125 Beal Pkwy · Fort Walton Beach, FL 32548

$397,000

4 bd · 4.0 ba · 2,550 sqft · Townhouse public records · 280 Days on market

Built 1951 6,969 sqft lot $156/sqft · 43% below area Est $694k · 43% 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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• Schools +5.2/10.0
• DSCR +4.3/10.0
• Livability +4.0/5.0
• 1% rule +3.2/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent opportunity with strong potential and excellent location! This property features four individual units totaling approximately 2,550 square feet. Each unit offers 1 bedroom, 1 bathroom, a living room, and an additional bonus room that could serve as a second bedroom or office. This four-plex is conveniently located on Beal and just minutes from downtown, the property is zoned commercial and offers flexibility for future use. To the seller's knowledge, the property will require a full renovation, but presents significant upside for the right buyer. Please do not disturb tenants. Be sure to schedule your appointment today. This property needs significant work and can also be purchased as a land only sale. Buyer to verify all measurements and pertinent data.

Key facts

• Full renovation
• Excellent location
• Zoned commercial

Tags

• FOUR INDIVIDUAL UNITS
• ZONED COMMERCIAL
• FULL RENOVATION
• EXCELLENT LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath townhouse listed at $397k.

Deal economics

• At list price, monthly cash flow is $69 ($827/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 $326k (17.8% below list).
• Recommended offer: $326k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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; 4 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; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).
• At $3,263/mo this rent would consume 60% of the median local household income ($65k/yr) (locally 889% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 280 days — a 12% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $114k; list at $397k implies a 248% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $326,338 (17.8% below list)

Questions for the listing agent

1. It's been on market 280 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 0.82% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.74%
• DSCR: 1.03
• GRM: 10.1

CMA / ARV

• ARV (median comp): $693,913
• List price: $397,000
• Delta: -42.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
124 SW Miracle Strip Pkwy Unit 1202	0.36mi	3/3.0 (-1)	2,503 (-2%)	19mo	$1,075,000	$429	55
187 SE Brooks St Unit B601	0.67mi	5/5.0 (+1)	2,711 (+6%)	13mo	$972,500	$359	38
124 SW Miracle Strip Pkwy Unit 1500	0.67mi	3/3.0 (-1)	2,168 (-15%)	18mo	$850,000	$392	20
124 SW Miracle Strip Pkwy Unit 1200	0.67mi	3/3.0 (-1)	2,168 (-15%)	23mo	$870,000	$401	16

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: -16.9%
• Equity multiple: 0.41×
• Total profit: $-65,431
• Equity at exit: $59,194

10-year hold

• IRR: -11.9%
• Equity multiple: 0.34×
• Total profit: $-73,113
• Equity at exit: $34,325

Cash invested: $111,160 (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: 10.1×

Monthly cashflow live

• Estimated rent: $3,263 medium
• Mortgage (P&I): −$2,082
• Tax from tax record: −$262 /mo · $3,142/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$685
• Net cashflow: $69

Break-even live

Break-even rent $3,176

Max offer price $397,000

Occupancy floor 93%

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: $99,250
• Closing costs: $11,910
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 Brooks St SE #206 Fort Walton Beach, FL	3.0	3.0	2030	$2,750	$1.35	43d	1	0.39mi
723 Sailfish Dr Fort Walton Beach, FL	4.0	3.0	2400	$3,899	$1.62	13d	1	0.93mi
910 Santa Rosa Blvd Fort Walton Beach, FL	3.0	3.5	3414	$6,500	$1.90	21d	1	1.28mi
17 Choctawhatchee Rd SE Fort Walton Beach, FL	3.0	2.0	1892	$2,600	$1.37	43d	1	1.36mi

Listing history 19 events

1. 2026-06-18
   days on market $397,000 Active 280 DOM
2. 2026-06-17
   days on market $397,000 Active 279 DOM
3. 2026-06-16
   days on market $397,000 Active 278 DOM
4. 2026-06-15
   days on market $397,000 Active 277 DOM
5. 2026-06-14
   days on market $397,000 Active 275 DOM
6. 2026-06-13
   days on market $397,000 Active 274 DOM
7. 2026-06-10
   days on market $397,000 Active 272 DOM
8. 2026-06-09
   days on market $397,000 Active 271 DOM
9. 2026-06-08
   days on market $397,000 Active 270 DOM
10. 2026-06-07
    days on market $397,000 Active 269 DOM
11. 2026-06-05
    days on market $397,000 Active 266 DOM
12. 2026-06-02
    days on market $397,000 Active 264 DOM
13. 2026-06-01
    days on market $397,000 Active 263 DOM
14. 2026-05-31
    days on market $397,000 Active 262 DOM
15. 2026-05-30
    days on market $397,000 Active 261 DOM
16. 2025-09-11
    listed $397,000 Active 774-char remark

    Show marketing remark (774 chars)

    Excellent opportunity with strong potential and excellent location! This property features four individual units totaling approximately 2,550 square feet. Each unit offers 1 bedroom, 1 bathroom, a living room, and an additional bonus room that could serve as a second bedroom or office. This four-plex is conveniently located on Beal and just minutes from downtown, the property is zoned commercial and offers flexibility for future use. To the seller's knowledge, the property will require a full renovation, but presents significant upside for the right buyer. Please do not disturb tenants. Be sure to schedule your appointment today. This property needs significant work and can also be purchased as a land only sale. Buyer to verify all measurements and pertinent data.

17. 2025-07-31
    price $397,000
18. 2025-06-24
    listed $497,900 Active
19. 2003-02-04
    soldstatus $114,000

ⓘ 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: $3,142 · $262/mo
• Projected year-2 tax: $3,295 · $275/mo
• Expected delta: +$153/yr (+$13/mo · 4.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% 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: $39,161
• − Mortgage interest: −$22,238
• − Property taxes: −$3,142
• − Insurance: −$1,985
• − Repairs & maintenance: −$3,133
• − Management: −$3,133
• − Depreciation: −$11,549
• Taxable loss: −$6,019
• Est. tax savings @ 24.0%: +$1,445
• After-tax cash flow: $2,272/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

+248.2% since first listed

4 events — show timeline

• 2025-09-11 Listed $397,000 ECAR
• 2025-07-31 Price Changed $397,000 ECAR
• 2025-06-24 Listed $497,900 ECAR
• 2003-02-04 Sold (Public Records) $114,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $3,142 · +9.1% YoY. Source: county tax records.