324 Callie Dr

Crestview, FL 32536

$242,900D

3 bd · 2.5 ba · 1,460 sqft · Built 2026 · Townhouse · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,085/mo
• Mortgage (P&I): −$1,274
• Tax + insurance: −$405
• HOA: −$56
• Vac / Maint / Mgmt: −$438
• Net cashflow: $-88/mo
• Annual: $-1,053/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• 1% rule: 0.86%
• Cash to close: $68,012

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $243k. Condition is rated excellent.
• At list price, monthly cash flow is $-88 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (14.2% below list).
• It's been on market 116 days — a 9% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $208k (14.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#252 in FL, #3,858 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, 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.
• Market conditions: Rents rising (+1.2%/yr); 351 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d 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.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 4.4% in Crestview — 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 runs 32% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 116 days. Have you received any prior offers? Is the seller open to a 14% 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.