1501 N Partin Dr #250

Niceville, FL 32578

$158,900D-

1 bd · 1.0 ba · 820 sqft · Built 2001 · Condo · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,514/mo
• Mortgage (P&I): −$833
• Tax + insurance: −$142
• HOA: −$450
• Vac / Maint / Mgmt: −$318
• Net cashflow: $-229/mo
• Annual: $-2,751/yr
• Cap rate: 4.56%
• Cash-on-cash: -6.18%
• DSCR: 0.72
• 1% rule: 0.95%
• Cash to close: $44,492

Investor read

• This is a 1-bed/1.0-bath condo listed at $159k.
• 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).
• It's been on market 35 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (25.5% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: HOA is 30% of rent.
• 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).
• Okaloosa County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• 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 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?
• 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?
• 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.