26 Caswell Cir · Mary Esther, FL 32569

$179,900

3 bd · 2.0 ba · 1,361 sqft · SingleFamily public records · 38 Days on market

Built 1969 8,276 sqft lot $132/sqft · 37% below area Est $287k · 37% 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 +25.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +6.6/10.0
• Schools +5.2/10.0
• Livability +4.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with incredible potential in a prime location! This lender-approved short sale is being sold strictly as-is and offers a great opportunity for investors, flippers, or buyers ready to bring their vision and renovation skills. Situated on a quiet cul-de-sac, this 3-bedroom, 1.5-bath home needs significant repairs and updates but has solid upside in an area known for strong rental demand and convenient access to the Emerald Coast. Ideally located less than 3 miles from the back gate of Hurlburt Field, approximately 9 miles to Eglin Air Force Base, 12 miles to Destin, and just 16 miles from Navarre Beach. Convenient to shopping, dining, schools, and the Gulf Coast's beautiful w

Key facts

• Strong rental demand
• Quiet cul-de-sac
• Convenient access

Tags

• PRIME LOCATION
• QUIET CUL-DE-SAC
• STRONG RENTAL DEMAND
• CONVENIENT ACCESS
• CLOSE TO SHOPPING
• CLOSE TO DINING

Property features AI

Finance

• HOA & community: Subdivision: HOWARD S/D

Exterior

• Parking: Attached covered carport
• Utilities: Electric service; Public water; Public sewer
• Home design: Ranch-style single-story home; Built in 1969; Zoned for single-family residential
• Construction: Block construction
• Exterior features: Located on a cul-de-sac; Paved road access; Paved road surface

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: 3 bedrooms, all on the first floor (including a first-floor master bedroom)
• Bathrooms: 2 bathrooms (1 full, 1 half)
• Heating & cooling: Central heating; Central air conditioning; Electric heat controls
• Interior features: Living room on the first floor; Kitchen on the first floor; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.8% in Mary Esther — 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 89/100 on livability (#2 in FL, #137 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+.
• 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: Mary Esther Elementary School (math 53% / reading 51%, grade C-, #990 of 2,144 statewide, top 48%, 441 students, 70% FRL); Fort Walton Beach High School (math 54% / reading 58%, grade C, #131 of 667 statewide, top 20%, 1,620 students, 42% FRL) — zoned schools average 56% FRL vs 36% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.5%/yr); 178 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).
• This rent runs 32% of the median local income ($78k/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 38 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $13k; list at $180k implies a 1271% 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; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.10%
• DSCR: 1.45
• GRM: 7.2

CMA / ARV

• ARV (median comp): $286,703
• List price: $179,900
• Delta: -37.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 Point Comfort Rd	0.16mi	3/2.0	1,408 (+4%)	1mo	$360,000	$256	86
183 Marcia Dr	0.36mi	3/2.0	1,433 (+5%)	8mo	$320,000	$223	68
167 Marcia Dr	0.41mi	3/2.0	1,433 (+5%)	6mo	$315,000	$220	67
345 Avon Ln	0.36mi	3/2.5	1,235 (-9%)	6mo	$290,000	$235	61
441 Stonehenge Dr	0.51mi	3/2.0	1,488 (+9%)	0mo	$359,900	$242	60
500 Bryn Mawr Blvd	0.51mi	3/2.0	1,200 (-12%)	1mo	$315,000	$263	56
88 Ruby Cir	0.74mi	3/2.5	1,439 (+6%)	1mo	$349,500	$243	53
153 Brewer Cir	0.60mi	3/2.0	1,472 (+8%)	8mo	$318,000	$216	52
431 Stonehenge Dr	0.50mi	4/2.0 (+1)	1,200 (-12%)	7mo	$291,000	$243	46
641 Cornwall Ter	0.58mi	4/2.0 (+1)	1,200 (-12%)	3mo	$290,000	$242	46
451 Stonehenge Dr Dr	0.53mi	4/2.0 (+1)	1,209 (-11%)	8mo	$300,000	$248	46
650 Bryn Mawr Blvd	0.63mi	2/1.0 (-1)	1,240 (-9%)	9mo	$269,000	$217	39

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.84×
• Total profit: $-8,270
• Equity at exit: $26,824

10-year hold

• IRR: 1.3%
• Equity multiple: 1.08×
• Total profit: $3,943
• Equity at exit: $15,554

Cash invested: $50,372 (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 32569

• Home prices YoY: -26.5%
• Rents YoY: -0.5%
• Active inventory: 178
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,093 high
• Mortgage (P&I): −$943
• Tax from tax record: −$212 /mo · $2,540/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $424

Break-even live

Break-even rent $1,557

Max offer price $179,900

Occupancy floor 75%

Sensitivity live

Price	-10% $526	-5% $475	+0% $424	+5% $373	+10% $322
Rent	-10% $258	-5% $341	+0% $424	+5% $507	+10% $589
Rate	-1.0pp $514	-0.5pp $470	base $424	+0.5pp $377	+1.0pp $330

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
490 Soundview Ct Mary Esther, FL	3.0	2.5	1678	$3,200	$1.91	22d	1	0.38mi
28 E Lane Dr Mary Esther, FL	2.0	2.0	1134	$1,500	$1.32	44d	1	0.51mi
27 E Lane Dr Mary Esther, FL	2.0	2.0	1134	$1,695	$1.49	14d	1	0.51mi
200 Page Bacon Rd Mary Esther, FL	1.0–3.0	1.0–2.0	1030	$2,588	$2.51	14d	18	0.61mi
413 Sea Rover Ln NW Unit F Fort Walton Beach, FL	2.0	1.5	1035	$1,600	$1.55	22d	1	0.64mi
413 Sea Rover Ln NW Unit F Fort Walton Beach, FL	2.0	1.5	1035	$1,600	$1.55	14d	1	0.64mi
17 Cape Dr NW Unit B Fort Walton Beach, FL	3.0	2.0	1462	$1,995	$1.36	14d	1	0.82mi
209 W Miracle Strip Pkwy Unit A203 Mary Esther, FL	2.0	1.0	900	$1,350	$1.50	22d	1	0.83mi
470 Brian Cir Mary Esther, FL	3.0	2.0	1875	$2,800	$1.49	44d	1	0.84mi
280 Anderson Dr Mary Esther, FL	3.0	1.0	1066	$1,695	$1.59	44d	1	0.90mi
358 Coral Dr SW Fort Walton Beach, FL	3.0	2.0	1350	$1,800	$1.33	44d	1	1.00mi
44 Wright Pkwy NW Fort Walton Beach, FL	2.0	1.0	1000	$1,350	$1.35	22d	1	1.01mi
322 Kathleen Pl NW Fort Walton Beach, FL	4.0	2.0	1532	$2,490	$1.63	14d	1	1.12mi
1851 Stella Ln Unit 5-538 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	14d	1	1.36mi
1855 Stella Ln Unit 6-617 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	14d	1	1.36mi
1850 Stella Ln Unit 4-417 Fort Walton Beach, FL	2.0	2.0	980	$1,800	$1.84	44d	1	1.37mi
1850 Stella Ln Unit 4-411 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	14d	1	1.37mi
1861 Stella Ln Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	14d	5	1.39mi
405 Marshall Ct Fort Walton Beach, FL	2.0	2.0	1000	$1,495	$1.50	44d	1	1.41mi
223 Ajax Dr NW Fort Walton Beach, FL	3.0	2.0	1196	$1,650	$1.38	14d	1	1.43mi
223 Ajax Dr NW Fort Walton Beach, FL	3.0	2.0	1196	$1,750	$1.46	44d	1	1.43mi
402 Marshall Ct NW #6 Fort Walton Beach, FL	2.0	2.0	1050	$1,500	$1.43	22d	1	1.43mi
646 Virginia Oak Ct Fort Walton Beach, FL	2.0	1.5	1278	$1,545	$1.21	14d	1	1.48mi
305 Leah Miller Dr NW Fort Walton Beach, FL	3.0	1.5	1334	$2,000	$1.50	22d	1	1.50mi

Listing history 15 events

1. 2026-06-21
   days on market $179,900 Active 38 DOM
2. 2026-06-18
   days on market $179,900 Active 35 DOM
3. 2026-06-17
   days on market $179,900 Active 34 DOM
4. 2026-06-16
   days on market $179,900 Active 33 DOM
5. 2026-06-15
   days on market $179,900 Active 32 DOM
6. 2026-06-14
   days on market $179,900 Active 30 DOM
7. 2026-06-13
   days on market $179,900 Active 29 DOM
8. 2026-06-10
   days on market $179,900 Active 27 DOM
9. 2026-06-09
   days on market $179,900 Active 26 DOM
10. 2026-06-08
    days on market $179,900 Active 25 DOM
11. 2026-06-07
    statusdays on market $179,900 Active 24 DOM
12. 2026-05-14
    status Active 717-char remark
13. 2026-05-08
    listed $179,900 Active 717-char remark
14. 1977-01-01
    soldstatus $13,120
15. 1973-07-01
    soldstatus $18,300

ⓘ 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: $2,540 · $212/mo
• Projected year-2 tax: $2,540 · $212/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 22 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: $25,122
• − Mortgage interest: −$10,077
• − Property taxes: −$2,540
• − Insurance: −$900
• − Repairs & maintenance: −$2,010
• − Management: −$2,010
• − Depreciation: −$5,233
• Taxable income: $2,352
• Est. tax owed @ 24.0%: −$565
• After-tax cash flow: $4,521/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 — Mary Esther

• Score: 89/100
• State rank: #2
• US rank: #137

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mary Esther, FL
• County: Okaloosa County · 194,352 people
• City population: 12,063
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 12,063
• Household income: $77,718
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 416.0

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 0.58)
• Race & ethnicity: White 63% Two or more races 12% Black 12% Hispanic / Latino 9% Asian 8%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 5% Romanian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, South Korea, China
• Languages at home: 89% English-only · Other Indo-European 4% Spanish 3% Tagalog/Filipino 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: ▼ -97.13%
• Current HPI: 269.266
• Rent YoY: ▼ -0.45%
• 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

+883.1% since first listed

5 events — show timeline

• 2026-06-06 Relisted — ECAR
• 2026-05-14 Relisted — ECAR
• 2026-05-08 Listed $179,900 ECAR
• 1977-01-01 Sold (Public Records) $13,120 Public Records
• 1973-07-01 Sold (Public Records) $18,300 Public Records