210 Pelham Rd Unit 216 C · Wright, FL 32547

$115,000

2 bd · 1.0 ba · 925 sqft · Condo public records · 1 Days on market

Built 1975 $485/mo HOA · 32% of rent

---

Why this score? — see what drove the D+ 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 +13.2/30.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Pier One Condominium. A waterfront community in the heart of Fort Walton Beach and convenient to everything our area has to offer. Pier One is located on the most beautiful bayou in the area, Cinco Bayou. A boaters dream with boat slips available, and direct access to Cinco Bayou and all its beauty, then just a short boat trip to Choctawhatchee Bay, and on to the Gulf of Mexico, Crab Island, the Intracoastal Waterway and any of the numerous waterways for which we are known. This 2 bedroom 1 bath condo is roomy, well maintained, and has the added upgrade of a washer/dryer that is included with the condo. No trips to the laundry room. Easy access to both Eglin AFB and Hurlburt AFB.

Key facts

• Fishing dock
• Private balcony
• Updated bathroom

Tags

• UPDATED LAMINATE FLOORING
• REFRESHED KITCHEN CABINETRY
• UPDATED BATHROOM
• PRIVATE BALCONY
• WATERFRONT SWIMMING POOL
• FISHING DOCK

Property features AI

Finance

• HOA & community: Association membership required; Association covers grounds maintenance, legal, management, utilities, sewer, trash and water; Community features include dock, dumpster, fishing, laundry, pool, TV cable and waterfront; Short-term rentals not allowed

Exterior

• Parking: 1 driveway parking space
• Security: Smoke detectors
• Utilities: Electric service; Public water; Public sewer; TV cable available; Tap fee paid; Electric water heater
• Home design: Condominium unit; Single-story unit (unit has 1 story); Building has 2 total stories; Flat roof; Built in 1975
• Construction: Frame construction with brick and vinyl siding and wood siding elements; Vinyl and wood trim
• Exterior features: Balcony; Community dock; Tennis courts; Chain link fencing; Community in-ground pool (community pool); Waterfront on a bayou

Interior

• Kitchen: Dishwasher; Range hood; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms (master bedroom on the first floor)
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Central heating; Central air conditioning; Electric heat controls
• Interior features: Painted woodwork; Living room on the first floor; Dining area on the first floor; Kitchen on the first floor; All main rooms on the first floor
• Laundry & utility: Community laundry available

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $-2 ($-28/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (0.4% below list).
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $115k (0.4% below list) — sets the bar for cash-flow.
• Cap rate 6.3% vs local median 4.2% in Wright — 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 (#117 in FL, #1,790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing 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: Wright Elementary School (math 48% / reading 49%, grade D, #1,152 of 2,144 statewide, top 55%, 635 students, 73% FRL); Choctawhatchee Senior High School (math 42% / reading 50%, grade D-, #220 of 667 statewide, top 33%, 1,677 students, 52% FRL) — zoned schools average 62% FRL vs 36% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 47% at this address vs 60% district-wide (-13 pts) — the specific schools serving this property underperform the Okaloosa average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.1%/yr); 232 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $63k; list at $115k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $114,589 (0.4% below list)

Questions for the listing agent

1. 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?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 6.27%
• Cash-on-cash: -0.09%
• DSCR: 1.00
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.29×
• Total profit: $-23,001
• Equity at exit: $17,147

10-year hold

• IRR: -33.4%
• Equity multiple: -0.13×
• Total profit: $-36,463
• Equity at exit: $9,943

Cash invested: $32,200 (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 32547

• Home prices YoY: -29.3%
• Rents YoY: -0.1%
• Active inventory: 232
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,535 high
• Mortgage (P&I): −$603
• Tax from tax record: −$79 /mo · $950/yr
• Insurance: −$48
• HOA: −$485
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $-2

Break-even live

Break-even rent $1,538

Max offer price $114,589

Occupancy floor 95%

Sensitivity live

Price	-10% $63	-5% $30	+0% $-2	+5% $-35	+10% $-67
Rent	-10% $-124	-5% $-63	+0% $-2	+5% $58	+10% $119
Rate	-1.0pp $56	-0.5pp $27	base $-2	+0.5pp $-32	+1.0pp $-62

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 Pelham Rd Fort Walton Beach, FL	1.0–2.0	1.0	809	$1,500	$1.85	15d	2	0.02mi
772 Rockport Ct Unit 4 Fort Walton Beach, FL	1.0	1.0	900	$1,200	$1.33	45d	1	0.16mi
770 Rockport Ct Unit 2 Fort Walton Beach, FL	1.0	1.0	900	$1,200	$1.33	45d	1	0.18mi
607 W Sunset Blvd Unit B Fort Walton Beach, FL	2.0	1.0	840	$1,600	$1.90	23d	1	0.25mi
1863 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	45d	1	0.27mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	15d	1	0.30mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	23d	1	0.30mi
706 Shady Lane Dr Unit B Fort Walton Beach, FL	2.0	1.0	900	$1,680	$1.87	45d	1	0.30mi
706 Shady Lane Dr Unit C Fort Walton Beach, FL	2.0	1.0	900	$1,600	$1.78	15d	1	0.30mi
1855 Norwood Ct #5 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	45d	1	0.31mi
1855 Norwood Ct Fort Walton Beach, FL	2.0	2.0	960	$1,400	$1.46	45d	1	0.31mi
1851 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	23d	1	0.33mi
1850 Norwood Ct Unit 2 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	23d	1	0.34mi
805 Hayley Marie Ct Fort Walton Beach, FL	2.0	2.0	1095	$1,650	$1.51	45d	1	0.38mi
1861 Stella Ln Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	15d	5	0.44mi
337 Lewis St Unit F Fort Walton Beach, FL	2.0	1.0	864	$1,225	$1.42	45d	1	0.45mi
402 Marshall Ct NW #6 Fort Walton Beach, FL	2.0	2.0	1050	$1,500	$1.43	23d	1	0.46mi
1850 Stella Ln Unit 4-411 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	15d	1	0.46mi
1850 Stella Ln Unit 4-417 Fort Walton Beach, FL	2.0	2.0	980	$1,800	$1.84	45d	1	0.46mi
1855 Stella Ln Unit 6-617 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	15d	1	0.46mi
1851 Stella Ln Unit 5-538 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	15d	1	0.46mi
405 Marshall Ct Fort Walton Beach, FL	2.0	2.0	1000	$1,495	$1.50	45d	1	0.51mi
225 Wright Pkwy NW #4 Fort Walton Beach, FL	1.0	1.0	680	$1,195	$1.76	23d	1	0.53mi
320 Clifford St Fort Walton Beach, FL	1.0	1.0	600	$1,150	$1.92	45d	1	0.56mi
881 Culp Ave Fort Walton Beach, FL	1.0	1.0	881	$1,250	$1.42	15d	1	0.79mi
1800 Tsuga Way Unit G Fort Walton Beach, FL	1.0	1.0	680	$1,300	$1.91	23d	1	0.83mi
1800 Tsuga Way Unit L Fort Walton Beach, FL	1.0	1.0	680	$1,350	$1.99	45d	1	0.83mi
2814 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	23d	1	0.91mi
2813 Bradford Pl NW Unit 2 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	15d	1	0.91mi
2812 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	23d	1	0.92mi
2809 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	15d	1	0.93mi
2809 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	45d	1	0.93mi
604 Colonial Dr Fort Walton Beach, FL	1.0–2.0	1.0–2.0	818	$1,624	$1.99	45d	1	0.97mi
44 Wright Pkwy NW Fort Walton Beach, FL	2.0	1.0	1000	$1,350	$1.35	23d	1	0.98mi
790 Navy St Fort Walton Beach, FL	2.0	1.0	900	$1,300	$1.44	15d	1	0.98mi
895 Silverwood #6 Fort Walton Beach, FL	2.0	2.0	960	$1,250	$1.30	23d	1	0.99mi
2800 Bradford Pl NW Fort Walton Beach, FL	2.0	2.0	850	$1,395	$1.64	15d	5	1.00mi
794 Navy St Fort Walton Beach, FL	2.0	1.0	840	$1,200	$1.43	23d	1	1.01mi
806 Fairview Dr Fort Walton Beach, FL	2.0	1.0	901	$1,350	$1.50	45d	1	1.06mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	45d	1	1.09mi

HOA detail condo

• Monthly dues: $485 · $5,820/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-21
   remarks 699-char remark
2. 2026-06-21
   listed $115,000 Active 1 DOM

ⓘ 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: $950 · $79/mo
• Projected year-2 tax: $954 · $80/mo
• Expected delta: +$4/yr ($0/mo · 0.4%)

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

Taxation est. · year 1

• Rental income: $18,423
• − Mortgage interest: −$6,442
• − Property taxes: −$950
• − Insurance: −$575
• − Repairs & maintenance: −$1,474
• − Management: −$1,474
• − HOA: −$5,820
• − Depreciation: −$3,345
• Taxable loss: −$1,657
• Est. tax savings @ 24.0%: +$398
• After-tax cash flow: $370/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 — Wright

• Score: 80/100
• State rank: #117
• US rank: #1790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wright, FL
• County: Okaloosa County · 194,352 people
• City population: 35,522
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 35,527
• Household income: $70,711
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1203.0

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 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 11% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 15% · Canada, Vietnam, Jamaica
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 1% Vietnamese 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: ▼ -111.28%
• Current HPI: 268.6497
• Rent YoY: ▼ -0.13%
• 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

+64.5% since first listed

5 events — show timeline

• 2026-06-20 Listed $115,000 ECAR
• 2019-07-25 Sold (Public Records) $63,000 Public Records
• 2019-07-25 Sold (MLS) $63,000 NAMLS
• 2019-07-25 Sold (MLS) $63,000 ECAR
• 2018-08-07 Listed $69,900 NAMLS

Property tax history

+6.9%/yr

Latest (2025): $950 · +0.2% YoY. Source: county tax records.