46 Andy Dr · Freeport, FL 32439

$187,500

3 bd · 2.0 ba · 1,680 sqft · SingleFamily public records · 97 Days on market

Built 1993 0.48 ac lot Est $319k · 41% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Schools +5.2/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MUST SEE HOME!! NO HOA. This beautiful mobile home is located in a charming community just off of Bayloop Rd., situated on 4 lots just minutes to Freeport Regional Sports Complex at Hammock Bay, Shipyard Boat Ramp (AKA Four Mile Point Public Boat Launch), and Freeport Marina and Yacht Club! This gracious retreat features 3 bedrooms, 2 bath, a large floor plan, detached garage and workshop, separate living and family room, formal dining room, a Florida room, and a completely fenced in yard providing ample privacy for the perfect backyard oasis...and so much more... You can really have the best of both worlds; quiet and seclusion yet just a short drive to all the action (beaches, shopping, dining, and entertainment) of the emerald coast.

Key facts

• Metal roof
• Formal dining room
• All brick siding

Tags

• ALL BRICK SIDING
• FORMAL DINING ROOM
• FLORIDA ROOM
• COMPLETELY FENCED IN YARD
• 2 CAR DETACHED GARAGE
• METAL ROOF

Property features AI

Finance

• HOA & community: Subdivision: BELIEVE

Exterior

• Parking: Detached garage; 2-car garage; Oversized garage; Driveway with about 12 spaces; Street parking with about 8 spaces; RV and boat access/parking
• Utilities: Public water; Public sewer; Tap fee paid; Electric water heater; Electric-powered heating controls
• Home design: Single-story mobile home; Built in 1993; Interior entry level: first floor; Zoned for single-family residential; Facing direction not specified
• Construction: Brick and wood trim construction; Metal roof; Workshop structure on site
• Exterior features: Yard building; Porch (screened); Chain link fencing enclosing the lot; Workshop (separate structure)

Interior

• Kitchen: Refrigerator; Range hood
• Bedrooms: 3 bedrooms (master bedroom on the first level)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans; Electric heat controls
• Interior features: Built-in bookcases; Pantry; Wet bar; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $188k.

Deal economics

• At list price, monthly cash flow is $766 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $188k).
• Recommended offer: $171k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 3.0% in Freeport — 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 68/100 on livability (#520 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: health & safety C-, amenities F, commute 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: Freeport Elementary School (math 50% / reading 57%, grade C, #949 of 2,144 statewide, top 45%, 1,123 students, 55% FRL); Freeport Senior High School (math 47% / reading 62%, grade C-, #138 of 667 statewide, top 21%, 557 students, 43% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+1.4%/yr); 1012 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 35% of the median local income ($83k/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.
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.4% rent growth), your $52k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($171k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $38k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $118k; list at $188k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,625 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.29% ✓
• Cap rate: 11.20%
• Cash-on-cash: 17.52%
• DSCR: 1.78
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $319,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
135 Cool Breeze Dr	0.58mi	3/2.0	1,694 (+1%)	3mo	$321,700	$190	70
742 Marquis Way	0.71mi	3/2.0	1,679 (-0%)	3mo	$355,000	$211	64
610 Riverwalk Cir	0.46mi	4/2.0 (+1)	1,776 (+6%)	2mo	$335,000	$189	62
802 Marquis Way	0.71mi	3/2.0	1,701 (+1%)	3mo	$314,900	$185	62
138 N Speckled Trout Ln	0.56mi	3/2.0	1,637 (-3%)	13mo	$311,111	$190	59
100 N Speckled Trout Ln	0.56mi	3/2.0	1,637 (-3%)	14mo	$308,875	$189	58
23 Riverwalk Cir	0.63mi	3/2.0	1,637 (-3%)	12mo	$299,900	$183	57
56 Riverwalk Cir	0.61mi	4/2.0 (+1)	1,850 (+10%)	6mo	$389,900	$211	45
181 S Speckled Trout Ln	0.54mi	4/2.0 (+1)	1,820 (+8%)	14mo	$345,000	$190	44
31 Riverwalk Cir	0.62mi	4/2.0 (+1)	1,799 (+7%)	12mo	$339,900	$189	44
243 Brandywine Rd	0.65mi	3/2.0	1,901 (+13%)	9mo	$365,000	$192	40
34 Riverwalk Cir	0.62mi	4/3.0 (+1)	1,850 (+10%)	11mo	$388,000	$210	36

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 · 1.4% rent growth · sell at horizon

5-year hold

• IRR: 7.2%
• Equity multiple: 1.28×
• Total profit: $14,542
• Equity at exit: $27,957

10-year hold

• IRR: 15.2%
• Equity multiple: 2.14×
• Total profit: $60,056
• Equity at exit: $16,212

Cash invested: $52,500 (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 32439

• Home prices YoY: -4.2%
• Rents YoY: 1.4%
• Active inventory: 1012
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,420 high
• Mortgage (P&I): −$983
• Tax from tax record: −$84 /mo · $1,006/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $766

Break-even live

Break-even rent $1,450

Max offer price $187,500

Occupancy floor 63%

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: $46,875
• Closing costs: $5,625
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
147 Picnic Pl Freeport, FL	3.0	2.0	2040	$2,900	$1.42	20d	1	0.40mi
130 Speckled Trout Ln N Freeport, FL	3.0	2.0	1500	$2,350	$1.57	20d	1	0.58mi
532 Marquis Way Freeport, FL	3.0	2.0	1807	$2,950	$1.63	20d	1	0.82mi
2 Polk St Freeport, FL	3.0	2.0	1155	$1,550	$1.34	20d	1	0.82mi
201 Marsh Lndg S Freeport, FL	3.0	2.0	1757	$2,450	$1.39	20d	1	0.87mi
185 Marquis Way Freeport, FL	1.0–3.0	1.0–2.0	1129	$2,180	$1.93	13d	46	0.89mi
41 S Main Deck Dr Unit 1 Freeport, FL	3.0	2.5	1500	$2,195	$1.46	20d	1	1.02mi
47 S Main Deck Dr Unit 1 Freeport, FL	3.0	2.5	1459	$2,000	$1.37	20d	1	1.02mi
51 S Main Deck Dr Freeport, FL	3.0	2.5	1500	$2,095	$1.40	20d	1	1.03mi
3495 Sanctuary WAY Melbourne, FL	1.0–3.0	1.0–2.0	1002	$2,412	$2.41	13d	38	1.03mi
160 Bradford Ct Freeport, FL	3.0	2.0	1223	$2,495	$2.04	20d	1	1.06mi
170 Bradford Ct Freeport, FL	3.0	2.0	1253	$2,300	$1.84	20d	1	1.07mi
103 Bradford Ct Freeport, FL	3.0	2.0	1713	$2,095	$1.22	13d	1	1.11mi
255 N Jackson St Freeport, FL	3.0	2.0	1456	$2,100	$1.44	20d	1	1.23mi
15 Palm St Unit B Freeport, FL	3.0	3.5	2250	$2,150	$0.96	20d	1	1.26mi
70 Jakes Way Freeport, FL	3.0	2.0	1500	$2,100	$1.40	20d	1	1.27mi
435 Encore Way Freeport, FL	1.0–2.0	1.0–2.0	914	$1,856	$2.03	13d	17	1.46mi
15 Oakfield Dr Freeport, FL	3.0	2.0	1531	$2,350	$1.53	13d	1	1.48mi

Listing history 20 events

1. 2026-06-15
   days on market $187,500 Active 97 DOM
2. 2026-06-14
   days on market $187,500 Active 95 DOM
3. 2026-06-13
   days on market $187,500 Active 94 DOM
4. 2026-06-10
   days on market $187,500 Active 92 DOM
5. 2026-06-09
   days on market $187,500 Active 91 DOM
6. 2026-06-08
   days on market $187,500 Active 90 DOM
7. 2026-06-07
   days on market $187,500 Active 89 DOM
8. 2026-06-05
   days on market $187,500 Active 86 DOM
9. 2026-06-03
   days on market $187,500 Active 85 DOM
10. 2026-06-03
    days on market $187,500 Active 84 DOM
11. 2026-06-01
    days on market $187,500 Active 83 DOM
12. 2026-05-31
    days on market $187,500 Active 82 DOM
13. 2026-05-30
    days on market $187,500 Active 81 DOM
14. 2026-04-28
    price $187,500
15. 2026-03-30
    price $199,500
16. 2026-03-09
    listed $225,000 Active
17. 2018-08-23
    soldstatus $117,500
18. 2018-08-22
    soldstatus $117,500 746-char remark

    Show marketing remark (746 chars)

    MUST SEE HOME!! NO HOA. This beautiful mobile home is located in a charming community just off of Bayloop Rd., situated on 4 lots just minutes to Freeport Regional Sports Complex at Hammock Bay, Shipyard Boat Ramp (AKA Four Mile Point Public Boat Launch), and Freeport Marina and Yacht Club! This gracious retreat features 3 bedrooms, 2 bath, a large floor plan, detached garage and workshop, separate living and family room, formal dining room, a Florida room, and a completely fenced in yard providing ample privacy for the perfect backyard oasis...and so much more... You can really have the best of both worlds; quiet and seclusion yet just a short drive to all the action (beaches, shopping, dining, and entertainment) of the emerald coast.

19. 2018-08-22
    soldstatus $117,500 746-char remark

    Show marketing remark (746 chars)

    MUST SEE HOME!! NO HOA. This beautiful mobile home is located in a charming community just off of Bayloop Rd., situated on 4 lots just minutes to Freeport Regional Sports Complex at Hammock Bay, Shipyard Boat Ramp (AKA Four Mile Point Public Boat Launch), and Freeport Marina and Yacht Club! This gracious retreat features 3 bedrooms, 2 bath, a large floor plan, detached garage and workshop, separate living and family room, formal dining room, a Florida room, and a completely fenced in yard providing ample privacy for the perfect backyard oasis...and so much more... You can really have the best of both worlds; quiet and seclusion yet just a short drive to all the action (beaches, shopping, dining, and entertainment) of the emerald coast.

20. 2018-03-22
    listed $118,900 746-char remark

    Show marketing remark (746 chars)

    MUST SEE HOME!! NO HOA. This beautiful mobile home is located in a charming community just off of Bayloop Rd., situated on 4 lots just minutes to Freeport Regional Sports Complex at Hammock Bay, Shipyard Boat Ramp (AKA Four Mile Point Public Boat Launch), and Freeport Marina and Yacht Club! This gracious retreat features 3 bedrooms, 2 bath, a large floor plan, detached garage and workshop, separate living and family room, formal dining room, a Florida room, and a completely fenced in yard providing ample privacy for the perfect backyard oasis...and so much more... You can really have the best of both worlds; quiet and seclusion yet just a short drive to all the action (beaches, shopping, dining, and entertainment) of the emerald coast.

ⓘ 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: $1,006 · $84/mo
• Projected year-2 tax: $1,556 · $130/mo
• Expected delta: +$550/yr (+$46/mo · 54.7%)

ⓘ 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 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,038
• − Mortgage interest: −$10,503
• − Property taxes: −$1,006
• − Insurance: −$938
• − Repairs & maintenance: −$2,323
• − Management: −$2,323
• − Depreciation: −$5,455
• Taxable income: $6,491
• Est. tax owed @ 24.0%: −$1,558
• After-tax cash flow: $7,640/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: Walton
• NCES district ID: 1201980
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 61% ▼ -2.00%
• Median HH income: $46,794
• Composite: 52.03/100
• National rank: #1634
• State rank: #10 of 73 in FL

Livability — Freeport

• Score: 68/100
• State rank: #520
• US rank: #9579

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, FL
• County: Walton County · 70,839 people
• City population: 15,328
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 15,328
• Household income: $83,227
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 172.0

Population outlook (Walton County) Hauer SSP2

• Today (2025): 80,014 people
• By 2030: 88,120 · +10.1%
• By 2040: 103,537 · +29.4%
• By 2050: 117,034 · +46.3%
• By 2075: 143,901 · +79.8%
• By 2100: 155,138 · +93.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 8% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 1%
• Common ancestry: Slovak 3% Italian 3% Serbian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 13% Other Indo-European 1%

Political lean MEDSL · Walton

• 2024 margin: Solid R (+57.8) · D 20.7% · R 78.6%
• 2008→2024 swing: -12.0pp toward R · 2008: -45.8pp · 2024: -57.8pp
• All cycles: 2024: R+57.8 2020: R+51.7 2016: R+56.1 2012: R+52.0 2008: R+45.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.18%
• Current HPI: 350.4692
• Rent YoY: ▲ 1.40%
• 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

+57.7% since first listed

7 events — show timeline

• 2026-04-28 Price Changed $187,500 ECAR
• 2026-03-30 Price Changed $199,500 ECAR
• 2026-03-09 Listed $225,000 ECAR
• 2018-08-23 Sold (Public Records) $117,500 Public Records
• 2018-08-22 Sold (MLS) $117,500 NAMLS
• 2018-08-22 Sold (MLS) $117,500 ECAR
• 2018-03-22 Listed $118,900 NAMLS

Property tax history

+20.0%/yr

Latest (2025): $1,006 · -0.0% YoY. Source: county tax records.