338 Callie Dr · Crestview, FL 32536

$229,900

3 bd · 2.5 ba · 1,460 sqft · Townhouse · 135 Days on market

Built 2026 Excellent condition 1,742 sqft lot $157/sqft · 6% below area Est $244k · 6% under $56/mo HOA · 3% of rent ↓ 2% since listing

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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 +13.3/30.0
• ARV discount +10.1/15.0
• Schools +5.5/10.0
• Condition / age +4.8/5.0
• 1% rule +4.1/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Garden Villas in Crestview, FL! This New Townhome community will feature a gorgeous community pool. The Palm Interior Unit is a 2-story townhome that boasts 3 bedrooms, 2.5 baths, and single car garage with an open design that is perfect for entertaining. The kitchen is presented with quartz countertops, a large island bar, pantry and all stainless-steel appliances offering style and functionality. Bedroom 1 is located on the second floor as a private retreat with a spacious walk-in closet and a beautiful adjoining bath. Interior features also include EVP flooring with frieze carpet in the bedrooms. Our Home is Connected package also offers a Smart Home 'Connect' system with several convenient devices you are sure to enjoy. ALL LISTING pictures, colors, features, and size may vary. Square footages are approximate.

Key facts

• Quartz countertops
• Large island bar
• Walk-in closet

Tags

• QUARTZ COUNTERTOPS
• LARGE ISLAND BAR
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSET
• SMART HOME CONNECT SYSTEM

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $230k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $2 ($25/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 $208k (9.3% below list).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 4.4% in Crestview — 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 75/100 on livability (#252 in FL, #3,858 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, 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.
• Market conditions: Rents rising (+1.2%/yr); 451 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).
• This rent runs 32% of the median local income ($78k/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 $2k of loan paydown is wiped out by about $7k 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 135 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.91% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.04%
• DSCR: 1.00
• GRM: 9.2

CMA / ARV

• ARV (median comp): $244,000
• List price: $229,900
• Delta: -1.68%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
328 Callie Dr	0.00mi	3/2.5	1,460 (0%)	0mo	$242,000	$166	100
330 Callie Dr	0.00mi	3/2.5	1,460 (0%)	1mo	$244,900	$168	99
325 Callie Dr	0.00mi	3/2.5	1,460 (0%)	1mo	$246,900	$169	99
322 Callie Dr	0.00mi	3/2.5	1,471 (+1%)	0mo	$255,000	$173	99
337 Callie Dr	0.00mi	3/2.5	1,460 (0%)	2mo	$237,200	$162	98
333 Callie Dr	0.00mi	3/2.5	1,460 (0%)	2mo	$239,900	$164	98
335 Callie Dr	0.00mi	3/2.5	1,460 (0%)	4mo	$244,000	$167	97
329 Callie Dr	0.00mi	3/2.5	1,460 (0%)	4mo	$239,900	$164	96
327 Callie Dr	0.00mi	3/2.5	1,460 (0%)	5mo	$244,000	$167	96
323 Callie Dr	0.00mi	3/2.5	1,460 (0%)	5mo	$259,000	$177	96
321 Callie Dr	0.00mi	3/2.5	1,471 (+1%)	4mo	$254,900	$173	95

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 · 1.17% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.37×
• Total profit: $-40,825
• Equity at exit: $34,279

10-year hold

• IRR: -14.9%
• Equity multiple: 0.22×
• Total profit: $-50,022
• Equity at exit: $19,878

Cash invested: $64,372 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 8 active · 7 under contract
• Months of supply: 4.4 mo (23%/mo absorbed)
• Median asking: $239,900 ($164/sqft)
• Median days on market: 164 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +1.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32536

• Home prices YoY: -16.2%
• Rents YoY: 1.2%
• Active inventory: 451
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,085 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$56
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $2

Break-even live

Break-even rent $2,082

Max offer price $229,900

Occupancy floor 95%

Sensitivity live

Price	-10% $161	-5% $82	+0% $2	+5% $-77	+10% $-157
Rent	-10% $-163	-5% $-80	+0% $2	+5% $84	+10% $167
Rate	-1.0pp $118	-0.5pp $61	base $2	+0.5pp $-57	+1.0pp $-118

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: $57,475
• Closing costs: $6,897
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6260 Old Bethel Rd Crestview, FL	1.0–3.0	1.0–2.0	1253	$2,295	$1.83	62d	66	0.30mi
205 Powell Dr Crestview, FL	3.0	1.5	1008	$1,400	$1.39	93d	1	0.71mi
149 Shady Ln Crestview, FL	3.0	2.0	1680	$2,000	$1.19	93d	1	0.71mi
2544 Kingston Rd Crestview, FL	3.0	2.0	1533	$2,095	$1.37	70d	1	0.89mi
6381 Havenmist Ln Crestview, FL	4.0	2.0	1844	$1,900	$1.03	93d	1	1.12mi
2823 Lake Silver Rd Crestview, FL	3.0	2.0	1595	$2,300	$1.44	93d	1	1.26mi
2606 Saltgrass Way Crestview, FL	4.0	2.0	1387	$1,850	$1.33	70d	1	1.43mi
5735 Wildwood Rd Crestview, FL	3.0	1.5	1570	$1,875	$1.19	62d	1	1.47mi

HOA detail $56/mo · $672/yr

• Likely covers: pool

Listing history 42 events

1. 2026-08-08
   days on market $229,900 Active 135 DOM
2. 2026-08-07
   days on market $229,900 Active 134 DOM
3. 2026-08-06
   days on market $229,900 Active 133 DOM
4. 2026-08-05
   days on market $229,900 Active 132 DOM
5. 2026-08-04
   pricedays on market $229,900 Active 131 DOM
6. 2026-08-03
   days on market $239,900 Active 130 DOM
7. 2026-07-31
   days on market $239,900 Active 127 DOM
8. 2026-07-30
   days on market $239,900 Active 126 DOM
9. 2026-07-29
   days on market $239,900 Active 125 DOM
10. 2026-07-27
    days on market $239,900 Active 123 DOM
11. 2026-07-25
    days on market $239,900 Active 121 DOM
12. 2026-07-24
    days on market $239,900 Active 120 DOM
13. 2026-07-23
    days on market $239,900 Active 119 DOM
14. 2026-07-22
    days on market $239,900 Active 118 DOM
15. 2026-07-21
    days on market $239,900 Active 117 DOM
16. 2026-07-18
    days on market $239,900 Active 114 DOM
17. 2026-07-16
    days on market $239,900 Active 112 DOM
18. 2026-07-16
    days on market $239,900 Active 111 DOM
19. 2026-07-14
    days on market $239,900 Active 110 DOM
20. 2026-07-13
    pricedays on market $239,900 Active 109 DOM
21. 2026-07-12
    days on market $244,900 Active 108 DOM
22. 2026-07-11
    days on market $244,900 Active 107 DOM
23. 2026-07-10
    days on market $244,900 Active 106 DOM
24. 2026-07-09
    days on market $244,900 Active 105 DOM
25. 2026-07-08
    days on market $244,900 Active 104 DOM
26. 2026-07-07
    days on market $244,900 Active 103 DOM
27. 2026-07-06
    days on market $244,900 Active 102 DOM
28. 2026-07-05
    days on market $244,900 Active 101 DOM
29. 2026-07-04
    days on market $244,900 Active 100 DOM
30. 2026-07-03
    days on market $244,900 Active 99 DOM
31. 2026-07-02
    days on market $244,900 Active 98 DOM
32. 2026-07-01
    days on market $244,900 Active 97 DOM
33. 2026-06-30
    days on market $244,900 Active 96 DOM
34. 2026-06-29
    status $244,900 Active 95 DOM
35. 2026-06-01
    status $244,900 Pending 95 DOM
36. 2026-05-31
    days on market $244,900 Active 95 DOM
37. 2026-05-30
    days on market $244,900 Active 94 DOM
38. 2026-05-11
    price $244,900 836-char remark

    Show marketing remark (836 chars)

    Welcome to Garden Villas in Crestview, FL! This New Townhome community will feature a gorgeous community pool. The Palm Interior Unit is a 2-story townhome that boasts 3 bedrooms, 2.5 baths, and single car garage with an open design that is perfect for entertaining. The kitchen is presented with quartz countertops, a large island bar, pantry and all stainless-steel appliances offering style and functionality. Bedroom 1 is located on the second floor as a private retreat with a spacious walk-in closet and a beautiful adjoining bath. Interior features also include EVP flooring with frieze carpet in the bedrooms. Our Home is Connected package also offers a Smart Home 'Connect' system with several convenient devices you are sure to enjoy. ALL LISTING pictures, colors, features, and size may vary. Square footages are approximate.

39. 2026-04-20
    price $246,900 836-char remark

    Show marketing remark (836 chars)

    Welcome to Garden Villas in Crestview, FL! This New Townhome community will feature a gorgeous community pool. The Palm Interior Unit is a 2-story townhome that boasts 3 bedrooms, 2.5 baths, and single car garage with an open design that is perfect for entertaining. The kitchen is presented with quartz countertops, a large island bar, pantry and all stainless-steel appliances offering style and functionality. Bedroom 1 is located on the second floor as a private retreat with a spacious walk-in closet and a beautiful adjoining bath. Interior features also include EVP flooring with frieze carpet in the bedrooms. Our Home is Connected package also offers a Smart Home 'Connect' system with several convenient devices you are sure to enjoy. ALL LISTING pictures, colors, features, and size may vary. Square footages are approximate.

40. 2026-03-31
    price $244,900 836-char remark

    Show marketing remark (836 chars)

    Welcome to Garden Villas in Crestview, FL! This New Townhome community will feature a gorgeous community pool. The Palm Interior Unit is a 2-story townhome that boasts 3 bedrooms, 2.5 baths, and single car garage with an open design that is perfect for entertaining. The kitchen is presented with quartz countertops, a large island bar, pantry and all stainless-steel appliances offering style and functionality. Bedroom 1 is located on the second floor as a private retreat with a spacious walk-in closet and a beautiful adjoining bath. Interior features also include EVP flooring with frieze carpet in the bedrooms. Our Home is Connected package also offers a Smart Home 'Connect' system with several convenient devices you are sure to enjoy. ALL LISTING pictures, colors, features, and size may vary. Square footages are approximate.

41. 2026-02-28
    listed $249,900 Active 1497-char remark

    Show marketing remark (1497 chars)

    Welcome to 338 Callie Drive the Palm Interior Plan, at Garden Villas Townhomes, our new home community in Crestview, FL. Just over 1,400 square feet, this beautiful two- story townhome offers 3-bedrooms with 2.5-bathrooms, a 1-car garage, and a seamless open layout. As you enter the home on the first floor, you are met with the foyer featuring a half bathroom perfect for guests. Walking past the foyer is a large open concept living space including the kitchen, living room and dining space. The kitchen includes quartz countertops, under mount sink, smooth top range, stainless steel appliances, pantry, stylish shaker cabinetry, and a center island. With natural light and nearby patio access, the living and dining area are integrated perfectly. Right off of the foyer you will find stairs leading to the 2nd floor. Additional bedroom 1, and 2 are both located on the 2nd floor with a gorgeous full bathroom. This bathroom features a vanity, a soaking tub, and toilet. You will also find the laundry room conveniently located on the second floor. The primary bedroom is also located on the 2nd floor. This bedroom is a spacious and relaxing space that includes an attached primary bathroom. The double vanity, toilet, shower, and walk-in closet will provide a haven of relaxation. Each Palm is built with our Smart Home technology package, designed to bring the ease and convenience of life right to your fingertips. Call to schedule your tour of the Palm plan at Garden Villas Townhomes tod

42. 2026-02-25
    listed $249,900 Active 836-char remark

    Show marketing remark (836 chars)

    Welcome to Garden Villas in Crestview, FL! This New Townhome community will feature a gorgeous community pool. The Palm Interior Unit is a 2-story townhome that boasts 3 bedrooms, 2.5 baths, and single car garage with an open design that is perfect for entertaining. The kitchen is presented with quartz countertops, a large island bar, pantry and all stainless-steel appliances offering style and functionality. Bedroom 1 is located on the second floor as a private retreat with a spacious walk-in closet and a beautiful adjoining bath. Interior features also include EVP flooring with frieze carpet in the bedrooms. Our Home is Connected package also offers a Smart Home 'Connect' system with several convenient devices you are sure to enjoy. ALL LISTING pictures, colors, features, and size may vary. Square footages are approximate.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 5 d/yr ≥107°F today · 14 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: $25,016
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,001
• − Management: −$2,001
• − HOA: −$672
• − Depreciation: −$6,688
• Taxable loss: −$3,823
• Est. tax savings @ 24.0%: +$917
• After-tax cash flow: $942/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.

Condition & rehab AI · 12 photos

Excellent 95/100 None rehab

This move-in-ready townhome in Crestview, FL, offers a seamless open layout, modern appliances, and a Smart Home 'Connect' system, making it ideal for both resale and rental.

Value-add opportunities

• Both Smart Home 'Connect' system — Enhances convenience and energy efficiency ↑
• Both Smart thermostat — Improves energy efficiency and comfort ↑
• Both Smart lighting — Enhances energy efficiency and ambiance ↑

D Composite school gradezoned avg 55/100

Zoned Schools

Elementary Bob Sikes Elementary School C+ FL #816/2,144 Nat'l #9,263/41,679 Middle Davidson Middle School B FL #157/571 Nat'l #2,146/14,009 High Crestview High School D+ FL #167/667 Nat'l #5,269/17,239

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

B Composite livability gradescore 75/100

Livability — Crestview

• Score: 75/100
• State rank: #252
• US rank: #3858

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crestview, FL
• County: Okaloosa County · 235,133 people
• City population: 58,889
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 25,599
• Household income: $78,119
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Black 16% Hispanic / Latino 12% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 1%

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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: ▼ -51.48%
• Current HPI: 265.9926
• Rent YoY: ▲ 1.17%
• Metro: Crestview-Fort Walton Beach-Destin, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

-2.0% since first listed

5 events — show timeline

• 2026-05-11 Price Changed $244,900 ECAR
• 2026-04-20 Price Changed $246,900 ECAR
• 2026-03-31 Price Changed $244,900 ECAR
• 2026-02-28 Listed $249,900 Zillow
• 2026-02-25 Listed $249,900 ECAR