1321 Sunshine Dr · Crestview, FL 32539

$159,900

3 bd · 2.0 ba · 1,128 sqft · SingleFamily public records · 41 Days on market

Built 1983 $142/sqft · 30% below area Est $228k · 30% 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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• Schools +5.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment opportunity with major upside potential! This home was mostly remodeled prior to a pipe break over the winter, and much of the restoration work has already begun. Drywall has been demoed and partially replaced, and the property features brand-new flooring throughout. Situated on a super large lot with plenty of space and possibilities, this is a great opportunity for investors, flippers, or buyers looking to add their finishing touches and build equity.

Key facts

• Brand-new flooring
• Mostly remodeled
• Super large lot

Tags

• MOSTLY REMODELED
• BRAND-NEW FLOORING
• SUPER LARGE LOT

Property features AI

Finance

• HOA & community: Subdivision: METES & BOUNDS

Exterior

• Parking: Paved road frontage
• Security: Smoke detector(s)
• Utilities: Community water; Septic tank; Electric service; Phone available; TV cable available
• Home design: Ranch style; 1 story; Entry level: first floor; Composite shingle roof
• Construction: Built in 1983; Frame construction with vinyl siding; Slab foundation
• Exterior features: Lot accessed by a paved county road; Lot dimensions approximately 85 x 185 x 85 x 185; Zoned for single-family residential

Interior

• Kitchen: Kitchen on the first floor; Dishwasher; Microwave; Refrigerator
• Bedrooms: 3 bedrooms; Master bedroom on the first floor with tile master bathroom
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Electric heat control; Ridge vent
• Interior features: Tile flooring; Smoke detector(s); Ranch single-story layout
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.4% in Crestview — 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 75/100 on livability (#252 in FL, #3,858 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute 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: Walker Elementary School (math 52% / reading 55%, grade C, #949 of 2,144 statewide, top 45%, 864 students, 61% FRL); Crestview High School (math 49% / reading 54%, grade D+, #167 of 667 statewide, top 25%, 2,315 students, 42% FRL) — zoned schools average 52% FRL vs 36% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 526 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 ($74k/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 $5k 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 41 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 29y 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 $82k; list at $160k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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 B-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: 1.20% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.46%
• DSCR: 1.60
• GRM: 6.9

CMA / ARV

• ARV (median comp): $227,843
• List price: $159,900
• Delta: -29.82%
• 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
2899 Wisteria Ave	0.61mi	3/2.0	1,025 (-9%)	10mo	$220,000	$215	48

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 · 0.12% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.01×
• Total profit: $627
• Equity at exit: $23,842

10-year hold

• IRR: 7.0%
• Equity multiple: 1.46×
• Total profit: $20,649
• Equity at exit: $13,825

Cash invested: $44,772 (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 32539

• Home prices YoY: -17.8%
• Rents YoY: 0.1%
• Active inventory: 526
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,922 high
• Mortgage (P&I): −$839
• Tax from tax record: −$111 /mo · $1,331/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $502

Break-even live

Break-even rent $1,286

Max offer price $159,900

Occupancy floor 69%

Sensitivity live

Price	-10% $593	-5% $547	+0% $502	+5% $457	+10% $412
Rent	-10% $350	-5% $426	+0% $502	+5% $578	+10% $654
Rate	-1.0pp $583	-0.5pp $543	base $502	+0.5pp $461	+1.0pp $418

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2942 Sholtz Ave Crestview, FL	3.0	2.0	1266	$1,600	$1.26	45d	1	0.82mi
6260 Old Bethel Rd Crestview, FL	1.0–3.0	1.0–2.0	1253	$2,295	$1.83	15d	66	0.95mi
502 Hyde Park Dr Crestview, FL	3.0	2.0	1302	$1,795	$1.38	15d	1	1.01mi
815 Valley Rd Crestview, FL	3.0	2.5	1373	$1,550	$1.13	45d	1	1.05mi
205 Powell Dr Crestview, FL	3.0	1.5	1008	$1,400	$1.39	45d	1	1.11mi

Listing history 33 events

1. 2026-06-21
   days on market $159,900 Active 41 DOM
2. 2026-06-18
   days on market $159,900 Active 38 DOM
3. 2026-06-17
   days on market $159,900 Active 37 DOM
4. 2026-06-16
   days on market $159,900 Active 36 DOM
5. 2026-06-15
   days on market $159,900 Active 35 DOM
6. 2026-06-14
   days on market $159,900 Active 33 DOM
7. 2026-06-13
   days on market $159,900 Active 32 DOM
8. 2026-06-10
   days on market $159,900 Active 30 DOM
9. 2026-06-09
   days on market $159,900 Active 29 DOM
10. 2026-06-08
    days on market $159,900 Active 28 DOM
11. 2026-06-07
    days on market $159,900 Active 27 DOM
12. 2026-06-05
    days on market $159,900 Active 24 DOM
13. 2026-06-02
    days on market $159,900 Active 22 DOM
14. 2026-06-01
    days on market $159,900 Active 21 DOM
15. 2026-05-31
    days on market $159,900 Active 20 DOM
16. 2026-05-30
    days on market $159,900 Active 19 DOM
17. 2026-05-11
    listed $159,900 Active 468-char remark
18. 2012-12-31
    historical
19. 2011-07-29
    listed $85,000
20. 2011-07-29
    listed $85,000
21. 2010-07-14
    historical
22. 2010-05-03
    listed $99,500
23. 2010-05-03
    listed $99,500
24. 2008-06-03
    soldstatus $82,000
25. 2008-06-02
    soldstatus $82,000
26. 2008-06-02
    soldstatus $82,000
27. 2008-04-11
    listed $89,900
28. 2008-04-11
    listed $89,900
29. 2003-12-30
    soldstatus $65,000
30. 1998-06-24
    soldstatus $59,500
31. 1998-06-23
    soldstatus $59,500
32. 1997-08-10
    listed $59,500
33. 1990-04-01
    soldstatus $32,000

ⓘ 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: $1,331 · $111/mo
• Projected year-2 tax: $1,331 · $111/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 6/10 Major FEMA zone X (unshaded) · 94% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 19 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,060
• − Mortgage interest: −$8,957
• − Property taxes: −$1,331
• − Insurance: −$800
• − Repairs & maintenance: −$1,845
• − Management: −$1,845
• − Depreciation: −$4,652
• Taxable income: $3,632
• Est. tax owed @ 24.0%: −$872
• After-tax cash flow: $5,153/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 — Crestview

• Score: 75/100
• State rank: #252
• US rank: #3858

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Okaloosa County · 194,352 people
• City population: 58,889
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 33,290
• Household income: $74,369
• Rent vs Own: 21.7% rent · 78.3% own
• Severe rent burden: 371.0

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 (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Iranian 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -56.52%
• Current HPI: 261.1557
• Rent YoY: ▲ 0.12%
• 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

+399.7% since first listed

17 events — show timeline

• 2026-05-11 Listed $159,900 ECAR
• 2012-12-31 Listing Removed — NAMLS
• 2011-07-29 Listed $85,000 NAMLS
• 2011-07-29 Listed $85,000 ECAR
• 2010-07-14 Listing Removed — NAMLS
• 2010-05-03 Listed $99,500 NAMLS
• 2010-05-03 Listed $99,500 ECAR
• 2008-06-03 Sold (Public Records) $82,000 Public Records
• 2008-06-02 Sold (MLS) $82,000 ECAR
• 2008-06-02 Sold (MLS) $82,000 NAMLS
• 2008-04-11 Listed $89,900 ECAR
• 2008-04-11 Listed $89,900 NAMLS
• 2003-12-30 Sold (Public Records) $65,000 Public Records
• 1998-06-24 Sold (Public Records) $59,500 Public Records
• 1998-06-23 Sold (MLS) $59,500 NAMLS
• 1997-08-10 Listed $59,500 NAMLS
• 1990-04-01 Sold (Public Records) $32,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $1,331 · +3.6% YoY. Source: county tax records.