Watch the full walkthrough of both properties
Two very different properties in one day, both in Putnam County. The first came in as a lead through this website. A contractor built a brand new three bedroom, two bath house in Interlachen, listed it with an agent, and it has been sitting. He needs cash and he feels stuck, so he asked me to come look at it and tell him the truth. The second is our own flip in Palatka that just finished, and I had not seen it since the paint went on.
The Interlachen new build: a good house in a tough spot
Let me start with credit where it is due. This is the second house this guy has built and he did a nice job. Hardie board siding in a clean gray. High ceilings and tall doorways, which is a real feature and something buyers notice the second they walk in. Tile from floor to ceiling in the bathrooms, not just a tub surround. Pocket doors, which I always like because they save you the swing space. Well and septic, so there is no water bill, just electric. The finishes are honestly close to what we spec on our own flips.
What I liked
- High ceilings and tall doorways
- Hardie board siding, good color choice
- Tile floor to ceiling in both baths
- Pocket doors to save space
- Well and septic, no water bill
- Solid countertop and kitchen selections
What gave me pause
- Small lot, roughly a half acre or less
- Dirt road access
- Floor plan: the kitchen splits the living space
- Dining area is tight for a family of four
- Bedrooms on the smaller side
- Small fixes: smoke detector battery, a little touch up paint
So why has it not sold?
This is the part I think matters for anyone reading this who owns property out in the rural parts of Northeast Florida. The house is not the problem. The house is nice. The problem is a mismatch between what was built and what buyers out here are actually shopping for.
People move to Interlachen, Keystone Heights, and the areas around Palatka for one main reason: land. Your dollar buys you a lot more acreage out here than it does in Jacksonville or Gainesville. That is the whole appeal. So when someone builds a nice house on a small lot on a dirt road, with mobile homes across the street and down the road, the buyer who wants land looks right past it, and the buyer who wants a subdivision feel is not shopping out here in the first place.
The other piece is representation. He listed with an agent from a big, high profile team. Nothing wrong with that team, but a lot of the large teams work the Jacksonville and St. Johns corridor. They do not really know how to price or market an off the grid house in Putnam County. These rural properties sit longer, they need a different buyer pool, and they need somebody who actually drives these roads. If you have a rural property that has been sitting, that gap is often the reason.
The takeaway for owners in the rural counties
A house sitting on the market out here usually is not a condition problem. It is a pricing, marketing, or buyer pool problem. Before you keep dropping the price, get a second opinion from somebody who actually works Putnam, Clay, and Baker counties instead of assuming the house is the issue.
I am putting an offer together for him. It may end up as a rental in my portfolio, and I am also seeing if I can match it with one of my buyers. Either way he gets a real answer and a real number, which is more than he has had in months.
The Palatka flip reveal
Then I drove over to Palatka to see our flip for the first time since the exterior was finished. This one came to us as an agent referral, and it has been about as hands off a project as I have had, because Andrew ran the whole rehab. I walked in while the stagers were still carrying furniture through the door.
It came out great. Black and white exterior with a gray patio, and the back of the house in particular looks phenomenal. There are a couple of small things to chase down, some spots where the paint did not take and a few things to cover up, but that is normal punch list work at this stage. Andrew earned his credit on this one.
On the money side, Sean Bailey handled the investor financing this time around. It was a straightforward structure: ten percent down, and the lender escrowed the rest of the draws. That kind of loan is what makes it possible to take on a project like this without tying up all your own cash, and it is why having a lender who understands investor deals matters as much as having a good contractor.
Stagers finished that day, photos the next morning, and then it goes on the market. I am expecting a solid result on this one.
Same day, two sides of the business
That is a pretty normal day around here. Earlier I had been up in Keystone Heights with Andrew, where we picked up two mobile homes we are working on. Then Interlachen to look at a stranger's new build because he called me off this website. Then Palatka to see our own project cross the finish line.
I put these walkthroughs out because I think people should see what an investor actually looks at before making an offer. It is not a mystery and it is not a lowball formula. It is location, lot, floor plan, condition, and who the realistic buyer is.
If you have a property like either of these
If you own something out in the rural parts of Northeast Florida and it has been sitting, or you are a builder or owner who needs to move a property and free up cash, I will come look at it and tell you honestly what I see. Sometimes the answer is a cash offer from me. Sometimes the answer is that you would do better listing it with the right person, and I will tell you that too.
Distressed, out in the boonies, or right in the city, I will look at it. Request a no obligation cash offer or call or text 904-606-9163.
This article is general information about our own experience buying and renovating property, not legal, tax, or financial advice.