506 Chinas Cv Unit B · Wright, FL 32547

$169,000

2 bd · 2.0 ba · 1,026 sqft · Townhouse public records · 33 Days on market

Built 1989 3,049 sqft lot $165/sqft · 7% below area Est $182k · 7% under

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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 +24.0/30.0
• ARV discount +10.7/15.0
• DSCR +7.7/10.0
• 1% rule +5.7/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTORS ALERT!!!!!!!. This home is being sold as is .FANTASTIC PRICE for the square footage. Home needs a little tlc inside .The exterior needs some of the wood replacing. Great location visit all the major shops, restaurants, and activities Fort Walton Beach has to offer, not to forget the gorgeous white beaches. Located on a cul-de-sac .Back yard is fully fenced for totally privacy a deck to relax on and a storage building (no warranty) . THIS ONE WON'T LAST LONG.

Key facts

• New carpet
• New flooring
• New paint

Tags

• NEW CARPET
• NEW FLOORING
• NEW PAINT
• NEW WATER HEATER
• PRIVACY FENCED BACK YARD
• LOW TRAFFIC CUL-DE-SAC

Property features AI

Finance

• HOA & community: Subdivision: CHINAS COVE

Exterior

• Parking: 2 driveway spaces
• Security: Smoke detector(s)
• Utilities: Electric service; Public water; Public sewer
• Home design: Townhome; 2 stories; Built in 1989; Pitched roof
• Construction: Frame construction with wood siding; Composite shingle roof
• Exterior features: Patio (open); Fully fenced lot; Located on a cul-de-sac; Paved road access

Interior

• Kitchen: Dishwasher; Pantry
• Bedrooms: 2 bedrooms; Master bedroom is on the second floor with carpet and a walk-in closet
• Flooring: Laminate; Tile
• Bathrooms: 2 bathrooms total (1 full, 1 half)
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Pantry; Washer/dryer hookup; Smoke detector(s)
• Laundry & utility: Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $169k.

Deal economics

• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $164k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 4.2% in Wright — 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 80/100 on livability (#117 in FL, #1,790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities 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 soft (-0.1%/yr); 224 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 31% of the median local income ($71k/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 $1k of loan paydown is wiped out by about $5k 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 33 days — a 3% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask is 11204% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $112k; list at $169k implies a 51% 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.07% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.39%
• DSCR: 1.37
• GRM: 7.8

CMA / ARV

• ARV (median comp): $181,802
• List price: $169,000
• Delta: -7.04%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1325 Greendale Ave #17	0.38mi	2/1.5	968 (-6%)	3mo	$84,250	$87	69
1503 Greenacres Blvd Unit E	0.12mi	2/2.0	948 (-8%)	18mo	$233,000	$246	66
1325 Greendale Ave #25	0.38mi	2/1.5	968 (-6%)	7mo	$125,000	$129	65
636 Carnathan Ct	0.22mi	2/1.0	928 (-10%)	9mo	$200,000	$216	62
1325 Greendale Ave #33	0.38mi	2/1.5	984 (-4%)	17mo	$190,000	$193	59
1702 Brighton Cv Unit B	0.26mi	2/2.0	908 (-12%)	13mo	$199,000	$219	58
634 Carnathan Ct	0.24mi	2/1.0	928 (-10%)	19mo	$185,000	$199	53
602 Carnathan Ct	0.31mi	2/1.0	968 (-6%)	23mo	$211,000	$218	53
640 Carnathan Ct	0.23mi	2/1.0	928 (-10%)	23mo	$200,000	$216	50
1010 Pineview Blvd Unit A	0.74mi	2/2.0	1,172 (+14%)	20mo	$229,000	$195	25

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.75×
• Total profit: $-11,640
• Equity at exit: $25,198

10-year hold

• IRR: -1.3%
• Equity multiple: 0.92×
• Total profit: $-3,565
• Equity at exit: $14,612

Cash invested: $47,320 (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 32547

• Home prices YoY: -29.3%
• Rents YoY: -0.1%
• Active inventory: 224
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,809 high
• Mortgage (P&I): −$886
• Tax from tax record: −$142 /mo · $1,698/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $331

Break-even live

Break-even rent $1,390

Max offer price $169,000

Occupancy floor 77%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1917 Heartland Dr Fort Walton Beach, FL	3.0	2.0	1190	$2,200	$1.85	21d	1	0.04mi
1916 Squirrel Path Fort Walton Beach, FL	2.0	2.0	1056	$1,795	$1.70	43d	1	0.10mi
1867 Heartland Dr Fort Walton Beach, FL	3.0	2.0	1300	$2,095	$1.61	21d	1	0.13mi
702 Terrance Ct Unit A Fort Walton Beach, FL	2.0	2.0	1009	$1,700	$1.68	13d	1	0.17mi
1825 Hunters Path Fort Walton Beach, FL	2.0	2.0	1192	$1,825	$1.53	43d	1	0.17mi
1112 Green Tree Ct Fort Walton Beach, FL	3.0	2.0	1181	$1,900	$1.61	43d	1	0.19mi
537 Schneider Dr Unit A Fort Walton Beach, FL	2.0	1.5	1250	$1,650	$1.32	21d	1	0.22mi
632 Carnathan Ct Fort Walton Beach, FL	2.0	1.0	800	$1,695	$2.12	13d	1	0.24mi
512 Landview St Fort Walton Beach, FL	2.0	1.0	812	$1,250	$1.54	43d	1	0.25mi
2113 Wilderness Path Fort Walton Beach, FL	3.0	2.0	1253	$2,095	$1.67	13d	1	0.26mi
2113 Wilderness Path Fort Walton Beach, FL	3.0	2.0	1253	$2,095	$1.67	43d	1	0.26mi
2132 Wilderness Path Fort Walton Beach, FL	3.0	2.0	1250	$1,675	$1.34	43d	1	0.26mi
713 N Park Blvd Fort Walton Beach, FL	3.0	2.5	1363	$1,950	$1.43	43d	1	0.30mi
507 Landview St Fort Walton Beach, FL	2.0	1.5	900	$1,300	$1.44	21d	1	0.30mi
1319 Greendale Ave Fort Walton Beach, FL	2.0	2.0	900	$1,400	$1.56	21d	1	0.38mi
2720 Willow Grove Ln Fort Walton Beach, FL	3.0	2.0	1075	$1,800	$1.67	43d	1	0.40mi
2817 Old Carriage Ln Fort Walton Beach, FL	2.0	1.0	921	$1,950	$2.12	43d	1	0.45mi
1705 Conservation Trl Unit 104 Fort Walton Beach, FL	2.0	2.0	1190	$1,900	$1.60	21d	1	0.53mi
1128 Sweetbriar Station Fort Walton Beach, FL	3.0	2.0	1150	$1,850	$1.61	21d	1	0.54mi
1839 Sod Dr Fort Walton Beach, FL	3.0	2.0	1425	$1,925	$1.35	21d	1	0.73mi
1008 Pineview Blvd Unit D Fort Walton Beach, FL	2.0	2.0	1200	$1,650	$1.38	21d	1	0.74mi
913 Landry St #5 Fort Walton Beach, FL	2.0	1.0	884	$1,200	$1.36	21d	1	0.78mi
984 Scenic Oak Ln Fort Walton Beach, FL	2.0	2.5	1248	$1,650	$1.32	13d	1	0.90mi
976 Scenic Oak Ln Fort Walton Beach, FL	2.0	2.5	1248	$1,675	$1.34	43d	1	0.92mi
977 Scenic Oak Ln Fort Walton Beach, FL	2.0	2.5	1248	$1,650	$1.32	43d	1	0.93mi
216 Cloverdale Blvd Unit C Fort Walton Beach, FL	2.0	1.5	1224	$1,700	$1.39	43d	1	0.95mi
954 Scenic Oak Ln Fort Walton Beach, FL	2.0	2.5	1248	$1,700	$1.36	21d	1	0.96mi
905 Piedmont Pl Fort Walton Beach, FL	3.0	2.0	1303	$1,695	$1.30	43d	1	1.00mi
915 Emily Cir Fort Walton Beach, FL	3.0	2.0	1358	$2,195	$1.62	13d	1	1.08mi
2800 Bradford Pl NW Fort Walton Beach, FL	2.0	2.0	850	$1,395	$1.64	13d	5	1.08mi
2809 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	43d	1	1.14mi
2809 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	13d	1	1.14mi
1500 Lewis Turner Blvd Fort Walton Beach, FL	1.0	1.0	718	$1,695	$2.36	43d	1	1.15mi
2812 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	21d	1	1.15mi
964 Southern Oaks Ct Fort Walton Beach, FL	3.0	2.0	1315	$2,000	$1.52	43d	1	1.16mi
2814 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	21d	1	1.17mi
2813 Bradford Pl NW Unit 2 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	13d	1	1.17mi
806 Fairview Dr Fort Walton Beach, FL	2.0	1.0	901	$1,350	$1.50	43d	1	1.21mi
1504 E Ponderosa Rd Fort Walton Beach, FL	3.0	2.0	1000	$1,650	$1.65	21d	1	1.30mi
895 Silverwood #6 Fort Walton Beach, FL	2.0	2.0	960	$1,250	$1.30	21d	1	1.32mi

Listing history 17 events

1. 2026-06-10
   days on market $169,000 Active 33 DOM
2. 2026-06-09
   days on market $169,000 Active 32 DOM
3. 2026-06-08
   days on market $169,000 Active 31 DOM
4. 2026-06-07
   days on market $169,000 Active 30 DOM
5. 2026-06-05
   days on market $169,000 Active 27 DOM
6. 2026-06-02
   days on market $169,000 Active 25 DOM
7. 2026-06-01
   days on market $169,000 Active 24 DOM
8. 2026-05-31
   days on market $169,000 Active 23 DOM
9. 2026-05-30
   days on market $169,000 Active 22 DOM
10. 2026-05-08
    listed $179,900 Active 556-char remark
11. 2021-11-17
    soldstatus $112,000
12. 2021-11-16
    soldstatus $112,000 Sold 473-char remark

    Show marketing remark (473 chars)

    INVESTORS ALERT!!!!!!!. This home is being sold as is .FANTASTIC PRICE for the square footage. Home needs a little tlc inside .The exterior needs some of the wood replacing. Great location visit all the major shops, restaurants, and activities Fort Walton Beach has to offer, not to forget the gorgeous white beaches. Located on a cul-de-sac .Back yard is fully fenced for totally privacy a deck to relax on and a storage building (no warranty) . THIS ONE WON'T LAST LONG.

13. 2021-11-16
    soldstatus $112,000 473-char remark

    Show marketing remark (473 chars)

    INVESTORS ALERT!!!!!!!. This home is being sold as is .FANTASTIC PRICE for the square footage. Home needs a little tlc inside .The exterior needs some of the wood replacing. Great location visit all the major shops, restaurants, and activities Fort Walton Beach has to offer, not to forget the gorgeous white beaches. Located on a cul-de-sac .Back yard is fully fenced for totally privacy a deck to relax on and a storage building (no warranty) . THIS ONE WON'T LAST LONG.

14. 2021-11-08
    status Pending 473-char remark

    Show marketing remark (473 chars)

    INVESTORS ALERT!!!!!!!. This home is being sold as is .FANTASTIC PRICE for the square footage. Home needs a little tlc inside .The exterior needs some of the wood replacing. Great location visit all the major shops, restaurants, and activities Fort Walton Beach has to offer, not to forget the gorgeous white beaches. Located on a cul-de-sac .Back yard is fully fenced for totally privacy a deck to relax on and a storage building (no warranty) . THIS ONE WON'T LAST LONG.

15. 2021-11-07
    listed $109,500 Active 473-char remark

    Show marketing remark (473 chars)

    INVESTORS ALERT!!!!!!!. This home is being sold as is .FANTASTIC PRICE for the square footage. Home needs a little tlc inside .The exterior needs some of the wood replacing. Great location visit all the major shops, restaurants, and activities Fort Walton Beach has to offer, not to forget the gorgeous white beaches. Located on a cul-de-sac .Back yard is fully fenced for totally privacy a deck to relax on and a storage building (no warranty) . THIS ONE WON'T LAST LONG.

16. 2021-11-07
    listed $109,500 473-char remark

    Show marketing remark (473 chars)

    INVESTORS ALERT!!!!!!!. This home is being sold as is .FANTASTIC PRICE for the square footage. Home needs a little tlc inside .The exterior needs some of the wood replacing. Great location visit all the major shops, restaurants, and activities Fort Walton Beach has to offer, not to forget the gorgeous white beaches. Located on a cul-de-sac .Back yard is fully fenced for totally privacy a deck to relax on and a storage building (no warranty) . THIS ONE WON'T LAST LONG.

17. 1989-08-01
    soldstatus $41,000

ⓘ 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: $1,698 · $142/mo
• Projected year-2 tax: $1,698 · $142/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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 24 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,704
• − Mortgage interest: −$9,467
• − Property taxes: −$1,698
• − Insurance: −$845
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − Depreciation: −$4,916
• Taxable income: $1,305
• Est. tax owed @ 24.0%: −$313
• After-tax cash flow: $3,655/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 — Wright

• Score: 80/100
• State rank: #117
• US rank: #1790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wright, FL
• County: Okaloosa County · 194,352 people
• City population: 35,522
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 35,527
• Household income: $70,711
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1203.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 11% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 15% · Canada, Vietnam, Jamaica
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 1% Vietnamese 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: ▼ -111.28%
• Current HPI: 268.6497
• Rent YoY: ▼ -0.13%
• 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

-96.4% since first listed

11 events — show timeline

• 2026-06-08 Rental Removed $1,495 ECAR
• 2026-06-02 Listed for Rent $1,495 ECAR
• 2026-05-28 Price Changed $169,000 ECAR
• 2026-05-08 Listed $179,900 ECAR
• 2021-11-17 Sold (Public Records) $112,000 Public Records
• 2021-11-16 Sold (MLS) $112,000 ECAR
• 2021-11-16 Sold (MLS) $112,000 NAMLS
• 2021-11-08 Pending — ECAR
• 2021-11-07 Listed $109,500 ECAR
• 2021-11-07 Listed $109,500 NAMLS
• 1989-08-01 Sold (Public Records) $41,000 Public Records

Property tax history

+9.5%/yr

Latest (2025): $1,698 · -1.1% YoY. Source: county tax records.