Real Estate Investing in Carrabelle, Florida (32323)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 32323 (Carrabelle, FL)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 81.2% of homes vacant — above national norms.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Carrabelle, FL (32323)?
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Market Analysis: 32323 Carrabelle
This part of Franklin County is not an easy win. The 32323 ZIP posts softness in key indicators, and the playbook that works in cleaner markets often stalls here.
On the rental side, the numbers look inviting — $240K purchase price, 0.0% nominal cap — the work to hit that pro forma in 32323 is substantial and deserves full respect.
Within FL, ZIP 32323 trails on several market indicators that neighboring Franklin County submarkets outperform. The gap is real and substantial enough to shape underwriting.
The demographic picture in 32323 includes headwinds that any investor should price in. Income distribution skews lower than Carrabelle averages, and tenant stability requires active management.
Experienced landlords with local relationships tend to find 32323 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Carrabelle:
Market Trends
Home Value History (with trend line)
📊 How Does 32323 Compare?
| Metric | 32323 | Carrabelle | Florida |
|---|---|---|---|
| Home Value | $239,986 | $264,936 | $374,697 |
| 5-Year CAGR | 3.1% | 3.8% | 7.4% |
| Avg Rent | $1,116 | $1,116 | - |
| Cap Rate | 3.6% | 3.3% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 32323 (Carrabelle, FL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $239,986 |
| Monthly Rent | $1,116 |
| Price-to-Rent | 17.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.6% |
| Cap Rate | 3.6% |
| 5-Year IRR | 6.7% |
📈 Home Appreciation
| 1-Year | +0.9% ▲ |
| 3-Year CAGR | -1.0% ▼ |
| 5-Year CAGR | +3.1% ▲ |
| 10-Year CAGR | N/A |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 32323
Population: 28
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
Frequently Asked Questions
How quickly do rentals get leased in Carrabelle, FL?
Vacancy in Carrabelle, FL is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $1,116/mo.
What do rentals go for in Carrabelle, FL?
Carrabelle, FL rentals go for roughly $1,116/mo a month. That puts gross yield in solid territory relative to $240K acquisition costs.
Does Carrabelle, FL favor landlords or tenants?
Carrabelle, FL falls under FL landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Is Carrabelle, FL suited for a house hack?
House hacking in Carrabelle, FL is reasonable to execute. Prices around $240K and rents of $1,116/mo solid owner-occupant economics.
Is Carrabelle, FL a good place for real estate investing?
The 3.0/5 investability rating in Carrabelle, FL reflects its $240K prices and $1,116/mo rents. Investors generally consider it a solid option within FL.
You know 32323 now. You don’t know where it ranks.
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