142B Rickey Ave · Ocean City, FL 32547

$130,000

3 bd · 1.5 ba · 1,107 sqft · SingleFamily · 82 Days on market

Built 1968 Poor condition 0.25 ac lot $117/sqft · 60% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Amazing Ft Walton Beach opportunity! Fire damaged home on .25 lot in highly desirable area. This is the chance to build a custom home or DUPLEX approximately 3 miles from the beach. There is a boat ramp at the end of the street for public use. This is also close to several restaurants, shopping and groceries. This location gives you the opportunity to live the lifestyle you have been dreaming of. NO HOA! The home was damaged in a fire and all damage has been removed but the home has not been restored and is of little to no value. APPOINTMENT REQUIRED and cash only. Back on market to no fault of seller.

Key facts

• Close to restaurants
• Custom home
• Close to groceries

Tags

• CUSTOM HOME
• BOAT RAMP
• CLOSE TO RESTAURANTS
• CLOSE TO SHOPPING
• CLOSE TO GROCERIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $130k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $522 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 3.5% in Ocean City — 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 77/100 on livability (#179 in FL, #2,787 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, 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 soft (-0.1%/yr); 224 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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).
• This rent runs 31% of the median local income ($71k/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 $899 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($122k) 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.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.38% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.20%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (median comp): $323,943
• List price: $130,000
• Delta: -59.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
156 Beach Dr	0.17mi	3/2.0	1,075 (-3%)	12mo	$300,000	$279	75
119 Scranton St	0.13mi	3/2.0	1,204 (+9%)	18mo	$350,000	$291	62
28 Miller St	0.34mi	3/1.0	1,000 (-10%)	10mo	$217,000	$217	58
141 Scranton St	0.16mi	3/2.5	1,260 (+14%)	21mo	$275,000	$218	48
801 Newport Dr	0.56mi	3/1.5	950 (-14%)	3mo	$145,000	$153	48
19 Stewart Cir	0.57mi	3/1.0	960 (-13%)	11mo	$189,500	$197	40
511 Thornhill Rd	0.68mi	4/1.0 (+1)	1,200 (+8%)	15mo	$295,000	$246	35

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.19×
• Total profit: $6,930
• Equity at exit: $19,383

10-year hold

• IRR: 11.6%
• Equity multiple: 1.79×
• Total profit: $28,581
• Equity at exit: $11,240

Cash invested: $36,400 (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 32547

• Home prices YoY: -29.3%
• Rents YoY: -0.1%
• Active inventory: 224
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,798 high
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $522

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 66%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
163 Rickey Ave Fort Walton Beach, FL	1.0–2.0	1.0–2.0	995	$1,300	$1.31	44d	2	0.08mi
100 Scranton St Fort Walton Beach, FL	3.0	2.5	1437	$1,850	$1.29	44d	1	0.16mi
941 Harrelson St Fort Walton Beach, FL	2.0	2.5	1332	$1,895	$1.42	44d	1	0.30mi
413 Waterway Ln Fort Walton Beach, FL	2.0	3.0	1350	$1,475	$1.09	44d	1	0.40mi
910 Barrow St Unit 7 Fort Walton Beach, FL	2.0	2.0	1020	$1,500	$1.47	14d	1	0.43mi
1102 Tiki Too Ave Fort Walton Beach, FL	2.0	2.5	1141	$1,600	$1.40	44d	1	0.44mi
726 Eglin Pkwy NE Unit C11 Fort Walton Beach, FL	2.0	1.0	881	$2,100	$2.38	21d	1	0.44mi
936 Barrow St Unit 5 Fort Walton Beach, FL	2.0	2.0	1020	$1,500	$1.47	44d	1	0.48mi
509 Trenton St Fort Walton Beach, FL	4.0	1.5	1296	$2,000	$1.54	21d	1	0.58mi
349 Woodham Ct Fort Walton Beach, FL	2.0	1.5	1184	$1,450	$1.22	44d	1	0.62mi
712 Newport Dr Fort Walton Beach, FL	3.0	1.0	1100	$1,650	$1.50	44d	1	0.63mi
348 Woodham Ct Fort Walton Beach, FL	2.0	2.0	1251	$2,800	$2.24	44d	1	0.63mi
337 Woodham Ct Fort Walton Beach, FL	2.0	1.5	1184	$1,895	$1.60	21d	1	0.64mi
333 Woodham Ct Fort Walton Beach, FL	2.0	1.5	1200	$1,600	$1.33	44d	1	0.65mi
214 Tooke St Unit A Fort Walton Beach, FL	2.0	2.5	1144	$1,750	$1.53	44d	1	0.65mi
848 Stonegate Ct Unit 848 Fort Walton Beach, FL	2.0	1.5	1200	$1,500	$1.25	44d	1	0.74mi
204 Davenport Rd Unit 15 Fort Walton Beach, FL	2.0	1.0	800	$1,200	$1.50	44d	1	0.74mi
836 Stonegate Ct #836 Fort Walton Beach, FL	2.0	1.5	1200	$1,500	$1.25	44d	1	0.75mi
45 Warwick Dr Shalimar, FL	2.0	2.0	1150	$2,800	$2.43	21d	1	0.80mi
303 South Ave Unit 1 Fort Walton Beach, FL	2.0	1.0	750	$1,350	$1.80	44d	1	0.85mi
615 Bob Sikes Blvd #7 Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	14d	1	1.02mi
615 Bob Sikes Blvd #5 Fort Walton Beach, FL	2.0	1.5	1190	$1,450	$1.22	44d	1	1.02mi
106 Valencia Dr Fort Walton Beach, FL	3.0	1.5	1320	$1,450	$1.10	21d	1	1.02mi
321 Woodrow St NE Fort Walton Beach, FL	1.0–3.0	1.0–2.0	1017	$1,850	$1.82	14d	6	1.03mi
709 Greenwood St Fort Walton Beach, FL	2.0	1.0	800	$1,200	$1.50	14d	1	1.04mi
709 Greenwood St Unit B Fort Walton Beach, FL	2.0	1.0	800	$1,200	$1.50	21d	1	1.04mi
589 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	44d	1	1.14mi
585 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,550	$1.30	44d	1	1.15mi
696 Tyner St #41 Fort Walton Beach, FL	2.0	1.5	960	$1,550	$1.61	14d	1	1.24mi
800 Denton Blvd NW Fort Walton Beach, FL	2.0	1.0	1000	$1,600	$1.60	14d	1	1.31mi
1022 Rockport Dr Fort Walton Beach, FL	2.0	2.0	864	$1,500	$1.74	21d	1	1.33mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	44d	1	1.33mi
604 Colonial Dr Fort Walton Beach, FL	1.0–2.0	1.0–2.0	818	$1,624	$1.99	44d	1	1.33mi
400 Rhonda Kay Ct #66 Fort Walton Beach, FL	3.0	1.5	1256	$1,650	$1.31	44d	1	1.39mi
101 Old Ferry Rd Shalimar, FL	1.0–2.0	1.0	774	$1,625	$2.10	14d	1	1.39mi
2415 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1250	$1,700	$1.36	44d	1	1.46mi
433 Bear Rd Unit B Fort Walton Beach, FL	2.0	1.0	782	$1,200	$1.53	44d	1	1.47mi
2404 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	21d	1	1.49mi
794 Navy St Fort Walton Beach, FL	2.0	1.0	840	$1,200	$1.43	21d	1	1.49mi
2400 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	21d	1	1.49mi

Listing history 18 events

1. 2026-06-18
   days on market $130,000 Active 82 DOM
2. 2026-06-17
   days on market $130,000 Active 81 DOM
3. 2026-06-16
   days on market $130,000 Active 80 DOM
4. 2026-06-15
   days on market $130,000 Active 79 DOM
5. 2026-06-14
   days on market $130,000 Active 77 DOM
6. 2026-06-13
   days on market $130,000 Active 76 DOM
7. 2026-06-10
   days on market $130,000 Active 74 DOM
8. 2026-06-09
   days on market $130,000 Active 73 DOM
9. 2026-06-08
   days on market $130,000 Active 72 DOM
10. 2026-06-07
    days on market $130,000 Active 71 DOM
11. 2026-06-05
    days on market $130,000 Active 68 DOM
12. 2026-06-02
    days on market $130,000 Active 66 DOM
13. 2026-06-01
    days on market $130,000 Active 65 DOM
14. 2026-05-31
    days on market $130,000 Active 64 DOM
15. 2026-05-30
    days on market $130,000 Active 63 DOM
16. 2026-04-24
    status Active 609-char remark

    Show marketing remark (609 chars)

    Amazing Ft Walton Beach opportunity! Fire damaged home on .25 lot in highly desirable area. This is the chance to build a custom home or DUPLEX approximately 3 miles from the beach. There is a boat ramp at the end of the street for public use. This is also close to several restaurants, shopping and groceries. This location gives you the opportunity to live the lifestyle you have been dreaming of. NO HOA! The home was damaged in a fire and all damage has been removed but the home has not been restored and is of little to no value. APPOINTMENT REQUIRED and cash only. Back on market to no fault of seller.

17. 2026-04-01
    status Pending 609-char remark

    Show marketing remark (609 chars)

    Amazing Ft Walton Beach opportunity! Fire damaged home on .25 lot in highly desirable area. This is the chance to build a custom home or DUPLEX approximately 3 miles from the beach. There is a boat ramp at the end of the street for public use. This is also close to several restaurants, shopping and groceries. This location gives you the opportunity to live the lifestyle you have been dreaming of. NO HOA! The home was damaged in a fire and all damage has been removed but the home has not been restored and is of little to no value. APPOINTMENT REQUIRED and cash only. Back on market to no fault of seller.

18. 2026-03-05
    listed $130,000 Active 609-char remark

    Show marketing remark (609 chars)

    Amazing Ft Walton Beach opportunity! Fire damaged home on .25 lot in highly desirable area. This is the chance to build a custom home or DUPLEX approximately 3 miles from the beach. There is a boat ramp at the end of the street for public use. This is also close to several restaurants, shopping and groceries. This location gives you the opportunity to live the lifestyle you have been dreaming of. NO HOA! The home was damaged in a fire and all damage has been removed but the home has not been restored and is of little to no value. APPOINTMENT REQUIRED and cash only. Back on market to no fault of seller.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 50% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 23 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: $21,573
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$1,726
• − Management: −$1,726
• − Depreciation: −$3,782
• Taxable income: $4,458
• Est. tax owed @ 24.0%: −$1,070
• After-tax cash flow: $5,192/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.

Condition & rehab AI · 6 photos

Poor 20/100 Extensive rehab

This fire-damaged home requires extensive rebuilding and repairs to be considered habitable. Significant structural and systems work is needed to restore the home's safety and functionality.

Repairs flagged

• Major roof — Exposed insulation and structural damage
• Major exterior — Exposed framing, missing siding
• Major flooring — Exposed subfloor
• Major interior walls — Exposed framing, missing drywall
• Major systems — No visible systems, likely damaged

Value-add opportunities

• Both Rebuild the entire structure — Structural damage requires a complete rebuild to ensure safety and stability
• Both Install new roof and siding — New roof and siding will improve the home's appearance and increase its value
• Both Rebuild interior walls and flooring — Rebuilding interior walls and flooring will restore the home's functionality and increase its value
• Both Install new HVAC and electrical systems — Upgrading the HVAC and electrical systems will improve the home's comfort and energy efficiency
• Both Landscaping and curb appeal improvements — Aesthetic improvements will enhance the home's curb appeal and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Exposed insulation and structural damage	Major	$15,000–50,000
exterior · Exposed framing, missing siding	Major	$15,000–50,000
flooring · Exposed subfloor	Major	$15,000–50,000
interior walls · Exposed framing, missing drywall	Major	$15,000–50,000
systems · No visible systems, likely damaged	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Rebuild the entire structure — Structural damage requires a complete rebuild to ensure safety and stability ↑
• Both Install new roof and siding — New roof and siding will improve the home's appearance and increase its value ↑
• Both Rebuild interior walls and flooring — Rebuilding interior walls and flooring will restore the home's functionality and increase its value ↑
• Both Install new HVAC and electrical systems — Upgrading the HVAC and electrical systems will improve the home's comfort and energy efficiency ↑
• Both Landscaping and curb appeal improvements — Aesthetic improvements will enhance the home's curb appeal and increase its value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Ocean City

• Score: 77/100
• State rank: #179
• US rank: #2787

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, FL
• County: Okaloosa County · 194,352 people
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 35,527
• Household income: $70,711
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1203.0

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 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 11% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 15% · Canada, Vietnam, Jamaica
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 1% Vietnamese 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: ▼ -111.28%
• Current HPI: 268.6497
• Rent YoY: ▼ -0.13%
• 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

3 events — show timeline

• 2026-04-24 Relisted — PARMLS
• 2026-04-01 Pending — PARMLS
• 2026-03-05 Listed $130,000 PARMLS