101 Old Ferry Rd Unit 12C · Lake Lorraine, FL 32579

$135,000

2 bd · 1.0 ba · 868 sqft · Condo public records · 85 Days on market

Built 1970 $156/sqft · 27% below area Est $184k · 27% under $434/mo HOA · 25% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +13.1/30.0
• 1% rule +7.7/10.0
• Schools +5.2/10.0
• DSCR +3.9/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the heart of Shalimar and with view of the bay from your living room window or balcony, this REO opportunity is waiting for you. A 2nd floor unit, this condo has 2 bedrooms and 1 full bath, lvp flooring throughout and resides in a gated community. No short rentals allowed at this property. One of the few waterfront communities in Shalimar. Perfect for long term rental investors (restrictions apply (post 2 year ownership)or 1st time buyers looking for nice entry point to own with security of lower maintenance costs, community amenities and gated security. A must see to appreciate. This home may qualify for Vendee™ seller financing but may not qualify for all traditional financing.

Key facts

• Gated community
• Community amenities
• View of the bay

Tags

• VIEW OF THE BAY
• GATED COMMUNITY
• WATERFRONT COMMUNITIES
• COMMUNITY AMENITIES
• LOWER MAINTENANCE COSTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-6 ($-69/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (0.7% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 4.3% in Lake Lorraine — 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 69/100 on livability (#488 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, health & safety C-, schools D-.
• 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.
• Market conditions: Rents soft (-2.0%/yr); 110 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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 85 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y ago; this cycle's ask has dropped $23k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $74k; list at $135k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $126,900 (6.0% 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. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 6.24%
• Cash-on-cash: -0.18%
• DSCR: 0.99
• GRM: 6.5

CMA / ARV

• ARV (median comp): $183,845
• List price: $135,000
• Delta: -26.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.4%
• Equity multiple: 0.29×
• Total profit: $-26,987
• Equity at exit: $20,129

10-year hold

• IRR: -31.8%
• Equity multiple: -0.12×
• Total profit: $-42,257
• Equity at exit: $11,672

Cash invested: $37,800 (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 32579

• Home prices YoY: -23.6%
• Rents YoY: -2.0%
• Active inventory: 110
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,719 high
• Mortgage (P&I): −$708
• Tax from tax record: −$166 /mo · $1,986/yr
• Insurance: −$56
• HOA: −$434
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $-6

Break-even live

Break-even rent $1,726

Max offer price $133,988

Occupancy floor 95%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 Old Ferry Rd Shalimar, FL	1.0–2.0	1.0	774	$1,625	$2.10	13d	1	0.02mi
40 4th Ave #9 Shalimar, FL	2.0	1.5	1100	$1,550	$1.41	43d	1	0.45mi
62 4th Ave #5 Shalimar, FL	2.0	1.5	1010	$1,595	$1.58	21d	1	0.62mi
17 7th St Unit 2 Shalimar, FL	2.0	1.0	950	$1,395	$1.47	43d	1	0.64mi
726 Eglin Pkwy NE Unit C11 Fort Walton Beach, FL	2.0	1.0	881	$2,100	$2.38	21d	1	0.97mi
726 Eglin Pkwy NE Fort Walton Beach, FL	1.0	1.0	764	$1,450	$1.90	43d	1	0.97mi
100 8th Ave Shalimar, FL	1.0–4.0	1.0–2.0	932	$1,350	$1.45	43d	1	1.08mi
163 Rickey Ave Fort Walton Beach, FL	1.0–2.0	1.0–2.0	995	$1,300	$1.31	43d	2	1.42mi
211 Tooke St Apt C Fort Walton Beach, FL	1.0	1.0	700	$1,200	$1.71	43d	1	1.48mi

HOA detail condo

• Monthly dues: $434 · $5,208/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-18
   days on market $135,000 Active 85 DOM
2. 2026-06-17
   days on market $135,000 Active 84 DOM
3. 2026-06-16
   days on market $135,000 Active 83 DOM
4. 2026-06-15
   pricedays on market $135,000 Active 82 DOM
5. 2026-06-14
   days on market $147,900 Active 80 DOM
6. 2026-06-13
   days on market $147,900 Active 79 DOM
7. 2026-06-10
   days on market $147,900 Active 77 DOM
8. 2026-06-09
   days on market $147,900 Active 76 DOM
9. 2026-06-08
   days on market $147,900 Active 75 DOM
10. 2026-06-07
    days on market $147,900 Active 74 DOM
11. 2026-06-05
    days on market $147,900 Active 71 DOM
12. 2026-06-02
    days on market $147,900 Active 69 DOM
13. 2026-06-01
    days on market $147,900 Active 68 DOM
14. 2026-05-31
    days on market $147,900 Active 67 DOM
15. 2026-05-30
    days on market $147,900 Active 66 DOM
16. 2026-04-28
    price $147,900 705-char remark

    Show marketing remark (705 chars)

    Located in the heart of Shalimar and with view of the bay from your living room window or balcony, this REO opportunity is waiting for you. A 2nd floor unit, this condo has 2 bedrooms and 1 full bath, lvp flooring throughout and resides in a gated community. No short rentals allowed at this property. One of the few waterfront communities in Shalimar. Perfect for long term rental investors (restrictions apply (post 2 year ownership)or 1st time buyers looking for nice entry point to own with security of lower maintenance costs, community amenities and gated security. A must see to appreciate. This home may qualify for Vendee™ seller financing but may not qualify for all traditional financing.

17. 2026-03-24
    listed $157,750 Active 705-char remark

    Show marketing remark (705 chars)

    Located in the heart of Shalimar and with view of the bay from your living room window or balcony, this REO opportunity is waiting for you. A 2nd floor unit, this condo has 2 bedrooms and 1 full bath, lvp flooring throughout and resides in a gated community. No short rentals allowed at this property. One of the few waterfront communities in Shalimar. Perfect for long term rental investors (restrictions apply (post 2 year ownership)or 1st time buyers looking for nice entry point to own with security of lower maintenance costs, community amenities and gated security. A must see to appreciate. This home may qualify for Vendee™ seller financing but may not qualify for all traditional financing.

18. 2015-10-02
    soldstatus $74,500
19. 2015-09-29
    soldstatus $74,500
20. 2015-09-29
    soldstatus $74,500
21. 2014-10-02
    listed $70,000
22. 2012-11-16
    soldstatus $59,000
23. 2012-11-13
    soldstatus $59,000
24. 2012-11-13
    soldstatus $59,000
25. 2012-08-13
    listed $65,000
26. 2011-07-22
    historical
27. 2011-01-06
    listed $42,900
28. 2011-01-06
    listed $42,900
29. 2003-02-10
    soldstatus $57,000
30. 2003-02-01
    soldstatus $56,500
31. 2003-02-01
    soldstatus $56,500
32. 2002-11-07
    listed $57,000
33. 2002-11-07
    listed $57,000

ⓘ 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: $1,986 · $166/mo
• Projected year-2 tax: $1,986 · $166/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $20,628
• − Mortgage interest: −$7,562
• − Property taxes: −$1,986
• − Insurance: −$675
• − Repairs & maintenance: −$1,650
• − Management: −$1,650
• − HOA: −$5,208
• − Depreciation: −$3,927
• Taxable loss: −$2,031
• Est. tax savings @ 24.0%: +$487
• After-tax cash flow: $419/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 — Lake Lorraine

• Score: 69/100
• State rank: #488
• US rank: #8959

Category grades

Amenities F Commute F Cost of living C- 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: Lake Lorraine, FL
• County: Okaloosa County · 194,352 people
• City population: 10,775
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 10,506
• Household income: $104,510
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 271.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 12% Two or more races 8% Black 4% Asian 3% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 4% Italian 3% Slovak 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% German/W. Germanic 2%

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: ▼ -86.93%
• Current HPI: 281.2637
• Rent YoY: ▼ -1.97%
• 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

+159.5% since first listed

18 events — show timeline

• 2026-04-28 Price Changed $147,900 ECAR
• 2026-03-24 Listed $157,750 ECAR
• 2015-10-02 Sold (Public Records) $74,500 Public Records
• 2015-09-29 Sold (MLS) $74,500 NAMLS
• 2015-09-29 Sold (MLS) $74,500 ECAR
• 2014-10-02 Listed $70,000 NAMLS
• 2012-11-16 Sold (Public Records) $59,000 Public Records
• 2012-11-13 Sold (MLS) $59,000 NAMLS
• 2012-11-13 Sold (MLS) $59,000 ECAR
• 2012-08-13 Listed $65,000 NAMLS
• 2011-07-22 Listing Removed — NAMLS
• 2011-01-06 Listed $42,900 NAMLS
• 2011-01-06 Listed $42,900 ECAR
• 2003-02-10 Sold (Public Records) $57,000 Public Records
• 2003-02-01 Sold (MLS) $56,500 NAMLS
• 2003-02-01 Sold (MLS) $56,500 ECAR
• 2002-11-07 Listed $57,000 NAMLS
• 2002-11-07 Listed $57,000 ECAR

Property tax history

+10.6%/yr

Latest (2025): $1,986 · +11.5% YoY. Source: county tax records.