321 Washington Ave · Valparaiso, FL 32580

$219,000

3 bd · 1.0 ba · 1,384 sqft · SingleFamily public records · 11 Days on market

Built 1959 0.25 ac lot Est $325k · 33% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.4/30.0
• ARV discount +15.0/15.0
• Appreciation +6.5/10.0
• Schools +5.2/10.0
• DSCR +4.7/10.0
• 1% rule +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

HALF MILE TO THE BAY | 2022 ROOF | BONUS ROOM | LARGE FENCED YARD | PRIME LOCATION Nestled in the heart of desirable Valparaiso and located just one half mile to the bay and a little over a mile of Eglin AFB east gate, this clean, comfortable, and well-maintained home offers charm and opportunity. Built in 1959, this sturdy cement block home has been lovingly cared for by the same family for over 50 years. This 1,384 sq. ft. features 3 bedrooms, 1 full bathroom, and a spacious bonus room/den ideal for a second living area, home office, playroom, or fitness area. Beautiful original wood floors flow throughout the main living areas, and bedrooms with ceiling fans in every room. A large la

Key facts

• Large fenced yard
• Half mile to the bay
• Bonus room

Tags

• HALF MILE TO THE BAY
• 2022 ROOF
• BONUS ROOM
• LARGE FENCED YARD
• PRIME LOCATION

Property features AI

Finance

• HOA & community: No recorded project / no subdivision HOA indicated

Exterior

• Parking: Driveway with 4 spaces
• Utilities: Electric service; Public water; Public sewer
• Home design: Florida Cottage style; Single-story
• Construction: Built in 1959; Block and concrete construction; Foundation off grade; Shingle roof
• Exterior features: Private yard with yard building; Chain link fencing; Within 1/2 mile to water; City street frontage; Paved road access

Interior

• Bedrooms: 3 bedrooms (all on the first floor)
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Heat pump and central heating; High-efficiency AC; Electric heat controls
• Interior features: Hardwood floors; 6 total rooms; Living room on the first floor; Den on the first floor; Dining room on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $219k.

Deal economics

• At list price, monthly cash flow is $83 ($991/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (10.5% below list).
• Recommended offer: $196k (10.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.6% in Valparaiso — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#278 in FL, #4,319 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: health & safety C-, amenities F, commute F.
• Okaloosa (other): math 60% / reading 60% proficiency, ranked #12 of 73 in FL (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Addie R. Lewis School (math 66% / reading 62%, grade B, #552 of 2,144 statewide, top 26%, 693 students, 44% FRL); Niceville Senior High School (math 76% / reading 72%, grade B+, #44 of 667 statewide, top 6%, 2,039 students, 19% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 44 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $6k appreciation (3.0% local appreciation)).
• Okaloosa County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $8k; list at $219k implies a 2493% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,931 (10.5% below list)

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.62%
• DSCR: 1.07
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $325,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
333 Washington Ave	0.09mi	3/2.0	1,436 (+4%)	15mo	$200,000	$139	73
226 Edge Ave Ave	0.39mi	3/1.0	1,371 (-1%)	15mo	$290,000	$212	68
258 Glenview Ave	0.40mi	4/2.0 (+1)	1,400 (+1%)	3mo	$350,000	$250	68
336 Illinois Ave	0.43mi	3/1.5	1,278 (-8%)	5mo	$299,900	$235	61
277 Okaloosa Ave	0.27mi	3/1.0	1,236 (-11%)	12mo	$300,000	$243	60
396 Andrew Dr	0.45mi	3/2.0	1,429 (+3%)	13mo	$240,000	$168	59
290 Glen Ave	0.21mi	3/2.0	1,588 (+15%)	4mo	$200,000	$126	58
346 Chicago Ave	0.37mi	3/1.0	1,212 (-12%)	9mo	$289,900	$239	55
186 Chicago Ave	0.36mi	3/2.0	1,572 (+14%)	4mo	$172,000	$109	53
388 Davenport Ave	0.70mi	4/3.0 (+1)	1,388 (+0%)	1mo	$360,000	$259	53
1203 N Bayshore Dr	0.56mi	3/2.0	1,499 (+8%)	12mo	$325,000	$217	46
292 Grandview Ave	0.68mi	3/2.0	1,568 (+13%)	4mo	$415,000	$265	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.95% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.51×
• Total profit: $31,036
• Equity at exit: $97,829

10-year hold

• IRR: 11.4%
• Equity multiple: 2.69×
• Total profit: $103,901
• Equity at exit: $150,269

Cash invested: $61,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32580

• Home prices YoY: 1.1%
• Active inventory: 44
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,959 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$226 /mo · $2,707/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $83

Break-even live

Break-even rent $1,855

Max offer price $219,000

Occupancy floor 91%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
369 Lincoln Ave Valparaiso, FL	3.0	1.0	1095	$1,595	$1.46	44d	1	0.32mi
9 Praiseworthy Dr Valparaiso, FL	3.0	2.5	1549	$2,250	$1.45	44d	1	0.35mi
532 Valparaiso Pkwy Valparaiso, FL	2.0	1.5	1203	$1,900	$1.58	44d	1	0.52mi
475 Andrew Dr Valparaiso, FL	3.0	2.0	1200	$2,300	$1.92	14d	1	0.61mi
431 Edge Ave Valparaiso, FL	4.0	1.5	1440	$2,000	$1.39	44d	1	0.87mi
561 Bayshore Dr Unit 1 Niceville, FL	2.0	2.0	1644	$2,200	$1.34	44d	1	0.94mi
412 Detroit Ave Valparaiso, FL	3.0	2.0	1215	$2,200	$1.81	14d	1	0.95mi
203 John Sims Pkwy Unit F Niceville, FL	2.0	1.0	900	$1,295	$1.44	44d	1	1.06mi
103 22nd St Niceville, FL	2.0	2.0	1200	$2,300	$1.92	44d	1	1.14mi
1401 Beaver Run Rd Niceville, FL	3.0	2.5	1450	$1,900	$1.31	44d	1	1.21mi
1407 Beaver Run Rd Niceville, FL	3.0	2.5	1462	$1,795	$1.23	44d	1	1.21mi
211 Evans St Unit F Niceville, FL	2.0	1.5	1100	$1,450	$1.32	44d	1	1.28mi
500 Kelly Mill Rd Valparaiso, FL	1.0–2.0	1.0	800	$1,495	$1.87	21d	4	1.41mi
409 Nathey Ave Niceville, FL	3.0	2.5	1646	$2,150	$1.31	21d	1	1.43mi

Listing history 6 events

1. 2026-06-02
   days on market $219,000 Active 11 DOM
2. 2026-06-01
   days on market $219,000 Active 10 DOM
3. 2026-05-31
   days on market $219,000 Active 9 DOM
4. 2026-05-30
   days on market $219,000 Active 8 DOM
5. 2026-05-21
   listed $219,000 Active
6. 1977-01-01
   soldstatus $8,447

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $2,707 · $226/mo
• Projected year-2 tax: $2,707 · $226/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,512
• − Mortgage interest: −$12,267
• − Property taxes: −$2,707
• − Insurance: −$1,095
• − Repairs & maintenance: −$1,881
• − Management: −$1,881
• − Depreciation: −$6,371
• Taxable loss: −$2,691
• Est. tax savings @ 24.0%: +$646
• After-tax cash flow: $1,636/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Okaloosa
• NCES district ID: 1201380
• Math proficiency: 60% ▼ -12.00%
• Reading proficiency: 60% ▼ -4.00%
• Median HH income: $55,601
• Composite: 51.62/100
• National rank: #1705
• State rank: #12 of 73 in FL

Livability — Valparaiso

• Score: 74/100
• State rank: #278
• US rank: #4319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valparaiso, FL
• City population: 4,117
• Population (ZIP): 4,117

Population outlook (Okaloosa County) Hauer SSP2

• Today (2025): 235,133 people
• By 2030: 253,483 · +7.8%
• By 2040: 289,537 · +23.1%
• By 2050: 322,954 · +37.3%
• By 2075: 399,624 · +70.0%
• By 2100: 425,311 · +80.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Dominican 1%
• Common ancestry: Romanian 5% Italian 4% Slovak 3%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 98% English-only · Korean 1% Spanish 1%

Political lean MEDSL · Okaloosa

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.7% · Other 1.1%
• 2008→2024 swing: +2.5pp toward D · 2008: -44.9pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+39.1 2016: R+47.8 2012: R+49.4 2008: R+44.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.95%
• Current HPI: 266.6313
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+2492.6% since first listed

2 events — show timeline

• 2026-05-21 Listed $219,000 ECAR
• 1977-01-01 Sold (Public Records) $8,447 Public Records

Property tax history

+7.7%/yr

Latest (2025): $2,707 · +8.1% YoY. Source: county tax records.