21 SW Ranger St · Fort Walton Beach, FL 32548

$195,000

3 bd · 1.0 ba · 836 sqft · SingleFamily public records · 35 Days on market

Built 1956 9,583 sqft lot $233/sqft · 16% below area Est $231k · 16% 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 +18.4/30.0
• ARV discount +14.5/15.0
• DSCR +5.8/10.0
• Schools +5.2/10.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Home is in need of some work but could present great return on investment for a new or experienced investor. Lot is good sized and back yard is large. Solid foundation and great opportunities for the buyer!

Key facts

• Metal roof
• Attached carport
• 9,583 sq ft lot

Tags

• ATTACHED CARPORT
• PARTIALLY FENCED BACK YARD
• DECK AT THE BACK DOOR
• CINDER BLOCK EXTERIOR
• VINYL DOUBLE PANE WINDOWS
• METAL ROOF

Property features AI

Finance

• HOA & community: Subdivision: SEABREEZE ADD #3 LOT 2 BLK G

Exterior

• Parking: Attached carport; 1 carport space; 2 driveway spaces
• Utilities: Public water; Public sewer; Electric service; Natural gas available; TV cable
• Home design: Traditional single-story home; Built in 1956
• Construction: Block, concrete, wood siding and wood trim construction; Metal roof; Slab foundation
• Exterior features: Chain link partial fencing; Interior, level lot within 1/2 mile to water; City street frontage on a paved road

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 3 bedrooms; Master bedroom on the first floor with tile master bathroom
• Flooring: Tile; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Ceiling fans; Natural gas heating
• Interior features: Painted woodwork; 6 total rooms
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/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 $181k (7.1% below list).
• Recommended offer: $181k (7.1% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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); 345 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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 33% 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 $1k of loan paydown is wiped out by about $6k 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 35 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago 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 $65k; list at $195k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe 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 $181,247 (7.1% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.93% ✗
• Cap rate: 7.41%
• Cash-on-cash: 4.00%
• DSCR: 1.18
• GRM: 9.0

CMA / ARV

• ARV (median comp): $230,812
• List price: $195,000
• Delta: -15.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 SW Cedar Ave	0.55mi	3/1.0	912 (+9%)	3mo	$240,213	$263	57

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: -14.1%
• Equity multiple: 0.50×
• Total profit: $-27,233
• Equity at exit: $29,075

10-year hold

• IRR: -8.2%
• Equity multiple: 0.52×
• Total profit: $-26,100
• Equity at exit: $16,860

Cash invested: $54,600 (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: 345
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,812 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$146 /mo · $1,753/yr
• Insurance: −$81
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $115

Break-even live

Break-even rent $1,666

Max offer price $195,000

Occupancy floor 89%

Sensitivity live

Price	-10% $226	-5% $171	+0% $115	+5% $60	+10% $5
Rent	-10% $-28	-5% $44	+0% $115	+5% $187	+10% $259
Rate	-1.0pp $214	-0.5pp $165	base $115	+0.5pp $65	+1.0pp $14

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Church Ave SE Unit B Fort Walton Beach, FL	2.0	1.0	930	$1,300	$1.40	23d	1	0.30mi
101 Church Ave SE Unit 204 Fort Walton Beach, FL	2.0	1.0	945	$1,676	$1.77	45d	1	0.31mi
165 Brooks St SE Fort Walton Beach, FL	2.0	1.0	900	$1,850	$2.06	15d	1	0.83mi
36 Alder Ave SE #3 Fort Walton Beach, FL	2.0	2.5	1061	$1,800	$1.70	45d	1	0.92mi
159 Scottwood Dr SE Fort Walton Beach, FL	2.0	2.0	1104	$1,400	$1.27	45d	1	0.93mi
208 Oak St SE Unit B Fort Walton Beach, FL	2.0	1.5	1008	$1,650	$1.64	23d	1	0.97mi
115 Hughes St NE Unit D2 Fort Walton Beach, FL	2.0	1.0	1066	$1,900	$1.78	23d	1	0.97mi
133 Alder Ave SE Fort Walton Beach, FL	2.0	1.0	1031	$1,500	$1.45	45d	1	0.97mi
140 Opp Blvd NE Fort Walton Beach, FL	2.0	1.5	896	$1,750	$1.95	45d	1	0.97mi
330 Bluefish Dr #103 Fort Walton Beach, FL	2.0	2.0	1100	$2,500	$2.27	45d	1	1.03mi
107 Magnolia Ave SE Fort Walton Beach, FL	3.0	1.0	1106	$1,700	$1.54	15d	1	1.06mi
128 Elm Ave SE Fort Walton Beach, FL	2.0	1.0	960	$1,500	$1.56	23d	1	1.11mi
940 Santa Rosa Blvd Fort Walton Beach, FL	2.0	2.0	1000	$2,200	$2.20	23d	4	1.15mi
22 Laurie Dr NE Fort Walton Beach, FL	3.0	1.5	1064	$1,800	$1.69	23d	1	1.23mi
909 Santa Rosa Blvd #328 Fort Walton Beach, FL	2.0	2.0	1035	$2,600	$2.51	45d	1	1.23mi

Listing history 9 events

1. 2026-04-20
   listed $195,000 Active 543-char remark
2. 2018-02-12
   soldstatus $65,000 206-char remark

   Show marketing remark (206 chars)

   Home is in need of some work but could present great return on investment for a new or experienced investor. Lot is good sized and back yard is large. Solid foundation and great opportunities for the buyer!

3. 2018-02-12
   soldstatus $65,000 206-char remark

   Show marketing remark (206 chars)

   Home is in need of some work but could present great return on investment for a new or experienced investor. Lot is good sized and back yard is large. Solid foundation and great opportunities for the buyer!

4. 2018-02-12
   soldstatus $65,071

   Show marketing remark (206 chars)

   Home is in need of some work but could present great return on investment for a new or experienced investor. Lot is good sized and back yard is large. Solid foundation and great opportunities for the buyer!

5. 2017-10-03
   listed $71,900 206-char remark

   Show marketing remark (206 chars)

   Home is in need of some work but could present great return on investment for a new or experienced investor. Lot is good sized and back yard is large. Solid foundation and great opportunities for the buyer!

6. 2017-04-18
   soldstatus $70,000
7. 2017-04-13
   soldstatus $70,000

   Show marketing remark (406 chars)

   With some love, this 3 bedroom, 1 bath REO home in Fort Walton Beach would be the perfect residence or rental investment. The home has a nice size back yard that is partially fenced and a carport for under cover parking. There is plenty of extra storage with lockable closet next to the side entrance. The location is close to schools, shopping, parks, beaches, Military Bases and employment opportunities.

8. 2017-04-13
   soldstatus $70,000

   Show marketing remark (406 chars)

   With some love, this 3 bedroom, 1 bath REO home in Fort Walton Beach would be the perfect residence or rental investment. The home has a nice size back yard that is partially fenced and a carport for under cover parking. There is plenty of extra storage with lockable closet next to the side entrance. The location is close to schools, shopping, parks, beaches, Military Bases and employment opportunities.

9. 2017-03-17
   listed $74,900

   Show marketing remark (406 chars)

   With some love, this 3 bedroom, 1 bath REO home in Fort Walton Beach would be the perfect residence or rental investment. The home has a nice size back yard that is partially fenced and a carport for under cover parking. There is plenty of extra storage with lockable closet next to the side entrance. The location is close to schools, shopping, parks, beaches, Military Bases and employment opportunities.

ⓘ 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: $1,753 · $146/mo
• Projected year-2 tax: $1,753 · $146/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% 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: $21,750
• − Mortgage interest: −$10,923
• − Property taxes: −$1,753
• − Insurance: −$1,772
• − Repairs & maintenance: −$1,740
• − Management: −$1,740
• − Depreciation: −$5,673
• Taxable loss: −$1,852
• Est. tax savings @ 24.0%: +$444
• After-tax cash flow: $1,830/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

+160.3% since first listed

10 events — show timeline

• 2026-05-27 Pending — ECAR
• 2026-04-20 Listed $195,000 ECAR
• 2018-02-12 Sold (Public Records) $65,071 Public Records
• 2018-02-12 Sold (MLS) $65,000 NAMLS
• 2018-02-12 Sold (MLS) $65,000 ECAR
• 2017-10-03 Listed $71,900 NAMLS
• 2017-04-18 Sold (Public Records) $70,000 Public Records
• 2017-04-13 Sold (MLS) $70,000 NAMLS
• 2017-04-13 Sold (MLS) $70,000 ECAR
• 2017-03-17 Listed $74,900 NAMLS

Property tax history

+5.4%/yr

Latest (2025): $1,753 · +5.7% YoY. Source: county tax records.