640 Cornwall Ter · Mary Esther, FL 32569

$185,000

3 bd · 2.0 ba · 1,102 sqft · SingleFamily public records · 1 Days on market

Built 1964 7,840 sqft lot Est $273k · 32% under

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Why this score? — see what drove the B- 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• Schools +5.2/10.0
• 1% rule +5.1/10.0
• Livability +4.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with strong upside potential! This 3-bedroom, 2-bath concrete block home offers approximately 1,102 sq ft and sits on city water and sewer. Features include original terrazzo flooring throughout (partially covered by tile), plaster walls and ceilings, original kitchen and baths, and a fenced backyard. The home retains much of its original condition, making it an ideal renovation project for flippers, investors, or cash buyers looking to add value. Solid structure and desirable layout provide an excellent foundation for updates and modernization.

Key facts

• 7,840 sq ft lot
• Built 1964

Property features AI

Finance

• HOA & community: Subdivision: BRYN MAWR PARK 1ST ADD

Exterior

• Parking: Attached covered carport
• Utilities: Electric service; Public water; Public sewer
• Home design: Ranch-style home; 1 story; Built in 1964
• Construction: Block, concrete and stucco construction; Rolled/hot mop roof; Built in 1964
• Exterior features: Paved county road frontage; Lot dimensions approximately 80 x 100; Zoned for single-family residential

Interior

• Kitchen: Kitchen located on the first floor; Refrigerator included
• Bedrooms: 3 bedrooms, all on the first floor
• Flooring: Terrazzo flooring; Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Window air conditioning units
• Interior features: Single-story layout; 5 total rooms; Interior lot
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $354 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 8.6% vs local median 4.8% in Mary Esther — 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 89/100 on livability (#2 in FL, #137 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+.
• 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 soft (-0.5%/yr); 175 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $11k; list at $185k implies a 1546% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $185,000

Questions for the listing agent

1. Built in 1964 — 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 B-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: 1.01% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.20%
• DSCR: 1.36
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $273,296
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
640 Cornwall Ter	0.00mi	3/2.0	1,102 (0%)	0mo	$150,000	$136	100
500 Bryn Mawr Blvd	0.16mi	3/2.0	1,200 (+9%)	1mo	$315,000	$263	77
641 Cornwall Ter	0.03mi	4/2.0 (+1)	1,200 (+9%)	3mo	$290,000	$242	77
408 NW Adam St	0.50mi	2/2.0 (-1)	1,122 (+2%)	3mo	$281,000	$250	67
715 Crestwood St	0.51mi	3/2.0	1,120 (+2%)	9mo	$285,000	$254	66
431 Stonehenge Dr	0.20mi	4/2.0 (+1)	1,200 (+9%)	7mo	$291,000	$243	66
451 Stonehenge Dr Dr	0.18mi	4/2.0 (+1)	1,209 (+10%)	8mo	$300,000	$248	64
607 Hollywood Blvd E	0.35mi	3/1.0	1,000 (-9%)	3mo	$264,000	$264	62
345 Avon Ln	0.26mi	3/2.5	1,235 (+12%)	6mo	$290,000	$235	61
650 Bryn Mawr Blvd	0.10mi	2/1.0 (-1)	1,240 (+12%)	9mo	$269,000	$217	58
129 Bryn Mawr Blvd	0.56mi	3/1.0	1,000 (-9%)	10mo	$170,000	$170	47
51 NW Olde Cypress Cir	0.73mi	3/2.0	1,240 (+12%)	7mo	$332,900	$268	39

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.75×
• Total profit: $-12,982
• Equity at exit: $27,584

10-year hold

• IRR: -1.2%
• Equity multiple: 0.93×
• Total profit: $-3,738
• Equity at exit: $15,995

Cash invested: $51,800 (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 32569

• Home prices YoY: -26.5%
• Rents YoY: -0.5%
• Active inventory: 175
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,872 high
• Mortgage (P&I): −$970
• Tax from tax record: −$77 /mo · $927/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $354

Break-even live

Break-even rent $1,423

Max offer price $185,000

Occupancy floor 76%

Sensitivity live

Price	-10% $459	-5% $406	+0% $354	+5% $302	+10% $249
Rent	-10% $206	-5% $280	+0% $354	+5% $428	+10% $502
Rate	-1.0pp $447	-0.5pp $401	base $354	+0.5pp $306	+1.0pp $257

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Page Bacon Rd Mary Esther, FL	1.0–3.0	1.0–2.0	1030	$2,588	$2.51	14d	18	0.52mi
413 Sea Rover Ln NW Unit F Fort Walton Beach, FL	2.0	1.5	1035	$1,600	$1.55	14d	1	0.53mi
413 Sea Rover Ln NW Unit F Fort Walton Beach, FL	2.0	1.5	1035	$1,600	$1.55	21d	1	0.53mi
44 Wright Pkwy NW Fort Walton Beach, FL	2.0	1.0	1000	$1,350	$1.35	21d	1	0.63mi
17 Cape Dr NW Unit B Fort Walton Beach, FL	3.0	2.0	1462	$1,995	$1.36	14d	1	0.64mi
1851 Stella Ln Unit 5-538 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	14d	1	0.80mi
1855 Stella Ln Unit 6-617 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	14d	1	0.80mi
1850 Stella Ln Unit 4-411 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	14d	1	0.82mi
1850 Stella Ln Unit 4-417 Fort Walton Beach, FL	2.0	2.0	980	$1,800	$1.84	44d	1	0.82mi
1861 Stella Ln Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	14d	5	0.84mi
27 E Lane Dr Mary Esther, FL	2.0	2.0	1134	$1,695	$1.49	14d	1	0.90mi
646 Virginia Oak Ct Fort Walton Beach, FL	2.0	1.5	1278	$1,545	$1.21	14d	1	0.90mi
405 Marshall Ct Fort Walton Beach, FL	2.0	2.0	1000	$1,495	$1.50	44d	1	0.90mi
402 Marshall Ct NW #6 Fort Walton Beach, FL	2.0	2.0	1050	$1,500	$1.43	21d	1	0.91mi
28 E Lane Dr Mary Esther, FL	2.0	2.0	1134	$1,500	$1.32	44d	1	0.91mi
645 Virginia Oak Ct Fort Walton Beach, FL	2.0	1.5	1254	$1,900	$1.52	14d	1	0.93mi
1850 Norwood Ct Unit 2 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	21d	1	0.95mi
1851 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	21d	1	0.97mi
1855 Norwood Ct Fort Walton Beach, FL	2.0	2.0	960	$1,400	$1.46	44d	1	0.98mi
1855 Norwood Ct #5 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	44d	1	0.98mi
358 Coral Dr SW Fort Walton Beach, FL	3.0	2.0	1350	$1,800	$1.33	44d	1	1.00mi
1863 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	44d	1	1.00mi
305 Leah Miller Dr NW Fort Walton Beach, FL	3.0	1.5	1334	$2,000	$1.50	21d	1	1.11mi
280 Anderson Dr Mary Esther, FL	3.0	1.0	1066	$1,695	$1.59	44d	1	1.14mi
209 W Miracle Strip Pkwy Unit A203 Mary Esther, FL	2.0	1.0	900	$1,350	$1.50	21d	1	1.21mi
223 Ajax Dr NW Fort Walton Beach, FL	3.0	2.0	1196	$1,650	$1.38	14d	1	1.22mi
223 Ajax Dr NW Fort Walton Beach, FL	3.0	2.0	1196	$1,750	$1.46	44d	1	1.22mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	21d	1	1.25mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	14d	1	1.25mi
706 Shady Lane Dr Unit B Fort Walton Beach, FL	2.0	1.0	900	$1,680	$1.87	44d	1	1.25mi
706 Shady Lane Dr Unit C Fort Walton Beach, FL	2.0	1.0	900	$1,600	$1.78	14d	1	1.25mi
210 Pelham Rd Fort Walton Beach, FL	1.0–2.0	1.0	809	$1,500	$1.85	14d	2	1.28mi
805 Hayley Marie Ct Fort Walton Beach, FL	2.0	2.0	1095	$1,650	$1.51	44d	1	1.35mi
607 W Sunset Blvd Unit B Fort Walton Beach, FL	2.0	1.0	840	$1,600	$1.90	21d	1	1.41mi

Listing history 3 events

1. 2026-05-28
   listed $185,000 Active
2. 2026-05-28
   status Pending
3. 1977-01-01
   soldstatus $11,240

ⓘ 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: $927 · $77/mo
• Projected year-2 tax: $1,536 · $128/mo
• Expected delta: +$608/yr (+$51/mo · 65.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,459
• − Mortgage interest: −$10,363
• − Property taxes: −$927
• − Insurance: −$925
• − Repairs & maintenance: −$1,797
• − Management: −$1,797
• − Depreciation: −$5,382
• Taxable income: $1,268
• Est. tax owed @ 24.0%: −$304
• After-tax cash flow: $3,944/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 — Mary Esther

• Score: 89/100
• State rank: #2
• US rank: #137

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mary Esther, FL
• County: Okaloosa County · 194,352 people
• City population: 12,063
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 12,063
• Household income: $77,718
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 416.0

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 0.58)
• Race & ethnicity: White 63% Two or more races 12% Black 12% Hispanic / Latino 9% Asian 8%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 5% Romanian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, South Korea, China
• Languages at home: 89% English-only · Other Indo-European 4% Spanish 3% Tagalog/Filipino 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: ▼ -97.13%
• Current HPI: 269.266
• Rent YoY: ▼ -0.45%
• 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

+1545.9% since first listed

3 events — show timeline

• 2026-05-28 Listed $185,000 ECAR
• 2026-05-28 Pending — ECAR
• 1977-01-01 Sold (Public Records) $11,240 Public Records

Property tax history

+5.5%/yr

Latest (2025): $927 · +4.0% YoY. Source: county tax records.