734 Legion Dr #55 · Destin, FL 32541

$240,000

3 bd · 3.0 ba · 1,280 sqft · Townhouse public records · 57 Days on market

Built 1983 $188/sqft · at area comps Est $246k · at est. $84/mo HOA · 4% of rent

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Why this score? — see what drove the C- 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 +17.6/30.0
• ARV discount +8.6/15.0
• DSCR +5.5/10.0
• Schools +5.2/10.0
• 1% rule +4.6/10.0
• 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

Are you looking for a property in Destin that is ideal for a long-term rental to add to your investment portfolio, a starter home, or a cozy getaway? This townhome offers the perfect blend of convenience and affordability. Ultimate coastal lifestyle without the heavy price tag. Create your own sense of privacy and comfort. Low-maintenance living and a location that can't be beat. Don't miss your chance to own a piece of the Emerald Coast!

Key facts

• $84 HOA
• 2 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $240k.

Deal economics

• At list price, monthly cash flow is $188 ($2k/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 $229k (4.5% below list).
• Recommended offer: $229k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $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 57 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $88k; list at $240k implies a 173% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $229,248 (4.5% 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 4% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.96% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.35%
• DSCR: 1.15
• GRM: 8.7

CMA / ARV

• ARV (median comp): $245,922
• List price: $240,000
• Delta: -2.41%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
734 Legion Dr #64	0.00mi	2/2.0 (-1)	1,188 (-7%)	2mo	$235,000	$198	77
153 Bent Arrow Dr	0.16mi	2/2.0 (-1)	1,250 (-2%)	7mo	$305,000	$244	74
30 Moreno Point Rd Unit 702A	0.60mi	2/2.0 (-1)	1,223 (-4%)	5mo	$485,000	$397	51
30 Moreno Point Rd Unit 305C	0.60mi	2/2.0 (-1)	1,193 (-7%)	1mo	$410,000	$344	51
12 Court Dr	0.67mi	2/2.5 (-1)	1,216 (-5%)	8mo	$220,000	$181	47
30 Moreno Point Rd Unit 205B	0.60mi	2/2.0 (-1)	1,193 (-7%)	7mo	$420,000	$352	46
30 Moreno Point Rd Unit 406A	0.60mi	2/2.0 (-1)	1,193 (-7%)	8mo	$280,000	$235	45
30 Moreno Point Dr Unit 303A	0.60mi	2/2.0 (-1)	1,169 (-9%)	4mo	$350,000	$299	45
154 Bayou Dr	0.66mi	2/1.5 (-1)	1,162 (-9%)	1mo	$242,500	$209	42
108 Bismark Blvd #50	0.65mi	3/2.0	1,459 (+14%)	1mo	$375,000	$257	42
108 Bismark Blvd #54	0.65mi	3/2.0	1,470 (+15%)	2mo	$410,000	$279	40
48 Court Dr	0.73mi	2/2.5 (-1)	1,424 (+11%)	9mo	$310,000	$218	33

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: -10.3%
• Equity multiple: 0.62×
• Total profit: $-25,352
• Equity at exit: $35,785

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-70
• Equity at exit: $20,751

Cash invested: $67,200 (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: 8.7×

Monthly cashflow live

• Estimated rent: $2,292 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$181 /mo · $2,171/yr
• Insurance: −$100
• HOA: −$84
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $188

Break-even live

Break-even rent $2,055

Max offer price $240,000

Occupancy floor 87%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
734 Legion Dr #70 Destin, FL	2.0	2.0	1180	$2,099	$1.78	43d	1	0.02mi
150 Bent Arrow Dr #36 Destin, FL	3.0	2.5	1452	$2,100	$1.45	13d	1	0.16mi
150 Bent Arrow Dr #36 Destin, FL	3.0	2.5	1452	$2,100	$1.45	20d	1	0.16mi
150 Bent Arrow Dr Destin, FL	3.0	2.5	1440	$2,250	$1.56	43d	1	0.21mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,600	$1.78	43d	1	0.23mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,450	$1.61	20d	1	0.23mi
204 Ann Cir Unit C Destin, FL	2.0	1.0	1000	$1,550	$1.55	43d	1	0.28mi
2004-2098 Palm St Destin, FL	1.0–3.0	1.0–2.0	1061	$3,156	$2.97	13d	22	0.33mi
614 Mountain Dr Destin, FL	3.0	2.0	1550	$2,650	$1.71	20d	1	0.53mi
417 Twin Lakes Ln Destin, FL	3.0	2.5	1560	$2,300	$1.47	43d	1	0.63mi
2 Court Dr Destin, FL	2.0	2.5	1216	$2,000	$1.64	20d	1	0.67mi
22 Moreno Point Rd Unit 1285898P Destin, FL	2.0	2.5	1065	$3,068	$2.88	13d	1	0.68mi
22 Moreno Point Rd #12 Destin, FL	3.0	2.5	1236	$3,295	$2.67	43d	1	0.68mi
132 Bayou Dr Destin, FL	2.0	1.5	1161	$2,200	$1.89	43d	1	0.69mi
27 Court Dr Destin, FL	2.0	2.5	1216	$2,300	$1.89	43d	1	0.69mi
47 Pine Ridge Trce Destin, FL	3.0	2.0	1188	$2,900	$2.44	13d	1	0.70mi
37 Log Pl Destin, FL	2.0	1.5	1261	$1,750	$1.39	20d	1	0.75mi
400 Mattie M Kelly Blvd Destin, FL	3.0	2.5	1681	$2,500	$1.49	13d	1	0.87mi
400 Mattie M Kelly Blvd #14 Destin, FL	3.0	2.5	1664	$2,575	$1.55	20d	1	0.87mi
447 Fleshman Dr Destin, FL	3.0	2.0	1752	$4,000	$2.28	43d	1	0.89mi
1014 Airport Rd #138 Destin, FL	3.0	2.5	1440	$2,300	$1.60	43d	1	0.94mi
223 Mattie M Kelly Blvd Destin, FL	3.0	2.5	1543	$2,295	$1.49	43d	1	0.94mi
900 Gulf Shore Dr #2091 Destin, FL	3.0	2.0	1800	$2,500	$1.39	43d	1	0.94mi
235 Pelican Pl #11 Destin, FL	2.0	2.5	1465	$2,400	$1.64	43d	1	1.02mi
160 S Mattie M Kelly Blvd Destin, FL	1.0–3.0	1.0–2.0	1074	$2,650	$2.47	13d	24	1.04mi
149 Durango Rd Unit 1285905P Destin, FL	3.0	3.0	1539	$3,809	$2.47	20d	1	1.07mi
234 Pelican Pl Destin, FL	2.0	2.5	1332	$2,100	$1.58	43d	1	1.10mi
1209 Quail Lake Blvd Destin, FL	2.0	2.5	1404	$2,000	$1.42	13d	1	1.11mi
1150 Airport Rd #145 Destin, FL	3.0	2.5	1440	$2,200	$1.53	20d	1	1.23mi

HOA detail

• Monthly dues: $84 · $1,008/yr

Listing history 24 events

1. 2026-06-18
   days on market $240,000 Active 57 DOM
2. 2026-06-17
   days on market $240,000 Active 56 DOM
3. 2026-06-16
   days on market $240,000 Active 55 DOM
4. 2026-06-15
   days on market $240,000 Active 54 DOM
5. 2026-06-14
   days on market $240,000 Active 52 DOM
6. 2026-06-13
   days on market $240,000 Active 51 DOM
7. 2026-06-10
   days on market $240,000 Active 49 DOM
8. 2026-06-09
   days on market $240,000 Active 48 DOM
9. 2026-06-08
   days on market $240,000 Active 47 DOM
10. 2026-06-07
    days on market $240,000 Active 46 DOM
11. 2026-06-05
    days on market $240,000 Active 43 DOM
12. 2026-06-02
    days on market $240,000 Active 41 DOM
13. 2026-06-01
    days on market $240,000 Active 40 DOM
14. 2026-05-31
    days on market $240,000 Active 39 DOM
15. 2026-05-30
    days on market $240,000 Active 38 DOM
16. 2026-04-22
    listed $240,000 Active 442-char remark

    Show marketing remark (442 chars)

    Are you looking for a property in Destin that is ideal for a long-term rental to add to your investment portfolio, a starter home, or a cozy getaway? This townhome offers the perfect blend of convenience and affordability. Ultimate coastal lifestyle without the heavy price tag. Create your own sense of privacy and comfort. Low-maintenance living and a location that can't be beat. Don't miss your chance to own a piece of the Emerald Coast!

17. 2008-10-07
    soldstatus $88,000
18. 2008-10-03
    soldstatus $88,000 102-char remark

    Show marketing remark (102 chars)

    In very good condition. Sold as is. Listing Broker/Salesperson has ownership interest in the property.

19. 2008-09-25
    listed $88,000 102-char remark

    Show marketing remark (102 chars)

    In very good condition. Sold as is. Listing Broker/Salesperson has ownership interest in the property.

20. 2003-08-04
    soldstatus $76,000
21. 2003-07-30
    soldstatus $76,000
22. 2003-07-30
    soldstatus $76,000
23. 2003-04-28
    listed $84,900
24. 2003-04-28
    listed $84,900

ⓘ 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: $2,171 · $181/mo
• Projected year-2 tax: $2,171 · $181/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,510
• − Mortgage interest: −$13,444
• − Property taxes: −$2,171
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,201
• − Management: −$2,201
• − HOA: −$1,008
• − Depreciation: −$6,982
• Taxable loss: −$1,696
• Est. tax savings @ 24.0%: +$407
• After-tax cash flow: $2,658/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

+182.7% since first listed

9 events — show timeline

• 2026-04-22 Listed $240,000 ECAR
• 2008-10-07 Sold (Public Records) $88,000 Public Records
• 2008-10-03 Sold (MLS) $88,000 ECAR
• 2008-09-25 Listed $88,000 ECAR
• 2003-08-04 Sold (Public Records) $76,000 Public Records
• 2003-07-30 Sold (MLS) $76,000 NAMLS
• 2003-07-30 Sold (MLS) $76,000 ECAR
• 2003-04-28 Listed $84,900 NAMLS
• 2003-04-28 Listed $84,900 ECAR

Property tax history

+8.9%/yr

Latest (2025): $2,171 · +6.1% YoY. Source: county tax records.