200 Sandestin Ln Apt 612 · Miramar Beach, FL 32550

$185,000

1 bd · 1.0 ba · 470 sqft · Condo · 199 Days on market

Built 2003 $237/mo HOA · 14% of rent

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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).

• Cash flow +13.4/30.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Schools +5.2/10.0
• 1% rule +4.4/10.0
• DSCR +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This 1 Bedroom/ 1 Bath unit would make a great rental investment or vacation get away. Ground floor corner unit will not last long. Walking distance to the Grande Blvd with Restaurants, shopping and entertainment. Close to the Beach as well as the Bay.

Key facts

• Fitness center
• Community pool
• New water heater

Tags

• GROUND-FLOOR END UNIT
• NEW HVAC SYSTEM
• NEW WATER HEATER
• OUTDOOR PATIO
• COMMUNITY POOL
• FITNESS CENTER

Property features AI

Finance

• HOA & community: Has association; Association fees include trash

Exterior

• Parking: 1 driveway space
• Utilities: Public water; Public sewer; Electric service
• Home design: Condo (Pointe of View Condo); Single-level unit; Built in 2003
• Construction: 3-story building
• Exterior features: Community pool; Exercise room; Short-term rentals allowed

Interior

• Kitchen: Cooktop; Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom (master on the first level)
• Flooring: Tile
• Bathrooms: 1 full bathroom; Master bathroom with tile
• Heating & cooling: Central heating; Central air conditioning; Electric heat control
• Interior features: Furnished; Window treatments
• Laundry & utility: Community laundry (on-site)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $3 ($36/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 $174k (5.8% below list).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 1.1% in Miramar Beach — 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 67/100 on livability (#569 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, employment A-; Watch: health & safety C-, amenities F, commute F.
• Walton (rural): math 62% / reading 61% proficiency, ranked #10 of 73 in FL (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Van R. Butler Elementary School (math 77% / reading 69%, grade A, #271 of 2,144 statewide, top 13%, 1,013 students, 30% FRL); South Walton High School (math 61% / reading 73%, grade B, #69 of 667 statewide, top 11%, 1,235 students, 20% FRL) — zoned schools average 25% FRL vs 48% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 938 active listings in the ZIP; solid renter incomes; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.4% local appreciation)).
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y 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 $140k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.45% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.15×
• Total profit: $7,814
• Equity at exit: $67,492

10-year hold

• IRR: 7.1%
• Equity multiple: 1.91×
• Total profit: $47,254
• Equity at exit: $93,145

Cash invested: $51,800 (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.

Methodology + full state rankings →

ZIP-level market 32550

• Home prices YoY: 0.6%
• Active inventory: 938
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,743 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$90 /mo · $1,079/yr
• Insurance: −$77
• HOA: −$237
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $3

Break-even live

Break-even rent $1,739

Max offer price $185,000

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $237 · $2,844/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-05
   days on market $185,000 Active 199 DOM
2. 2026-06-03
   days on market $185,000 Active 198 DOM
3. 2026-06-03
   days on market $185,000 Active 197 DOM
4. 2026-06-01
   pricedays on market $185,000 Active 196 DOM
5. 2026-05-31
   days on market $190,000 Active 195 DOM
6. 2026-05-30
   days on market $190,000 Active 194 DOM
7. 2025-12-01
   price $190,000
8. 2025-11-17
   listed $210,000 Active
9. 2025-08-19
   price $220,000
10. 2025-06-22
    listed $230,000 Active
11. 2022-02-07
    soldstatus $140,000
12. 2022-01-26
    soldstatus $140,000 Sold 252-char remark

    Show marketing remark (252 chars)

    This 1 Bedroom/ 1 Bath unit would make a great rental investment or vacation get away. Ground floor corner unit will not last long. Walking distance to the Grande Blvd with Restaurants, shopping and entertainment. Close to the Beach as well as the Bay.

13. 2022-01-26
    soldstatus $140,000 252-char remark

    Show marketing remark (252 chars)

    This 1 Bedroom/ 1 Bath unit would make a great rental investment or vacation get away. Ground floor corner unit will not last long. Walking distance to the Grande Blvd with Restaurants, shopping and entertainment. Close to the Beach as well as the Bay.

14. 2021-12-13
    status Pending 252-char remark

    Show marketing remark (252 chars)

    This 1 Bedroom/ 1 Bath unit would make a great rental investment or vacation get away. Ground floor corner unit will not last long. Walking distance to the Grande Blvd with Restaurants, shopping and entertainment. Close to the Beach as well as the Bay.

15. 2021-11-10
    listed $140,000 Active 252-char remark

    Show marketing remark (252 chars)

    This 1 Bedroom/ 1 Bath unit would make a great rental investment or vacation get away. Ground floor corner unit will not last long. Walking distance to the Grande Blvd with Restaurants, shopping and entertainment. Close to the Beach as well as the Bay.

16. 2021-11-10
    listed $140,000 252-char remark

    Show marketing remark (252 chars)

    This 1 Bedroom/ 1 Bath unit would make a great rental investment or vacation get away. Ground floor corner unit will not last long. Walking distance to the Grande Blvd with Restaurants, shopping and entertainment. Close to the Beach as well as the Bay.

17. 2005-05-26
    soldstatus $135,000
18. 2005-05-26
    soldstatus $135,000
19. 2005-05-05
    soldstatus $126,900
20. 2004-09-03
    listed $139,900
21. 2004-09-03
    listed $139,900
22. 2004-01-06
    soldstatus $66,500
23. 2003-12-30
    soldstatus $66,500
24. 2003-11-14
    listed $66,500

ⓘ 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: $1,079 · $90/mo
• Projected year-2 tax: $1,536 · $128/mo
• Expected delta: +$456/yr (+$38/mo · 42.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,920
• − Mortgage interest: −$10,363
• − Property taxes: −$1,079
• − Insurance: −$925
• − Repairs & maintenance: −$1,674
• − Management: −$1,674
• − HOA: −$2,844
• − Depreciation: −$5,382
• Taxable loss: −$3,020
• Est. tax savings @ 24.0%: +$725
• After-tax cash flow: $761/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: Walton
• NCES district ID: 1201980
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 61% ▼ -2.00%
• Median HH income: $46,794
• Composite: 52.03/100
• National rank: #1634
• State rank: #10 of 73 in FL

Livability — Miramar Beach

• Score: 67/100
• State rank: #569
• US rank: #10855

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A- Housing A Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miramar Beach, FL
• County: Walton County · 70,839 people
• City population: 8,486
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 8,486
• Household income: $101,250
• Rent vs Own: 18.2% rent · 81.8% own
• Severe rent burden: 77.0

Population outlook (Walton County) Hauer SSP2

• Today (2025): 80,014 people
• By 2030: 88,120 · +10.1%
• By 2040: 103,537 · +29.4%
• By 2050: 117,034 · +46.3%
• By 2075: 143,901 · +79.8%
• By 2100: 155,138 · +93.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4% Black 2%
• Common ancestry: Lithuanian 4% Slovak 4% Romanian 3%
• Foreign-born: 12% · Canada
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 4% Other Indo-European 1%

Political lean MEDSL · Walton

• 2024 margin: Solid R (+57.8) · D 20.7% · R 78.6%
• 2008→2024 swing: -12.0pp toward R · 2008: -45.8pp · 2024: -57.8pp
• All cycles: 2024: R+57.8 2020: R+51.7 2016: R+56.1 2012: R+52.0 2008: R+45.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.45%
• Current HPI: 247.7567
• Rent YoY: —
• 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

+185.7% since first listed

18 events — show timeline

• 2025-12-01 Price Changed $190,000 ECAR
• 2025-11-17 Listed $210,000 ECAR
• 2025-08-19 Price Changed $220,000 ECAR
• 2025-06-22 Listed $230,000 ECAR
• 2022-02-07 Sold (Public Records) $140,000 Public Records
• 2022-01-26 Sold (MLS) $140,000 NAMLS
• 2022-01-26 Sold (MLS) $140,000 ECAR
• 2021-12-13 Pending — ECAR
• 2021-11-10 Listed $140,000 ECAR
• 2021-11-10 Listed $140,000 NAMLS
• 2005-05-26 Sold (MLS) $135,000 ECAR
• 2005-05-26 Sold (MLS) $135,000 NAMLS
• 2005-05-05 Sold (Public Records) $126,900 Public Records
• 2004-09-03 Listed $139,900 ECAR
• 2004-09-03 Listed $139,900 NAMLS
• 2004-01-06 Sold (Public Records) $66,500 Public Records
• 2003-12-30 Sold (MLS) $66,500 ECAR
• 2003-11-14 Listed $66,500 ECAR

Property tax history

+13.0%/yr

Latest (2025): $1,079 · -1.1% YoY. Source: county tax records.