31 SE Park Cir #3 · Fort Walton Beach, FL 32548

$139,000

1 bd · 1.0 ba · 760 sqft · Condo public records · 236 Days on market

Built 1983 $183/sqft · 31% below area Est $201k · 31% under $325/mo HOA · 22% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +11.8/30.0
• 1% rule +5.7/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

VA buyers welcome! Cool one bedroom unit south of Hollywood Blvd, minutes from downtown Fort Walton Beach, gorgeous Okaloosa Island and 7 miles from Destin. Needs TLC but has new laminate flooring flowing through the living, dining, hallway, and kitchen area to create a spacious feel. New carpet in bedroom, too Separate area for a dining room table or home office Your balcony has a large lockable storage area. Kitchen needs updating. In the hallway closet you'll find the washer/dryer hookups. The bedroom is freshly carpeted and can easily fit a Cal king bed with room left for a 'chester drawers' or a chifforobe. You also have a decent sized walk-in closet.

Key facts

• Washer dryer hookups
• $325 HOA
• Parking

Tags

• NEW LAMINATE FLOORING
• LARGE LOCKABLE STORAGE AREA
• WASHER DRYER HOOKUPS
• DECENT SIZED WALK IN CLOSET

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $139k.

Deal economics

• At list price, monthly cash flow is $-39 ($-471/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (5.0% below list).
• Meets the 1% rule at list price ($1k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 0.9% in Fort Walton 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 80/100 on livability (#111 in FL, #1,628 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, 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 rising (+1.3%/yr); 341 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k 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 236 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $139k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $122,320 (12.0% 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 236 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.07% ✓
• Cap rate: 5.95%
• Cash-on-cash: -1.21%
• DSCR: 0.95
• GRM: 7.8

CMA / ARV

• ARV (median comp): $200,644
• List price: $139,000
• Delta: -30.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.33% rent growth · sell at horizon

5-year hold

• IRR: -20.5%
• Equity multiple: 0.30×
• Total profit: $-27,297
• Equity at exit: $20,725

10-year hold

• IRR: -18.9%
• Equity multiple: 0.08×
• Total profit: $-35,994
• Equity at exit: $12,018

Cash invested: $38,920 (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 32548

• Home prices YoY: -31.1%
• Rents YoY: 1.3%
• Active inventory: 341
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,482 high
• Mortgage (P&I): −$729
• Tax from tax record: −$98 /mo · $1,177/yr
• Insurance: −$58
• HOA: −$325
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $-39

Break-even live

Break-even rent $1,532

Max offer price $132,068

Occupancy floor 98%

Sensitivity live

Price	-10% $39	-5% $0	+0% $-39	+5% $-79	+10% $-118
Rent	-10% $-156	-5% $-98	+0% $-39	+5% $19	+10% $78
Rate	-1.0pp $31	-0.5pp $-4	base $-39	+0.5pp $-75	+1.0pp $-112

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 Church Ave SE Unit 204 Fort Walton Beach, FL	2.0	1.0	945	$1,676	$1.77	44d	1	0.11mi
101 Church Ave SE Unit 105 Fort Walton Beach, FL	1.0	1.0	875	$1,397	$1.60	44d	1	0.11mi
103 Church Ave SE Unit B Fort Walton Beach, FL	2.0	1.0	930	$1,300	$1.40	21d	1	0.13mi
102 Chicago Ave SE Unit 102-1 Fort Walton Beach, FL	1.0	1.0	650	$1,150	$1.77	14d	1	0.49mi
102 Chicago Ave SE Fort Walton Beach, FL	1.0	1.0	600	$1,200	$2.00	44d	1	0.50mi
111 Chicago Ave SE Unit 1 Fort Walton Beach, FL	1.0	1.0	550	$1,025	$1.86	21d	1	0.55mi
36 Alder Ave SE #3 Fort Walton Beach, FL	2.0	2.5	1061	$1,800	$1.70	44d	1	0.56mi
159 Scottwood Dr SE Fort Walton Beach, FL	2.0	2.0	1104	$1,400	$1.27	44d	1	0.61mi
165 Brooks St SE Fort Walton Beach, FL	2.0	1.0	900	$1,850	$2.06	14d	1	0.62mi
208 Oak St SE Unit B Fort Walton Beach, FL	2.0	1.5	1008	$1,650	$1.64	21d	1	0.64mi
133 Alder Ave SE Fort Walton Beach, FL	2.0	1.0	1031	$1,500	$1.45	44d	1	0.65mi
308 Miracle Strip Pkwy SE Unit 1 Fort Walton Beach, FL	1.0	1.0	625	$1,450	$2.32	44d	1	0.68mi
115 Hughes St NE Unit D2 Fort Walton Beach, FL	2.0	1.0	1066	$1,900	$1.78	21d	1	0.73mi
140 Opp Blvd NE Fort Walton Beach, FL	2.0	1.5	896	$1,750	$1.95	44d	1	0.75mi
128 Elm Ave SE Fort Walton Beach, FL	2.0	1.0	960	$1,500	$1.56	21d	1	0.78mi
330 Bluefish Dr #103 Fort Walton Beach, FL	2.0	2.0	1100	$2,500	$2.27	44d	1	0.88mi
146 Alabama Ave NW Unit B Fort Walton Beach, FL	1.0	1.0	750	$1,250	$1.67	44d	1	0.96mi
308 Miracle Strip Pkwy SW Fort Walton Beach, FL	1.0	1.0	619	$1,472	$2.38	14d	4	1.34mi
940 Santa Rosa Blvd Fort Walton Beach, FL	2.0	2.0	1000	$2,200	$2.20	21d	4	1.48mi

HOA detail condo

• Monthly dues: $325 · $3,900/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $139,000 Active 236 DOM
2. 2026-06-17
   days on market $139,000 Active 235 DOM
3. 2026-06-16
   days on market $139,000 Active 234 DOM
4. 2026-06-15
   days on market $139,000 Active 233 DOM
5. 2026-06-14
   days on market $139,000 Active 231 DOM
6. 2026-06-13
   days on market $139,000 Active 230 DOM
7. 2026-06-10
   days on market $139,000 Active 228 DOM
8. 2026-06-09
   days on market $139,000 Active 227 DOM
9. 2026-06-08
   days on market $139,000 Active 226 DOM
10. 2026-06-07
    days on market $139,000 Active 225 DOM
11. 2026-06-05
    remarks 699-char remark
12. 2026-06-05
    days on market $139,000 Active 222 DOM
13. 2026-06-02
    days on market $139,000 Active 220 DOM
14. 2026-06-01
    days on market $139,000 Active 219 DOM
15. 2026-05-31
    days on market $139,000 Active 218 DOM
16. 2026-05-30
    days on market $139,000 Active 217 DOM
17. 2026-04-03
    price $148,000 664-char remark

    Show marketing remark (664 chars)

    VA buyers welcome! Cool one bedroom unit south of Hollywood Blvd, minutes from downtown Fort Walton Beach, gorgeous Okaloosa Island and 7 miles from Destin. Needs TLC but has new laminate flooring flowing through the living, dining, hallway, and kitchen area to create a spacious feel. New carpet in bedroom, too Separate area for a dining room table or home office Your balcony has a large lockable storage area. Kitchen needs updating. In the hallway closet you'll find the washer/dryer hookups. The bedroom is freshly carpeted and can easily fit a Cal king bed with room left for a 'chester drawers' or a chifforobe. You also have a decent sized walk-in closet.

18. 2025-11-14
    price $149,000 664-char remark

    Show marketing remark (664 chars)

    VA buyers welcome! Cool one bedroom unit south of Hollywood Blvd, minutes from downtown Fort Walton Beach, gorgeous Okaloosa Island and 7 miles from Destin. Needs TLC but has new laminate flooring flowing through the living, dining, hallway, and kitchen area to create a spacious feel. New carpet in bedroom, too Separate area for a dining room table or home office Your balcony has a large lockable storage area. Kitchen needs updating. In the hallway closet you'll find the washer/dryer hookups. The bedroom is freshly carpeted and can easily fit a Cal king bed with room left for a 'chester drawers' or a chifforobe. You also have a decent sized walk-in closet.

19. 2025-10-25
    listed $159,000 Active 664-char remark

    Show marketing remark (664 chars)

    VA buyers welcome! Cool one bedroom unit south of Hollywood Blvd, minutes from downtown Fort Walton Beach, gorgeous Okaloosa Island and 7 miles from Destin. Needs TLC but has new laminate flooring flowing through the living, dining, hallway, and kitchen area to create a spacious feel. New carpet in bedroom, too Separate area for a dining room table or home office Your balcony has a large lockable storage area. Kitchen needs updating. In the hallway closet you'll find the washer/dryer hookups. The bedroom is freshly carpeted and can easily fit a Cal king bed with room left for a 'chester drawers' or a chifforobe. You also have a decent sized walk-in closet.

20. 2007-04-17
    soldstatus $85,000
21. 2007-04-17
    soldstatus $85,000
22. 2007-04-16
    soldstatus $85,000
23. 2006-08-16
    listed $94,500
24. 2006-08-16
    listed $89,500

ⓘ 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: $1,177 · $98/mo
• Projected year-2 tax: $1,177 · $98/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $17,783
• − Mortgage interest: −$7,786
• − Property taxes: −$1,177
• − Insurance: −$695
• − Repairs & maintenance: −$1,423
• − Management: −$1,423
• − HOA: −$3,900
• − Depreciation: −$4,044
• Taxable loss: −$2,664
• Est. tax savings @ 24.0%: +$639
• After-tax cash flow: $169/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 — Fort Walton Beach

• Score: 80/100
• State rank: #111
• US rank: #1628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Walton Beach, FL
• County: Okaloosa County · 194,352 people
• City population: 59,301
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 23,774
• Household income: $65,342
• Rent vs Own: 42.0% rent · 58.0% own
• Severe rent burden: 889.0

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 0.57)
• Race & ethnicity: White 63% Hispanic / Latino 13% Black 12% Two or more races 9% Asian 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Italian 4% Slovak 3% Romanian 2%
• Foreign-born: 12% · Canada, Jamaica
• Languages at home: 84% English-only · Spanish 9% Other Asian/Pacific 3% Other Indo-European 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: ▼ -123.88%
• Current HPI: 274.8418
• Rent YoY: ▲ 1.33%
• 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

+56.6% since first listed

8 events — show timeline

• 2026-04-03 Price Changed $148,000 ECAR
• 2025-11-14 Price Changed $149,000 ECAR
• 2025-10-25 Listed $159,000 ECAR
• 2007-04-17 Sold (Public Records) $85,000 Public Records
• 2007-04-17 Sold (Public Records) $85,000 Public Records
• 2007-04-16 Sold (MLS) $85,000 ECAR
• 2006-08-16 Listed $89,500 ECAR
• 2006-08-16 Listed $94,500 ECAR

Property tax history

+7.2%/yr

Latest (2025): $1,177 · +5.4% YoY. Source: county tax records.