516 Forrest Ct · Crestview, FL 32539

$144,000

4 bd · 2.0 ba · 1,408 sqft · SingleFamily public records · 5 Days on market

Built 1965 0.25 ac lot Est $270k · 47% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Schools +5.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

• ALL BRICK EXTERIOR
• METAL ROOF
• FENCED BACK YARD
• DETACHED CARPORT

Property features AI

Exterior

• Parking: Detached carport
• Utilities: Electric service; Natural gas; Public water; TV cable; Energy features include central electric A/C, electric heat controls, and electric water heater
• Home design: Traditional single-story home (1 story)
• Construction: Built in 1965; Brick with wood trim; Slab foundation; Metal roof
• Exterior features: Private yard; Patio (open); Chain link fencing; Corner lot; City street frontage; paved road access; Lot 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 rooms; Living room on the first floor; Kitchen on the first floor

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $144k.

Deal economics

• At list price, monthly cash flow is $628 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Cap rate 11.5% 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; 521 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); 56% 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 $996 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 $40k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

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 $144,000

Questions for the listing agent

1. Built in 1965 — 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: 1.43% ✓
• Cap rate: 11.53%
• Cash-on-cash: 18.70%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $270,336
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
104 Hampton Dr	0.17mi	3/2.0 (-1)	1,426 (+1%)	9mo	$290,000	$203	78
306 Strawbridge Dr	0.40mi	3/2.0 (-1)	1,331 (-6%)	9mo	$250,000	$188	60
960 Valley Rd	0.62mi	3/2.0 (-1)	1,407 (-0%)	8mo	$227,000	$161	59
516 Hyde Park Dr	0.43mi	3/2.0 (-1)	1,290 (-8%)	4mo	$162,000	$126	57
2920 Patch Ave	0.47mi	3/2.0 (-1)	1,514 (+8%)	5mo	$270,000	$178	57
548 Hyde Park Dr	0.49mi	3/2.0 (-1)	1,276 (-9%)	2mo	$266,000	$208	55
472 Stillwell Blvd	0.58mi	3/2.0 (-1)	1,322 (-6%)	9mo	$200,000	$151	51
402 Serene Ct	0.49mi	3/2.0 (-1)	1,238 (-12%)	2mo	$250,000	$202	50
301 Victory Ln	0.60mi	3/2.0 (-1)	1,530 (+9%)	6mo	$100,000	$65	47
2940 Mccarty Ave	0.62mi	3/2.0 (-1)	1,277 (-9%)	9mo	$272,900	$214	43
390 Brackin St	0.67mi	3/2.0 (-1)	1,257 (-11%)	9mo	$245,000	$195	39
108 A N Rayburn St	0.74mi	4/2.0	1,611 (+14%)	4mo	$309,900	$192	38

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: 7.2%
• Equity multiple: 1.27×
• Total profit: $10,930
• Equity at exit: $21,471

10-year hold

• IRR: 13.8%
• Equity multiple: 1.96×
• Total profit: $38,754
• Equity at exit: $12,450

Cash invested: $40,320 (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 32539

• Home prices YoY: -17.8%
• Rents YoY: 0.1%
• Active inventory: 521
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,055 high
• Mortgage (P&I): −$755
• Tax est. 1.5%: −$180 /mo · $2,160/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $628

Break-even live

Break-even rent $1,260

Max offer price $144,000

Occupancy floor 64%

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: $36,000
• Closing costs: $4,320
• Reserves months: —
• Total cash needed: —

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	13d	1	0.41mi
815 Valley Rd Crestview, FL	3.0	2.5	1373	$1,550	$1.13	43d	1	0.47mi
502 Hyde Park Dr Crestview, FL	3.0	2.0	1302	$1,795	$1.38	13d	1	0.53mi
507 Eisenhower Dr Crestview, FL	3.0	2.0	1809	$2,200	$1.22	43d	1	0.55mi
311 Dahlquist Dr Crestview, FL	4.0	2.5	1770	$2,050	$1.16	21d	1	0.67mi
2942 Sholtz Ave Crestview, FL	3.0	2.0	1266	$1,600	$1.26	43d	1	0.72mi
812 Carlton St Crestview, FL	3.0	2.5	1393	$1,495	$1.07	21d	1	0.80mi
326 Dixie St Crestview, FL	3.0	1.0	1386	$1,400	$1.01	43d	1	1.34mi
3016 Aplin Rd Crestview, FL	3.0	2.0	1280	$1,400	$1.09	43d	1	1.49mi

Listing history 6 events

1. 2026-06-18
   days on market $144,000 Active 5 DOM
2. 2026-06-17
   days on market $144,000 Active 4 DOM
3. 2026-06-16
   days on market $144,000 Active 3 DOM
4. 2026-06-15
   days on market $144,000 Active 2 DOM
5. 2026-06-14
   remarks 618-char remark
6. 2026-06-14
   listed $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 4/10 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

Taxation est. · year 1

• Rental income: $24,661
• − Mortgage interest: −$8,066
• − Property taxes: −$2,160
• − Insurance: −$720
• − Repairs & maintenance: −$1,973
• − Management: −$1,973
• − Depreciation: −$4,189
• Taxable income: $5,580
• Est. tax owed @ 24.0%: −$1,339
• After-tax cash flow: $6,201/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 — 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 · 194,352 people
• City population: 58,889
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 33,290
• Household income: $74,369
• Rent vs Own: 21.7% rent · 78.3% own
• Severe rent burden: 371.0

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 (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
▸Technology Manufacturing	1	$35B

Price history

1 event — show timeline

• 2026-06-12 Listed $144,000 ECAR

Property tax history

-0.5%/yr

Latest (2025): $258 · +4.8% YoY. Source: county tax records.