20 A Skimmer Cove Loop Unit 24A

Laguna Beach, FL 32461

$566,525D+

3 bd · 2.5 ba · 1,442 sqft · Built 2026 · Townhouse · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,153/mo
• Mortgage (P&I): −$2,971
• Tax + insurance: −$944
• HOA: −$308
• Vac / Maint / Mgmt: −$872
• Net cashflow: $-942/mo
• Annual: $-11,310/yr
• Cap rate: 4.30%
• Cash-on-cash: -7.13%
• DSCR: 0.68
• 1% rule: 0.73%
• Cash to close: $158,627

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $567k. Condition is rated excellent.
• At list price, monthly cash flow is $-942 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $430k (24.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $415k (26.7% below list).
• It's been on market 29 days — a 2% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $415k (26.7% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($4k loan paydown + $23k appreciation (4.1% local appreciation)).
• Location reads 74/100 on livability (#283 in FL, #4,522 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: amenities F.
• Walton (rural): math 62% / reading 61% proficiency, ranked #10 of 73 in FL (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Dune Lakes Elementary School (math 74% / reading 68%, grade A-, #320 of 2,144 statewide, top 15%, 928 students, 24% FRL); Emerald Coast Middle School (math 70% / reading 65%, grade A-, #77 of 571 statewide, top 14%, 868 students, 24% FRL); South Walton High School (math 61% / reading 73%, grade B, #69 of 667 statewide, top 11%, 1,235 students, 20% FRL) — zoned schools average 22% FRL vs 48% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 723 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.3% vs local median 0.9% in Laguna 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.
• This rent runs 34% of the median local income ($146k/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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?