209 W Miracle Strip Pkwy Unit D208

Mary Esther, FL 32569

$99,900C

1 bd · 1.0 ba · 641 sqft · Built 1974 · Condo · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,600/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$149
• HOA: −$580
• Vac / Maint / Mgmt: −$336
• Net cashflow: $12/mo
• Annual: $139/yr
• Cap rate: 6.43%
• Cash-on-cash: 0.50%
• DSCR: 1.02
• 1% rule: 1.60%
• Cash to close: $27,972

Investor read

• This is a 1-bed/1.0-bath condo listed at $100k.
• At list price, monthly cash flow is $12 ($139/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 45 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#2 in FL, #137 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+.
• 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: Annette P. Edwins Elementary School (math 47% / reading 42%, grade F, #1,288 of 2,144 statewide, top 62%, 453 students, 80% FRL); Fort Walton Beach High School (math 54% / reading 58%, grade C, #131 of 667 statewide, top 20%, 1,620 students, 42% FRL) — zoned schools average 61% FRL vs 36% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents soft (-0.5%/yr); 178 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).
• Okaloosa County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 17 sale attempts since 21y ago; this cycle's ask has dropped $9k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $100k implies a 59% gain — meaningful room to come down on a strong offer.
• Cap rate 6.4% vs local median 4.4% in Mary Esther — 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.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.