121 NW Jet Dr · Fort Walton Beach, FL 32548

$265,000

3 bd · 2.0 ba · 1,958 sqft · SingleFamily public records · 23 Days on market

Built 1965 10,275 sqft lot Est $390k · 32% 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 +17.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

House being sold ''AS IS'' and priced accordingly. Great family home with 4 bedrooms and an eat-in kitchen. Jet Dr Rec Center a short walk to the right, new townhouses being built across the street and a daycare located down the road to the left. Roof December 2017; Water Heater 2018; HVAC 2024 (warranty till 9/18/2034); Storm Door 2025; Walk-in Tub 2019; Attic blanket (energy shield) 2011; Lawn Pump 2022; two custom built cabinets (pantry & buffet). Electrical does have cloth wiring - Estimate $22,700 Drywall for whole house - Estimate $31,691 Fireplace is not a working one - Verbal estimate $5000 gas/$3000 electric Washer and dryer do not convey; trailer straight out back

Key facts

• Hvac 2024
• Water heater
• Walk-in tub

Tags

• EAT-IN KITCHEN
• ROOF DECEMBER
• WATER HEATER
• HVAC 2024
• STORM DOOR
• WALK-IN TUB

Property features AI

Finance

• Other: Approximately 1,958 total building area (per county records)
• HOA & community: Located in the SANTA MARKELLA subdivision

Exterior

• Parking: Attached carport with 1 carport space
• Utilities: Electric service; Natural gas; Public water; Public sewer
• Home design: Ranch-style single-story home; Built in 1965; Zoned for single-family residential
• Construction: Block and frame construction
• Exterior features: Private yard; Open deck

Interior

• Kitchen: Kitchen on the first floor; Dishwasher; Disposal; Microwave
• Bedrooms: 4 bedrooms (master bedroom on the first floor); All bedrooms located on the first floor
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (natural gas); Central air conditioning; Ceiling fans; Electric heat controls
• Interior features: Fireplace; Great room
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (14.2% below list).
• Recommended offer: $227k (14.2% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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: 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.
• Zoned schools: Annette P. Edwins Elementary School (math 47% / reading 42%, grade F, #1,288 of 2,144 statewide, top 62%, 453 students, 80% FRL); Fort Walton Beach High School (math 54% / reading 58%, grade C, #131 of 667 statewide, top 20%, 1,620 students, 42% FRL) — zoned schools average 61% FRL vs 36% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.3%/yr); 341 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).
• This rent runs 42% of the median local income ($65k/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 $2k of loan paydown is wiped out by about $8k 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 23 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,458 (14.2% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.86% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.52%
• DSCR: 1.16
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $389,642
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 NW Robinwood Dr	0.13mi	4/2.0 (+1)	1,765 (-10%)	5mo	$362,000	$205	68
25 NW Maples St	0.32mi	4/2.0 (+1)	2,098 (+7%)	1mo	$455,000	$217	67
19 NW Highland Dr	0.39mi	4/2.0 (+1)	2,018 (+3%)	6mo	$490,000	$243	67
35 NW Baywood Ct	0.12mi	4/3.5 (+1)	2,230 (+14%)	6mo	$385,000	$173	55
103 SW Cedar Ave	0.52mi	3/2.0	2,190 (+12%)	3mo	$364,143	$166	53
230 SW Santa Rosa St	0.61mi	4/2.5 (+1)	2,075 (+6%)	2mo	$493,000	$238	53
215 NW Fliva Ave	0.73mi	3/3.0	2,017 (+3%)	7mo	$375,000	$186	51
218 NW Katherine Pl	0.60mi	4/2.0 (+1)	1,815 (-7%)	7mo	$326,400	$180	49
227 NW Katherine Pl	0.66mi	4/2.0 (+1)	2,135 (+9%)	2mo	$425,000	$199	48
218 SW Coral Dr	0.68mi	4/2.0 (+1)	2,132 (+9%)	1mo	$342,000	$160	48
110 NW Gardenia Ct	0.67mi	3/2.0	1,670 (-15%)	10mo	$279,000	$167	36
245 NW Bayou Woods Dr	0.71mi	4/2.0 (+1)	1,691 (-14%)	9mo	$345,225	$204	32

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 · 1.33% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.56×
• Total profit: $-32,968
• Equity at exit: $39,512

10-year hold

• IRR: -5.9%
• Equity multiple: 0.65×
• Total profit: $-26,276
• Equity at exit: $22,912

Cash invested: $74,200 (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: 9.7×

Monthly cashflow live

• Estimated rent: $2,275 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$79 /mo · $952/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $218

Break-even live

Break-even rent $1,999

Max offer price $265,000

Occupancy floor 85%

Sensitivity live

Price	-10% $368	-5% $293	+0% $218	+5% $143	+10% $68
Rent	-10% $38	-5% $128	+0% $218	+5% $307	+10% $397
Rate	-1.0pp $351	-0.5pp $285	base $218	+0.5pp $149	+1.0pp $79

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Beal Pkwy NW Fort Walton Beach, FL	2.0	2.5	1440	$1,995	$1.39	44d	1	0.68mi
30 Harbeson Ave NE Fort Walton Beach, FL	4.0	2.5	1717	$2,250	$1.31	44d	1	0.74mi
305 Leah Miller Dr NW Fort Walton Beach, FL	3.0	1.5	1334	$2,000	$1.50	22d	1	0.75mi
13 Chatelaine Cir SE Fort Walton Beach, FL	3.0	3.0	1728	$2,100	$1.22	14d	1	0.77mi
119 Beal Pkwy SE #203 Fort Walton Beach, FL	2.0	2.0	1588	$2,150	$1.35	22d	1	0.81mi
322 Kathleen Pl NW Fort Walton Beach, FL	4.0	2.0	1532	$2,490	$1.63	14d	1	0.83mi
358 Coral Dr SW Fort Walton Beach, FL	3.0	2.0	1350	$1,800	$1.33	44d	1	0.92mi
5 Laguna St #104 Fort Walton Beach, FL	2.0	2.0	1269	$2,575	$2.03	45d	1	1.01mi
120 Opp Blvd NE Fort Walton Beach, FL	2.0	1.5	1240	$1,700	$1.37	22d	1	1.02mi
17 Cape Dr NW Unit B Fort Walton Beach, FL	3.0	2.0	1462	$1,995	$1.36	14d	1	1.08mi
723 Sailfish Dr Fort Walton Beach, FL	4.0	3.0	2400	$3,899	$1.62	14d	1	1.18mi
113 Brooks St SE #206 Fort Walton Beach, FL	3.0	3.0	2030	$2,750	$1.35	44d	1	1.21mi
10 Alder Ave SE Fort Walton Beach, FL	3.0	2.5	1749	$2,145	$1.23	22d	1	1.33mi
12 Alder Ave SE Fort Walton Beach, FL	3.0	2.5	1742	$2,145	$1.23	22d	1	1.34mi
37 Magnolia Ave SE Fort Walton Beach, FL	4.0	2.0	1691	$2,750	$1.63	22d	1	1.50mi

Listing history 14 events

1. 2026-06-18
   days on market $265,000 Active 23 DOM
2. 2026-06-17
   days on market $265,000 Active 22 DOM
3. 2026-06-16
   days on market $265,000 Active 21 DOM
4. 2026-06-10
   days on market $265,000 Active 15 DOM
5. 2026-06-09
   days on market $265,000 Active 14 DOM
6. 2026-06-08
   days on market $265,000 Active 13 DOM
7. 2026-06-07
   days on market $265,000 Active 12 DOM
8. 2026-06-05
   days on market $265,000 Active 9 DOM
9. 2026-06-02
   days on market $265,000 Active 7 DOM
10. 2026-06-01
    days on market $265,000 Active 6 DOM
11. 2026-05-31
    days on market $265,000 Active 5 DOM
12. 2026-05-30
    days on market $265,000 Active 4 DOM
13. 2026-05-27
    price $265,000
14. 2026-05-26
    listed $250,000 Active

ⓘ 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: $952 · $79/mo
• Projected year-2 tax: $2,200 · $183/mo
• Expected delta: +$1,248/yr (+$104/mo · 131.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,295
• − Mortgage interest: −$14,844
• − Property taxes: −$952
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,184
• − Management: −$2,184
• − Depreciation: −$7,709
• Taxable loss: −$1,902
• Est. tax savings @ 24.0%: +$456
• After-tax cash flow: $3,067/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

+6.0% since first listed

2 events — show timeline

• 2026-05-27 Price Changed $265,000 ECAR
• 2026-05-26 Listed $250,000 ECAR

Property tax history

+0.7%/yr

Latest (2025): $952 · +4.2% YoY. Source: county tax records.