I treat MLS “expense” and “net” fields as a starting point only. My real underwriting adds vacancy, repairs, reserves, and insurance quotes, then I see what still pencils.

Because flood exposure is a priority, I look at the mapping early.

• Lakewood property: FEMA flood zone is shown as Zone X (minimal flood hazard). 
• Navy Point triplex: FEMA zones shown include Zone X (minimal) and 0.2% annual chance flood hazard (moderate). 

I still recommend a formal flood determination and an insurance agent’s written quote. “Zone X” is usually favorable, but premiums can still vary based on structure, elevation, prior claims history, and carrier appetite.

Property taxes

• Lakewood property: 2025 taxes shown as city $838.79 and county $2,380.97 (about $3,219.76 total). 
• Navy Point triplex: 2025 taxes shown as city $900.91 and county $2,509.94 (about $3,410.85 total). 

Insurance (what I underwrite)

In Pensacola, insurance is often the swing factor. For a small multi-unit, I typically quote:

• Landlord/hazard policy (wind being the big variable)
• Liability coverage appropriate for 2–3 units
• Optional flood policy decisions driven by lender and risk tolerance (even outside high-risk zones)

I do not guess insurance premiums in a blog post because rate swings are real. I get quotes early and run the deal both ways (higher premium, higher deductible) to see if it still holds.

Discover Pensacola Homes and Properties For Sale

• All Listings
• Under $100,000
• $100,000 - $200,000
• $200,000 - $300,000
• $300,000 - $400,000
• $400,000 - $500,000
• $500,000 - $600,000
• $600,000 - $700,000
• $700,000 - $800,000
• $800,000 - $900,000
• $900,000 - $1,000,000
• Over $1,000,000

Bedrooms

Bathrooms

Price Range

Save Search

Sort by:

Price, low to high

$650

7313 Hayward St #a, Pensacola

1 Bed 1 Bath 432 SqFt Residential Lease MLS® # 675249

$650

7313 Hayward St #b, Pensacola

1 Bed 1 Bath 432 SqFt Residential Lease MLS® # 675084

$695

↓ $55

3206 W Gadsden St #a, Pensacola

1 Bed 1 Bath 400 SqFt Residential Lease MLS® # 674941

$750

3120 Muldoon Rd #e, Pensacola

1 Bed 1 Bath 500 SqFt Residential Lease MLS® # 674056

$850

204 Holmes Dr #a, Pensacola

1 Bed 1 Bath 525 SqFt Residential Lease MLS® # 675708

$875

2 Ellis Dr #b, Pensacola

1 Bed 1 Bath 480 SqFt Residential Lease MLS® # 673906

1 2 3 4 392

Next

Navy Point triplex

This is the “cash flow now” option. The listing indicates annual leases at $1,200 per unit and notes Section 8 participation for two units. :contentReference[oaicite:19]{index=19} That can be an advantage for payment consistency, but it also comes with inspections and admin steps. My practical approach is to confirm:

• Lease documents and renewal dates
• Section 8 HAP contract terms and inspection history
• Tenant-paid utilities (the listing suggests tenant responsibility, so I verify meters and billing) 
• Repair history since the 2024 renovation

Lakewood 2/1 + studio

This is the “flex and optimize” option. Because it’s vacant, the investor can decide whether to:

• Lease both units long-term for stability
• Structure the studio as a separate lease to diversify risk
• Target a tenant profile that matches the property’s layout and parking realities

The agent remarks suggesting $2,500/month historically (and potentially $2,700/month) gives me a useful starting point for rent expectations. :

Navy Point triplex: resale tends to favor “turnkey”

A fully remodeled triplex with leases in place is easier to resell to another investor because the next buyer can underwrite real rent numbers immediately. The key resale driver is how clean the paper trail is: leases, deposits, Section 8 documentation, and proof of renovation scope.

Lakewood two-structure setup: resale favors flexibility

Properties that can function as “main home + studio” appeal to a wider buyer pool. Even for an investor buyer, the flexibility can support value when the market shifts.

Both properties show zoning as MDR in the property reports, which can matter long-term because it may support redevelopment potential, but it can also invite more nearby supply if similar lots trade to builders. 

If the investor wants immediate income and predictable operations, the Navy Point triplex usually wins because it is already leased and the listing’s income profile is clearly stated. The trade-off is the showing structure (offer first, view later) and the added diligence around Section 8 compliance.

If the investor wants lower flood anxiety and more control at lease-up, the Lakewood 2/1 + studio is compelling because it’s mapped as Zone X in the report and is vacant, meaning you can set the tenant profile and lease terms from day one.