637 Sandalwood Dr · Destin, FL 32541

$276,000

3 bd · 2.0 ba · 1,196 sqft · Townhouse public records · 31 Days on market

Built 1983 3,049 sqft lot Est $411k · 33% under ↓ 1% since listing

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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 +13.3/30.0
• Schools +5.2/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Please call 850-664-6000 or email [email protected] for more information. 'Lowest-Priced 3 Bedroom Opportunity in the Heart of Destin - No HOA & Priced to Sell AS-IS!' Looking for a way to get into Destin at a price point rarely available? This 3-bedroom, 2-bath townhome with garage and fenced yard offers an incredible opportunity to add value and build equity in one of the area's most convenient locations. Located in the established Sandalwood Manor community with NO HOA, you're just minutes from the beaches, harbor, shopping, and dining--an area that consistently attracts both homeowners and investors. This property does need updates--but that's where the opportunity is. Renovate

Key facts

• Garage
• Built 1983
• Listed 31 days

Property features AI

Finance

• HOA & community: Located in the Sandalwood Manor subdivision

Exterior

• Parking: Attached garage
• Utilities: Electric service; Public water; Public sewer
• Home design: Townhome; 2 stories; Built in 1983; Shake roof
• Construction: Brick, stone, and vinyl siding exterior
• Exterior features: Privacy fencing; Open patio; City street frontage; Paved road access

Interior

• Kitchen: Dishwasher
• Bedrooms: 3 bedrooms (master bedroom is carpeted); Bedroom on first floor; two bedrooms on second floor
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Breakfast bar; Cathedral ceilings; Fireplace; Newly painted; 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 townhouse listed at $276k.

Deal economics

• At list price, monthly cash flow is $1 ($13/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 $220k (20.1% below list).
• Recommended offer: $220k (20.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 0.9% in Destin — 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 79/100 on livability (#158 in FL, #2,247 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• 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: Destin Elementary School (math 79% / reading 70%, grade A, #230 of 2,144 statewide, top 12%, 976 students, 41% FRL); Destin High School (470 students, 11% FRL, charter).
• Zoned-school proficiency averages 74% at this address vs 60% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Okaloosa average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.7%/yr); 918 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 31 days — a 3% lower offer ($268k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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 $220,427 (20.1% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.80% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.02%
• DSCR: 1.00
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $411,424
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
513 Sandalwood Ct #513	0.07mi	2/1.5 (-1)	1,238 (+4%)	10mo	$198,900	$161	75
734 Legion Dr #64	0.47mi	2/2.0 (-1)	1,188 (-1%)	2mo	$235,000	$198	70
30 Moreno Point Rd Unit 305C	0.56mi	2/2.0 (-1)	1,193 (-0%)	1mo	$410,000	$344	68
153 Bent Arrow Dr	0.37mi	2/2.0 (-1)	1,250 (+4%)	7mo	$305,000	$244	64
30 Moreno Point Rd Unit 205B	0.56mi	2/2.0 (-1)	1,193 (-0%)	7mo	$420,000	$352	63
30 Moreno Point Rd Unit 406A	0.56mi	2/2.0 (-1)	1,193 (-0%)	8mo	$280,000	$235	62
30 Moreno Point Dr Unit 303A	0.56mi	2/2.0 (-1)	1,169 (-2%)	4mo	$350,000	$299	62
30 Moreno Point Rd Unit 702A	0.56mi	2/2.0 (-1)	1,223 (+2%)	5mo	$485,000	$397	61
226 Indian Oaks Dr #226	0.35mi	2/1.5 (-1)	1,060 (-11%)	3mo	$243,500	$230	55
22 Moreno Point Rd Unit 06	0.63mi	2/2.0 (-1)	1,076 (-10%)	8mo	$390,000	$362	42
223 Durango Rd Unit 2 D	0.74mi	2/2.0 (-1)	1,292 (+8%)	8mo	$655,000	$507	40
223 Durango Rd Unit 5D	0.74mi	2/2.0 (-1)	1,292 (+8%)	9mo	$725,000	$561	40

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 · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.44×
• Total profit: $-43,208
• Equity at exit: $41,152

10-year hold

• IRR: -6.2%
• Equity multiple: 0.59×
• Total profit: $-31,504
• Equity at exit: $23,863

Cash invested: $77,280 (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 32541

• Rents YoY: 3.7%
• Active inventory: 918
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,204 high
• Mortgage (P&I): −$1,447
• Tax from tax record: −$178 /mo · $2,135/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $1

Break-even live

Break-even rent $2,203

Max offer price $276,000

Occupancy floor 95%

Sensitivity live

Price	-10% $157	-5% $79	+0% $1	+5% $-77	+10% $-155
Rent	-10% $-173	-5% $-86	+0% $1	+5% $88	+10% $175
Rate	-1.0pp $140	-0.5pp $71	base $1	+0.5pp $-70	+1.0pp $-143

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: $69,000
• Closing costs: $8,280
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
204 Ann Cir Unit C Destin, FL	2.0	1.0	1000	$1,550	$1.55	45d	1	0.23mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,450	$1.61	22d	1	0.26mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,600	$1.78	45d	1	0.26mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,750	$2.06	15d	1	0.28mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,800	$2.12	45d	1	0.28mi
150 Bent Arrow Dr Destin, FL	3.0	2.5	1440	$2,250	$1.56	45d	1	0.36mi
150 Bent Arrow Dr #36 Destin, FL	3.0	2.5	1452	$2,100	$1.45	22d	1	0.45mi
150 Bent Arrow Dr #36 Destin, FL	3.0	2.5	1452	$2,100	$1.45	15d	1	0.45mi
734 Legion Dr #70 Destin, FL	2.0	2.0	1180	$2,099	$1.78	45d	1	0.49mi
235 Pelican Pl #11 Destin, FL	2.0	2.5	1465	$2,400	$1.64	45d	1	0.54mi
234 Pelican Pl Destin, FL	2.0	2.5	1332	$2,100	$1.58	45d	1	0.62mi
22 Moreno Point Rd Unit 1285898P Destin, FL	2.0	2.5	1065	$3,068	$2.88	15d	1	0.64mi
22 Moreno Point Rd #12 Destin, FL	3.0	2.5	1236	$3,295	$2.67	45d	1	0.64mi
2004-2098 Palm St Destin, FL	1.0–3.0	1.0–2.0	1061	$3,156	$2.97	15d	22	0.65mi
197 Durango Rd Destin, FL	2.0	1.0	852	$2,700	$3.17	22d	1	0.68mi
132 Bayou Dr Destin, FL	2.0	1.5	1161	$2,200	$1.89	45d	1	1.02mi
100 Gulf Shore Dr #104 Destin, FL	2.0	2.0	1100	$3,200	$2.91	45d	1	1.04mi
47 Pine Ridge Trce Destin, FL	3.0	2.0	1188	$2,900	$2.44	15d	1	1.05mi
37 Log Pl Destin, FL	2.0	1.5	1261	$1,750	$1.39	22d	1	1.09mi
2 Court Dr Destin, FL	2.0	2.5	1216	$2,000	$1.64	22d	1	1.15mi
27 Court Dr Destin, FL	2.0	2.5	1216	$2,300	$1.89	45d	1	1.17mi
1014 Airport Rd #138 Destin, FL	3.0	2.5	1440	$2,300	$1.60	45d	1	1.40mi
160 S Mattie M Kelly Blvd Destin, FL	1.0–3.0	1.0–2.0	1074	$2,650	$2.47	15d	24	1.44mi

Listing history 18 events

1. 2026-06-21
   days on market $276,000 Active 31 DOM
2. 2026-06-18
   days on market $276,000 Active 28 DOM
3. 2026-06-17
   days on market $276,000 Active 27 DOM
4. 2026-06-16
   days on market $276,000 Active 26 DOM
5. 2026-06-15
   days on market $276,000 Active 25 DOM
6. 2026-06-14
   days on market $276,000 Active 23 DOM
7. 2026-06-13
   remarks 695-char remark
8. 2026-06-13
   pricedays on market $276,000 Active 22 DOM
9. 2026-06-10
   days on market $279,900 Active 20 DOM
10. 2026-06-09
    days on market $279,900 Active 19 DOM
11. 2026-06-08
    days on market $279,900 Active 18 DOM
12. 2026-06-07
    days on market $279,900 Active 17 DOM
13. 2026-06-05
    days on market $279,900 Active 14 DOM
14. 2026-06-02
    days on market $279,900 Active 12 DOM
15. 2026-06-01
    days on market $279,900 Active 11 DOM
16. 2026-05-31
    days on market $279,900 Active 10 DOM
17. 2026-05-30
    days on market $279,900 Active 9 DOM
18. 2026-05-21
    listed $279,900 Active

ⓘ 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: $2,135 · $178/mo
• Projected year-2 tax: $2,291 · $191/mo
• Expected delta: +$155/yr (+$13/mo · 7.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 22 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: $26,451
• − Mortgage interest: −$15,460
• − Property taxes: −$2,135
• − Insurance: −$1,380
• − Repairs & maintenance: −$2,116
• − Management: −$2,116
• − Depreciation: −$8,029
• Taxable loss: −$4,786
• Est. tax savings @ 24.0%: +$1,149
• After-tax cash flow: $1,161/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 — Destin

• Score: 79/100
• State rank: #158
• US rank: #2247

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Destin, FL
• County: Okaloosa County · 194,352 people
• City population: 18,855
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 18,855
• Household income: $95,124
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 554.0

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: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 7% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada
• Languages at home: 83% English-only · Spanish 7% Other Indo-European 6% Russian/Polish/Slavic 2%

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: ▼ -147.89%
• Current HPI: 252.6715
• Rent YoY: ▲ 3.68%
• 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

-1.4% since first listed

2 events — show timeline

• 2026-06-10 Price Changed $276,000 ECAR
• 2026-05-21 Listed $279,900 ECAR

Property tax history

+9.7%/yr

Latest (2025): $2,135 · +6.5% YoY. Source: county tax records.