165 Smith St · Crestview, FL 32539

$189,900

2 bd · 1.0 ba · 1,397 sqft · SingleFamily public records · 57 Days on market

Built 1964 0.52 ac lot $136/sqft · 22% below area Est $242k · 22% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.4/30.0
• Schools +5.2/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Heart of Crestview! This huge lot offers plenty of space and endless potential--perfect for those looking for room to expand, garden, or simply enjoy extra outdoor space. The property features a 2-bedroom, 1 oversized bathroom layout with a comfortable living room and dedicated dining area. Enjoy relaxing mornings or evenings on the covered front porch, along with an additional covered porch at the back of the home. Conveniently located close to schools, dining, and shopping, this property offers both charm and opportunity in a prime location.

Key facts

• Covered front porch
• Close to schools
• Close to dining

Tags

• HUGE LOT
• COVERED FRONT PORCH
• COVERED PORCH AT THE BACK
• CLOSE TO SCHOOLS
• CLOSE TO DINING
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $3 ($38/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 $161k (15.5% below list).
• Recommended offer: $161k (15.5% below list) — sets the bar for 1% rule.
• 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 flat; 521 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% 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).

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

• It's been on market 57 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y ago; this cycle's ask has dropped $25k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $190k implies a 663% 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $160,520 (15.5% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.85% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 9.9

CMA / ARV

• ARV (median comp): $242,082
• List price: $189,900
• Delta: -21.56%
• 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
202 Mc Arthur St	0.35mi	3/2.0 (+1)	1,291 (-8%)	6mo	$215,000	$167	57
438 Brackin St	0.33mi	3/2.0 (+1)	1,562 (+12%)	6mo	$250,000	$160	51
548 Hyde Park Dr	0.54mi	3/2.0 (+1)	1,276 (-9%)	2mo	$266,000	$208	50
472 Stillwell Blvd	0.61mi	3/2.0 (+1)	1,322 (-5%)	9mo	$200,000	$151	46
742 E Chestnut Ave	0.61mi	3/2.0 (+1)	1,267 (-9%)	1mo	$241,000	$190	46
516 Hyde Park Dr	0.61mi	3/2.0 (+1)	1,290 (-8%)	4mo	$162,000	$126	46
301 Victory Ln	0.55mi	3/2.0 (+1)	1,530 (+10%)	6mo	$100,000	$65	44
302 Dixie St	0.64mi	3/1.0 (+1)	1,212 (-13%)	1mo	$183,000	$151	42
876 E Walnut Ave	0.70mi	3/2.0 (+1)	1,288 (-8%)	8mo	$209,900	$163	39
2920 Patch Ave	0.74mi	3/2.0 (+1)	1,514 (+8%)	5mo	$270,000	$178	38
693 E Bowers Ave	0.58mi	3/2.0 (+1)	1,579 (+13%)	5mo	$299,999	$190	38
691 E Bowers Ave	0.60mi	3/2.0 (+1)	1,579 (+13%)	9mo	$319,000	$202	34

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: -19.4%
• Equity multiple: 0.34×
• Total profit: $-35,095
• Equity at exit: $28,315

10-year hold

• IRR: -19.3%
• Equity multiple: 0.10×
• Total profit: $-47,834
• Equity at exit: $16,419

Cash invested: $53,172 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,605 high
• Mortgage (P&I): −$996
• Tax from tax record: −$190 /mo · $2,279/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $3

Break-even live

Break-even rent $1,601

Max offer price $189,900

Occupancy floor 95%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
812 Carlton St Crestview, FL	3.0	2.5	1393	$1,495	$1.07	21d	1	0.30mi
507 Eisenhower Dr Crestview, FL	3.0	2.0	1809	$2,200	$1.22	43d	1	0.36mi
326 Dixie St Crestview, FL	3.0	1.0	1386	$1,400	$1.01	43d	1	0.62mi
502 Hyde Park Dr Crestview, FL	3.0	2.0	1302	$1,795	$1.38	13d	1	0.67mi
815 Valley Rd Crestview, FL	3.0	2.5	1373	$1,550	$1.13	43d	1	0.77mi
498 North Ave E Unit A Crestview, FL	2.0	2.0	1081	$1,450	$1.34	43d	1	0.77mi
107 Hampton Dr Crestview, FL	2.0	1.5	972	$1,300	$1.34	21d	1	0.78mi
122 Hampton Dr Crestview, FL	2.0	1.5	1080	$1,195	$1.11	43d	1	0.82mi
122 Hampton Dr Unit 1 Crestview, FL	2.0	2.0	1080	$1,195	$1.11	43d	1	0.82mi
124 Hampton Dr Crestview, FL	2.0	1.5	952	$1,195	$1.26	21d	1	0.82mi
124 Hampton Dr Unit 1 Crestview, FL	2.0	1.5	952	$1,195	$1.26	43d	1	0.82mi
408 Arbor Lake Dr Crestview, FL	3.0	2.5	1755	$1,900	$1.08	13d	1	0.90mi
398 N Spring St Crestview, FL	2.0	1.0	1200	$1,300	$1.08	43d	1	0.93mi
720 Arbor Lake Dr Crestview, FL	2.0	2.5	1100	$1,375	$1.25	21d	1	0.95mi
720 Arbor Lake Dr Crestview, FL	2.0	2.5	1100	$1,400	$1.27	43d	1	0.95mi
830 Arbor Lake Dr Crestview, FL	2.0	2.5	1200	$1,400	$1.17	13d	1	0.97mi
2942 Sholtz Ave Crestview, FL	3.0	2.0	1266	$1,600	$1.26	43d	1	0.99mi
197 W 1st Ave Crestview, FL	3.0	2.0	1547	$2,395	$1.55	21d	1	1.10mi
149 Shady Ln Crestview, FL	3.0	2.0	1680	$2,000	$1.19	43d	1	1.11mi
401 S Booker St Crestview, FL	3.0	1.5	1040	$1,225	$1.18	43d	1	1.13mi
503 W Griffith Ave Crestview, FL	3.0	1.0	962	$1,395	$1.45	43d	1	1.16mi
205 Powell Dr Crestview, FL	3.0	1.5	1008	$1,400	$1.39	43d	1	1.17mi
812 E Edney Ave Crestview, FL	2.0	2.0	1024	$1,400	$1.37	44d	1	1.19mi
812 E Edney Ave Crestview, FL	2.0	2.0	1024	$1,400	$1.37	21d	1	1.19mi
816 W Walnut Ave Crestview, FL	3.0	2.0	1297	$1,595	$1.23	43d	1	1.27mi
408 Church St Crestview, FL	2.0	2.0	1086	$1,200	$1.10	43d	1	1.28mi
132 Cabana Way Crestview, FL	3.0	2.0	1408	$1,750	$1.24	13d	1	1.42mi
168 Cabana Way Crestview, FL	3.0	2.0	1100	$1,700	$1.55	21d	1	1.50mi

Listing history 31 events

1. 2026-06-18
   days on market $189,900 Active 57 DOM
2. 2026-06-17
   days on market $189,900 Active 56 DOM
3. 2026-06-16
   days on market $189,900 Active 55 DOM
4. 2026-06-15
   days on market $189,900 Active 54 DOM
5. 2026-06-14
   days on market $189,900 Active 52 DOM
6. 2026-06-13
   days on market $189,900 Active 51 DOM
7. 2026-06-10
   days on market $189,900 Active 49 DOM
8. 2026-06-09
   days on market $189,900 Active 48 DOM
9. 2026-06-09
   price $189,900 Active 47 DOM
10. 2026-06-08
    days on market $199,000 Active 47 DOM
11. 2026-06-07
    days on market $199,000 Active 46 DOM
12. 2026-06-05
    days on market $199,000 Active 43 DOM
13. 2026-06-02
    days on market $199,000 Active 41 DOM
14. 2026-06-01
    days on market $199,000 Active 40 DOM
15. 2026-05-31
    days on market $199,000 Active 39 DOM
16. 2026-05-30
    days on market $199,000 Active 38 DOM
17. 2026-05-15
    price $199,000 549-char remark

    Show marketing remark (549 chars)

    Heart of Crestview! This huge lot offers plenty of space and endless potential--perfect for those looking for room to expand, garden, or simply enjoy extra outdoor space. The property features a 2-bedroom, 1 oversized bathroom layout with a comfortable living room and dedicated dining area. Enjoy relaxing mornings or evenings on the covered front porch, along with an additional covered porch at the back of the home. Conveniently located close to schools, dining, and shopping, this property offers both charm and opportunity in a prime location.

18. 2026-04-22
    listed $214,900 Active 549-char remark

    Show marketing remark (549 chars)

    Heart of Crestview! This huge lot offers plenty of space and endless potential--perfect for those looking for room to expand, garden, or simply enjoy extra outdoor space. The property features a 2-bedroom, 1 oversized bathroom layout with a comfortable living room and dedicated dining area. Enjoy relaxing mornings or evenings on the covered front porch, along with an additional covered porch at the back of the home. Conveniently located close to schools, dining, and shopping, this property offers both charm and opportunity in a prime location.

19. 2016-02-01
    soldstatus $24,900
20. 2016-01-29
    soldstatus $24,900 337-char remark

    Show marketing remark (337 chars)

    REO property. Price Reduced! Heart of Crestview. Huge Lot! Close to schools, restaurants and shopping! 2 bedrooms. 1 HUGE bathroom. Living room, Dining Area, Covered Porch, 2 sheds, covered parking area and covered porch on back of house. See attachment for PAS requirements and WFHM offer submittal information in MLS document section.

21. 2016-01-29
    soldstatus $24,900 337-char remark

    Show marketing remark (337 chars)

    REO property. Price Reduced! Heart of Crestview. Huge Lot! Close to schools, restaurants and shopping! 2 bedrooms. 1 HUGE bathroom. Living room, Dining Area, Covered Porch, 2 sheds, covered parking area and covered porch on back of house. See attachment for PAS requirements and WFHM offer submittal information in MLS document section.

22. 2015-09-08
    listed $24,900 337-char remark

    Show marketing remark (337 chars)

    REO property. Price Reduced! Heart of Crestview. Huge Lot! Close to schools, restaurants and shopping! 2 bedrooms. 1 HUGE bathroom. Living room, Dining Area, Covered Porch, 2 sheds, covered parking area and covered porch on back of house. See attachment for PAS requirements and WFHM offer submittal information in MLS document section.

23. 2005-08-25
    soldstatus $125,000
24. 2005-08-25
    soldstatus $125,000
25. 2005-07-18
    listed $125,900
26. 2005-07-18
    listed $125,900
27. 2004-06-30
    soldstatus $85,900
28. 2004-06-29
    soldstatus $85,900
29. 2004-06-29
    soldstatus $85,900
30. 2004-02-16
    listed $85,900
31. 2004-02-16
    listed $85,900

ⓘ 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: $2,279 · $190/mo
• Projected year-2 tax: $2,279 · $190/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 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: $19,262
• − Mortgage interest: −$10,637
• − Property taxes: −$2,279
• − Insurance: −$950
• − Repairs & maintenance: −$1,541
• − Management: −$1,541
• − Depreciation: −$5,524
• Taxable loss: −$3,210
• Est. tax savings @ 24.0%: +$770
• After-tax cash flow: $809/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

+131.7% since first listed

15 events — show timeline

• 2026-05-15 Price Changed $199,000 ECAR
• 2026-04-22 Listed $214,900 ECAR
• 2016-02-01 Sold (Public Records) $24,900 Public Records
• 2016-01-29 Sold (MLS) $24,900 ECAR
• 2016-01-29 Sold (MLS) $24,900 NAMLS
• 2015-09-08 Listed $24,900 NAMLS
• 2005-08-25 Sold (MLS) $125,000 NAMLS
• 2005-08-25 Sold (MLS) $125,000 ECAR
• 2005-07-18 Listed $125,900 NAMLS
• 2005-07-18 Listed $125,900 ECAR
• 2004-06-30 Sold (Public Records) $85,900 Public Records
• 2004-06-29 Sold (MLS) $85,900 ECAR
• 2004-06-29 Sold (MLS) $85,900 NAMLS
• 2004-02-16 Listed $85,900 ECAR
• 2004-02-16 Listed $85,900 NAMLS

Property tax history

+5.5%/yr

Latest (2025): $2,279 · +7.5% YoY. Source: county tax records.