217 SE Oak St Unit B · Fort Walton Beach, FL 32548

$210,000

2 bd · 2.0 ba · 1,072 sqft · Townhouse public records · 27 Days on market

Built 1984 $196/sqft · at area comps Est $200k · at est.

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Why this score? — see what drove the D- 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 +12.9/30.0
• ARV discount +5.3/15.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.0/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This townhome is the synergy of simple and comfort. It's nestled perfectly for quick access to the beach, shopping and downtown. Other highlights include: a new roof, new windows, fresh paint, large backyard with new privacy fencing and new carpet. It's ready for NEW owners. AC less than 5 yrs old

Key facts

• New carpet
• Privacy fencing
• Large backyard

Tags

• NEW ROOF
• NEW WINDOWS
• LARGE BACKYARD
• PRIVACY FENCING
• NEW CARPET

Property features AI

Finance

• HOA & community: Subdivision: DEVAUX T/H UNIT 2

Exterior

• Utilities: Electric service; Public water; Public sewer
• Home design: Townhome; 2 stories; Entry level rooms on first and second floors
• Construction: Built in 1984
• Exterior features: Privacy fencing; Open patio; Porch

Interior

• Kitchen: Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms; Master bedroom is on the second floor
• Flooring: Tile; Carpet
• Bathrooms: 2 bathrooms (1 full, 1 half)
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Newly painted; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup; Utility room on first floor

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $210k.

Deal economics

• At list price, monthly cash flow is $-16 ($-187/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (19.6% below list).
• Recommended offer: $169k (19.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 0.9% in Fort Walton Beach — 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 80/100 on livability (#111 in FL, #1,628 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities 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: Mary Esther Elementary School (math 53% / reading 51%, grade C-, #990 of 2,144 statewide, top 48%, 441 students, 70% FRL); Fort Walton Beach High School (math 54% / reading 58%, grade C, #131 of 667 statewide, top 20%, 1,620 students, 42% FRL) — zoned schools average 56% FRL vs 36% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.3%/yr); 345 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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).
• This rent runs 31% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Okaloosa County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $168,895 (19.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.80% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 10.4

CMA / ARV

• ARV (median comp): $200,014
• List price: $210,000
• Delta: 4.99%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 3rd St Unit J	0.15mi	2/1.5	1,188 (+11%)	2mo	$220,000	$185	71
204 SE 4th St Unit B4	0.24mi	2/2.0	1,188 (+11%)	3mo	$192,000	$162	68
321 Bream Ave #508	0.65mi	2/2.0	1,089 (+2%)	3mo	$431,000	$396	65
144 SE Scottwood Dr	0.21mi	2/1.5	1,216 (+13%)	2mo	$294,000	$242	64
321 Bream Ave #605	0.65mi	2/2.0	1,089 (+2%)	4mo	$465,000	$427	64
321 Bream Ave Unit 409	0.65mi	2/2.0	1,089 (+2%)	12mo	$500,000	$459	58
330 Bluefish Dr #119	0.71mi	2/2.0	1,026 (-4%)	4mo	$365,000	$356	56
159 SE BROOKS St Unit 307	0.55mi	2/2.0	1,200 (+12%)	6mo	$340,000	$283	49
31 Park Cir Unit 22	0.75mi	2/2.0	1,000 (-7%)	11mo	$195,000	$195	45
159 SE Brooks St Unit 202	0.55mi	3/2.0 (+1)	1,200 (+12%)	6mo	$335,000	$279	44
1110 Santa Rosa Blvd Unit C501	0.73mi	2/2.0	1,200 (+12%)	3mo	$770,000	$642	43
1110 Santa Rosa Blvd Unit C601	0.73mi	2/2.0	1,200 (+12%)	7mo	$735,000	$613	40

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

Projected returns pro-forma

-3.0% appreciation · 1.33% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.36×
• Total profit: $-37,850
• Equity at exit: $31,312

10-year hold

• IRR: -14.5%
• Equity multiple: 0.23×
• Total profit: $-45,463
• Equity at exit: $18,157

Cash invested: $58,800 (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 32548

• Home prices YoY: -31.1%
• Rents YoY: 1.3%
• Active inventory: 345
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,689 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$161 /mo · $1,933/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $-16

Break-even live

Break-even rent $1,709

Max offer price $207,248

Occupancy floor 96%

Sensitivity live

Price	-10% $103	-5% $44	+0% $-16	+5% $-75	+10% $-134
Rent	-10% $-149	-5% $-82	+0% $-16	+5% $51	+10% $118
Rate	-1.0pp $90	-0.5pp $38	base $-16	+0.5pp $-70	+1.0pp $-125

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
128 Elm Ave SE Fort Walton Beach, FL	2.0	1.0	960	$1,500	$1.56	22d	1	0.04mi
107 Magnolia Ave SE Fort Walton Beach, FL	3.0	1.0	1106	$1,700	$1.54	15d	1	0.07mi
208 Oak St SE Unit B Fort Walton Beach, FL	2.0	1.5	1008	$1,650	$1.64	22d	1	0.12mi
133 Alder Ave SE Fort Walton Beach, FL	2.0	1.0	1031	$1,500	$1.45	45d	1	0.14mi
159 Scottwood Dr SE Fort Walton Beach, FL	2.0	2.0	1104	$1,400	$1.27	45d	1	0.19mi
36 Alder Ave SE #3 Fort Walton Beach, FL	2.0	2.5	1061	$1,800	$1.70	45d	1	0.22mi
165 Brooks St SE Fort Walton Beach, FL	2.0	1.0	900	$1,850	$2.06	15d	1	0.49mi
159 Brooks St SE #306 Fort Walton Beach, FL	2.0	2.0	1200	$2,400	$2.00	22d	1	0.54mi
22 Laurie Dr NE Fort Walton Beach, FL	3.0	1.5	1064	$1,800	$1.69	22d	1	0.54mi
37 Laurie Dr NE Fort Walton Beach, FL	3.0	1.0	1375	$2,095	$1.52	22d	1	0.67mi
330 Bluefish Dr #103 Fort Walton Beach, FL	2.0	2.0	1100	$2,500	$2.27	45d	1	0.70mi
50 Laurie Dr NE Fort Walton Beach, FL	3.0	2.0	1484	$2,000	$1.35	45d	1	0.78mi
101 Church Ave SE Unit 204 Fort Walton Beach, FL	2.0	1.0	945	$1,676	$1.77	45d	1	0.78mi
101 Church Ave SE Unit 105 Fort Walton Beach, FL	1.0	1.0	875	$1,397	$1.60	45d	1	0.78mi
103 Church Ave SE Unit B Fort Walton Beach, FL	2.0	1.0	930	$1,300	$1.40	22d	1	0.78mi
115 Hughes St NE Unit D2 Fort Walton Beach, FL	2.0	1.0	1066	$1,900	$1.78	22d	1	1.00mi
120 Opp Blvd NE Fort Walton Beach, FL	2.0	1.5	1240	$1,700	$1.37	22d	1	1.05mi
140 Opp Blvd NE Fort Walton Beach, FL	2.0	1.5	896	$1,750	$1.95	45d	1	1.06mi
5 Laguna St #104 Fort Walton Beach, FL	2.0	2.0	1269	$2,575	$2.03	45d	1	1.36mi

Listing history 6 events

1. 2026-06-05
   statusdays on market $210,000 Pending 27 DOM
2. 2026-06-02
   days on market $210,000 Active 26 DOM
3. 2026-06-01
   days on market $210,000 Active 25 DOM
4. 2026-05-31
   days on market $210,000 Active 24 DOM
5. 2026-05-30
   days on market $210,000 Active 23 DOM
6. 2026-05-01
   listed $210,000 Active 298-char remark

ⓘ 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: $1,933 · $161/mo
• Projected year-2 tax: $1,933 · $161/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 6/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,267
• − Mortgage interest: −$11,763
• − Property taxes: −$1,933
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,621
• − Management: −$1,621
• − Depreciation: −$6,109
• Taxable loss: −$3,831
• Est. tax savings @ 24.0%: +$919
• After-tax cash flow: $732/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 — Fort Walton Beach

• Score: 80/100
• State rank: #111
• US rank: #1628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Walton Beach, FL
• County: Okaloosa County · 194,352 people
• City population: 59,301
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 23,774
• Household income: $65,342
• Rent vs Own: 42.0% rent · 58.0% own
• Severe rent burden: 889.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 63% Hispanic / Latino 13% Black 12% Two or more races 9% Asian 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Italian 4% Slovak 3% Romanian 2%
• Foreign-born: 12% · Canada, Jamaica
• Languages at home: 84% English-only · Spanish 9% Other Asian/Pacific 3% Other Indo-European 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: ▼ -123.88%
• Current HPI: 274.8418
• Rent YoY: ▲ 1.33%
• Metro: Crestview-Fort Walton Beach-Destin, FL
• 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

2 events — show timeline

• 2026-06-03 Pending — ECAR
• 2026-05-01 Listed $210,000 ECAR

Property tax history

+14.4%/yr

Latest (2025): $1,933 · +6.9% YoY. Source: county tax records.