1501 N Partin Dr #250 · Niceville, FL 32578

$158,900

1 bd · 1.0 ba · 820 sqft · Condo public records · 35 Days on market

Built 2001 $194/sqft · 10% below area Est $177k · 10% under $450/mo HOA · 30% 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).

• ARV discount +12.0/15.0
• Cash flow +7.1/30.0
• Schools +5.2/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great starter home or investment property. This home is move in ready for any new buyer. Located ont he second floor of building 13, and overlooks the peaceful woods out back. Tucked away from the other units, it is very peaceful and quiet. Unique to these units is a storage area out by front door where the HVAC and HWH is located. Within walking distance to the schools, college and shopping, this would be the perfect place to call home. HOA payment covers, exterior insurance, trash, cable and managment. Call today to view this property.

Key facts

• New ac unit
• New flooring
• New hot water heater

Tags

• SECOND FLOOR LOCATION
• PET FRIENDLY COMMUNITY
• NEW HOT WATER HEATER
• NEW ROOF
• NEW AC UNIT
• NEW FLOORING

Property features AI

Finance

• Other: Subdivision: THE OAKS AT NICEVILLE
• Financial info: Financial details not included
• HOA & community: Has homeowner association; Association covers grounds maintenance, insurance, management, recreational facility, cable TV, and trash; Community features: pool, pavilion/gazebo, BBQ area; short-term rentals not allowed

Exterior

• Parking: Parking details not provided
• Security: Smoke detector(s)
• Utilities: Electric service; Public water; Public sewer
• Home design: 2-story property; Built in 2001; Vinyl siding
• Construction: Vinyl siding construction; Built in 2001
• Exterior features: Community pool; BBQ pit/grill; Pavilion/gazebo; Dumpster; Community TV cable; Maintenance of grounds included via association

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom (master on the first floor) with walk-in closet
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Ceiling fans; Heat pump (air-to-air)
• Interior features: Vaulted ceilings; Washer/dryer hookup; Window treatments; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $-229 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (25.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (4.7% below list).
• Recommended offer: $118k (25.5% below list) — sets the bar for cash-flow.
• Cap rate 4.6% vs local median 3.0% in Niceville — 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 (#147 in FL, #2,207 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: 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.
• Zoned schools: Lula J. Edge Elementary School (math 71% / reading 75%, grade A, #271 of 2,144 statewide, top 13%, 536 students, 42% FRL); Niceville Senior High School (math 76% / reading 72%, grade B+, #44 of 667 statewide, top 6%, 2,039 students, 19% FRL).
• Zoned-school proficiency averages 74% at this address vs 60% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Okaloosa average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-0.4%/yr); 340 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• This rent is only 17% of the median local income ($109k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 35 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 27y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $159k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $118,395 (25.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.95% ✗
• Cap rate: 4.56%
• Cash-on-cash: -6.18%
• DSCR: 0.72
• GRM: 8.7

CMA / ARV

• ARV (median comp): $176,702
• List price: $158,900
• Delta: -10.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -31.4%
• Equity multiple: -0.00×
• Total profit: $-44,565
• Equity at exit: $23,693

10-year hold

• IRR: -65.7%
• Equity multiple: -0.66×
• Total profit: $-73,846
• Equity at exit: $13,739

Cash invested: $44,492 (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 32578

• Home prices YoY: -2.5%
• Rents YoY: -0.4%
• Active inventory: 340
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,514 high
• Mortgage (P&I): −$833
• Tax from tax record: −$76 /mo · $908/yr
• Insurance: −$66
• HOA: −$450
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $-229

Break-even live

Break-even rent $1,804

Max offer price $118,395

Occupancy floor —

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: $39,725
• Closing costs: $4,767
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
Hickory Ave Niceville, FL	2.0	1.5	1030	$1,475	$1.43	43d	1	0.33mi
903 45th St Apt A Niceville, FL	2.0	1.0	700	$1,400	$2.00	43d	1	0.43mi
903 45th St Apt A Niceville, FL	2.0	1.0	700	$1,300	$1.86	21d	1	0.43mi
912 48th St Niceville, FL	2.0	1.5	864	$1,600	$1.85	43d	1	0.57mi
201 College Blvd E Niceville, FL	1.0–2.0	1.0	708	$1,250	$1.77	13d	3	0.58mi
201 College Blvd E Niceville, FL	1.0–2.0	1.0	708	$1,275	$1.80	21d	3	0.58mi
700 Palm Blvd N Unit C Niceville, FL	2.0	1.0	880	$1,400	$1.59	13d	1	0.61mi
1018 Alderwood Way Niceville, FL	2.0	2.0	1086	$1,700	$1.57	13d	1	0.81mi
133 3rd St Unit B Niceville, FL	2.0	1.0	915	$1,425	$1.56	43d	1	0.83mi
225 Hudson Boyd Ct Niceville, FL	2.0	2.0	1118	$2,200	$1.97	13d	1	1.07mi
454 Reeves St Niceville, FL	2.0	2.0	1118	$2,100	$1.88	43d	1	1.12mi
115A Montrose Dr Unit NA Niceville, FL	2.0	1.0	688	$1,600	$2.33	43d	1	1.21mi
115A Montrose Dr Niceville, FL	2.0	1.0	692	$1,600	$2.31	21d	1	1.21mi
203 John Sims Pkwy Unit F Niceville, FL	2.0	1.0	900	$1,295	$1.44	43d	1	1.22mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Likely covers: trashcable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $158,900 Active 35 DOM
2. 2026-06-17
   days on market $158,900 Active 34 DOM
3. 2026-06-16
   days on market $158,900 Active 33 DOM
4. 2026-06-15
   days on market $158,900 Active 32 DOM
5. 2026-06-14
   days on market $158,900 Active 30 DOM
6. 2026-06-13
   days on market $158,900 Active 29 DOM
7. 2026-06-10
   days on market $158,900 Active 27 DOM
8. 2026-06-09
   days on market $158,900 Active 26 DOM
9. 2026-06-08
   days on market $158,900 Active 25 DOM
10. 2026-06-07
    days on market $158,900 Active 24 DOM
11. 2026-06-05
    days on market $158,900 Active 21 DOM
12. 2026-06-02
    days on market $158,900 Active 19 DOM
13. 2026-06-01
    pricedays on market $158,900 Active 18 DOM
14. 2026-05-31
    days on market $168,900 Active 17 DOM
15. 2026-05-30
    days on market $168,900 Active 16 DOM
16. 2026-05-14
    listed $168,900 Active 1636-char remark
17. 2020-07-24
    soldstatus $105,000
18. 2020-07-23
    soldstatus $105,000 543-char remark

    Show marketing remark (543 chars)

    Great starter home or investment property. This home is move in ready for any new buyer. Located ont he second floor of building 13, and overlooks the peaceful woods out back. Tucked away from the other units, it is very peaceful and quiet. Unique to these units is a storage area out by front door where the HVAC and HWH is located. Within walking distance to the schools, college and shopping, this would be the perfect place to call home. HOA payment covers, exterior insurance, trash, cable and managment. Call today to view this property.

19. 2020-07-23
    soldstatus $105,000 Sold 543-char remark

    Show marketing remark (543 chars)

    Great starter home or investment property. This home is move in ready for any new buyer. Located ont he second floor of building 13, and overlooks the peaceful woods out back. Tucked away from the other units, it is very peaceful and quiet. Unique to these units is a storage area out by front door where the HVAC and HWH is located. Within walking distance to the schools, college and shopping, this would be the perfect place to call home. HOA payment covers, exterior insurance, trash, cable and managment. Call today to view this property.

20. 2020-06-22
    status Pending 543-char remark

    Show marketing remark (543 chars)

    Great starter home or investment property. This home is move in ready for any new buyer. Located ont he second floor of building 13, and overlooks the peaceful woods out back. Tucked away from the other units, it is very peaceful and quiet. Unique to these units is a storage area out by front door where the HVAC and HWH is located. Within walking distance to the schools, college and shopping, this would be the perfect place to call home. HOA payment covers, exterior insurance, trash, cable and managment. Call today to view this property.

21. 2020-06-01
    listed $110,000 Active 543-char remark

    Show marketing remark (543 chars)

    Great starter home or investment property. This home is move in ready for any new buyer. Located ont he second floor of building 13, and overlooks the peaceful woods out back. Tucked away from the other units, it is very peaceful and quiet. Unique to these units is a storage area out by front door where the HVAC and HWH is located. Within walking distance to the schools, college and shopping, this would be the perfect place to call home. HOA payment covers, exterior insurance, trash, cable and managment. Call today to view this property.

22. 2020-06-01
    listed $110,000 543-char remark

    Show marketing remark (543 chars)

    Great starter home or investment property. This home is move in ready for any new buyer. Located ont he second floor of building 13, and overlooks the peaceful woods out back. Tucked away from the other units, it is very peaceful and quiet. Unique to these units is a storage area out by front door where the HVAC and HWH is located. Within walking distance to the schools, college and shopping, this would be the perfect place to call home. HOA payment covers, exterior insurance, trash, cable and managment. Call today to view this property.

23. 2013-10-11
    soldstatus $70,000
24. 2013-10-11
    soldstatus $70,000
25. 2013-07-01
    listed $74,900
26. 2005-03-23
    soldstatus $136,100
27. 2005-03-21
    soldstatus $136,050
28. 2005-03-21
    soldstatus $136,050
29. 2005-01-26
    listed $139,500
30. 2005-01-26
    listed $139,500
31. 2002-11-23
    historical
32. 2001-05-01
    listed $75,900
33. 2001-05-01
    listed $75,900
34. 1999-04-12
    listed $80,400

ⓘ 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: $908 · $76/mo
• Projected year-2 tax: $1,319 · $110/mo
• Expected delta: +$410/yr (+$34/mo · 45.2%)

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

Taxation est. · year 1

• Rental income: $18,166
• − Mortgage interest: −$8,901
• − Property taxes: −$908
• − Insurance: −$794
• − Repairs & maintenance: −$1,453
• − Management: −$1,453
• − HOA: −$5,400
• − Depreciation: −$4,623
• Taxable loss: −$5,367
• Est. tax savings @ 24.0%: +$1,288
• After-tax cash flow: $-1,463/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 — Niceville

• Score: 79/100
• State rank: #147
• US rank: #2207

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niceville, FL
• County: Okaloosa County · 194,352 people
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 34,738
• Household income: $108,972
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 660.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 9% Hispanic / Latino 8% Asian 4% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Serbian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 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: ▼ -12.87%
• Current HPI: 498.41
• Rent YoY: ▼ -0.36%
• 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

+97.6% since first listed

20 events — show timeline

• 2026-06-01 Price Changed $158,900 ECAR
• 2026-05-14 Listed $168,900 ECAR
• 2020-07-24 Sold (Public Records) $105,000 Public Records
• 2020-07-23 Sold (MLS) $105,000 ECAR
• 2020-07-23 Sold (MLS) $105,000 NAMLS
• 2020-06-22 Pending — ECAR
• 2020-06-01 Listed $110,000 ECAR
• 2020-06-01 Listed $110,000 NAMLS
• 2013-10-11 Sold (MLS) $70,000 NAMLS
• 2013-10-11 Sold (MLS) $70,000 ECAR
• 2013-07-01 Listed $74,900 NAMLS
• 2005-03-23 Sold (Public Records) $136,100 Public Records
• 2005-03-21 Sold (MLS) $136,050 NAMLS
• 2005-03-21 Sold (MLS) $136,050 ECAR
• 2005-01-26 Listed $139,500 NAMLS
• 2005-01-26 Listed $139,500 ECAR
• 2002-11-23 Listing Removed — NAMLS
• 2001-05-01 Listed $75,900 NAMLS
• 2001-05-01 Listed $75,900 ECAR
• 1999-04-12 Listed $80,400 ECAR

Property tax history

-0.7%/yr

Latest (2025): $908 · +7.3% YoY. Source: county tax records.