516 Forrest Ct · Crestview, FL
Flood risk 1/10 · Minimal
- FEMA flood zone
- X (unshaded)
- Chance of flooding over 30 yrs
- 0.0%
- Est. flood insurance / yr
- $507 – $1,088
Fire risk 3/10 · Minor
- Est. fire insurance / yr
- $947 – $1,759
Heat risk 9/10 · Severe
- Hot days now (above 107°F)
- 7 days/yr
- Hot days in 30 yrs
- 19 days/yr
Wind risk 9/10 · Severe
- Chance of severe wind over 30 yrs
- 99.0%
Air-quality risk 2/10 · Minimal
- Unhealthy air days now
- 1 days/yr
- Unhealthy air days in 30 yrs
- 1 days/yr
Risk factors via First Street. Map © Google.
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 +30.0/30.0
- ARV discount +15.0/15.0
- 1% rule +10.0/10.0
- DSCR +10.0/10.0
- Schools +5.4/10.0
- Livability +3.8/5.0
- Rent growth +2.5/5.0
- Condition / age +2.2/5.0
- Appreciation +0.0/10.0
$135,000
516 Forrest Ct · Crestview, FL 32539
4 bd · 2.0 ba · 1,408 sqft · SingleFamily
public records
· 56 Days on market
Built 1965
0.25 ac lot
$96/sqft
· 44% below area
Est $240k · 44% under
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence
Listing remarks
Built in 1965 and centrally located just north of Hwy 90 and Valley, this REO opportunity is one to see. The original floorplan was expanded to add another full master suite with master bedroom. An all brick exterior home with metal roof, this home is just over 1400 sf and comes with a total of 4 bedrooms and 2 baths. The back yards is fenced and there is a detached carport for shaded parking. This home does need some work and will not qualify for all financing types, though the home could indeed be financed so using the right lender is important. This opportunity is FHA IE (insurable with escrows). Call today!
Key facts
- Metal roof
- Fenced back yard
- Detached carport
Tags
Neighborhood map
Sold within
Property
Rental comp
Retail
Costco
Walmart
Transit
Schools
Stadiums
Fortune 500
· Circle radius: 6.0 mi
Loading POIs…
What this means for you Summary
Snapshot
- This is a 4-bed/2.0-bath single-family listed at $135k. Condition is rated fair.
Deal economics
- At list price, monthly cash flow is $691 ($8k/yr) — positive.
- The deal already cash-flows at list — no discount required.
- Meets the 1% rule at list price ($2k rent vs $135k).
- Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
- Cap rate 12.4% 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.
- Zoned schools: Walker Elementary School (math 52% / reading 55%, grade C, #949 of 2,144 statewide, top 45%, 864 students, 61% FRL); Crestview High School (math 49% / reading 54%, grade D+, #167 of 667 statewide, top 25%, 2,315 students, 42% FRL) — zoned schools average 52% FRL vs 36% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
- Market conditions: Rents flat; 688 active listings in the ZIP; 9 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; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).
- This rent runs 33% of the median local income ($74k/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 $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.
- At projected returns (-3.0% appreciation + 0.1% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.
Negotiation context
- It's been on market 56 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
Risks & watch-outs
- Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer
$130,950
(3.0% below list)
Questions for the listing agent
- It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
- Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
- Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
- Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
- 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?
- 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.
- 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.
- 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
- 1.52% ✓
- Cap rate
- 12.43%
- Cash-on-cash
- 21.92%
- DSCR
- 1.98
- GRM
- 5.5
CMA / ARV
- ARV (median comp)
- $240,354
- List price
- $135,000
- Delta
- -43.83%
- 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 |
|---|---|---|---|---|---|---|---|
| 130 Sikes Dr | 0.19mi | 4/2.0 | 1,420 (+1%) | 1mo | $225,000 | $158 | 88 |
| 219 January Ct | 0.30mi | 3/2.0 (-1) | 1,550 (+10%) | 1mo | $265,000 | $171 | 63 |
| 960 Valley Rd | 0.62mi | 3/2.0 (-1) | 1,407 (-0%) | 10mo | $227,000 | $161 | 58 |
| 516 Hyde Park Dr | 0.43mi | 3/2.0 (-1) | 1,290 (-8%) | 6mo | $162,000 | $126 | 56 |
| 2920 Patch Ave | 0.47mi | 3/2.0 (-1) | 1,514 (+8%) | 6mo | $270,000 | $178 | 55 |
| 103 Jamie Ct | 0.67mi | 3/2.0 (-1) | 1,482 (+5%) | 0mo | $239,000 | $161 | 55 |
| 548 Hyde Park Dr | 0.49mi | 3/2.0 (-1) | 1,276 (-9%) | 4mo | $266,000 | $208 | 54 |
| 472 Stillwell Blvd | 0.58mi | 3/2.0 (-1) | 1,322 (-6%) | 10mo | $200,000 | $151 | 50 |
| 402 Serene Ct | 0.49mi | 3/2.0 (-1) | 1,238 (-12%) | 4mo | $250,000 | $202 | 49 |
| 301 Victory Ln | 0.60mi | 3/2.0 (-1) | 1,530 (+9%) | 8mo | $100,000 | $65 | 46 |
| 390 Brackin St | 0.67mi | 3/2.0 (-1) | 1,257 (-11%) | 10mo | $245,000 | $195 | 37 |
| 108 A N Rayburn St | 0.74mi | 4/2.0 | 1,611 (+14%) | 6mo | $309,900 | $192 | 36 |
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 · 0.12% rent growth · sell at horizon
5-year hold
- IRR
- 11.3%
- Equity multiple
- 1.43×
- Total profit
- $16,350
- Equity at exit
- $20,129
10-year hold
- IRR
- 17.9%
- Equity multiple
- 2.29×
- Total profit
- $48,574
- 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.
Balanced market
Market conditions
within 1.0 mi — comparable homes for sale
Active competition Active MLS
- For sale now
- 17 active · 12 under contract
- Months of supply
- 6.0 mo (17%/mo absorbed)
- Median asking
- $249,900 ($201/sqft)
- Median days on market
- 65 d
- This list price
- lowest-priced of the active set
- ARV vs active asking
- -14.9% vs current asking $/sqft
Closed sales set the value; these active listings set current market conditions and a practical price ceiling.
ZIP-level market 32539
- Home prices YoY
- -17.8%
- Rents YoY
- 0.1%
- Active inventory
- 688
- Price-to-rent
- 5.5×
Monthly cashflow live
↻
- Estimated rent
- $2,055 high interval (Pro) →
- Mortgage (P&I)
- −$708
- Tax est. 1.5%
- −$169 /mo · $2,025/yr
- Insurance
- −$56
- HOA
- −$0
- Lot rent
- −$0
- Vacancy / Maint / Mgmt
- −$432
- Net cashflow
- $691
Break-even live
Break-even rent
$1,181
Max offer price
$135,000
Occupancy floor
61%
Sensitivity live
| Price | -10% $784 | -5% $737 | +0% $691 | +5% $644 | +10% $597 |
|---|---|---|---|---|---|
| Rent | -10% $528 | -5% $609 | +0% $691 | +5% $772 | +10% $853 |
| Rate | -1.0pp $759 | -0.5pp $725 | base $691 | +0.5pp $656 | +1.0pp $620 |
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
- Club membership (one-time)
- —
- Reserves months
- —
- Total cash needed
- —
Loan-product check · same deal, 3 products live
Conventional
25% down · 7.5% · 30yr
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Personal DTI + credit; lowest rate.
DSCR
20% down · 8.5% · 30yr
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
No personal income docs; deal must DSCR.
Hard money
10% down · 12.0% · 12mo
- Cash invested
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Short-term bridge; refi at stabilization.
Rent comps 9 comps
| Address | Beds | Baths | Sqft | Rent | $/sqft | DOM | Units | Dist |
|---|---|---|---|---|---|---|---|---|
| 304 Strawbridge Dr Crestview, FL | 4.0 | 2.0 | 1650 | $1,850 | $1.12 | 62d | 1 | 0.41mi |
| 815 Valley Rd Crestview, FL | 3.0 | 2.5 | 1373 | $1,550 | $1.13 | 93d | 1 | 0.47mi |
| 502 Hyde Park Dr Crestview, FL | 3.0 | 2.0 | 1302 | $1,795 | $1.38 | 62d | 1 | 0.53mi |
| 507 Eisenhower Dr Crestview, FL | 3.0 | 2.0 | 1809 | $2,200 | $1.22 | 93d | 1 | 0.55mi |
| 311 Dahlquist Dr Crestview, FL | 4.0 | 2.5 | 1770 | $2,050 | $1.16 | 70d | 1 | 0.67mi |
| 2942 Sholtz Ave Crestview, FL | 3.0 | 2.0 | 1266 | $1,600 | $1.26 | 93d | 1 | 0.72mi |
| 812 Carlton St Crestview, FL | 3.0 | 2.5 | 1393 | $1,495 | $1.07 | 70d | 1 | 0.80mi |
| 326 Dixie St Crestview, FL | 3.0 | 1.0 | 1386 | $1,400 | $1.01 | 93d | 1 | 1.34mi |
| 3016 Aplin Rd Crestview, FL | 3.0 | 2.0 | 1280 | $1,400 | $1.09 | 93d | 1 | 1.49mi |
Property features AI
Exterior
- Parking
- Detached carport
- Utilities
- Electric serviceNatural gasPublic waterTV cableEnergy features include central electric A/C, electric heat controls, and electric water heater
- Home design
- Traditional single-story home (1 story)
- Construction
- Built in 1965Brick with wood trimSlab foundationMetal roof
- Exterior features
- Private yardPatio (open)Chain link fencingCorner lotCity street frontage; paved road accessLot dimensions approx. 80 x 132
Interior
- Kitchen
- Electric water heater
- Bedrooms
- 4 bedrooms, all on the first floor (approx. sizes: two 10' x 10', one 12' x 12', one 12' x 16')
- Bathrooms
- 2 full bathrooms
- Heating & cooling
- Central heating (natural gas)Central air conditioning
- Interior features
- 6 total roomsLiving room on the first floorKitchen on the first floor
Listing history 47 events
-
2026-08-08days on market $135,000 Active 56 DOM
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2026-08-07days on market $135,000 Active 55 DOM
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2026-08-06days on market $135,000 Active 54 DOM
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2026-08-05days on market $135,000 Active 53 DOM
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2026-08-04days on market $135,000 Active 52 DOM
-
2026-08-03days on market $135,000 Active 51 DOM
-
2026-07-31days on market $135,000 Active 48 DOM
-
2026-07-30days on market $135,000 Active 47 DOM
-
2026-07-29days on market $135,000 Active 46 DOM
-
2026-07-27days on market $135,000 Active 44 DOM
-
2026-07-25days on market $135,000 Active 42 DOM
-
2026-07-24days on market $135,000 Active 41 DOM
-
2026-07-24price $135,000 Active 40 DOM
-
2026-07-23days on market $144,000 Active 40 DOM
-
2026-07-22days on market $144,000 Active 39 DOM
-
2026-07-21days on market $144,000 Active 38 DOM
-
2026-07-18days on market $144,000 Active 35 DOM
-
2026-07-16days on market $144,000 Active 33 DOM
-
2026-07-16days on market $144,000 Active 32 DOM
-
2026-07-14days on market $144,000 Active 31 DOM
-
2026-07-13days on market $144,000 Active 30 DOM
-
2026-07-12days on market $144,000 Active 29 DOM
-
2026-07-11days on market $144,000 Active 28 DOM
-
2026-07-10days on market $144,000 Active 27 DOM
-
2026-07-09days on market $144,000 Active 26 DOM
-
2026-07-08days on market $144,000 Active 25 DOM
-
2026-07-07days on market $144,000 Active 24 DOM
-
2026-07-06days on market $144,000 Active 23 DOM
-
2026-07-05days on market $144,000 Active 22 DOM
-
2026-07-04days on market $144,000 Active 21 DOM
-
2026-07-03days on market $144,000 Active 20 DOM
-
2026-07-02days on market $144,000 Active 19 DOM
-
2026-07-01days on market $144,000 Active 18 DOM
-
2026-06-30days on market $144,000 Active 17 DOM
-
2026-06-29days on market $144,000 Active 16 DOM
-
2026-06-28days on market $144,000 Active 15 DOM
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2026-06-28days on market $144,000 Active 14 DOM
-
2026-06-27days on market $144,000 Active 13 DOM
-
2026-06-25days on market $144,000 Active 11 DOM
-
2026-06-23days on market $144,000 Active 9 DOM
-
2026-06-21days on market $144,000 Active 8 DOM
-
2026-06-18days on market $144,000 Active 5 DOM
-
2026-06-17days on market $144,000 Active 4 DOM
-
2026-06-16days on market $144,000 Active 3 DOM
-
2026-06-15days on market $144,000 Active 2 DOM
-
2026-06-14remarks 618-char remark
-
2026-06-14$144,000 Active 1 DOM
ⓘ 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 3/10 Moderate
- Heat 9/10 Extreme 7 d/yr ≥107°F today · 19 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
Nearby sold comps map
Loading sold comps map…
Walkable amenities ~0.75 mi
Loading nearby amenities…
Taxation est. · year 1
- Rental income
- $24,661
- − Mortgage interest
- −$7,562
- − Property taxes
- −$2,025
- − Insurance
- −$675
- − Repairs & maintenance
- −$1,973
- − Management
- −$1,973
- − Depreciation
- −$3,927
- Taxable income
- $6,526
combined federal + state — saved on this device
- Est. tax owed @ 24.0%
- −$1,566
- After-tax cash flow
- $6,721/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 · 9 photos
45/100
Moderate rehab
Est. rehab $35,200–$63,360 screening
This home requires significant repairs and maintenance, including a new roof and exterior siding, as well as landscaping and painting. The home is in fair condition and could benefit from moderate renovations to increase its value.
Components & finishes AI
Flooring tile
Repairs flagged
- Major roof — The satellite image shows visible rust and wear on the metal roof.
- Major exterior siding — The satellite image shows a brick exterior with visible wear and discoloration.
- Major HVAC unit — The listing photo shows an old HVAC unit, which may need replacement.
Value-add opportunities
- Both new roof — A new roof would significantly improve the home's appearance and increase its value for both resale and rental. ↑
- Both landscaping — Landscaping would improve the home's curb appeal and increase its value for both resale and rental. ↑
ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.
D
Composite school gradezoned avg 54/100
Zoned Schools
Elementary
Walker Elementary School
C
FL #949/2,144
Nat'l #10,846/41,679
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)
- 33,290
- Household income
- $74,369
- Rent vs Own
- Severe rent burden
- 16% of renters
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 (73%)
- Race & ethnicity
- White 73% Black 12% Two or more races 8% Hispanic / Latino 7% Asian 1%
- Hispanic origin (detail)
- Mexican 3% Puerto Rican 2%
- Common ancestry
- Lithuanian 4% Iranian 2% Romanian 2%
- Foreign-born
- 3% · Canada
- Languages at home
- 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 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
- ▼ -56.52%
- Current HPI
- 261.1557
- Rent YoY
- ▲ 0.12%
- 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 |
|
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| Technology Manufacturing | 1 | $35B |
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Price history
1 event — show timeline
- 2026-06-12 Listed $144,000 ECAR
Property tax history
-0.5%/yrLatest (2025): $258 · +4.8% YoY. Source: county tax records.
Cash-flow waterfall
monthlySold comps — $/sqft
last 12 mo · ≤1 miLoading sold comps…