10 Harbor Boulevard Blvd Unit 203B · Destin, FL 32541

$47,000

2 bd · 2.0 ba · 1,249 sqft · Timeshare · 341 Days on market

Built 2007 $38/sqft · 93% below area $609/mo HOA · 26% of rent

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

6 weeks of use in a 2 BR unit with a bunk room sleeping 8. Some of the best views of the East Pass, Destin Bridge, Crab Island & the Gulf with being the 2nd unit from the front of the building. The onsite Spa has 11 treatment rooms, Fitness center with cardiovascular equipment & free weights, water beach shuttle, a 2500 Sq Foot Vista Pool and much more. Restaurant on property and multiple ones outside the building.

Key facts

• Onsite spa
• Fitness center
• 11 treatment rooms

Tags

• BEST VIEWS OF THE EAST PASS
• ONSITE SPA
• 11 TREATMENT ROOMS
• FITNESS CENTER
• 2500 SQ FOOT VISTA POOL
• RESTAURANT ON PROPERTY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath timeshare listed at $47k.

Deal economics

• At list price, monthly cash flow is $915 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $47k).
• Recommended offer: $41k (12.0% below list) — sets the bar for market timing.
• Cap rate 29.7% vs local median 0.8% in Destin — 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 79/100 on livability (#158 in FL, #2,247 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living 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 rising (+3.7%/yr); 910 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 69% 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 $325 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 341 days — a 12% lower offer ($41k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $41,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 341 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 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?
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: 4.98% ✓
• Cap rate: 29.66%
• Cash-on-cash: 83.46%
• DSCR: 4.71
• GRM: 1.7

CMA / ARV

• ARV (median comp): $659,495
• List price: $47,000
• Delta: -92.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Harbor Blvd Unit E303G	0.00mi	2/2.0	1,249 (0%)	11mo	$30,000	$24	91
10 HARBOR Blvd Unit E601G	0.00mi	2/2.0	1,249 (0%)	12mo	$30,000	$24	90
10 Harbor Blvd Unit E903A	0.00mi	2/2.0	1,249 (0%)	12mo	$35,000	$28	90
10 HARBOR Blvd Unit E702B	0.00mi	2/2.0	1,249 (0%)	14mo	$30,000	$24	89
10 HARBOR Blvd Unit E702C	0.00mi	2/2.0	1,249 (0%)	14mo	$30,000	$24	89
10 HARBOR Blvd Unit E702D	0.00mi	2/2.0	1,249 (0%)	14mo	$27,000	$22	89
10 HARBOR Blvd Unit E702E	0.00mi	2/2.0	1,249 (0%)	14mo	$25,000	$20	89
10 Harbor Blvd Unit E302E	0.00mi	2/2.0	1,249 (0%)	14mo	$28,000	$22	89
10 HARBOR Blvd Unit E601C	0.00mi	2/2.0	1,249 (0%)	14mo	$30,000	$24	89
10 HARBOR Blvd Unit E601D	0.00mi	2/2.0	1,249 (0%)	14mo	$30,000	$24	89
10 Harbor Blvd Unit E304C	0.00mi	2/2.0	1,220 (-2%)	12mo	$30,000	$25	86
10 Harbor Blvd Unit E404D	0.00mi	2/2.0	1,220 (-2%)	14mo	$28,000	$23	85

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 · 3.68% rent growth · sell at horizon

5-year hold

• IRR: 85.2%
• Equity multiple: 5.00×
• Total profit: $52,701
• Equity at exit: $7,008

10-year hold

• IRR: 88.7%
• Equity multiple: 10.83×
• Total profit: $129,327
• Equity at exit: $4,064

Cash invested: $13,160 (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 32541

• Rents YoY: 3.7%
• Active inventory: 910
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $2,341 high
• Mortgage (P&I): −$246
• Tax est. 1.5%: −$59 /mo · $705/yr
• Insurance: −$20
• HOA: −$609
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $915

Break-even live

Break-even rent $1,182

Max offer price $47,000

Occupancy floor 56%

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: $11,750
• Closing costs: $1,410
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Gulf Shore Dr #104 Destin, FL	2.0	2.0	1100	$3,200	$2.91	43d	1	0.40mi
234 Pelican Pl Destin, FL	2.0	2.5	1332	$2,100	$1.58	43d	1	0.52mi
235 Pelican Pl #11 Destin, FL	2.0	2.5	1465	$2,400	$1.64	43d	1	0.60mi
197 Durango Rd Destin, FL	2.0	1.0	852	$2,700	$3.17	20d	1	0.87mi
485 Gulf Shore Dr #101 Destin, FL	1.0	1.0	700	$2,500	$3.57	43d	1	0.92mi
204 Ann Cir Unit C Destin, FL	2.0	1.0	1000	$1,550	$1.55	43d	1	1.36mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,450	$1.61	20d	1	1.39mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,600	$1.78	43d	1	1.39mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,750	$2.06	13d	1	1.42mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,800	$2.12	43d	1	1.42mi
150 Bent Arrow Dr Destin, FL	3.0	2.5	1440	$2,250	$1.56	43d	1	1.48mi
22 Moreno Point Rd Unit 1285898P Destin, FL	2.0	2.5	1065	$3,068	$2.88	13d	1	1.49mi
22 Moreno Point Rd #12 Destin, FL	3.0	2.5	1236	$3,295	$2.67	43d	1	1.49mi

HOA detail

• Monthly dues: $609 · $7,308/yr
• Likely covers: waterpoolgym

Listing history 16 events

1. 2026-06-18
   days on market $47,000 Active 341 DOM
2. 2026-06-17
   days on market $47,000 Active 340 DOM
3. 2026-06-16
   days on market $47,000 Active 339 DOM
4. 2026-06-15
   days on market $47,000 Active 338 DOM
5. 2026-06-14
   days on market $47,000 Active 336 DOM
6. 2026-06-13
   days on market $47,000 Active 335 DOM
7. 2026-06-10
   days on market $47,000 Active 333 DOM
8. 2026-06-09
   days on market $47,000 Active 332 DOM
9. 2026-06-08
   days on market $47,000 Active 331 DOM
10. 2026-06-07
    days on market $47,000 Active 330 DOM
11. 2026-06-05
    days on market $47,000 Active 327 DOM
12. 2026-06-02
    days on market $47,000 Active 325 DOM
13. 2026-06-01
    days on market $47,000 Active 324 DOM
14. 2026-05-31
    days on market $47,000 Active 323 DOM
15. 2026-05-30
    days on market $47,000 Active 322 DOM
16. 2025-07-11
    listed $47,000 Active 430-char remark

    Show marketing remark (430 chars)

    6 weeks of use in a 2 BR unit with a bunk room sleeping 8. Some of the best views of the East Pass, Destin Bridge, Crab Island & the Gulf with being the 2nd unit from the front of the building. The onsite Spa has 11 treatment rooms, Fitness center with cardiovascular equipment & free weights, water beach shuttle, a 2500 Sq Foot Vista Pool and much more. Restaurant on property and multiple ones outside the building.

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

Taxation est. · year 1

• Rental income: $28,087
• − Mortgage interest: −$2,633
• − Property taxes: −$705
• − Insurance: −$235
• − Repairs & maintenance: −$2,247
• − Management: −$2,247
• − HOA: −$7,308
• − Depreciation: −$1,367
• Taxable income: $11,345
• Est. tax owed @ 24.0%: −$2,723
• After-tax cash flow: $8,260/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 — Destin

• Score: 79/100
• State rank: #158
• US rank: #2247

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Destin, FL
• County: Okaloosa County · 194,352 people
• City population: 18,855
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 18,855
• Household income: $95,124
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 554.0

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 (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 7% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada
• Languages at home: 83% English-only · Spanish 7% Other Indo-European 6% Russian/Polish/Slavic 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: ▼ -147.89%
• Current HPI: 252.6715
• Rent YoY: ▲ 3.68%
• 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

1 event — show timeline

• 2025-07-11 Listed $47,000 ECAR