPICS results; finalized electrical E-05-40921.000 unit2 issued7/19/2005 classifies Residential3Or4Families. Other finalized permits for units1–4; roof R-20-298326.000 finalized. No CO/building-creation permit in inspected19results. - Meters and utilities: Unknown; separate meter counts unverified - Waterfront and flood: Not marketed as waterfront; official boundary/flood determination incomplete; FEMA zone unverified Condition claims: Physical inspection and systems scope not established. . Immediate capital needs: No contractor bids; Roof final inspection and4-point/wind mitigation, insurer quote. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $6,000, separate flood placeholder $1,500, owner utilities/services $4,800, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $37,500; EGI $34,500; operating expenses $25,075 (72.7% of EGI); NOI $9,425; reserve $1,875; debt service $23,183. Cap 2.8%; after-reserve unlevered yield 2.3%. Debt resilience for 519_w_23rd_jacksonville Base 8.50% Conventional DSCR: 0.41x After reserve DSCR: 0.33x Annual cash flow after debt: -$15,633 Base BEO: 138.3% Rent −5%; OER +5 pp Conventional DSCR: 0.32x After reserve DSCR: 0.23x Annual cash flow after debt: -$17,743 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.37x After reserve DSCR: 0.30x Annual cash flow after debt: -$17,802 Base BEO: 144.7% Combined operating and rate stress Conventional DSCR: 0.29x After reserve DSCR: 0.21x Annual cash flow after debt: -$19,912 Base BEO: Separate stress scenario Conditional maximum price: $133,265 at 85% BEO; preferred $114,347 at 80%; $124,246 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: CO/zoning letter and legal nonconforming/rebuild rights, since RLD-60 official city guidance is single-family. - Diligence gate: CO/zoning letter and legal nonconforming/rebuild rights, since RLD-60 official city guidance is single-family - Diligence gate: Leases, estoppels, arrears and deposits, actual unit2 occupancy detail - Diligence gate: Meter map and12months utility bills - Diligence gate: Roof final inspection and4-point/wind mitigation, insurer quote - Diligence gate: Tax bill non-ad-valorem reconciliation Property evidence: [P122] [P123] [P124] [P125]. Full links and vintages are in the source ledger. 902–904 E Lime St, Lakeland, FL 33801 FOURPLEX · Lakeland-Winter Haven, FL · $499,000 asking · $124,750 per marketed unit. Direct listing (https://www.innovateonline.com/multifamily-for-sale/902-E-Lime-Street-Lakeland-FL-33801-440076252) Availability: Active new listing Oct1; current broker syndication updated Oct2. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 4x1BR/1BA claimed, two units per building. DOM: 2 calendar days since listing; not continuous MLS DOM. Price history: None observed. Rent and occupancy: No uplift from seller current aggregate rent; require individual leases/collections. Claimed occupied-unit schedule $4,450/month; lease expirations Not established. - Building: Listing year 1948; official [1948, 1943]; listing area 2803; official area 2108 square feet - County and legal evidence: County confirms2+2livingunits; no approved conversion/CO or independent parcel zoning verification - Zoning: MF-22 - Permits: Appraiser routes to Lakeland permit agency; no parcel permits/CO obtained - Meters and utilities: Owner pays utilities; separate meter counts unverified - Waterfront and flood: No waterfront stated; listing flood X only, not independently FEMA-verified; X listing-only Condition claims: Physical inspection and systems scope not established. . Immediate capital needs: No contractor bids; Confirm4legal units, rear configuration, baths, permitted area and rebuild rights; 1943/1948woodframe and crawlspace; roof/HVAC/plumbing/electrical ages unknown. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $6,000, separate flood placeholder $1,500, owner utilities/services $7,608, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized annual-rental screen using advertised existing schedule. Scheduled potential $53,400; EGI $49,128; operating expenses $33,739 (68.7% of EGI); NOI $15,389; reserve $2,670; debt service $34,532. Cap 3.1%; after-reserve unlevered yield 2.5%. Debt resilience for 902_e_lime_lakeland Base 8.50% Conventional DSCR: 0.45x After reserve DSCR: 0.37x Annual cash flow after debt: -$21,813 Base BEO: 137.4% Rent −5%; OER +5 pp Conventional DSCR: 0.36x After reserve DSCR: 0.28x Annual cash flow after debt: -$24,916 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.41x After reserve DSCR: 0.34x Annual cash flow after debt: -$25,044 Base BEO: 144.1% Combined operating and rate stress Conventional DSCR: 0.33x After reserve DSCR: 0.25x Annual cash flow after debt: -$28,147 Base BEO: Separate stress scenario Conditional maximum price: $213,132 at 85% BEO; preferred $189,816 at 80%; $198,080 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: County area discrepancy:1448+660=2108sf; rear contains separate660sfgarage, versus listing2803sf and another syndication2048sf. - Diligence gate: County area discrepancy:1448+660=2108sf; rear contains separate660sfgarage, versus listing2803sf and another syndication2048sf - Diligence gate: Confirm4legal units, rear configuration, baths, permitted area and rebuild rights - Diligence gate: 1943/1948woodframe and crawlspace; roof/HVAC/plumbing/electrical ages unknown - Diligence gate: Utilities634/month unverified; individual metering/rebill feasibility unknown - Diligence gate: Large tax reset; leases, deposits, arrears; insurerquote Property evidence: [P126] [P127] [P128]. Full links and vintages are in the source ledger. 997 Sutor Rd, Tallahassee, FL 32311 FOURPLEX · Tallahassee, FL · $499,000 asking · $124,750 per marketed unit. Direct listing (https://www.crexi.com/properties/2449907/florida-tallahassee-fl-quadruplex) Availability: Currently advertised on Crexi at $499,000; displayed DOM and last-update age come from a cached snapshot. Availability is not broker-confirmed. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 4x2BR/1BA,777sf each. DOM: April 2 first MLS listing found in third-party history; Crexi displays 167 days. Calendar elapsed time is not continuous DOM. Price history: Date not established: $525,000 to $499,000. Rent and occupancy: Three occupied units at $1,100/month. $4,400/month requires leasing the fourth unit and is potential, not current in-place income. Claimed occupied-unit schedule $3,300/month; lease expirations Not established. Current occupied-schedule comparison: three of four units at the advertised $1,100 rent means $39,600 annual occupied rent versus $52,800 full potential, or 25% known physical vacancy. No extra 8% is subtracted. At asking price and the same fixed budgets: NOI $13,264; after-reserve DSCR 0.31x; annual cash flow -$23,908. The separate stabilized model below requires fourth-unit lease-up; actual collections remain unverified. - Building: Listing year 1981; official 1981; listing area 3108; official area 3108 square feet - County and legal evidence: Official city GIS confirms MR-1. A city permit explicitly classifies the building as a quadriplex; CO and possible lot-size nonconformity remain unresolved. - Zoning: MR-1 Medium Density Residential - Permits: Nine permits returned. TBM241596: mechanical changeout, Unit D, Alteration Quadriplex, expired December 30, 2024. TBB110481: completed 2011 siding and structural wood repair. TBM141772: AC changeout completed July 23, 2014. - Meters and utilities: Tenants pay all utilities, per listing; meter count unverified.; separate meter counts unverified - Waterfront and flood: Not marketed as waterfront; official GIS flood field was blank, which is not evidence of zone X.; FEMA zone unverified Condition claims: Physical inspection and systems scope not established. Roof 2011 per listing. Immediate capital needs: No contractor bids; Resolve expired 2024 HVAC permit and obtain final inspection; Obtain insurance quote and evaluate 15-year-old roof replacement. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $6,000, separate flood placeholder $1,500, owner utilities/services $1,200, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Hypothetical full lease-up at $1,100 per legal unit; current three-unit schedule is $3,300/month; no present 92% occupancy claim. Scheduled potential $52,800; EGI $48,576; operating expenses $27,234 (56.1% of EGI); NOI $21,342; reserve $2,640; debt service $34,532. Cap 4.3%; after-reserve unlevered yield 3.7%. Debt resilience for 997_sutor_tallahassee Base 8.50% Conventional DSCR: 0.62x After reserve DSCR: 0.54x Annual cash flow after debt: -$15,830 Base BEO: 125.3% Rent −5%; OER +5 pp Conventional DSCR: 0.52x After reserve DSCR: 0.44x Annual cash flow after debt: -$19,204 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.57x After reserve DSCR: 0.50x Annual cash flow after debt: -$19,060 Base BEO: 132.1% Combined operating and rate stress Conventional DSCR: 0.48x After reserve DSCR: 0.41x Annual cash flow after debt: -$22,435 Base BEO: Separate stress scenario Conditional maximum price: $269,311 at 85% BEO; preferred $257,617 at 80%; $250,291 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: The public evidence is sufficient for a conditional income comparison or a clearly labeled stabilization scenario. Largest risk: Resolve expired 2024 HVAC permit and obtain final inspection. - Diligence gate: Resolve expired 2024 HVAC permit and obtain final inspection - Diligence gate: Obtain CO, approved site plan and zoning letter; current MR-1 multifamily lot minimum is 10,000 sf versus approximately 9,148 sf assessed - Diligence gate: Obtain insurance quote and evaluate 15-year-old roof replacement - Diligence gate: Verify three existing leases and fourth-unit lease-up costs; older month-to-month claim may be stale - Diligence gate: Confirm tenant utility responsibility, meter count, lawn/pest cost and flood designation Property evidence: [P129] [P130] [P131] [P132] [P133] [P134]. Full links and vintages are in the source ledger. 1840 Lafayette St, Fort Myers, FL 33901 FOURPLEX · Cape Coral-Fort Myers, FL · $599,900 asking · $149,975 per marketed unit. Direct listing (https://www.redfin.com/FL/Fort-Myers/1840-Lafayette-St-33901/home/67856711) Availability: Redfin shows for sale at $599,900; retrieved snapshot is approximately one month old. Broker confirmation absent. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: Listing claims four 2BR/1BA units; county record has three total bedrooms and four baths, a material discrepancy. DOM: 150 calendar days since listing; not continuous MLS DOM. Price history: 2026-06-11: $699,000 to $649,000; 2026-07-13: $649,000 to $599,900. Rent and occupancy: No actual rent roll or current occupancy. Advertised $58,800 gross scheduled income is not established current rent or collections; no offer-ready rent base. Claimed occupied-unit schedule Not established/month; lease expirations Not established. - Building: Listing year 1988; official 1923; listing area None; official area 2891 square feet - County and legal evidence: Official appraisal shows four living units and Family Conversion type. CO, conversion approval, bedroom count and actual construction year are unresolved. - Zoning: Not established - Permits: County links TRD-055775-2025 plumbing, TRD2020-01605 roof/sheds, TRD2006-01870 remodel/repair, and 9003706 roof. These pointers do not establish a CO and are not a comprehensive permit history. - Meters and utilities: Tenants pay electricity per listing; water/sewer responsibility unknown.; separate meter counts unverified - Waterfront and flood: Not marketed as waterfront; official flood determination not obtained.; FEMA zone unverified Condition claims: Physical inspection and systems scope not established. . Immediate capital needs: No contractor bids; Verify roof permit final and flood/wind insurance costs; Confirm meters, water/sewer payer, city permit/code and lien status. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $7,200, separate flood placeholder $1,500, owner utilities/services $4,800, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. NOI, cap, DSCR, BEO and maximum offer withheld. A reliable subject rent/occupancy or stabilization basis is missing. Applying a seller pro forma would create unsupported precision. Low price per unit alone is not an acquisition case. - Diligence gate: Resolve 1923 official year versus 1988 listing and 3 versus 8 bedrooms - Diligence gate: Obtain approved four-unit conversion plans and CO - Diligence gate: Obtain rent roll, occupancy, signed leases and T12 collections - Diligence gate: Verify roof permit final and flood/wind insurance costs - Diligence gate: Confirm meters, water/sewer payer, city permit/code and lien status Property evidence: [P135] [P136]. Full links and vintages are in the source ledger. 1504 W 15th St, Jacksonville, FL 32209 FOURPLEX · Jacksonville, FL · $240,000 asking · $60,000 per marketed unit. Direct listing (https://www.loopnet.com/Listing/1504-15th-St-Jacksonville-FL/40401539/) Availability: Loop Net states currently available at $240,000; date on market May 5. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: Official appraisal shows four bedrooms/four bathrooms; four 1BR/1BA units are inferred, not independently confirmed. DOM: 151 calendar days since listing; not continuous MLS DOM. Price history: Not established. Rent and occupancy: Do not treat $42,600 pro forma rent as actual. Listing says only three units occupied; current rent roll required. Claimed occupied-unit schedule Not established/month; lease expirations Not established. - Building: Listing year 1961; official 1961; listing area 2964; official area 2704 square feet - County and legal evidence: Official appraisal identifies an 0803 quadruplex with four units and RLD-60 zoning assessment. CO and legal nonconforming status unverified. - Zoning: RLD-60 - Permits: Not established - Meters and utilities: Unknown; separate meter counts unverified - Waterfront and flood: Not marketed as waterfront; official flood determination not obtained.; FEMA zone unverified Condition claims: Physical inspection and systems scope not established. . Immediate capital needs: No contractor bids; Verify claimed 2024 renovation permits and separate meters. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $6,000, separate flood placeholder $1,500, owner utilities/services $4,800, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. NOI, cap, DSCR, BEO and maximum offer withheld. A reliable subject rent/occupancy or stabilization basis is missing. Applying a seller pro forma would create unsupported precision. Low price per unit alone is not an acquisition case. - Diligence gate: Obtain actual rent roll, three leases and fourth-unit status - Diligence gate: Verify CO and RLD-60 legal nonconforming/rebuild rights - Diligence gate: Verify claimed 2024 renovation permits and separate meters - Diligence gate: Obtain physical inspection and insurance quote - Diligence gate: Pro forma omits normal vacancy and reserves; NOI amounts are internally inconsistent Property evidence: [P137] [P138]. Full links and vintages are in the source ledger. TEN SINGLE FAMILY MARKETS TO RESEARCH FIRST The ten-market ordering below is the partial annual-rental market screen, not a verified list of the ten strongest cash-flow markets. Its top positions depend on demand, buyer leverage and supply context; the missing 45 points can change the order. All ten are WATCH. Other strategies have no eligible score until parcel-level zoning, occupancy, licenses, lease duration, private covenants, parking, bedrooms, egress and fire rules are cleared. Top ten SFR partial research priorities 1. Deltona-Daytona Beach-Ormond Beach, FL Earned / covered and possible envelope: 35.5/55; 35.5–80.5 SFR asking rent index / YoY: $2,147 / 3.1% Available subject entry examples: No retained investment-grade 3–5BR sample; entry price and $/sf not established Strategy and stance: Ordinary annual rental research; WATCH 2. Lakeland-Winter Haven, FL Earned / covered and possible envelope: 35.5/55; 35.5–80.5 SFR asking rent index / YoY: $2,099 / 2.6% Available subject entry examples: No retained investment-grade 3–5BR sample; entry price and $/sf not established Strategy and stance: Ordinary annual rental research; WATCH 3. Orlando-Kissimmee-Sanford, FL Earned / covered and possible envelope: 33.5/55; 33.5–78.5 SFR asking rent index / YoY: $2,452 / 1.7% Available subject entry examples: No retained investment-grade 3–5BR sample; entry price and $/sf not established Strategy and stance: Ordinary annual rental research; WATCH 4. Palm Bay-Melbourne-Titusville, FL Earned / covered and possible envelope: 33/55; 33–78 SFR asking rent index / YoY: $2,255 / 2.6% Available subject entry examples: $249,900 / $193 per sf (status conflict) Strategy and stance: Ordinary annual rental research; WATCH 5. Jacksonville, FL Earned / covered and possible envelope: 33/55; 33–78 SFR asking rent index / YoY: $2,075 / 2.5% Available subject entry examples: $219,000 / $182 per sf; $179,000 / $150 per sf Strategy and stance: Ordinary annual rental research; WATCH 6. Port St. Lucie, FL Earned / covered and possible envelope: 33/55; 33–78 SFR asking rent index / YoY: $2,681 / 2.8% Available subject entry examples: No retained investment-grade 3–5BR sample; entry price and $/sf not established Strategy and stance: Ordinary annual rental research; WATCH 7. Panama City-Panama City Beach, FL Earned / covered and possible envelope: 32.5/55; 32.5–77.5 SFR asking rent index / YoY: $2,110 / 1.6% Available subject entry examples: No retained investment-grade 3–5BR sample; entry price and $/sf not established Strategy and stance: Ordinary annual rental research; WATCH 8. Tallahassee, FL Earned / covered and possible envelope: 32/55; 32–77 SFR asking rent index / YoY: $1,650 / 1.9% Available subject entry examples: $225,000 / $153 per sf Strategy and stance: Ordinary annual rental research; WATCH 9. Tampa-St. Petersburg-Clearwater, FL Earned / covered and possible envelope: 32/55; 32–77 SFR asking rent index / YoY: $2,410 / 1.4% Available subject entry examples: No retained investment-grade 3–5BR sample; entry price and $/sf not established Strategy and stance: Ordinary annual rental research; WATCH 10. Gainesville, FL Earned / covered and possible envelope: 31.5/55; 31.5–76.5 SFR asking rent index / YoY: $2,001 / 2.9% Available subject entry examples: $225,000 / $173 per sf Strategy and stance: Ordinary annual rental research; WATCH Strategy rankings and allowed income credit Conventional annual rental Ranking and income treatment: Partial market order above; no parcel Buy clearance Required evidence: Lawful existing residence, ordinary lease rules, executed rent comps, insurance and fully loaded expenses Owner occupied house hack or rooms Ranking and income treatment: No eligible strategy ranking; zero incremental income credit Required evidence: Actual owner occupancy and financing; rooming classification; occupants, parking, legal bedrooms and fire/egress ADU subdivision or conversion Ranking and income treatment: No eligible strategy ranking; zero incremental income credit Required evidence: Current parcel use permission, lot/site/utility feasibility, permits, approved plans, final occupancy and lender/insurer/HOA permission Furnished mid term rental Ranking and income treatment: No eligible strategy ranking; zero premium credited Required evidence: Permitted use/duration, occupancy and licensing, tax treatment, written coverage, turnover/furnishing/utilities and executed demand Short term rental Ranking and income treatment: No eligible strategy ranking; zero STR income credited Required evidence: Explicitly permitted parcel use and duration plus registration, licenses, safety and private restrictions Master lease or subletting Ranking and income treatment: No scenario credited Required evidence: Written owner, lender, insurer and HOA approval, with zoning and safety clearance A broad SFR rent index is not an annual 3–5-bedroom rent or room rent. No per-bedroom rent market series was established. For a specific retained home, the cards show whole-home annual-rental underwriting and transparent rent-per-bedroom arithmetic only as allocation, never as room-rental revenue. Marketwide target bases and maximum offers are withheld where matched property rents, costs and condition do not exist; candidate-specific conditional ceilings follow. For all ten markets, the common tables above supply September inventory, price reductions, DOM and price trends, August rent and employment trends, population growth, vacancy/concessions where available, and one-unit permit competition. Consistent current final-sale-to-list, 3–5BR entry-price distributions, per-room executed rents, effective-rent concessions, distress, delivery pipelines and household growth remain unavailable. No missing series is treated as zero or as a marketwide Avoid. Target basis is property-specific: retained candidate ceilings follow. No matched investment-grade entry sample exists for Deltona, Lakeland, Orlando, Port St Lucie, Panama City or Tampa; Palm Bay has only a status-conflicted reserve. Broad sold medians and rent indexes must not substitute for those missing samples. Every top-ten market is best suited to annual-rental research first; the main risk is paying a price that does not survive actual costs and debt. Taxes, insurance, utilities, HOA/CDD and capital work use the common conditional cost framework and parcel-specific facts below. Local strategy rules appear in the jurisdiction matrix; unreviewed municipalities receive no clearance. Crime and school assignment are not scored, and no protected-class proxy enters the ordering. Verified institutional demand anchors These official institutional locations provide qualitative context only, not proof of hiring, rent absorption or a price premium. Commute times from the candidates were not measured. Campus cities identify actual locations within the broader MSA. Primary source employment education and medical anchors Deltona–Daytona Beach–Ormond Beach Official locations: Stetson University, DeLand campus (https://www.stetson.edu/other/visit/transportation.php), 421 N. Woodland Blvd; AdventHealth Fish Memorial (https://www.adventhealth.com/locations/hospitals/fish-memorial), 1055 Saxon Blvd, Orange City Geographic caution: Education and healthcare clusters are in DeLand and Orange City, not uniformly near every Deltona/Daytona property. Assess each side of the MSA separately Lakeland–Winter Haven Official locations: Lakeland Regional Health Medical Center (https://www.mylrh.org/driving-directions-map/), 1324 Lakeland Hills Blvd; Florida Southern College (https://www.flsouthern.edu/campus-offices/offices-directory), 111 Lake Hollingsworth Dr Geographic caution: Both anchors are Lakeland locations. They do not establish comparable tenant demand at a remote Winter Haven/Polk parcel Orlando–Kissimmee–Sanford Official locations: UCF locations (https://www.ucf.edu/locations/) identifies the east-Orlando main campus and Lake Nona Academic Health Sciences campus; UCF College of Medicine's Lake Nona location (https://med.ucf.edu/about/our-locations/health-sciences-campus/) identifies nearby VA and Nemours facilities Geographic caution: East Orlando and Lake Nona are distinct demand centers. The university says Lake Nona is about 25 miles south of its Orlando main campus. Don't underwrite an entire metro as one student/medical rental market Palm Bay–Melbourne–Titusville Official locations: L 3 Harris Florida operations (https://careers.l3harris.com/en/florida) identifies Palm Bay's High Technology Center and Melbourne presence; corporate headquarters (https://www.l3harris.com/contact-us) is at 1025 W.NASA Blvd, Melbourne Geographic caution: Aerospace/defense is a real employment anchor, but no job-growth figure or relocation demand was established. Palm Bay/Melbourne must be distinguished from Titusville Jacksonville Official locations: Mayo Clinic's Florida campus guide (https://www.mayoclinic.org/patient-visitor-guide/florida); University of North Florida (https://www.unf.edu/visit/directions.html), 1 UNF Drive, Jacksonville 32224 Geographic caution: These are eastern-Jacksonville anchors. They do not automatically support higher rents for northwest 32209/32219 houses. Parcel-level commute verification is essential Port St.Lucie Official locations: Cleveland Clinic Tradition Hospital (https://my.clevelandclinic.org/florida/locations/tradition-hospital), 10000 SW Innovation Way; IRSC Pruitt Campus (https://irsc.edu/about/campuses/), 500 NW California Blvd Geographic caution: Healthcare/STEM/nursing institutions can diversify the tenant pool. Tradition and Pruitt locations must be matched to the subject submarket, not treated as metro-wide premiums Panama City Official locations: Tyndall AFB official media kit (https://www.tyndall.af.mil/Public-Affairs/Media-Kit/) identifies its location near Panama City and 325 th Fighter Wing; Gulf Coast State College Panama City campus (https://www.gulfcoast.edu/about-gcsc/campus-locations/index.html), 5230 W.Hwy 98 Geographic caution: Military and education anchors support qualitative diversification. Base gates, commute routes, noise/compatible-use zones and wind/flood exposure still need parcel review. Do not capitalize temporary rebuilding demand into perpetual rent Tallahassee Official locations: Florida State University (https://www.fsu.edu/); Tallahassee Memorial Hospital (https://www.tmh.org/location/tallahassee-memorial-hospital), 1300 Miccosukee Road Geographic caution: Education and healthcare are separate tenant sources. Whole-home annual rent is the base case; no per-room, event-weekend or medical-furnished premium is established Tampa–St.Petersburg–Clearwater Official locations: USF (https://www.usf.edu/) identifies Tampa and St.Petersburg campuses; Tampa General Hospital fact sheet (https://www.tgh.org/about-tgh/tgh-fact-sheet) locates its main hospital on Davis Islands, 1 Tampa General Circle Geographic caution: These anchors lie in different parts of a very large MSA. Davis Islands proximity should not justify taking flood risk or extrapolating a medical premium to inland Pasco/Polk Gainesville Official locations: University of Florida overview (https://www.ufl.edu/about/) confirms the Gainesville campus Geographic caution: Education/research is an anchor, not evidence that a Northwood home earns a student-room premium. Separate ordinary family leases from regulated roommate/rooming-house strategies. UF Health's main location page could not be retrieved, so no hospital-specific quantitative claim is included SINGLE FAMILY PROPERTY SCREENS Six portal-active candidate records are retained across Jacksonville, Pensacola, Tallahassee and Gainesville. The Palm Bay record is a separate reserve because sources disagree on availability. This is a research shortlist, not six investable opportunities. The cheap listings include short-sale, TLC and fixer exposure. No selection is padded to ten and no winner is named where legal, condition or financial gates are unfulfilled. Ordinary annual rental model for SFR candidates 3333 Almeda St, Jacksonville, FL 32209 (https://www.redfin.com/FL/Jacksonville/3333-Almeda-St-32209/home/201575041) Status: Portal active; unverified Ask / monthly rent assumption and ratio: $219,000 / $1,500 / 0.685% NOI / cap: $3,064 / 1.4% After reserve DSCR / BEO: 0.14x / 172.2% 85 percent conditional ceiling: $60,649 8625 Stockdale Ave, Pensacola, FL 32514 (https://www.zillow.com/homedetails/8625-Stockdale-Ave-Pensacola-FL-32514/44645078_zpid/) Status: Portal active; unverified Ask / monthly rent assumption and ratio: $199,000 / $1,600 / 0.804% NOI / cap: $3,174 / 1.6% After reserve DSCR / BEO: 0.16x / 158.9% 85 percent conditional ceiling: $55,873 1195 Simpson St, Pensacola, FL 32526 (https://www.redfin.com/FL/Pensacola/1195-Simpson-St-32526/home/134092491) Status: Portal active; unverified Ask / monthly rent assumption and ratio: $235,000 / $1,650 / 0.702% NOI / cap: $2,908 / 1.2% After reserve DSCR / BEO: 0.12x / 172.5% 85 percent conditional ceiling: $60,212 3946 Magellan Trail, Tallahassee, FL 32303 (https://www.coldwellbanker.com/fl/tallahassee/3946-magellan-trl/lid-P00800000HIC7Erg6qbeS6jDXCRtqdbq25rRpNn2) Status: Portal active; unverified Ask / monthly rent assumption and ratio: $225,000 / $1,750 / 0.778% NOI / cap: $5,218 / 2.3% After reserve DSCR / BEO: 0.27x / 152.3% 85 percent conditional ceiling: $81,388 4001 NW 48 th Place, Gainesville, FL 32606 (https://www.compass.com/homedetails/4001-NW-48th-Pl-Gainesville-FL-32606/C9WL3_pid/) Status: Portal active; unverified Ask / monthly rent assumption and ratio: $225,000 / $1,900 / 0.844% NOI / cap: $6,162 / 2.7% After reserve DSCR / BEO: 0.32x / 143.4% 85 percent conditional ceiling: $51,817 8015 Galveston Ave, Jacksonville, FL 32211 (https://www.redfin.com/FL/Jacksonville/8015-Galveston-Ave-32211/home/108836553) Status: Portal active; unverified Ask / monthly rent assumption and ratio: $179,000 / $1,750 / 0.978% NOI / cap: $6,138 / 3.4% After reserve DSCR / BEO: 0.41x / 130.6% 85 percent conditional ceiling: $81,388 839 Angle St NE, Palm Bay, FL 32905 (https://www.compass.com/homedetails/839-Angle-St-NE-Palm-Bay-FL-32905/NUCXU_pid/) Status: Reserve status conflict Ask / monthly rent assumption and ratio: $249,900 / $1,750 / 0.700% NOI / cap: $3,720 / 1.5% After reserve DSCR / BEO: 0.15x / 169.4% 85 percent conditional ceiling: $71,131 3333 Almeda St, Jacksonville, FL 32209 SFR · Jacksonville, FL · $219,000 asking · $219,000 per marketed unit. Direct listing (https://www.redfin.com/FL/Jacksonville/3333-Almeda-St-32209/home/201575041) Availability: For sale / Active. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 3 beds / 2 baths; 1,200 square feet; $182 per square foot; built 2026 (listing). DOM: 4 days is cached Redfin snapshot, not Oct 3 MLS DOM; 23 calendar days since current listing date if uninterrupted. Price history: Current listing $219,000 Sep 10; prior MLS 2142061 $234,900 Apr 17, removed Jul 31. Rent and occupancy: Whole-home modeled rent $1,500/month; asking-comp range $1,400–$1,700. Executed subject rent and lease expiration not obtained. Per-bedroom arithmetic $500 is allocation only, not achievable room rent; no room-rental income credited. - Current listing update: 2026-09-10 11:00 portal time - Parcel and jurisdiction: 0943070020 (portal; check final split parcel); Jacksonville; official parcel split/CO not retrieved - Zoning claim: RLD-60 portal only - Parking: Off-street/on-street parking in prior listing; current listing says no garage - Waterfront and flood: No waterfront represented; not independently verified; FEMA zone unverified - Utilities: Prior MLS says private water/public sewer; confirm meters and tenant-paid allocation - HOA and CDD: No HOA in prior same-address Zillow MLS 2142061; current deed/current-MLS verification still needed; CDD None Condition claims: roof: Shingle; 2026 new construction claimed; hvac: Central electric; new construction claimed, commissioning/CO not reviewed; plumbing: No inspection/material evidence; new construction claimed; electrical: No inspection/panel evidence; new construction claimed; other: Fiber cement exterior; LVP; seller offers stainless appliances with accepted offer, not necessarily installed. Immediate capital needs: Appliance inclusion, certificate of occupancy, final permits, punch-list, drainage, warranty and parcel split remain unverified; no contractor quote. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $3,500, separate flood placeholder $1,500, owner utilities/services $1,200, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized ordinary annual whole-home rental assumption. Scheduled potential $18,000; EGI $16,560; operating expenses $13,496 (81.5% of EGI); NOI $3,064; reserve $900; debt service $15,155. Cap 1.4%; after-reserve unlevered yield 1.0%. Debt resilience for SFR-JAX-ALMEDA Base 8.50% Conventional DSCR: 0.20x After reserve DSCR: 0.14x Annual cash flow after debt: -$12,991 Base BEO: 172.2% Rent −5%; OER +5 pp Conventional DSCR: 0.14x After reserve DSCR: 0.08x Annual cash flow after debt: -$13,931 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.18x After reserve DSCR: 0.13x Annual cash flow after debt: -$14,409 Base BEO: 180.9% Combined operating and rate stress Conventional DSCR: 0.13x After reserve DSCR: 0.07x Annual cash flow after debt: -$15,349 Base BEO: Separate stress scenario Conditional maximum price: $60,649 at 85% BEO; preferred $51,568 at 80%; $56,544 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: A current public asking price and a bounded ordinary annual-rent assumption allow a falsifiable price screen. Largest risk: 2026 listing is new build, not verified completed CO. - Diligence gate: 2026 listing is new build, not verified completed CO - Diligence gate: Old/current living area mismatch: 1160 vs 1200 sf - Diligence gate: No current municipal flood determination - Diligence gate: Below cash-flow hurdle at ordinary whole-home rent Subject rental asking comparisons 1444 W 6 th St, Jacksonville, FL 32209 (https://www.realtor.com/rentals/details/1444-W-6th-St_Jacksonville_FL_32209_M52577-27168) Asking rent and size: $1,263; 3BR/2BA; 1,084 sf Lease term: Not verified Source vintage: Crawled 3 weeks before access; page says updated today Adjustment limitation: 2024 construction advertised; price may reflect promotion/required fees. Lower competitive anchor, not proof subject will rent at this amount. 1668 W 8 th St, Jacksonville, FL 32209 (https://www.zillow.com/homedetails/1668-W-8th-St-Jacksonville-FL-32209/464933356_zpid/) Asking rent and size: $1,750; 3BR/2.5BA; 1,558 sf Lease term: 12 months stated Source vintage: Updated 2026-08-31; crawled 3 days before access Adjustment limitation: Larger than Almeda, 1-car garage, utilities not included; competitive upper bracket, not like-for-like detached comp Asking comparisons only; unverified terms, promotions and different property form limit confidence. No executed rent or alternative-strategy premium is established. Property evidence: [P139] [P140] [P141]. Full links and vintages are in the source ledger. 8625 Stockdale Ave, Pensacola, FL 32514 SFR · Pensacola-Ferry Pass-Brent, FL · $199,000 asking · $199,000 per marketed unit. Direct listing (https://www.zillow.com/homedetails/8625-Stockdale-Ave-Pensacola-FL-32514/44645078_zpid/) Availability: For sale / Active. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 3 beds / 2 baths; 1,228 square feet; $162 per square foot; built 1960 (listing). DOM: 136 days shown in cached broker page; 145 calendar days since listing if uninterrupted. Price history: $208,000 May 11 to $199,000 Sep 2, $9,000/4.3% reduction. Rent and occupancy: Whole-home modeled rent $1,600/month; asking-comp range $1,500–$1,700. Executed subject rent and lease expiration not obtained. Per-bedroom arithmetic $533 is allocation only, not achievable room rent; no room-rental income credited. - Current listing update: 2026-09-02 (Coldwell Banker) - Parcel and jurisdiction: 121S307000014005; Ensley / Pensacola mailing address, likely unincorporated Escambia; official parcel request failed - Zoning claim: Not established - Parking: Driveway/open parking - Waterfront and flood: No per Realty Executives MLS fields; FEMA zone unverified - Utilities: Public water, septic; tenant allocation unknown - HOA and CDD: MLS no HOA; no deed restriction review; CDD None Condition claims: roof: Listing says replaced within last 3 years; rolled/hot-mop listed, but Redfin permit snippet Mar 28 2024 final describes shingles. Resolve discrepancy with permit/four-point; hvac: Replaced within last 3 years, listing claim only; plumbing: Hot-water heater replaced within last 3 years; pipe material/septic age unknown; electrical: Circuit breakers listed; wiring age/type unverified; other: Listing says TLC needed; frame/slab; tile. Immediate capital needs: TLC, septic inspection/pump, roof-material/permit reconciliation, four-point and wind mitigation. Actual bids unavailable. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $4,700, separate flood placeholder $1,500, owner utilities/services $1,200, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized ordinary annual whole-home rental assumption. Scheduled potential $19,200; EGI $17,664; operating expenses $14,490 (82.0% of EGI); NOI $3,174; reserve $960; debt service $13,771. Cap 1.6%; after-reserve unlevered yield 1.1%. Debt resilience for SFR-PEN-STOCKDALE Base 8.50% Conventional DSCR: 0.23x After reserve DSCR: 0.16x Annual cash flow after debt: -$11,558 Base BEO: 158.9% Rent −5%; OER +5 pp Conventional DSCR: 0.16x After reserve DSCR: 0.09x Annual cash flow after debt: -$12,555 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.21x After reserve DSCR: 0.15x Annual cash flow after debt: -$12,846 Base BEO: 166.3% Combined operating and rate stress Conventional DSCR: 0.14x After reserve DSCR: 0.08x Annual cash flow after debt: -$13,844 Base BEO: Separate stress scenario Conditional maximum price: $55,873 at 85% BEO; preferred $46,187 at 80%; $52,092 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: A current public asking price and a bounded ordinary annual-rent assumption allow a falsifiable price screen. Largest risk: Old frame house and septic. - Diligence gate: Old frame house and septic - Diligence gate: No carrier quote or FEMA determination - Diligence gate: Recent listing rent is 1600, not 2000 - Diligence gate: No lender clearance Subject rental asking comparisons 111 Wildflower Ln, Pensacola, FL 32514 (https://www.zillow.com/homedetails/111-Wildflower-Ln-Pensacola-FL-32514/44633263_zpid/) Asking rent and size: $1,595; 3BR/2BA; 1,184 sf Lease term: Not verified Source vintage: Crawled on access date, available now Adjustment limitation: Similar size to Stockdale; resident-benefit package $28–49.95/month is not base rent. Updated condition/fenced yard advertised. 4290 La Borde Ln, Pensacola, FL 32514 (https://www.zillow.com/pensacola-fl-32514/rent-houses/) Asking rent and size: $1,575; 3BR/2BA; 1,287 sf Lease term: Not verified Source vintage: Grid crawled 2 weeks before access; listed 4 days in snapshot Adjustment limitation: Same ZIP and close size; exact micro-location/condition and current availability need verification Asking comparisons only; unverified terms, promotions and different property form limit confidence. No executed rent or alternative-strategy premium is established. Property evidence: [P142] [P143] [P144]. Full links and vintages are in the source ledger. 1195 Simpson St, Pensacola, FL 32526 SFR · Pensacola-Ferry Pass-Brent, FL · $235,000 asking · $235,000 per marketed unit. Direct listing (https://www.redfin.com/FL/Pensacola/1195-Simpson-St-32526/home/134092491) Availability: For sale / Active. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 3 beds / 2 baths; 1,247 square feet; $188 per square foot; built 2002 (listing). DOM: Cached Redfin 44 days; Trulia current retrieval still for sale, 87 calendar days since Jul 8 if uninterrupted. Price history: Listed 235000 Jul 8; no cut observed. Rent and occupancy: Whole-home modeled rent $1,650/month; asking-comp range $1,500–$1,800. Executed subject rent and lease expiration not obtained. Per-bedroom arithmetic $550 is allocation only, not achievable room rent; no room-rental income credited. - Current listing update: 2026-07-08 09:11 portal time - Parcel and jurisdiction: 391S311102080006; Springdale Forest / Pensacola mailing, likely unincorporated Escambia; official parcel request failed - Zoning claim: Redfin incorrectly/ambiguously shows COM; must verify official parcel zoning - Parking: Attached 2-car garage - Waterfront and flood: No waterfront represented; not independently verified; FEMA zone unverified - Utilities: Public water/sewer; allocation unknown - HOA and CDD: MLS no association, not deed/lease-rule clearance; CDD None Condition claims: roof: 2022 archived listing says brand-new roof then; do not label 2026 roof. No permit reviewed; hvac: Central AC/natural-gas heating, age unknown; plumbing: Gas water heater, age/materials unknown; electrical: Copper wiring and circuit breakers listed; inspection unverified; other: Frame/slab; split layout. Immediate capital needs: HVAC/heater age, roof 2022 documentation, four-point, wind mitigation, paint/turnover; no bid. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $4,700, separate flood placeholder $1,500, owner utilities/services $1,200, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized ordinary annual whole-home rental assumption. Scheduled potential $19,800; EGI $18,216; operating expenses $15,308 (84.0% of EGI); NOI $2,908; reserve $990; debt service $16,263. Cap 1.2%; after-reserve unlevered yield 0.8%. Debt resilience for SFR-PEN-SIMPSON Base 8.50% Conventional DSCR: 0.18x After reserve DSCR: 0.12x Annual cash flow after debt: -$14,344 Base BEO: 172.5% Rent −5%; OER +5 pp Conventional DSCR: 0.12x After reserve DSCR: 0.06x Annual cash flow after debt: -$15,355 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.16x After reserve DSCR: 0.11x Annual cash flow after debt: -$15,866 Base BEO: 181.0% Combined operating and rate stress Conventional DSCR: 0.11x After reserve DSCR: 0.05x Annual cash flow after debt: -$16,876 Base BEO: Separate stress scenario Conditional maximum price: $60,212 at 85% BEO; preferred $50,223 at 80%; $56,137 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: A current public asking price and a bounded ordinary annual-rent assumption allow a falsifiable price screen. Largest risk: July listing update remains old. - Diligence gate: July listing update remains old - Diligence gate: No insurance/flood quote - Diligence gate: No official zoning/lease/HOA clearance Subject rental asking comparisons 1229 Brownfield Rd, Pensacola, FL 32526 (https://www.realtor.com/apartments/Pensacola_FL/Brownfield-Rd) Asking rent and size: $1,750; 3BR/2BA; 1,200 sf Lease term: Not verified Source vintage: Crawled 3 weeks before access; Barrons Property Managers broker feed Adjustment limitation: Same ZIP and close size to Simpson; older alternate portal asks 1800, use lower 1750. Not a closed lease. 6942 Falcon Dr, Pensacola, FL 32526 (https://www.apartments.com/es/6942-falcon-dr-pensacola-fl/5rkjbgn/) Asking rent and size: $1,495; 3BR/2BA; 1,450 sf Lease term: Not verified Source vintage: Both crawled 2 weeks before access; Apartments.com 1495 versus Redfin 1595 Adjustment limitation: Price conflict; conservative lower anchor 1495, larger than Simpson; exact location difference matters Asking comparisons only; unverified terms, promotions and different property form limit confidence. No executed rent or alternative-strategy premium is established. Property evidence: [P145] [P146] [P147]. Full links and vintages are in the source ledger. 3946 Magellan Trail, Tallahassee, FL 32303 SFR · Tallahassee, FL · $225,000 asking · $225,000 per marketed unit. Direct listing (https://www.coldwellbanker.com/fl/tallahassee/3946-magellan-trl/lid-P00800000HIC7Erg6qbeS6jDXCRtqdbq25rRpNn2) Availability: Active. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 3 beds / 2 baths; 1,468 square feet; $153 per square foot; built 1990 (listing). DOM: Coldwell Banker 2 days; newly listed strongest recency of group. Price history: Listed 225000; no cut observed. Rent and occupancy: Whole-home modeled rent $1,750/month; asking-comp range $1,650–$1,850. Executed subject rent and lease expiration not obtained. Per-bedroom arithmetic $583 is allocation only, not achievable room rent; no room-rental income credited. - Current listing update: 2026-10-02 03:50 AM portal time - Parcel and jurisdiction: 211660A0140; Tallahassee inside city per portal tax-record field; official confirmation needed - Zoning claim: RP-1 per Redfin record, not authoritative parcel clearance - Parking: Finished garage 220 sf per portal record, space count not confirmed - Waterfront and flood: No waterfront represented; not independently verified; FEMA zone unverified - Utilities: Not documented - HOA and CDD: Older Zillow page says$2/month, unverified; no current fee or restrictions obtained; CDD None Condition claims: roof: Composition shingle; age unknown; hvac: Listing says major systems relatively updated, no dates; plumbing: No dated/material evidence; electrical: No dated/panel evidence; other: Listing explicitly TLC needed. Immediate capital needs: TLC scope undefined; inspections and contractor quote required; prior preforeclosure portal flag must reconcile title/estate/bank authority. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $3,500, separate flood placeholder $1,500, owner utilities/services $1,200, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized ordinary annual whole-home rental assumption. Scheduled potential $21,000; EGI $19,320; operating expenses $14,102 (73.0% of EGI); NOI $5,218; reserve $1,050; debt service $15,570. Cap 2.3%; after-reserve unlevered yield 1.9%. Debt resilience for SFR-TAL-MAGELLAN Base 8.50% Conventional DSCR: 0.34x After reserve DSCR: 0.27x Annual cash flow after debt: -$11,402 Base BEO: 152.3% Rent −5%; OER +5 pp Conventional DSCR: 0.26x After reserve DSCR: 0.19x Annual cash flow after debt: -$12,581 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.31x After reserve DSCR: 0.24x Annual cash flow after debt: -$12,859 Base BEO: 160.0% Combined operating and rate stress Conventional DSCR: 0.24x After reserve DSCR: 0.18x Annual cash flow after debt: -$14,038 Base BEO: Separate stress scenario Conditional maximum price: $81,388 at 85% BEO; preferred $71,747 at 80%; $75,640 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: A current public asking price and a bounded ordinary annual-rent assumption allow a falsifiable price screen. Largest risk: HOA unknown. - Diligence gate: HOA unknown - Diligence gate: Potential preforeclosure flag fromolder Zillow, not confirmed legal status - Diligence gate: All system dates unknown - Diligence gate: No insurance/FEMA clearance Subject rental asking comparisons 3197 Wood Hill Dr, Tallahassee, FL 32303 (https://www.trulia.com/home/3197-wood-hill-dr-tallahassee-fl-32303-45598469) Asking rent and size: $1,750; 3BR/2BA; 1,371 sf Lease term: 1 Year stated Source vintage: Listed 2026-09-12; crawled 2 weeks before access Adjustment limitation: 2-car garage, new carpet/paint; lawn care included. Similar NW Tallahassee whole-home rental; exact distance not measured. 4517 Eltham Park, Tallahassee, FL 32303 (https://www.apartmentfinder.com/Florida/Tallahassee-Apartments/4517-Eltham-Park-Apartments-5c5b3ep) Asking rent and size: $1,800; 3BR/2BA; 1,465 sf Lease term: Not verified Source vintage: ApartmentFinder crawled 4 weeks before access; shows available. WARNING older historical 1800 rent existed 2024, independent current lease verification needed Adjustment limitation: Secondary only due source-history ambiguity; do not make main underwriting anchor 2626 Faversham Dr, Tallahassee, FL 32303 (https://www.homes.com/tallahassee-fl/32303/houses-for-rent/) Asking rent and size: $1,850; 3BR/2BA; 1,444 sf Lease term: Not verified Source vintage: Crawled 3 months before access; available 2026-07-01 stated Adjustment limitation: Remodeled home; older listing, lower confidence and superior condition to TLC subject Asking comparisons only; unverified terms, promotions and different property form limit confidence. No executed rent or alternative-strategy premium is established. Property evidence: [P148] [P149] [P150] [P151]. Full links and vintages are in the source ledger. 4001 NW 48 th Place, Gainesville, FL 32606 SFR · Gainesville, FL · $225,000 asking · $225,000 per marketed unit. Direct listing (https://www.compass.com/homedetails/4001-NW-48th-Pl-Gainesville-FL-32606/C9WL3_pid/) Availability: Active. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 3 beds / 2 baths; 1,303 square feet; $173 per square foot; built 1973 (listing). DOM: Cached 8 days; 24 calendar days since Sep 9 if uninterrupted. Price history: Listed 225000 Sep 9, no cut observed. Rent and occupancy: Whole-home modeled rent $1,900/month; asking-comp range $1,800–$2,100. Executed subject rent and lease expiration not obtained. Per-bedroom arithmetic $633 is allocation only, not achievable room rent; no room-rental income credited. - Current listing update: 2026-09-11 06:53 AM portal time - Parcel and jurisdiction: 06071-020-032; Gainesville claimed, official parcel not retrieved - Zoning claim: RSF 2 portal record; official verification needed - Parking: Onecar carport - Waterfront and flood: MLS No, 0 frontage; X listing claim only - Utilities: Public water/sewer, natural gas connected; tenant allocation unknown - HOA and CDD: MLS No HOA; CDD None Condition claims: roof: Shingle, age unknown; hvac: Central AC/electricheat, age unknown; plumbing: No material/date evidence; electrical: No panel/date evidence; other: Concreteblock; explicitfixer/needsupdating, not turnkey. Immediate capital needs: Whole fixer scope, roof/HVAC/plumbing/panel unknown; no rent credited before stabilization and no rehab quote. No capital amount is treated as zero. Tax and recurring budgets: Conservative max(2% of offer, disclosed 2025 tax $4,920.13); actual post-sale all-levy estimate not obtained. Property insurance $3,500, separate flood placeholder $1,500, owner utilities/services $1,200, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized ordinary annual whole-home rental assumption. Scheduled potential $22,800; EGI $20,976; operating expenses $14,814 (70.6% of EGI); NOI $6,162; reserve $1,140; debt service $15,570. Cap 2.7%; after-reserve unlevered yield 2.2%. Debt resilience for SFR-GNV-NW48 Base 8.50% Conventional DSCR: 0.40x After reserve DSCR: 0.32x Annual cash flow after debt: -$10,548 Base BEO: 143.4% Rent −5%; OER +5 pp Conventional DSCR: 0.31x After reserve DSCR: 0.24x Annual cash flow after debt: -$11,853 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.36x After reserve DSCR: 0.29x Annual cash flow after debt: -$12,005 Base BEO: 150.5% Combined operating and rate stress Conventional DSCR: 0.29x After reserve DSCR: 0.22x Annual cash flow after debt: -$13,310 Base BEO: Separate stress scenario Conditional maximum price: $51,817 at 85% BEO; preferred $36,991 at 80%; $47,384 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: A current public asking price and a bounded ordinary annual-rent assumption allow a falsifiable price screen. Largest risk: Fixer; cannotprice without inspection and bid. - Diligence gate: Fixer; cannotprice without inspection and bid - Diligence gate: Current 4920 tax already exceeds 2%asking 4500, do not reduce tax mechanically - Diligence gate: No officiallegal/FEMA/insurance clearance Subject rental asking comparisons 3526 NW 53 rd Ter, Gainesville, FL 32606 (https://www.zillow.com/homedetails/3526-NW-53rd-Ter-Gainesville-FL-32606/42710345_zpid/) Asking rent and size: $1,900; 3BR/2BA; 1,353 sf Lease term: Contact fordetails, annual not explicitly verified Source vintage: Zillow updated 2026-09-22; Redfinupdated Sep 25/MLSGridSep 29 Adjustment limitation: Rent 2250 Mar 4->2200 Apr 24->2100 Jul 15->2000 Aug 4->1900 Sep 22. HVAC/heater 2023; tenant lawn. Long marketing and cuts signal leasing friction. 4731 NW 39 th St, Gainesville, FL 32606 (https://www.zillow.com/gainesville-fl-32606/rent-houses/) Asking rent and size: $2,200; 3BR/2BA; 1,449 sf Lease term: Not verified Source vintage: Crawled 2 weeks before access Adjustment limitation: Close street grid and larger home; upper ask only, not basecase 2146 NW 87 th Ter, Gainesville, FL 32606 (https://www.zillow.com/gainesville-fl-32606/rent-houses/) Asking rent and size: $1,795; 3BR/2BA; 1,300 sf Lease term: Not verified Source vintage: Zillow 2 weeks / Apartments.com 1 month before access Adjustment limitation: Similar size, farther west; lower bracket forafter-rehab subject Asking comparisons only; unverified terms, promotions and different property form limit confidence. No executed rent or alternative-strategy premium is established. Property evidence: [P152] [P153] [P154]. Full links and vintages are in the source ledger. 8015 Galveston Ave, Jacksonville, FL 32211 SFR · Jacksonville, FL · $179,000 asking · $179,000 per marketed unit. Direct listing (https://www.redfin.com/FL/Jacksonville/8015-Galveston-Ave-32211/home/108836553) Availability: For sale; SHORT SALE. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 4 beds / 2 baths; 1,195 square feet; $150 per square foot; built 1953 (listing). DOM: 213/214 days cached; current MLS cumulative DOM not verified. Price history: 209000 Nov 2025; 170000 Mar 2 2026 thenpending; 207000 Jun 19 relist; 199000 Sep 1; 189000 Sep 11; 179000 Sep 18. Rent and occupancy: Whole-home modeled rent $1,750/month; asking-comp range $1,600–$1,900. Executed subject rent and lease expiration not obtained. Per-bedroom arithmetic $438 is allocation only, not achievable room rent; no room-rental income credited. - Current listing update: 2026-09-18 15:37 portal time - Parcel and jurisdiction: 1442090000R; Jacksonville; official parcel page failed - Zoning claim: RMD-A portalonly - Parking: Large concrete pad for boat/RV, other parking; count unverified - Waterfront and flood: No waterfront represented; FEMA zone unverified - Utilities: Public sewer, electric connected; water billing allocationnot verified - HOA and CDD: Listing specifically No HOA / CDD; CDD 0 Condition claims: roof: 2019 claimed; hvac: Centralheat/air, age unknown; plumbing: 2019 repipe, tankless heater, fixtures claimed; electrical: No age/material evidence; other: Kitchen/floor/bathupdates 2020; as-is. Immediate capital needs: As-is, short-sale waiting costs, HVAC/panelunknown, inspection needed; do not count 2019 upgrades as verified condition. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $3,500, separate flood placeholder $1,500, owner utilities/services $1,200, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized ordinary annual whole-home rental assumption. Scheduled potential $21,000; EGI $19,320; operating expenses $13,182 (68.2% of EGI); NOI $6,138; reserve $1,050; debt service $12,387. Cap 3.4%; after-reserve unlevered yield 2.8%. Debt resilience for SFR-JAX-GALVESTON Base 8.50% Conventional DSCR: 0.50x After reserve DSCR: 0.41x Annual cash flow after debt: -$7,299 Base BEO: 130.6% Rent −5%; OER +5 pp Conventional DSCR: 0.40x After reserve DSCR: 0.31x Annual cash flow after debt: -$8,524 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.45x After reserve DSCR: 0.38x Annual cash flow after debt: -$8,458 Base BEO: 136.8% Combined operating and rate stress Conventional DSCR: 0.36x After reserve DSCR: 0.29x Annual cash flow after debt: -$9,683 Base BEO: Separate stress scenario Conditional maximum price: $81,388 at 85% BEO; preferred $71,747 at 80%; $75,640 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: A current public asking price and a bounded ordinary annual-rent assumption allow a falsifiable price screen. Largest risk: SHORT SALE +5000 processing fee. - Diligence gate: SHORT SALE +5000 processing fee - Diligence gate: Repeated pending/relist and price reversal - Diligence gate: No insurance/FEMA/legal clearance - Diligence gate: No Buy atasking Additional purchase cost: $5,000 short-sale processing fee is advertised in addition to price and usual closing costs; approval, allocation and total funds required must be confirmed. It is not hidden in recurring NOI. Subject rental asking comparisons 1447 Lawrence Place, Jacksonville, FL 32211 (https://www.rentalsource.com/details/1447-lawrence-place-jacksonville-fl-83386246/) Asking rent and size: $1,850; 4BR/2BA; 1,700 sf Lease term: Not verified Source vintage: Bothsources 5 months before access; explicit current availability not established Adjustment limitation: Larger 4/2 thanGalveston; olderask, secondary only. Listing says driveway parking prohibited, yard parking only. 7037 Pellias Rd, Jacksonville, FL 32211 (https://www.zillow.com/homedetails/7037-Pellias-Rd-Jacksonville-FL-32211/44541273_zpid/) Asking rent and size: $1,960; 4BR/2BA; 1,478 sf Lease term: 1 Year stated onZillow Source vintage: Direct Zillow updated Jul 16, rent 1960; newer Redfin grid 1 monthbefore access 1875, so use 1875 lower anchor Adjustment limitation: Larger 4/2; provider Main Street Renewal; asking rent cuts andfeed conflict, not executed lease 8719 Galveston Ave, Jacksonville, FL 32211 (https://www.redfin.com/zipcode/32211/cheap-rentals/page-2) Asking rent and size: $1,821; 3BR/2BA; 1,330 sf Lease term: Not verified Source vintage: Crawled 1 month before access Adjustment limitation: Newer 2023 house; Zillow 1330/1340 sf discrepancy; superior condition/younger than 8015, threebedrooms Asking comparisons only; unverified terms, promotions and different property form limit confidence. No executed rent or alternative-strategy premium is established. Property evidence: [P155] [P156]. Full links and vintages are in the source ledger. 839 Angle St NE, Palm Bay, FL 32905 SFR · Palm Bay-Melbourne-Titusville, FL · $249,900 asking · $249,900 per marketed unit. Direct listing (https://www.compass.com/homedetails/839-Angle-St-NE-Palm-Bay-FL-32905/NUCXU_pid/) Availability: Compass Active / Redfin cached off-market conflict; reconfirm before use. Observation date: October 3, 2026. Legal qualification: unverified; no Buy clearance. Unit mix and size: 3 beds / 2 baths; 1,298 square feet; $193 per square foot; built 1972 (listing). DOM: 26 days in search snapshot; availability conflict. Price history: 249900 listed Sep 2; nocutobserved. Rent and occupancy: Whole-home modeled rent $1,750/month; asking-comp range $1,650–$1,850. Executed subject rent and lease expiration not obtained. Per-bedroom arithmetic $583 is allocation only, not achievable room rent; no room-rental income credited. - Current listing update: 2026-09-03 07:01 Redfin search snapshot; Compasslisted Sep 2 - Parcel and jurisdiction: None; Palm Bay cityclaimed; parcelnot verified - Zoning claim: Not established - Parking: 1-cargarage - Waterfront and flood: Not represented aswaterfront; not independently verified; FEMA zone unverified - Utilities: Citywater/sewer; tenant allocation unknown - HOA and CDD: Listing No HOAfees, deednot reviewed; CDD None Condition claims: roof: Metal roof installed, yearunknown; hvac: No age evidence; plumbing: Listing claimsup-to-code, new water heater recently; notpermit verification; electrical: Listing claimsup-to-code; notinspection verification; other: Concreteblock, hurricanes shutters. Immediate capital needs: Roof age/HVAC age/four-point/wind mitigation and electrical/plumbing claim verification. No capital amount is treated as zero. Tax and recurring budgets: Assumed 2.0% of offer; unknown non-ad-valorem charges remain unpriced. Property insurance $4,500, separate flood placeholder $1,500, owner utilities/services $1,200, included HOA $0 annually. HOA documents and all exact cost quotes remain unverified. Base annual model: Stabilized ordinary annual whole-home rental assumption. Scheduled potential $21,000; EGI $19,320; operating expenses $15,600 (80.7% of EGI); NOI $3,720; reserve $1,050; debt service $17,294. Cap 1.5%; after-reserve unlevered yield 1.1%. Debt resilience for SFR-PALM-ANGLE Base 8.50% Conventional DSCR: 0.22x After reserve DSCR: 0.15x Annual cash flow after debt: -$14,624 Base BEO: 169.4% Rent −5%; OER +5 pp Conventional DSCR: 0.15x After reserve DSCR: 0.09x Annual cash flow after debt: -$15,727 Base BEO: See base definition Rate 9.50% Conventional DSCR: 0.20x After reserve DSCR: 0.14x Annual cash flow after debt: -$16,242 Base BEO: 177.9% Combined operating and rate stress Conventional DSCR: 0.14x After reserve DSCR: 0.08x Annual cash flow after debt: -$17,345 Base BEO: Separate stress scenario Conditional maximum price: $71,131 at 85% BEO; preferred $60,537 at 80%; $66,317 at 9.50% and 85%. Before acquisition capital and unresolved costs; common DSCR and stress gates apply. Why retain it: A current public asking price and a bounded ordinary annual-rent assumption allow a falsifiable price screen. Largest risk: Active/off-market conflict. - Diligence gate: Active/off-market conflict - Diligence gate: No FEMA or insurance quote - Diligence gate: No official rental/deedclearance Subject rental asking comparisons 976 Hampshire Ave NE, Palm Bay, FL 32905 (https://www.zillow.com/palm-bay-fl-32905/rent-houses/) Asking rent and size: $1,810; 3BR/2BA; 1,386 sf Lease term: Not verified Source vintage: Zillow 2 weeks before access 1810; Zumper 3 weeks 1850 Adjustment limitation: Slightly larger 3/2 same ZIP; feed price conflict, use lower anchor 1569 Richards Dr NE, Palm Bay, FL 32905 (https://www.zillow.com/palm-bay-fl-32905/rent-houses/) Asking rent and size: $1,650; 3BR/2BA; 1,090 sf Lease term: Not verified Source vintage: Crawled 2 weeks before access; 37 daysin listing snapshot Adjustment limitation: Smaller home lower bracket 870 Angle St NE, Palm Bay, FL 32905 (https://www.zillow.com/palm-bay-fl-32905/rent-houses/) Asking rent and size: $1,750; 2BR/2BA; 1,304 sf Lease term: Not verified Source vintage: Crawled 2 weeks before access; 14 daysin listing snapshot Adjustment limitation: Same street and close size buttwo bedrooms, secondary context only Asking comparisons only; unverified terms, promotions and different property form limit confidence. No executed rent or alternative-strategy premium is established. Property evidence: [P157] [P158] [P159]. Full links and vintages are in the source ledger. LOCAL STRATEGY RULES AND VERIFICATION MATRIX This is a jurisdictional research map, not parcel permission. Municipality, unincorporated county and postal city are different. A license, tax-use code, assessor unit count, bedroom in a listing, fee-schedule line or separate meter does not legalize a use. All alternative strategies remain unverified and receive zero added income or score. A normal annual rental also needs lawful existing occupancy and contractual clearance. Jacksonville Jurisdiction: Duval consolidated city; exclude independent beach municipalities. - Annual rental and room use: Verify Ch656 legal dwelling count, rooming/boarding classification, parking and rental licenses - ADU conversion and subdivision: ADU route evidenced by adopted-legislation history; complete current conditions not verified - Mid term and short term: City guidance requires zoning, state/county registration and fire review as applicable; no parcel duration clearance - Limit: No parcel clearance Sources: [S25]; [S26]. Ocala city Jurisdiction: Marion; city rules distinct from unincorporated county. - Annual rental and room use: Verify Ch122 use table, annual rental business/permit obligations and lawful occupancy - ADU conversion and subdivision: Single-family is one dwelling; no current affirmative income-producing ADU clearance established - Mid term and short term: No current complete MTR/STR city clearance established - Limit: Do not apply Marion Oaks assumptions Sources: [S27]. Gainesville Jurisdiction: Alachua; municipal jurisdiction only. - Annual rental and room use: Rental-permit/inspection applicability, code maintenance, occupancy and parking need verification - ADU conversion and subdivision: Official guide supports ADUs in many districts, subject to standards and permits - Mid term and short term: 30+day furnished lease does not settle permit or state/local tax obligations; STR clearance incomplete - Limit: Unpermitted existing units are not legalized by age Sources: [S28]; [S29]. Tallahassee Jurisdiction: Leon; city distinct from county. - Annual rental and room use: Verify rooming-house/household rules, parking, permits and current zoning - ADU conversion and subdivision: Current city overview allows up to1200sqft/two stories with MMTD conditions; older official FAQ conflicts - Mid term and short term: City FAQ says rental duration not distinguished in zoning; state/tax/fire/private restrictions remain - Limit: Resolve conflicting old/current city pages through current code Sources: [S30]; [S31]; [S32]. Pensacola city Jurisdiction: Escambia; postal Pensacola can lie outside city. - Annual rental and room use: Verify city use classification, historic district and lawful bedrooms - ADU conversion and subdivision: ADU provision retrieved; current adopted code must be reconciled with2026 draft LDC - Mid term and short term: STR/MTR full city clearance incomplete - Limit: Do not apply city conclusions to Tupelo/Simpson until jurisdiction verified Sources: [S33]. Lakeland Jurisdiction: Polk; city distinct from unincorporated county. - Annual rental and room use: Verify lawful use, occupancy, business/permit obligations - ADU conversion and subdivision: City FAQ limits ADUs to Urban area; development standards and approval required - Mid term and short term: City-specific STR/MTR clearance incomplete - Limit: Lot subdivision requires separate dimension/access approval Sources: [S34]. Orlando Jurisdiction: Orange; do not confuse with unincorporated Orange or Kissimmee/Osceola. - Annual rental and room use: Annual whole-home basis still conditional on legal dwelling/private restrictions; owner room use requires applicable occupancy classification - ADU conversion and subdivision: ADU possible in stated zones/lots; long-term rental path subject to permits - Mid term and short term: Home-share is hosted, one booking, resident present, <=half unit, capped occupancy; no whole-house investor authorization through home-share - Limit: Price only lawful annual rent until complete clearance Sources: [S35]; [S36]. Tampa Jurisdiction: Hillsborough; city distinct from county. - Annual rental and room use: Verify exact permitted residential/boarding/lodging classification and business tax - ADU conversion and subdivision: ADU vs EFR and owner occupancy/geography are material; eligibility not citywide - Mid term and short term: No complete STR duration/use review completed - Limit: Official page and2026 update acknowledge geography-specific expansion; written address determination required Sources: [S37]. St Petersburg Jurisdiction: Pinellas; not St Pete Beach or unincorporated county. - Annual rental and room use: Verify legal dwelling/rooming-use limits, parking and private restrictions - ADU conversion and subdivision: ADU entitlement not completed in this pass - Mid term and short term: City handout generally limits <30day rentals to3 times/rolling365days unless relevant transient zoning allows - Limit: Do not value unrestricted STR; any claimed grandfathering requires written proof Sources: [S38]. Cape Coral Jurisdiction: Lee; municipal jurisdiction. - Annual rental and room use: 2026 annual registration applies even room rental; >6mo$35/year, <=6mo$350/year; lawful use still required - ADU conversion and subdivision: ADU/conversion allowance unverified; don't infer from rental registration - Mid term and short term: FAQ states6-night minimum; MTR<=6mo falls in city short-term fee category - Limit: State/local license/tax/fire, parcel restrictions and current code still gates Sources: [S39]. North Port Jurisdiction: Sarasota; city rules distinct from unincorporated county. - Annual rental and room use: Verify lawful units, bedrooms, occupancy, parking, licenses and current code amendments - ADU conversion and subdivision: Posted ULDC3.7.2 conditional ADU route, <=800sqft and65%primary living area, public utilities or well/septic separation - Mid term and short term: No complete duration/STR clearance; reject third-party claims that automatically transplant Sarasota County rules into city - Limit: Separate permit and site feasibility essential Sources: [S40]. Port St Lucie Jurisdiction: St Lucie; not Fort Pierce or unincorporated county. - Annual rental and room use: City BTR applies to rental lessors; zoning and legal bedroom/unit approvals separate - ADU conversion and subdivision: Current retrieved accessory enumeration does not establish rental ADU right; written determination required - Mid term and short term: No complete local STR/MTR duration/occupancy clearance - Limit: An ADU line in a fee schedule is not land-use authorization Sources: [S41]; [S42]. City of Miami Jurisdiction: Miami-Dade; distinct from Miami Beach and unincorporated county. - Annual rental and room use: Verify transect, CU/building legal occupancy and local rental obligations - ADU conversion and subdivision: No complete ADU/lot-split clearance established - Mid term and short term: <30day lodging requires permitted transect AND building certificate authorizing lodging - Limit: City FAQ says folio must begin01 for City jurisdiction; confirm officially Sources: [S43]. Unincorporated Miami-Dade Jurisdiction: County land-use authority; exclude municipalities. - Annual rental and room use: Verify current CU/occupancy and zoning for actual use - ADU conversion and subdivision: Conditional ADU, renewable CU; owner if onsite must occupy main home; guesthouse cannot collect separate rent - Mid term and short term: STR annual CU/inspection, occupancy2/bedroom+2, max12 excluding<3; ADU cannot be separately vacation-rented - Limit: Do not apply to Miami/Miami Beach/Fort Lauderdale Sources: [S44]; [S45]. Broward / Fort Lauderdale example Jurisdiction: County is many municipalities; Fort Lauderdale example only. - Annual rental and room use: Fort Lauderdale landlord registry excludes owner-occupied/vacation categories; other city rules differ - ADU conversion and subdivision: No Broward-wide ADU/conversion clearance - Mid term and short term: Fort Lauderdale state/county prereqs+registration/BTR/inspection; legal bedrooms determine max2/bedroom; documented offstreet parking - Limit: No blanket Broward legality Sources: [S46]; [S47]. Palm Beach County Jurisdiction: Resolve municipality versus unincorporated zoning. - Annual rental and room use: Use current county/municipal zoning and business-tax rules - ADU conversion and subdivision: Older2015county ADUpdf not accepted as current; no clearance - Mid term and short term: County TDT/short-term BTR separate from city/county use permission - Limit: No blanket Palm Beach legality Sources: [S48]; [S49]. Unincorporated Marion / Marion Oaks Jurisdiction: County zoning; not Ocala city. - Annual rental and room use: Verify R1/other district, legal bedrooms, ordinary lease permits and deed restrictions - ADU conversion and subdivision: Historical government plan identifies noncommercial family/guest unit limitation; current written review required; no market-rent ADU credit - Mid term and short term: Public-lodging use/STR and rooming classification not cleared - Limit: Applies only after actual jurisdiction/parcel district confirmed Sources: [S58]; [S59]. Unincorporated Escambia Jurisdiction: County zoning; not Pensacola city. - Annual rental and room use: Obtain zoning/land-use letter including all proposed occupants/parking and term lengths - ADU conversion and subdivision: County current code lead available; full current parcel conditions not verified - Mid term and short term: STR/MTR use and licensing not cleared - Limit: Use for Tupelo/Simpson only after official boundary check Sources: [S60]; [S61]. Unincorporated Polk / Inwood Jurisdiction: County zoning; not Winter Haven/Lakeland city. - Annual rental and room use: Verify exact land-use district, legal existing units and permitted rental occupancy - ADU conversion and subdivision: Historical ADU Level1 review and STR-development restriction need current-code reconciliation - Mid term and short term: STR district/development approval not assumed; MTR tax applies per actual term - Limit: Use for Avenue S only after official boundary check Sources: [S62]; [S63]. The Deltona/Daytona, Palm Bay, Panama City and other municipalities not specifically reviewed above have no completed local strategy clearance in this baseline. The same zero-credit rule applies. A parcel in an included MSA but outside a reviewed municipality is not covered by that municipality’s rules. Every strategy must pass these gates - Official parcel identifier and municipal/county jurisdiction - Current zoning district, future land use, overlays and permitted use classification - Legal dwelling count and lawful bedroom count; permits and final CO/CU - Maximum occupants/household or boarding/rooming classification - Offstreet parking, vehicle limits and access - Bedroom/habitable-room size, light/ventilation and compliant emergency escape/egress - Current building/fire occupancy requirements, smoke/CO alarms, separation and any inspections - State and local rental licenses, BTR/CU/registration and applicable taxes - Minimum term, annual/rolling frequency caps and advertising rules - Deed restrictions, HOA/condo declaration, rental cap/waiting period, minimum duration and written approvals - Lender occupancy/use terms and insurer written coverage for exact use - Water/sewer or septic/well capacity and impact/connection charges - For ADU/conversion/subdivision: survey, setbacks, density, lot coverage, easements, flood elevation and approved plat/permits - For master lease/subletting: written property-owner, lender, insurer and HOA permissions as underwriting requirement Florida vacation-rental preemption includes a grandfathering exception for local regulations adopted on or before June 1, 2011. State licensing does not supersede zoning, safety or private covenants. A furnished 30-day lease may still trigger transient-accommodation taxes; duration classifications vary by law and jurisdiction. Written owner/lender/insurer/HOA approval is mandatory for the report’s master-lease or sublet scenario. Never assume a detached home may be subdivided into separate dwelling units. Sources: [S05]; [S06]; [S07]; [S08]. INSURANCE FLOOD TAX UTILITY AND PHYSICAL RISK Post-sale taxation is modeled anew. A seller’s homestead exemption, Save Our Homes benefit or capped nonhomestead assessment is not an investor tax budget. The nonhomestead residential assessment reset generally occurs January 1 after ownership/control changes; the subsequent 10% assessment cap excludes school taxes and does not cap the tax bill. Use all levies and non-ad-valorem assessments. The report’s 2% fallback is an assumption, not a county millage or tax advice. Sources: [S11]; [S12]; [S13]. County homeowner insurance cost context Duval OIR homeowner average including wind: $2,786 SFR model budget: $3,500 Duplex model budget: $4,500 3 to 4 unit model budget: $6,000 Marion OIR homeowner average including wind: $2,191 SFR model budget: $3,500 Duplex model budget: $4,500 3 to 4 unit model budget: $6,000 Alachua OIR homeowner average including wind: $2,525 SFR model budget: $3,500 Duplex model budget: $4,500 3 to 4 unit model budget: $6,000 Leon OIR homeowner average including wind: $2,538 SFR model budget: $3,500 Duplex model budget: $4,500 3 to 4 unit model budget: $6,000 Escambia OIR homeowner average including wind: $3,702 SFR model budget: $4,700 Duplex model budget: $5,600 3 to 4 unit model budget: $7,500 Polk OIR homeowner average including wind: $2,767 SFR model budget: $3,500 Duplex model budget: $4,500 3 to 4 unit model budget: $6,000 Orange OIR homeowner average including wind: $3,610 SFR model budget: $4,600 Duplex model budget: $5,500 3 to 4 unit model budget: $7,300 Hillsborough OIR homeowner average including wind: $3,525 SFR model budget: $4,500 Duplex model budget: $5,300 3 to 4 unit model budget: $7,100 Pinellas OIR homeowner average including wind: $4,063 SFR model budget: $5,100 Duplex model budget: $6,100 3 to 4 unit model budget: $8,200 Lee OIR homeowner average including wind: $3,576 SFR model budget: $4,500 Duplex model budget: $5,400 3 to 4 unit model budget: $7,200 Sarasota OIR homeowner average including wind: $3,457 SFR model budget: $4,400 Duplex model budget: $5,200 3 to 4 unit model budget: $7,000 St. Lucie OIR homeowner average including wind: $3,491 SFR model budget: $4,400 Duplex model budget: $5,300 3 to 4 unit model budget: $7,000 Miami-Dade OIR homeowner average including wind: $5,975 SFR model budget: $7,500 Duplex model budget: $9,000 3 to 4 unit model budget: $12,000 Broward OIR homeowner average including wind: $6,136 SFR model budget: $7,700 Duplex model budget: $9,300 3 to 4 unit model budget: $12,300 Palm Beach OIR homeowner average including wind: $6,323 SFR model budget: $8,000 Duplex model budget: $9,500 3 to 4 unit model budget: $12,700 Brevard OIR homeowner average including wind: $3,532 SFR model budget: $4,500 Duplex model budget: $5,300 3 to 4 unit model budget: $7,100 OIR report published July 1, 2026; underlying county data March 31, 2026. These are homeowner averages, not landlord policy quotes. Analyst multipliers deliberately differ by property type and are rounded up to $100. A separate $1,500 annual flood placeholder is included in numeric screens. It is not a quote, can be materially inadequate and never clears an unknown flood zone. Brevard’s $3,532 homeowner context produces a $4,500 SFR budget for the Palm Bay reserve; its availability conflict remains unresolved. Sources: [S14]. - Insurance gate: obtain a bindable landlord policy for the actual occupancy/use and replacement cost; inspect wind deductibles in dollars, roof payment basis, water exclusions, ordinance/law, liability, loss-of-rent, renovation/vacancy exclusions and separate flood coverage. Keep deductible liquidity separate from annual reserves. - Flood and storm gate: retain the effective parcel FIRMette, panel date, zone, BFE and any map revisions; check elevation certificate, local floodplain determination, drainage, prior flooding, storm surge, evacuation/access and outage exposure. Zone X is not zero risk. A blank GIS field proves nothing. - Citizens context: relevant personal-residential wind policies outside the SFHA require flood cover at Coverage A of $400,000 or more in 2026 and regardless of value in 2027, subject to policy exceptions. Coverage A is insured dwelling value, not purchase price; verify eligibility and actual policy. - Storm-damage and repair gate: get the local substantial-damage/improvement calculation before pricing a renovation. The federal 50% concept uses structure value excluding land, and stricter or cumulative local rules may apply. Seller disclosure does not replace inspection and claims/permit review. - Ground and utility gate: investigate sinkhole/ground movement, septic, well, service capacity, utility assessments and connection fees. Cape Coral UEP and North Port wastewater expansion are parcel-specific liabilities; determine payoff versus recurring assessment without counting both or omitting both. - Condition and financing gate: roof/HVAC/plumbing/electrical, moisture, termites, foundations and code violations need inspections and bids. Cash-only, unsafe or uninhabitable assets do not automatically qualify for the stabilized 75%-LTV model. Any rehab/takeout route must be separately funded and quoted. Sources: [S15]; [S16]; [S17]; [S18]; [S19]; [S20]; [S50]; [S51]; [S52]; [S53]; [S65]; [S66]. Crime and schools are not scored. Use FDLE and actual agency incident data for a consistent period and geography, with reporting-completeness checks, rather than unexplained safety scores. For schools, verify the exact parcel’s current attendance assignment with the district and consult FDOE’s school-year methodology; nearby names or a single grade do not guarantee assignment or summarize educational quality. Rankings use rents, prices, jobs, supply and documented property risk, not protected-class composition or proxies. Sources: [S54]; [S55]; [S56]; [S57]. UNDERWRITING METHOD AND PURCHASE THRESHOLDS Financing assumption: 75% LTV, 8.50% fixed, fully amortizing 30-year principal and interest. At that rate $100,000 of debt costs $769/month; at 9.50%, $841/month. This is not an investor quote or commitment. The October 1 Freddie Mac benchmark of 7.28% describes conventional conforming purchase loans with 20% down and excellent credit. Investor spread, lender fees, prepayment penalties and actual eligibility must be quoted. Sources: [S01]; [S02]; [S03]. Common assumptions and denominator discipline R Treatment: Annual scheduled gross potential ordinary annual rent of the existing units; no ancillary income Economic vacancy and collection loss Treatment: 8% of R; EGI = 0.92 × R Management Treatment: 10% of EGI, even if initially self-managed Routine maintenance Treatment: 7% of R, kept separate from capital replacement Fixed expenses F Treatment: Post-sale tax, insurance, flood, known HOA, owner utilities/services, known recurring licenses; no debt Replacement reserve Treatment: 5% of R, deducted below conventional NOI Tax Treatment: 2% of offer plus known assessments unless a better documented model is stated; Gainesville current-tax floor applies Utilities/services Treatment: $100 per unit per month provisional where unknown; source-specific amounts otherwise; Sutor $1,200 annual owner-service placeholder Unknown HOA and other fees Treatment: Not silently cleared; an included zero is unpriced or a no-fee listing claim; numerical ceiling remains conditional Upfront capital Treatment: Inspection/rehab/turnover, permitting, lease-up, fees/points and closing costs are separate acquisition uses, not zero - Conventional NOI = 0.92R × 0.90 − 0.07R − F. Cap rate = NOI / price. After-reserve cash available = NOI − 0.05R. The latter divided by price is the after-reserve unlevered yield. - Annual debt service = 12 amortizing monthly principal-and-interest payments. Conventional economic DSCR = NOI / debt service. After-reserve DSCR = (NOI − reserve) / debt service. Taxes/insurance are already in NOI, so adding PITIA to this denominator would double-count them. A lender’s gross-rent/PITIA DSCR is a different metric. - After-reserve BEO = (F + 0.07R + 0.05R + annual debt service) / (0.90R). This is the collected-rent break-even ratio; management varies with collections. Compare with modeled 92% collections. Do not subtract 8% vacancy again. Above 100% means break-even is impossible at supported scheduled rent and these budgets. - Operating stress: lower R by 5%; hold vacancy at 8%; increase base operating-expense/EGI ratio by 5 percentage points. Stressed expense is the larger of that target times stressed EGI and management + stressed routine repairs + unchanged fixed bills. Keep the original dollar replacement reserve. Thus fixed tax/insurance/HOA do not mechanically decline with rent. - Price ceiling: solve the lowest constraint from base after-reserve DSCR ≥1.25, BEO ≤85% (preferred ≤80%), and operating-stress after-reserve DSCR ≥1.00. Tax is recalculated at each offered price with any fixed floor/assessment. Repeat with 9.50% debt for the rate-sensitive ceiling. There is no assumed refinance or appreciation. - Where tax = τ × price and other fixed costs F0, the DSCR-only ceiling is [R(0.92×0.90−0.07−0.05)−F0] / [τ + 1.25×0.75×annual mortgage constant]. It is only one constraint; numeric ceilings also test BEO and stress. Actual price ceilings can fall further when missing costs are filled. Buy threshold: legal use and unit count, separately metered configuration, non-waterfront suitability, annual rent and collections, title/deed/HOA, exact financing, post-sale tax, insurance/flood, inspections and capital bids all cleared; then base coverage at least 1.25x, stress at least 1.00x and BEO at most 85%, preferably 80%. A mathematically passing hypothetical is not a legal or physical clearance. Watch: a useful evidence-backed lead with unresolved gates or asking-price shortfall. Avoid: an offer based on prohibited/unverified use, unsupported rent, hidden capital, ineligible finance, uninsurable condition, or a price that only works with appreciation/refinance. COMPARISON WITH THE EARLIER GULF BASELINE This is the first statewide edition, so statewide month-over-month arrows and score changes are not available. The October 1 Gulf report is a different geographic series and remains a historical record. Its complete scores and best labels are not imported as verified statewide facts. Current property status, rent rolls, legal counts and costs must be re-established before comparing an individual asset. Qualified methodology comparison Geography October 1 Gulf baseline: Gulf submarkets and city/county examples October 3 statewide baseline: 22 current Florida MSAs with source-specific geography notes Debt assumption October 1 Gulf baseline: 7.75% modeled investor debt October 3 statewide baseline: 8.50% modeled; 9.50% sensitivity; ↑0.75 percentage point in analyst assumption, not a measured investor quote change Conforming benchmark cited October 1 Gulf baseline: September 24 7.03% October 3 statewide baseline: October 1 7.28%; ↑0.25 percentage point, official weekly benchmark Expense model October 1 Gulf baseline: Broad percentage assumptions October 3 statewide baseline: Explicit management, repair, tax, insurance, utilities and below-NOI replacement reserve Scoring October 1 Gulf baseline: Historical full-score presentation October 3 statewide baseline: 55/100 evidence coverage generally; missing components unscored Candidate status October 1 Gulf baseline: Historical screened winners October 3 statewide baseline: No legal-qualified winners; individual listing and permit conflicts retained Monthly arrows October 1 Gulf baseline: Gulf series starts comparisons after its baseline October 3 statewide baseline: No prior statewide edition; current YoY/acceleration uses source history only Archive key: 2026-10-03 baseline. Scheduled monthly statewide history begins with a distinct 2026-10-15 edition and continues through September 2027. The October 3 baseline is not overwritten by the October 15 report. Preserve source vintages and as-reported values alongside later revised observations; do not backfill a changed source into an earlier issued report. On the twelfth scheduled edition, use the full monthly record to evaluate the most robust market and then-current available purchase candidates, with remaining diligence stated. NEXT DECISIONS AND RED FLAGS - Do not offer at a modeled ceiling until the missing-cost and legal gates are closed. Many asking prices are far above cash-flow support under current debt and conservative budgets. - First document requests if a candidate is pursued: lawful-unit/CO or nonconforming letter, actual leases and collections, estoppels and deposits, meter/bill allocation, post-sale all-levy tax estimate, bindable insurance/flood quote, roof and four-point inspection, current title/lien/code search, HOA/deed package and capital bids. - Resolve specific stop signs before deeper pricing: Dania’s two-family district versus three assessed units; Tampa College Park’s duplex permit and conflicting vacancy; Sutor’s expired HVAC permit and undersized current-zoning lot; Lime Street’s living-area/garage mismatch; Fort Myers Lafayette’s year/bedroom/conversion discrepancies. - Keep zero current income and lease-up risk visible. Do not transform a vacant rehab triplex into an income-producing buy using seller target rents, or treat a pro-forma fourplex schedule as executed income. - SFR priority is verified annual rent at a supportable basis. No forced house-hack, ADU or transient-income winner. Short-sale fees, repair scope, condition-based loan eligibility and the Palm Bay availability conflict remain material. - The next edition should close the highest-value gaps: comparable legal 2/3/4-unit inventory, matched annual 3–5BR rent and acquisition samples, current vacancy/effective concessions, property insurance quotes, tax reset estimates, source-consistent sale-to-list and deliveries, and exact parcel use clearances. SOURCES AND SOURCE VINTAGES All sources were retrieved for this baseline on October 3, 2026 unless a card states a cached observation. A live URL does not guarantee its listing data is current. Full hyperlinks are preserved in HTML, plain text and the machine-readable source ledger. Public data files contain market/property facts and model assumptions only; personal delivery and account information is excluded. RDC_M · Realtor.com Economic Research monthly inventory (https://econdata.s3-us-west-2.amazonaws.com/Reports/Core/RDC_Inventory_Core_Metrics_Metro.csv) 2026-09; published/modified 2026-09-30. 2023 OMB MSA; SFR + condo/townhome/rowhome/co-op resale listings; MLS-listed new construction can be included. Not multifamily-specific; not closed sale price; not investor property rent; use native cut share rather than dividing raw cuts by snapshot inventory RDC_S · Realtor.com statewide monthly inventory (https://econdata.s3-us-west-2.amazonaws.com/Reports/Core/RDC_Inventory_Core_Metrics_State.csv) 2026-09; published/modified 2026-09-30. State of Florida; Same all-residential listing mix as metro data. Not equal to sum of metro medians; state includes nonmetro areas RDC_REPORT · Realtor.com September publication and methodology (https://www.realtor.com/research/september-2026-data/) 2026-09; published/modified 2026-09-30. Nation/regions/top50 current MSAs; residential listings. National pending-sale report cleaning differs from legacy CSV; use one series consistently RDC_RENT · Realtor.com August Rental Report (https://www.realtor.com/research/august-2026-rent/) 2026-08; published/modified 2026-09-17. Current named MSAs; 4 Florida metros in top50; 0–2 bedroom apartments AND private SF/condo/townhouse rentals. Not multifamily-only; not effective rent or 3–5BR SFR rent ZORI_SFR · Zillow Observed Rent Index single-family residences (https://files.zillowstatic.com/research/public_csvs/zori/Metro_zori_uc_sfr_sm_month.csv) 2026-08-31; published/modified 2026-09-16. Provider metro/msa names; boundary vintage unverified; single-family residences. Not effective rent; concessions not deducted. MFR excludes 2–4-unit classification; broad SFR index not bed-specific ZORI_MFR · Zillow Observed Rent Index 5+ unit rental buildings (https://files.zillowstatic.com/research/public_csvs/zori/Metro_zori_uc_mfr_sm_month.csv) 2026-08-31; published/modified 2026-09-16. Provider metro/msa names; boundary vintage unverified; 5+ unit rental buildings. Not effective rent; concessions not deducted. MFR excludes 2–4-unit classification; broad SFR index not bed-specific ZORI_SFRCONDOMFR · Zillow Observed Rent Index all homes plus multifamily (https://files.zillowstatic.com/research/public_csvs/zori/Metro_zori_uc_sfrcondomfr_sm_month.csv) 2026-08-31; published/modified 2026-09-16. Provider metro/msa names; boundary vintage unverified; all homes plus multifamily. Not effective rent; concessions not deducted. MFR excludes 2–4-unit classification; broad SFR index not bed-specific ZHVI · Zillow Home Value Index (https://files.zillowstatic.com/research/public_csvs/zhvi/Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv) 2026-08-31; published/modified 2026-09-16. Provider metro names; single-family + condo/co-op, middle-tier typical value. Not median closed price, MF asset value, asking price or appraisal; August narrative press release differs from downloaded CSV. Use CSV vintage consistently ZILLOW_DEFS · Zillow data definitions (https://www.zillow.com/research/data/) Definitions viewed 2026-10-03; published/modified 2026-10-03 retrieval. all; all. Provider boundary vintage not verified FR_MSA · Florida Realtors August MSA summary (https://www.floridarealtors.org/sites/default/files/2026-09/August-2026-Fla-MSA-summary.pdf) 2026-08 and 2026 YTD; published/modified 2026-09-16. 2013 OMB MSA; SFR separately from condo/townhouse. Gainesville Alachua/Gilchrist excludes Levy. Panama City Bay/Gulf differs from current Bay/Washington. Median-price change can reflect composition FR_SFR · Florida Realtors statewide SFR detail (https://www.floridarealtors.org/sites/default/files/2026-09/August-2026-Fla-single-family-data-detail.pdf) 2026-08; published/modified 2026-09-16. State of Florida; single-family homes. Original-list ratio differs from final-list ratio; time to contract differs from Realtor DOM FR_CONDO · Florida Realtors statewide condo detail (https://www.floridarealtors.org/sites/default/files/2026-09/August-2026-Fla-condo-data-detail.pdf) 2026-08; published/modified 2026-09-16. State of Florida; condo/townhouse units. Not apartment-building multifamily market BLS · BLS Metropolitan Area Employment and Unemployment (https://www.bls.gov/news.release/metro.htm) 2026-08 preliminary vs 2025-08; published/modified 2026-09-30. Current MSAs; Miami/Tampa divisions separately; not a housing property metric. Not seasonally adjusted. Labor force is not payroll jobs. Unemployment and payroll covary but are different denominators CENSUS_POP · Census Vintage 2025 CBSA population and components (https://www2.census.gov/programs-surveys/popest/datasets/2020-2025/metro/totals/cbsa-est2025-alldata.csv) July 1 2025 and revised 2024/2023; published/modified 2026-03-26. Current Census MSA with county/division components; all residents. People are not households; does not measure current2026 migration; same vintage used across years BPS_cbsa2608y.txt · Census Building Permits Survey Jan–Aug2026 YTD (https://www2.census.gov/econ/bps/CBSA%20%28beginning%20Jan%202024%29/cbsa2608y.txt) 2026-01 to2026-08; published/modified 2026-09-24. Current CBSA with metro/micro indicator; one-unit;2-unit;3–4-unit;5+-unit structure classes. Permits are neither starts nor deliveries. Do not doublecount reported-only fields. 2025 YTD comparator is its published contemporaneous file and may differ from annual-benchmarked totals BPS_cbsa2508y.txt · Census Building Permits Survey Jan–Aug2025 YTD (https://www2.census.gov/econ/bps/CBSA%20%28beginning%20Jan%202024%29/cbsa2508y.txt) 2025-01 to2025-08; published/modified 2025-09-24. Current CBSA with metro/micro indicator; one-unit;2-unit;3–4-unit;5+-unit structure classes. Permits are neither starts nor deliveries. Do not doublecount reported-only fields. 2025 YTD comparator is its published contemporaneous file and may differ from annual-benchmarked totals BPS_cbsa2025a.txt · Census Building Permits Survey final annual2025 (https://www2.census.gov/econ/bps/CBSA%20%28beginning%20Jan%202024%29/cbsa2025a.txt) 2025; published/modified 2026-05-14. Current CBSA with metro/micro indicator; one-unit;2-unit;3–4-unit;5+-unit structure classes. Permits are neither starts nor deliveries. Do not doublecount reported-only fields. 2025 YTD comparator is its published contemporaneous file and may differ from annual-benchmarked totals BPS_cbsa2608c.txt · Census Building Permits Survey August2026 monthly (https://www2.census.gov/econ/bps/CBSA%20%28beginning%20Jan%202024%29/cbsa2608c.txt) 2026-08; published/modified 2026-09-24. Current CBSA with metro/micro indicator; one-unit;2-unit;3–4-unit;5+-unit structure classes. Permits are neither starts nor deliveries. Do not doublecount reported-only fields. 2025 YTD comparator is its published contemporaneous file and may differ from annual-benchmarked totals HVS_RATE · Census annual housing vacancy Table6 (https://www.census.gov/housing/hvs/files/annual25/ann25t_6.xlsx) 2025 annual and 2024; published/modified 2026-03-24. 75 largest MSAs, 6 Florida; source says2010 definitions; all rental housing. 2025 based on11 months because October not collected; old boundaries; not asset-specific; do not substitute STR occupancy HVS_MOE · Census annual HVS margin of error TableB4 (https://www.census.gov/housing/hvs/files/annual25/ann25t_b4.xlsx) 2025 annual; published/modified 2026-03-24 associated annual release. Same named75 metros; all rental housing. Workbook legacy note says2000 while rate table says2010; exact boundary comparability unverified. No claim that YoY changes are statistically significant ATTOM · ATTOM August2026 foreclosure market report (https://www.attomdata.com/news/market-trends/foreclosures/august-2026-foreclosure-market-report/) 2026-08; published/modified 2026-09-17. Florida statewide and selected metros including PuntaGorda; housing units/properties with filings. State1in2397 units; PuntaGorda1in1249. Not a discount measure or broad all-metro distress panel S01 · Freddie Mac October 1, 2026 PMMS (https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-average-728/) 2026-10-01. Official or primary risk guidance. 30-year FRM benchmark 7.28%; prior week 7.03%; conventional conforming fully amortizing purchase loans, 20% down, excellent credit. Not an investment-property or DSCR offer. S02 · Lima One rental lending (https://www.limaone.com/rental/) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Advertises 30-year fixed, ARM and interest-only products, up to 80% LTV purchase, rates as low as 6.25%. Marketing floor, not an executable quote; terms and prepayment vary. S03 · Kiavi investment loans explanation (https://www.kiavi.com/blog/what-are-investment-property-loans) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Explains a common SFR lender DSCR as gross monthly rent divided by principal, interest, taxes, insurance and HOA; lender-specific minimums differ. S04 · Kiavi current homepage (https://www.kiavi.com/) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Advertises DSCR rental loans starting at 6.125%; not a committed borrower/property quote. S05 · DBPR vacation rental guide (https://www2.myfloridalicense.com/hotels-restaurants/licensing/vrtsp-guide/) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Entire-unit transient rental licensing may be triggered by more than three rentals per calendar year shorter than 30 days/one calendar month (whichever is less), or regular public advertising. Room-only rentals are not classified by this division as public lodging; local jurisdiction still applies. S06 · Florida DOR transient accommodations tax guide (https://floridarevenue.com/Forms_library/current/brochure/gt800034.pdf) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Six-month-or-less rentals generally face transient-accommodation taxes; bona fide written continuous-residence leases longer than six months qualify for the described exemption. For continuously occupied taxable stays, seventh-month treatment differs. Review exemptions and current rates. S07 · Florida DOR local-option transient rental taxes (https://www.floridarevenue.com/taxes/taxesfees/Pages/local_option.aspx) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Counties may impose local tourist/transient taxes in addition to state sales tax and discretionary surtax. Short-term local taxation is not limited to stays under 30 days. S08 · Florida Statutes 509.032 (2026) (https://www.flsenate.gov/Laws/Statutes/2026/509.032) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Section 7(b) restricts local prohibition and duration/frequency regulation of vacation rentals, with pre-June 1, 2011 grandfathering; state preemption is not a parcel zoning/fire/building clearance. S09 · Florida Statutes 163.31771 (2026) (https://www.flsenate.gov/Laws/Statutes/2026/163.31771) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Published current text remains a permissive local-government ADU ordinance provision, with affordability affidavit language. Do not assume an automatic statewide right from bill amendments. S10 · Chapter 2026-179 enrolled law (https://laws.flrules.org/2026/179) 2026. Official or primary risk guidance. Final law reviewed; earlier HB1389 versions referenced an ADU mandate, but final chapter does not contain that amendment. Avoid treating intermediate bill text as enacted law. S11 · Florida Statutes 193.1554 (2026) (https://www.flsenate.gov/Laws/Statutes/2026/193.1554) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Nonhomestead residential (nine or fewer units) resets to just value the January 1 after ownership/control change, subject to exceptions; subsequent 10% assessment-growth cap excludes school levies. Additions can be separately assessed. This is not a tax-bill cap. S12 · Florida DOR exemptions and Save Our Homes (https://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Homestead exemption is not transferred from the seller; eligible owners may port their own qualifying SOH benefit to a new homestead. Permanent residence and county-appraiser determination matter. S13 · Florida DOR taxpayer tax calculation (https://floridarevenue.com/property/Pages/Taxpayers.aspx) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Use taxable value and each applicable millage; actual local tax authority rates and assessment basis matter. Include non-ad-valorem amounts separately. S14 · OIR July 2026 Property Insurance Stability Report (https://floir.gov/docs-sf/default-source/property-and-casualty/stability-unit-reports/july-2026-isu-report.pdf) 2026-07-01. Official or primary risk guidance. County homeowners incl-wind averages use MIR as of March 31, 2026. Premiums divided by policies; property mix varies. These are not landlord, flood or individual quotes. S15 · Citizens flood insurance requirements (https://www.citizensfla.com/es/flood) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. For relevant personal-residential wind policies outside SFHA, Coverage A threshold is $400,000 in 2026 and all values in 2027. SFHA requirements already apply. Condo-unit, tenant-content and no-wind exceptions shown. Coverage A is not purchase price. S16 · Citizens July 2026 approved rate update (https://www.citizensfla.com/en/-/20260430-july-2026-rate-rule-and-wind-loss-mitigation-updates) 2026-04-30. Official or primary risk guidance. Approved July 1, 2026 updates describe average homeowner multiperil decrease 8.8% and wind-only decrease 5.1%. Product/territory/primary status differ; not a landlord quote or guaranteed reduction. S17 · FEMA official flood-hazard data (https://msc.fema.gov/msccontent/FEMA_Hazard_Products_Direct_Download.pdf) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. MSC is official NFIP hazard-information source; obtain effective FIRM/FIRMette and NFHL plus map date, flood zone, BFE and applicable LOMAs/LOMRs. S18 · NOAA Sea Level Rise Viewer limits (https://coast.noaa.gov/data/digitalcoast/pdf/slr-faq.pdf) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Screening tool, not site engineering. Inundation depends on elevation/hydrologic connections and excludes several processes including erosion, subsidence and future construction. S19 · FEMA substantial improvement/damage guidance (https://www.fema.gov/sites/default/files/2020-08/fema_p_758_complete_r3_0.pdf) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. 50% substantial improvement/damage threshold compares qualifying work/restoration costs with structure value, not land-inclusive purchase price; local administration/cumulative rules require review. S20 · NFIP coverage and exclusions (https://www.floodsmart.gov/get-insured/buy-a-policy) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Most homeowners insurance excludes flood. NFIP residential limits described as $250,000 building/$100,000 contents; listed exclusions include temporary housing, additional living expenses, and various property outside the building. S21 · Florida Fire Prevention Code (https://www.myfloridacfo.com/division/sfm/bfp/florida-fire-prevention-code) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. 8th edition effective December 31, 2023 shown; local fire officials enforce applicable occupancy and local amendments. A 9th-edition development process exists; do not treat draft as effective. S22 · Florida Building Commission June 2026 workplan (https://www.floridabuilding.org/fbc/commission/FBC_0626/Commission/2026_FBC_Workplan_June_2026.pdf) 2026-06. Official or primary risk guidance. 2026 ninth-edition workplan targets December 31, 2026 but has unresolved milestones. Obtain permit-date edition/amendments from local building official; October underwriting must not assume draft code controls. S23 · Pinellas official bedroom egress guidance (https://pinellas.gov/2023-florida-building-code/) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Official explanation of 2023 residential emergency escape/rescue openings and bedroom conversions; exceptions/application depend on construction and occupancy. S24 · DBPR condominium inspections (https://condos.myfloridalicense.com/inspections/) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. MI/SIRS applicability, reserve funding and possible assessments need review for condos. Certain associations may complete SIRS with MI by December 31, 2026; this is not a universal extension. S25 · Jacksonville official STR responsibilities (https://www.jacksonville.gov/departments/property-appraiser/short-term-rentals) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Directs owners to state/county registration, fire inspection when required, trafficking signage, land use/zoning/parking/noise. Platform tax collection does not assure complete compliance. S26 · Jacksonville ADU adopted legislation history (https://jaxcityc.legistar.com/LegislationDetail.aspx?GUID=78C6D541-91EC-4D9A-AD56-A326DDAA2810&ID=5687568&Options=ID%7CText%7C&Search=448) 2022. Official or primary risk guidance. Identifies Chapter 656 ADU amendments, but this research did not establish the complete currently effective dimensional/occupancy conditions for any parcel. S27 · Ocala zoning definitions (https://library.municode.com/fl/ocala/codes/code_of_ordinances?nodeId=PTIICOOR_CH122ZO_ARTIINGE_S122-2DE) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Defines dwelling unit with independent cooking/sleeping facilities and single-family as one unit. Definitions alone do not establish permitted ADU/room-rental/STR use. S28 · Gainesville ADU permitting guide (https://www.gainesvillefl.gov/files/assets/public/v/1/sustainable-development/planning-department/documents/accessory-dwelling-unit-adu-flyer-20241218.pdf) 2024-12-18. Official or primary risk guidance. City says ADUs available in single-family neighborhoods/most districts subject to standards and permits. Not proof of parcel capacity. S29 · Gainesville code enforcement guidance (https://www.gainesvillefl.gov/Government-Pages/Government/Departments/Sustainable-Development/Code-Enforcement/Code-Violation-FAQs) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Rental housing ordinance and over-occupancy/parking rules apply; unpermitted added units are illegal regardless of how long they existed. Confirm rental permit and inspection applicability. S30 · Tallahassee short-term rental FAQ (https://www.talgov.com/growth/gm_faqs/49) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. City FAQ says zoning does not distinguish rental duration and allows STR. Does not waive state/local licenses, safety, property restrictions or parcel compliance. S31 · Tallahassee current ADU overview (https://www.talgov.com/growth/gm_adu) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Overview gives MMTD-dependent unit counts, up to 1,200 sqft/two stories, setbacks/lot-coverage conditions. An older official FAQ conflicts; current code/written determination should resolve. S32 · Tallahassee ADU spotlight (https://www.talgov.com/uploads/public/documents/growth/zoning_spot_231010.pdf) 2023-10-10. Official or primary risk guidance. Describes long/short-term ADU rental and conversion paths with building permits; MMTD/district-specific requirements still apply. S33 · Pensacola codified zoning/ADU provisions (https://library.municode.com/fl/pensacola/codes/code_of_ordinances?nodeId=PTIICOOR_TITXIILADECO_CH12-3ZODI_ARTIINGE_S12-3-8COLAUSDI) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. One ADU accessory to detached SFR; retrieved code includes lot/size/design restrictions. February 2026 draft LDC surfaced separately; adoption/current text must be reconciled before reliance. S34 · Lakeland planning FAQ (https://lakelandgov.net/departments/community-economic-development/planning-zoning/faqs/) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. ADUs described only in Urban area with Section 4.3.2.1 conditions; lot split requires city review for legal dimensions. No parcel authorization established. S35 · Orlando home-sharing registration (https://www.orlando.gov/Initiatives/Home-Sharing-Registration) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Under-30-day home share requires resident present on site, one booking, at most half dwelling, occupancy and registration conditions. Whole-house investor STR is not authorized by this program. S36 · Orlando ADU step-by-step guide (https://www.orlando.gov/Our-Government/Departments-Offices/Economic-Development/City-Planning/Accessory-Dwelling-Units-Home-Page/Accessory-Dwelling-Units-Step-by-Step-Guide) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Eligible zoning/lot sizes and standards control; long-term ADU rental can be possible; shared ownership; short-term has special rules. ADU cannot be independently sold absent lawful separate-lot redevelopment. S37 · Tampa ADU official page (https://www.tampa.gov/city-planning/accessory-dwelling-units) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. ADUs limited to listed areas/overlays; elsewhere Extended Family Residence distinction; main residence owner-occupied. Verify latest code and address eligibility rather than citywide assumption. S38 · St Petersburg transient accommodations handout (https://cms5.revize.com/revize/stpete/Business/Planning%20%26%20Zoning/Land%20Development/Transient%20Accomodation%20Handout%202023.pdf) 2023. Official or primary risk guidance. City handout says under-30-day rental generally limited to three times in consecutive 365 days unless zoning allows relevant transient use; current parcel/legal-use review required. S39 · Cape Coral rental registration (https://www.capecoral.gov/departments/city_clerk/rental_property_registration.php) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. 2026 annual rental registration; >6mo $35, <=6mo $350. Room-only rental included. FAQ states six-night minimum. Inconsistent penalty summaries should be checked in ordinance, not generalized. S40 · North Port posted ULDC (https://www.northportfl.gov/files/assets/main/v/1/building-amp-planning/planning-amp-zoning/most-recent-uldc_1.pdf) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Section 3.7.2 permits conditional ADU route; water/sewer or well/septic separation, habitable-building/flood standards, max800sqft/65% primary living area. Current parcel zoning and amendments remain necessary. S41 · Port St Lucie business tax (https://www.cityofpsl.com/Government/Your-City-Government/Departments/Finance/Business-Tax) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. City lists rental-property lessors among businesses needing BTR before operation; BTR expires September30. Not zoning clearance. S42 · Port St Lucie accessory-use code (https://library.municode.com/fl/port_st._lucie/codes/code_of_ordinances?nodeId=TITXVLAUS_CH158ZOCO_ARTXISUUSRE_S158.217ACUSST) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Retrieved single-family accessory-use enumeration is restrictive. Fee schedules mentioning ADUs do not independently authorize a rental ADU. Written current district determination required. S43 · City of Miami zoning FAQ (https://www.miami.gov/Planning-Zoning-Land-Use/Zoning-FAQs) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Under-30-day stays are lodging: transect must allow lodging and building certificate must authorize it. Postal Miami address does not establish City jurisdiction. S44 · Unincorporated Miami-Dade STR (https://www.miamidade.gov/global/economy/neighborhood-compliance/residential-short-term-vacation-rentals.page) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Annual CU, inspection and state/tax requirements; max2/bedroom+2, max12 excluding under3 per official guidance. Municipal properties must use municipal rules. S45 · Unincorporated Miami-Dade ADU (https://www.miamidade.gov/global/economy/building/accessory-dwelling-unit-adu.page) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Conditional one-ADU route, renewable CU/inspection/parking. ADU cannot be rented separately as vacation rental; if owner onsite, owner occupies main unit. Guesthouse cannot rent for fee; shared ownership restriction. S46 · Fort Lauderdale vacation rental registration (https://www.fortlauderdale.gov/government/departments-a-h/community-services/community-enhancement-and-compliance/administrative-services/vacation-rental-program/property-registration) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. State/county prerequisites, local registration/BTR/inspection. Legal bedrooms verified for max2perbedroom; offstreet parking documentation. $880 registration shown but verify fee at application. Not Broward-wide. S47 · Fort Lauderdale landlord registry (https://www.fortlauderdale.gov/Government/Departments/Development-Services/LauderBuild) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Rental landlord registration described; owner-occupied and vacation rentals excluded from this registry and require separately applicable rules. S48 · Palm Beach County tourist tax (https://www.pbctax.gov/taxes/tourist-development-tax/) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Vacation rentals need short-term rental local business tax receipt for each TDT account; filing may be required even zero rental activity. Municipality/zoning restrictions separate. S49 · Palm Beach County zoning FAQ (https://discover.pbc.gov/pzb/faqpages/zoning.aspx) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Provides official zoning lookup and current ULDC references. No countywide ADU/STR clearance established; older2015 ADU PDF excluded from affirmative legal conclusions. S50 · Cape Coral tax-billed assessments (https://www.capecoral.gov/departments/financial_services/customer_billing_services/assessments/index.php) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. UEP line extension+capacity charges and financed installments may appear on tax bill. Current payoff/parcel assessments required. Operating millage alone excludes assessments. S51 · Cape Coral North1 UEP (https://www.capecoral.gov/departments/public_works/capital_improvements/utilities_extension_project_uep/north_1_uep.php) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Project page states construction notices December2025 and expected end2027 completion; timing is a schedule, not completion guarantee. Verify assessed parcel notices. S52 · Cape Coral North3 UEP (https://www.capecoral.gov/departments/public_works/capital_improvements/utilities_extension_project_uep/north_3_uep.php) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Official project page anticipates2026 construction/end2028 completion but contains conflicting design-stage statements. Latest assessment resolution/roll needed; no guessed liability. S53 · North Port wastewater expansion (https://www.northportfl.gov/City-Services-and-Safety/Utilities-Department/Wastewater-Long-term-Expansion-Plan) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Existing septic conversion/service-expansion planning can affect parcel economics. Service availability and actual connection/assessment cost require verification. S54 · FDLE FIBRS (https://www.fdle.state.fl.us/CJAB/FIBRS) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Agency-submitted verified incident data2021-present; identify reporting coverage, agency boundaries, period and comparable offense definitions before ranking. S55 · FDLE reporting transition (https://www.fdle.state.fl.us/CJAB/UCR/Annual-Reports) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Summary and incident reporting differ; missing agencies during transition can undermine raw comparisons. S56 · FDOE school grades2026 (https://www.fldoe.org/accountability/accountability-reporting/school-grades/) 2026-09-08. Official or primary risk guidance. Current2026 school/district grade data and methodology available. Confirm attendance assignment with district by parcel for relevant school year; listing labels are insufficient. S57 · FDOE district information (https://www.fldoe.org/accountability/data-sys/edu-info-accountability-services/) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Official starting point for district contacts and reported education data; use district attendance-zone tools for property assignment. S58 · Marion current LDC entrypoint (https://www.marionfl.org/agencies-departments/departments-facilities-offices/growth-services/ldc) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. County current-code/planner entrypoint. Public code-retrieval was incomplete; parcel written verification needed. S59 · Marion government-hosted workforce housing plan (https://www.marionflcoc.org/home/showpublisheddocument/25694/638477541392970000) 2024. Official or primary risk guidance. Historical policy document reports family/guest ADUs as noncommercial under4.3.18; current restriction must be reconciled. Strong reason not to value market-rent ADU upside. S60 · Escambia written zoning verification (https://myescambia.com/our-services/development-services/planning-zoning/zoning-land-use-verifications) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Official form/process to obtain zoning/land-use determination; Escambia rules differ from Pensacola city. No candidate clearance completed. S61 · Escambia codified LDC entrypoint (https://library.municode.com/fl/escambia_county/codes/code_of_ordinances?nodeId=PTIIILADECO) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Current code source lead; full applicable accessory-use, occupancy, duration and permit conditions not completed for candidates. S62 · Polk current LDC chapter2 (https://library.municode.com/fl/polk_county/codes/land_development_code?nodeId=CH2LAUSDIRE_S229RE) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Current code includes Section206 accessory uses; direct retrieval incomplete. Older official plan says ADUs prohibited in developments approved for STR, so verify amended current text. S63 · Polk official housing-incentives plan (https://www.polk-county.net/wp-content/uploads/2023/07/annual-polk-affordable-housing-incentives-implementation-report-nov-16-2021.pdf) 2022. Official or primary risk guidance. Historical official description of ADU Level1 review and STR-development exclusion; use as diligence lead only. S64 · Duval official JFK parcel (https://paopropertysearch.coj.net/Basic/Detail.aspx?RE=0302900260) 2026 in-progress. Official or primary risk guidance. Candidate worker reports official parcel: RE030290-0260,GS tax district,0100 single family,RLD-60; listing3bed/2bath versus narrative4. This strategy researcher has not independently completed parcel zoning clearance. S65 · Florida seller flood disclosure, 689.302 (https://www.flsenate.gov/Laws/Statutes/2026/0689.302) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Seller must provide prescribed flood disclosure at or before contract execution, including known flooding, claims and assistance. Disclosure is not an engineering or insurance determination. S66 · Florida DEP sinkhole diligence (https://floridadep.gov/fgs/sinkholes/content/sinkhole-faq) Publication/update date not established; accessed October 3, 2026. Official or primary risk guidance. Regional occurrence mapping cannot predict an individual parcel; certified repair/engineering review and insurance terms matter. Catastrophic-ground-collapse coverage and broader sinkhole coverage differ. P088 · 1811/1815 Whitner Street, Jacksonville, FL 32209 listing url (https://www.zillow.com/homedetails/1811-Whitner-St-Jacksonville-FL-32209/2119137802_zpid/) P089 · 1811/1815 Whitner Street, Jacksonville, FL 32209 supplemental listing url (https://www.redfin.com/FL/Jacksonville/1811-Whitner-St-32209/home/188431930) P090 · 1811/1815 Whitner Street, Jacksonville, FL 32209 assessor url (https://paopropertysearch.coj.net/Basic/Detail.aspx?RE=0529860020R) P091 · 6600/6602 Pot O Gold Lane, Orlando, FL 32809 listing url (https://www.zillow.com/homedetails/6602-Pot-O-Gold-Ln-Orlando-FL-32809/46198092_zpid/) P092 · 6600/6602 Pot O Gold Lane, Orlando, FL 32809 assessor url (https://ocpaweb.ocpafl.org/parcelsearch/Parcel%20ID/292325122301110) P093 · 6600/6602 Pot O Gold Lane, Orlando, FL 32809 permit url (https://fasttrack.ocfl.net/onlineservices/Properties.aspx?PropHouse=6602&PropStreet=POT%20O%20GOLD) P094 · 1010/1012 Gerald Avenue, Lehigh Acres, FL 33936 listing url (https://www.coldwellbankerhomes.com/fl/lehigh-acres/1010-1012-gerald-ave/pid_72126861/) P095 · 1010/1012 Gerald Avenue, Lehigh Acres, FL 33936 assessor url (https://www.leepa.org/Display/DisplayParcel.aspx?FolioID=10380662&PropertyDetailsCurrent=True&PermitDetails=True#PermitDetails) P096 · 1010/1012 Gerald Avenue, Lehigh Acres, FL 33936 permit url (https://aca-prod.accela.com/LEECO/cap/CapDetail.aspx?type=1000&Module=Permitting&capID1=&ALTID=RES2024-03891) P097 · 1255 NE 110th Terrace, Miami, FL 33161 listing url (https://www.zillow.com/homedetails/1255-NE-110th-Ter-Miami-FL-33161/44136838_zpid/) P098 · 1255 NE 110th Terrace, Miami, FL 33161 supplemental listing url (https://www.compass.com/homedetails/1255-NE-110th-Ter-Miami-FL-33161/1CIXHG_pid/) P099 · 1255 NE 110th Terrace, Miami, FL 33161 assessor search url (https://www.miamidade.gov/propertysearch/) P100 · 1255 NE 110th Terrace, Miami, FL 33161 secondary record url (https://www.propertyshark.com/mason/Property/26042300/1255-NE-110-Ter-Miami-FL-33161/) P101 · 3701 W Brainerd Street A & B, Pensacola, FL 32505 listing url (https://www.byowner.com/multifamily/pensacola/3701-w-brainerd-st-fl-32505-688183) P102 · 3701 W Brainerd Street A & B, Pensacola, FL 32505 supplemental listing url (https://www.compass.com/homedetails/3701-W-Brainerd-St-Unit-A-B-Pensacola-FL-32505/GZAP2_pid/) P103 · 3701 W Brainerd Street A & B, Pensacola, FL 32505 assessor search url (https://escpa.org/) P104 · 4265 SW 51st Street #1-3, Dania Beach, FL 33314 listing url (https://www.zillow.com/homedetails/4265-Sw-51st-St-1-3-Fort-Lauderdale-FL-33314/2098328526_zpid/) P105 · 4265 SW 51st Street #1-3, Dania Beach, FL 33314 financial listing url (https://www.compass.com/homedetails/4265-SW-51st-St-Unit-13-Dania-Beach-FL-33314/1CHFPQ_pid/) P106 · 4265 SW 51st Street #1-3, Dania Beach, FL 33314 assessor url (https://web.bcpa.net/bcpaclient/#/Record-Search) P107 · 4265 SW 51st Street #1-3, Dania Beach, FL 33314 assessor building card url (https://web.bcpa.net/RecBuildingCard.asp?folio=504136020122&taxyear=2026) P108 · 4265 SW 51st Street #1-3, Dania Beach, FL 33314 zoning code url (https://library.municode.com/fl/dania_beach/codes/code_of_ordinances?nodeId=COORDABEFL_CH28LADECO_PT1USRE_ART115INDIPEPRSPEXUSCOUS_S115-20HOUSAR) P109 · 4265 SW 51st Street #1-3, Dania Beach, FL 33314 roof permit url (https://cityofdaniabeachfl.nwerp.tylerapp.com/nwprod/eSuite.Permits/ContractorPermitDetailsPage/ContractorPermitDetails.aspx?id=92796) P110 · 4265 SW 51st Street #1-3, Dania Beach, FL 33314 fence permit url (https://cityofdaniabeachfl.nwerp.tylerapp.com/nwprod/eSuite.Permits/ContractorPermitDetailsPage/ContractorPermitDetails.aspx?id=85457) P111 · 5200-5208 NW 16th Street, Lauderhill, FL 33313 listing url (https://www.zillow.com/homedetails/5200-NW-16th-St-Fort-Lauderdale-FL-33313/2071272879_zpid/) P112 · 5200-5208 NW 16th Street, Lauderhill, FL 33313 supplemental listing url (https://www.trulia.com/home/5200-nw-16th-st-fort-lauderdale-fl-33313-2071272879) P113 · 5200-5208 NW 16th Street, Lauderhill, FL 33313 assessor building card url (https://web.bcpa.net/RecBuildingCard.asp?folio=494135210180&taxyear=2026) P114 · 5200-5208 NW 16th Street, Lauderhill, FL 33313 permit lookup url (https://egov.lauderhill-fl.gov/eGovPlus83/permit/perm_status.aspx) P115 · 1403 College Park Lane, Tampa, FL 33612 listing url (https://www.zillow.com/homedetails/1403-College-Park-Ln-Tampa-FL-33612/68584666_zpid/) P116 · 1403 College Park Lane, Tampa, FL 33612 assessor url (https://gis.hcpafl.org/PropertySearch/#/parcel/basic/1928071GND00000000084U) P117 · 1403 College Park Lane, Tampa, FL 33612 permit lookup url (https://aca-prod.accela.com/HCFL/Cap/GlobalSearchResults.aspx?isNewQuery=yes&QueryText=RGB43056) P118 · 1403 College Park Lane, Tampa, FL 33612 supplemental listing url (https://www.compass.com/homedetails/1403-College-Park-Ln-Tampa-FL-33612/MMXJK_pid/) P119 · 134 W 32nd Street, Jacksonville, FL 32206 listing url (https://www.zillow.com/homedetails/134-W-32nd-St-Jacksonville-FL-32206/44533603_zpid/) P120 · 134 W 32nd Street, Jacksonville, FL 32206 assessor url (https://paopropertysearch.coj.net/Basic/Detail.aspx?RE=1335390000) P121 · 134 W 32nd Street, Jacksonville, FL 32206 supplemental listing url (https://www.compass.com/homedetails/134-W-32nd-St-Jacksonville-FL-32206/CHETG_pid/) P122 · 519 W 23rd St, Jacksonville, FL 32206 url (https://www.mystatemls.com/property/519-w-23rd-st-jacksonville-fl-32206/11775147/) P123 · 519 W 23rd St, Jacksonville, FL 32206 url (https://www.realtor.com/realestateandhomes-detail/519-W-23rd-St_Jacksonville_FL_32206_M65073-59078) P124 · 519 W 23rd St, Jacksonville, FL 32206 url (https://paopropertysearch.coj.net/Basic/Detail.aspx?RE=0874980000) P125 · 519 W 23rd St, Jacksonville, FL 32206 url (https://jaxepics.coj.net/Permit/View/1823f8) P126 · 902–904 E Lime St, Lakeland, FL 33801 url (https://www.innovateonline.com/multifamily-for-sale/902-E-Lime-Street-Lakeland-FL-33801-440076252) P127 · 902–904 E Lime St, Lakeland, FL 33801 url (https://www.coldwellbankerhomes.com/fl/lakeland/902-e-lime-st/pid_74056568/) P128 · 902–904 E Lime St, Lakeland, FL 33801 url (https://www.polkflpa.gov/CamaDisplay.aspx?OutputMode=Display&ParcelID=242818205000007212&SearchType=RealEstate&cookie_test=true) P129 · 997 Sutor Rd, Tallahassee, FL 32311 url (https://www.crexi.com/properties/2449907/florida-tallahassee-fl-quadruplex) P130 · 997 Sutor Rd, Tallahassee, FL 32311 url (https://www.emeraldcoastal.com/property-search/detail/110/398088/997-sutor-rd-tallahassee-fl-32311/) P131 · 997 Sutor Rd, Tallahassee, FL 32311 url (https://search.leonpa.gov/Property/Details/310361%20%20A0020) P132 · 997 Sutor Rd, Tallahassee, FL 32311 url (https://tlcgis.leoncountyfl.gov/PropInfo/index.html?TAXID=310361%20%20A0020) P133 · 997 Sutor Rd, Tallahassee, FL 32311 url (https://www2.leoncountyfl.gov/PermitHistory/Permits/SearchPermitNumber?PermitNum=TBM241596) P134 · 997 Sutor Rd, Tallahassee, FL 32311 url (https://www.talgov.com/Uploads/Public/Documents/place/zoning/mr_1_city.pdf) P135 · 1840 Lafayette St, Fort Myers, FL 33901 url (https://www.redfin.com/FL/Fort-Myers/1840-Lafayette-St-33901/home/67856711) P136 · 1840 Lafayette St, Fort Myers, FL 33901 url (https://leepa.org/Display/DisplayParcel.aspx?FolioID=10172226&PropertyDetailsCurrent=True&PermitDetails=True#PermitDetails) P137 · 1504 W 15th St, Jacksonville, FL 32209 url (https://www.loopnet.com/Listing/1504-15th-St-Jacksonville-FL/40401539/) P138 · 1504 W 15th St, Jacksonville, FL 32209 url (https://paopropertysearch.coj.net/Basic/Detail.aspx?RE=0464400000) P139 · 3333 Almeda St, Jacksonville, FL 32209 direct listing url (https://www.redfin.com/FL/Jacksonville/3333-Almeda-St-32209/home/201575041) P140 · 3333 Almeda St, Jacksonville, FL 32209 supporting source (https://www.homesofjacksonvillefl.com/homedetails/fl/jacksonville/flreal-20260902200714862330000000-flreal2/3333-almeda-st-jacksonville-fl-32209) P141 · 3333 Almeda St, Jacksonville, FL 32209 supporting source (https://www.zillow.com/homedetails/3333-Almeda-St-Jacksonville-FL-32209/461999859_zpid/) P142 · 8625 Stockdale Ave, Pensacola, FL 32514 direct listing url (https://www.zillow.com/homedetails/8625-Stockdale-Ave-Pensacola-FL-32514/44645078_zpid/) P143 · 8625 Stockdale Ave, Pensacola, FL 32514 supporting source (https://www.coldwellbankerhomes.com/fl/pensacola/8625-stockdale-ave/pid_71177057/) P144 · 8625 Stockdale Ave, Pensacola, FL 32514 supporting source (https://www.redfin.com/FL/Pensacola/8625-Stockdale-Ave-32514/home/135302498) P145 · 1195 Simpson St, Pensacola, FL 32526 direct listing url (https://www.redfin.com/FL/Pensacola/1195-Simpson-St-32526/home/134092491) P146 · 1195 Simpson St, Pensacola, FL 32526 supporting source (https://www.trulia.com/home/1195-simpson-st-pensacola-fl-32526-44684767) P147 · 1195 Simpson St, Pensacola, FL 32526 supporting source (https://www.zillow.com/homedetails/1195-Simpson-St-Pensacola-FL-32526/44684767_zpid/) P148 · 3946 Magellan Trail, Tallahassee, FL 32303 direct listing url (https://www.coldwellbanker.com/fl/tallahassee/3946-magellan-trl/lid-P00800000HIC7Erg6qbeS6jDXCRtqdbq25rRpNn2) P149 · 3946 Magellan Trail, Tallahassee, FL 32303 supporting source (https://www.redfin.com/FL/Tallahassee/3946-Magellan-Trl-32303/home/139896284) P150 · 3946 Magellan Trail, Tallahassee, FL 32303 supporting source (https://www.zillow.com/homedetails/3946-Magellan-Trl-Tallahassee-FL-32303/45602728_zpid/) P151 · 3946 Magellan Trail, Tallahassee, FL 32303 supporting source (https://www.homes.com/property/3946-magellan-trail-tallahassee-fl/j8cn7c2eq8esr/) P152 · 4001 NW 48 th Place, Gainesville, FL 32606 direct listing url (https://www.compass.com/homedetails/4001-NW-48th-Pl-Gainesville-FL-32606/C9WL3_pid/) P153 · 4001 NW 48 th Place, Gainesville, FL 32606 supporting source (https://www.redfin.com/FL/Gainesville/4001-NW-48th-Pl-32606/home/115060031) P154 · 4001 NW 48 th Place, Gainesville, FL 32606 supporting source (https://www.trulia.com/home/4001-nw-48th-pl-gainesville-fl-32606-42707291) P155 · 8015 Galveston Ave, Jacksonville, FL 32211 direct listing url (https://www.redfin.com/FL/Jacksonville/8015-Galveston-Ave-32211/home/108836553) P156 · 8015 Galveston Ave, Jacksonville, FL 32211 supporting source (https://www.zillow.com/homedetails/8015-Galveston-Ave-Jacksonville-FL-32211/44543501_zpid/) P157 · 839 Angle St NE, Palm Bay, FL 32905 direct listing url (https://www.compass.com/homedetails/839-Angle-St-NE-Palm-Bay-FL-32905/NUCXU_pid/) P158 · 839 Angle St NE, Palm Bay, FL 32905 supporting source (https://www.redfin.com/FL/Palm-Bay/839-Angle-St-NE-32905/home/122796820) P159 · 839 Angle St NE, Palm Bay, FL 32905 supporting source (https://www.coldwellbankerhomes.com/fl/palm-bay/839-angle-street-ne/pid_73387442/) P160 · 1444 W 6 th St, Jacksonville, FL 32209 advertised rental (https://www.realtor.com/rentals/details/1444-W-6th-St_Jacksonville_FL_32209_M52577-27168) P161 · 1668 W 8 th St, Jacksonville, FL 32209 advertised rental (https://www.zillow.com/homedetails/1668-W-8th-St-Jacksonville-FL-32209/464933356_zpid/) P162 · 111 Wildflower Ln, Pensacola, FL 32514 advertised rental (https://www.zillow.com/homedetails/111-Wildflower-Ln-Pensacola-FL-32514/44633263_zpid/) P163 · 4290 La Borde Ln, Pensacola, FL 32514 advertised rental (https://www.zillow.com/pensacola-fl-32514/rent-houses/) P164 · 1229 Brownfield Rd, Pensacola, FL 32526 advertised rental (https://www.realtor.com/apartments/Pensacola_FL/Brownfield-Rd) P165 · 6942 Falcon Dr, Pensacola, FL 32526 advertised rental (https://www.apartments.com/es/6942-falcon-dr-pensacola-fl/5rkjbgn/) P166 · 3197 Wood Hill Dr, Tallahassee, FL 32303 advertised rental (https://www.trulia.com/home/3197-wood-hill-dr-tallahassee-fl-32303-45598469) P167 · 4517 Eltham Park, Tallahassee, FL 32303 advertised rental (https://www.apartmentfinder.com/Florida/Tallahassee-Apartments/4517-Eltham-Park-Apartments-5c5b3ep) P168 · 2626 Faversham Dr, Tallahassee, FL 32303 advertised rental (https://www.homes.com/tallahassee-fl/32303/houses-for-rent/) P169 · 3526 NW 53 rd Ter, Gainesville, FL 32606 advertised rental (https://www.zillow.com/homedetails/3526-NW-53rd-Ter-Gainesville-FL-32606/42710345_zpid/) P170 · 4731 NW 39 th St, Gainesville, FL 32606 advertised rental (https://www.zillow.com/gainesville-fl-32606/rent-houses/) P171 · 1447 Lawrence Place, Jacksonville, FL 32211 advertised rental (https://www.rentalsource.com/details/1447-lawrence-place-jacksonville-fl-83386246/) P172 · 7037 Pellias Rd, Jacksonville, FL 32211 advertised rental (https://www.zillow.com/homedetails/7037-Pellias-Rd-Jacksonville-FL-32211/44541273_zpid/) P173 · 8719 Galveston Ave, Jacksonville, FL 32211 advertised rental (https://www.redfin.com/zipcode/32211/cheap-rentals/page-2) P174 · 976 Hampshire Ave NE, Palm Bay, FL 32905 advertised rental (https://www.zillow.com/palm-bay-fl-32905/rent-houses/) P175 · 3507 SW 155 th Ln, Ocala, FL 34473 advertised rental (https://www.redfin.com/FL/Ocala/3507-SW-155th-Ln-34473/home/139592359) P176 · 5107 SW 165 th Street Rd, Ocala, FL 34473 advertised rental (https://www.weichert.com/137408467/) P177 · 1734 35 th St NW, Winter Haven, FL 33881 advertised rental (https://www.redfin.com/FL/Winter-Haven/1734-35th-St-NW-33881/home/46283638) ACS_TIMING · Census ACS 2025 one year release timing advisory (https://www.census.gov/newsroom/press-releases/2026/iphi-acs-media-advisory.html) August 2026 advisory; retrieved October 3. ACS publication timing. Release timing under disclosure-avoidance review; no 2025 household-growth estimate is assumed available HUD_FMR27 · HUD Fiscal Year 2027 Fair Market Rents final notice (https://www.govinfo.gov/content/pkg/FR-2026-09-01/pdf/2026-17891.pdf) Published September 1, 2026; effective October 1 subject to valid area reevaluation. HUD rental program reference. 40th-percentile gross rents including utilities, not subject rent or guaranteed voucher income HUD_SCHEDULE27 · HUD Fiscal Year 2027 Fair Market Rent schedule (https://www.huduser.gov/portal/datasets/fmr/fmr2027/FY2027_FMR_Schedule.pdf) Fiscal year 2027. Area bedroom-size gross rent schedule. Local payment standard, utility allowance and rent-reasonableness review still apply P181 · Official institutional demand location (https://www.stetson.edu/other/visit/transportation.php) P182 · Official institutional demand location (https://www.adventhealth.com/locations/hospitals/fish-memorial) P183 · Official institutional demand location (https://www.mylrh.org/driving-directions-map/) P184 · Official institutional demand location (https://www.flsouthern.edu/campus-offices/offices-directory) P185 · Official institutional demand location (https://www.ucf.edu/locations/) P186 · Official institutional demand location (https://med.ucf.edu/about/our-locations/health-sciences-campus/) P187 · Official institutional demand location (https://careers.l3harris.com/en/florida) P188 · Official institutional demand location (https://www.l3harris.com/contact-us) P189 · Official institutional demand location (https://www.mayoclinic.org/patient-visitor-guide/florida) P190 · Official institutional demand location (https://www.unf.edu/visit/directions.html) P191 · Official institutional demand location (https://my.clevelandclinic.org/florida/locations/tradition-hospital) P192 · Official institutional demand location (https://irsc.edu/about/campuses/) P193 · Official institutional demand location (https://www.tyndall.af.mil/Public-Affairs/Media-Kit/) P194 · Official institutional demand location (https://www.gulfcoast.edu/about-gcsc/campus-locations/index.html) P195 · Official institutional demand location (https://www.fsu.edu/) P196 · Official institutional demand location (https://www.tmh.org/location/tallahassee-memorial-hospital) P197 · Official institutional demand location (https://www.usf.edu/) P198 · Official institutional demand location (https://www.tgh.org/about-tgh/tgh-fact-sheet) P199 · Official institutional demand location (https://www.ufl.edu/about/)