3857 Indian Trl #109 · Destin, FL 32541

$199,900

1 bd · 1.0 ba · 813 sqft · Condo · 161 Days on market

Built 1972 Good condition $246/sqft · 28% below area Est $280k · 28% under $575/mo HOA · 32% of rent

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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).

• ARV discount +15.0/15.0
• Schools +7.1/10.0
• Cash flow +4.0/30.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• 1% rule +3.9/10.0
• Rent growth +3.4/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Quiet convenience can be found at this 90 unit rental-restricted condo on 3.6acres on Choctawhatchee Bay. This Destin 1br/1ba condo lives large with an enclosed patio, large closets, + exterior storage onsite. Parking for 109 is just outside your front door with plenty of overflow parking and 14 spots for boat parking on site. Complex includes a bayfront pool, clubhouse + 2 laundry centers on each floor. This unit has a brand new HVAC with transferable warranty & new water heater. The central location provides for quick trips to many necessities, without even having to access the highway! Owner's Association allows for service animals only. No pets.

Key facts

• $575 HOA
• Parking
• Community pool

🏷️ Possibly a rental listed for sale. The $199,900 price doesn't fit this home's estimated sale value (~$279,549) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $200k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-557 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (40.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (11.4% below list).
• Recommended offer: $119k (40.3% below list) — sets the bar for cash-flow.
• Cap rate 3.0% 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); 1233 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 139d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $1k of loan paydown is wiped out by about $6k 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 161 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $119,364 (40.3% 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. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.89% ✗
• Cap rate: 2.95%
• Cash-on-cash: -11.93%
• DSCR: 0.47
• GRM: 9.4

CMA / ARV

• ARV (median comp): $279,549
• List price: $199,900
• Delta: -28.49%
• 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
3857 Indian Trl #411	0.00mi	1/1.0	813 (0%)	20mo	$235,000	$289	83
3857 Indian Trl #314	0.00mi	2/2.0 (+1)	989 (+22%)	3mo	$295,000	$298	64
3863 Indian Trl #106	0.09mi	2/2.0 (+1)	936 (+15%)	7mo	$320,000	$342	56
710 Legion Dr Unit H2	1.27mi	2/1.0 (+1)	850 (+5%)	1mo	$170,000	$200	51
3857 Indian Trl #212	0.00mi	2/2.0 (+1)	1,000 (+23%)	20mo	$275,000	$275	49
3863 Indian Trl Unit 104	0.08mi	2/2.0 (+1)	936 (+15%)	17mo	$305,000	$326	48
710 Legion Dr Unit O4	1.19mi	2/1.0 (+1)	850 (+5%)	6mo	$222,500	$262	47
710 Legion Dr Unit O3	1.19mi	2/1.0 (+1)	850 (+5%)	10mo	$222,500	$262	44
710 Legion Dr Unit P2	1.20mi	2/1.0 (+1)	850 (+5%)	12mo	$215,000	$253	43
710 Legion Dr Unit G5	1.27mi	2/1.0 (+1)	850 (+5%)	23mo	$230,000	$271	33
223 Indian Oaks Dr	1.19mi	2/1.5 (+1)	900 (+11%)	11mo	$222,000	$247	31
1 Pine Ridge Trce	0.42mi	2/2.0 (+1)	968 (+19%)	21mo	$207,000	$214	28

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: -36.7%
• Equity multiple: -0.18×
• Total profit: $-66,240
• Equity at exit: $29,806

10-year hold

• IRR: -42.9%
• Equity multiple: -0.73×
• Total profit: $-96,703
• Equity at exit: $17,284

Cash invested: $55,972 (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: 1233
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,772 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$575
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $-557

Break-even live

Break-even rent $2,477

Max offer price $119,364

Occupancy floor —

Sensitivity live

Price	-10% $-418	-5% $-487	+0% $-557	+5% $-626	+10% $-695
Rent	-10% $-697	-5% $-627	+0% $-557	+5% $-487	+10% $-417
Rate	-1.0pp $-456	-0.5pp $-506	base $-557	+0.5pp $-608	+1.0pp $-661

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: $49,975
• Closing costs: $5,997
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3857 Indian Trl Unit 512 Destin, FL	2.0	2.0	989	$1,950	$1.97	5d	1	0.03mi
986 Airport Rd Unit B Destin, FL	1.0	1.0	920	$1,700	$1.85	139d	1	1.08mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,600	$1.78	139d	1	1.18mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,450	$1.61	116d	1	1.18mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,750	$2.06	109d	1	1.21mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,800	$2.12	139d	1	1.21mi
204 Ann Cir Unit C Destin, FL	2.0	1.0	1000	$1,550	$1.55	139d	1	1.27mi
2004-2098 Palm St Destin, FL	1.0–3.0	1.0–2.0	1061	$1,878	$1.77	3d	28	1.29mi

Property features AI

Finance

• HOA & community: Association fee covers electricity, water, sewer and trashCommunity amenities include BBQ/grill, community room, dock, dumpster, elevators, fishing, laundry, marina, pool, separate storage, and waterfront accessShort-term rentals not allowed; minimum rental period enforced

Exterior

• Parking: 1 assigned parking space
• Security: Smoke detectors
• Utilities: Electric servicePublic waterPublic sewer
• Home design: Condominium unitSingle-story unit (one level)Built in 1972Located in a 5-story building
• Construction: Building area recorded at 813 total square feet
• Exterior features: Outdoor grillDockEnclosed patioBay viewWaterfront property on the bayCommunity in-ground pool

Interior

• Kitchen: DishwasherGarbage disposalMicrowaveElectric water heater
• Bedrooms: 1 bedroom (master on first level) Master bedroom includes a walk-in closet
• Flooring: HardwoodTile
• Bathrooms: 1 full bathroomMaster bathroom with cultured marble and shower
• Heating & cooling: Central heatingCentral air conditioningCeiling fansElectric heat controls
• Interior features: Partially furnishedBuilt-in bookcasesPantry
• Laundry & utility: Community laundry available

HOA detail $575/mo · $6,900/yr condo

• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $199,900 Active 161 DOM
2. 2026-09-22
   days on market $199,900 Active 160 DOM
3. 2026-09-21
   days on market $199,900 Active 159 DOM
4. 2026-09-20
   days on market $199,900 Active 158 DOM
5. 2026-09-19
   days on market $199,900 Active 157 DOM
6. 2026-09-18
   days on market $199,900 Active 156 DOM
7. 2026-09-17
   days on market $199,900 Active 155 DOM
8. 2026-09-16
   days on market $199,900 Active 154 DOM
9. 2026-09-15
   days on market $199,900 Active 153 DOM
10. 2026-09-14
    days on market $199,900 Active 152 DOM
11. 2026-09-13
    days on market $199,900 Active 151 DOM
12. 2026-09-12
    days on market $199,900 Active 150 DOM
13. 2026-09-11
    days on market $199,900 Active 149 DOM
14. 2026-09-05
    days on market $199,900 Active 143 DOM
15. 2026-09-04
    days on market $199,900 Active 142 DOM
16. 2026-09-03
    days on market $199,900 Active 141 DOM
17. 2026-08-31
    days on market $199,900 Active 138 DOM
18. 2026-08-30
    days on market $199,900 Active 137 DOM
19. 2026-08-29
    days on market $199,900 Active 136 DOM
20. 2026-08-28
    days on market $199,900 Active 135 DOM
21. 2026-08-27
    days on market $199,900 Active 134 DOM
22. 2026-08-26
    days on market $199,900 Active 133 DOM
23. 2026-08-25
    days on market $199,900 Active 132 DOM
24. 2026-08-24
    days on market $199,900 Active 131 DOM
25. 2026-08-23
    days on market $199,900 Active 130 DOM
26. 2026-08-22
    days on market $199,900 Active 129 DOM
27. 2026-08-21
    days on market $199,900 Active 128 DOM
28. 2026-08-20
    days on market $199,900 Active 127 DOM
29. 2026-08-19
    days on market $199,900 Active 126 DOM
30. 2026-08-18
    days on market $199,900 Active 125 DOM
31. 2026-08-17
    days on market $199,900 Active 124 DOM
32. 2026-08-16
    days on market $199,900 Active 123 DOM
33. 2026-08-15
    days on market $199,900 Active 122 DOM
34. 2026-08-14
    days on market $199,900 Active 121 DOM
35. 2026-08-13
    days on market $199,900 Active 120 DOM
36. 2026-08-12
    days on market $199,900 Active 119 DOM
37. 2026-08-11
    days on market $199,900 Active 118 DOM
38. 2026-08-10
    days on market $199,900 Active 117 DOM
39. 2026-08-09
    days on market $199,900 Active 116 DOM
40. 2026-08-08
    days on market $199,900 Active 115 DOM
41. 2026-08-07
    days on market $199,900 Active 114 DOM
42. 2026-08-06
    days on market $199,900 Active 113 DOM
43. 2026-08-05
    days on market $199,900 Active 112 DOM
44. 2026-08-04
    days on market $199,900 Active 111 DOM
45. 2026-08-03
    days on market $199,900 Active 110 DOM
46. 2026-07-31
    days on market $199,900 Active 107 DOM
47. 2026-07-30
    days on market $199,900 Active 106 DOM
48. 2026-07-29
    days on market $199,900 Active 105 DOM
49. 2026-07-27
    days on market $199,900 Active 103 DOM
50. 2026-07-25
    days on market $199,900 Active 101 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,264
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,701
• − Management: −$1,701
• − HOA: −$6,900
• − Depreciation: −$5,815
• Taxable loss: −$10,049
• Est. tax savings @ 24.0%: +$2,412
• After-tax cash flow: $-4,267/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $4,065–$12,195 screening

This 1-bedroom/1-bathroom condo is in good condition with modern amenities and a good location. It has a good resale and rental value with potential for further improvements.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet with hardwood flooring — Improves both resale and rental value ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 71/100

Zoned Schools

Elementary Destin Elementary School A FL #230/2,144 Nat'l #2,202/41,679 Middle Destin Middle School A- FL #80/571 Nat'l #1,048/14,009 High Destin High School

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

B Composite livability gradescore 79/100

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 · 235,133 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: 13% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• HOA & community: Association fee covers electricity, water, sewer and trashCommunity amenities include BBQ/grill, community room, dock, dumpster, elevators, fishing, laundry, marina, pool, separate storage, and waterfront accessShort-term rentals not allowed; minimum rental period enforced

Exterior

• Parking: 1 assigned parking space
• Security: Smoke detectors
• Utilities: Electric servicePublic waterPublic sewer
• Home design: Condominium unitSingle-story unit (one level)Built in 1972Located in a 5-story building
• Construction: Building area recorded at 813 total square feet
• Exterior features: Outdoor grillDockEnclosed patioBay viewWaterfront property on the bayCommunity in-ground pool

Interior

• Kitchen: DishwasherGarbage disposalMicrowaveElectric water heater
• Bedrooms: 1 bedroom (master on first level) Master bedroom includes a walk-in closet
• Flooring: HardwoodTile
• Bathrooms: 1 full bathroomMaster bathroom with cultured marble and shower
• Heating & cooling: Central heatingCentral air conditioningCeiling fansElectric heat controls
• Interior features: Partially furnishedBuilt-in bookcasesPantry
• Laundry & utility: Community laundry available

Price history

1 event — show timeline

• 2026-04-15 Listed $199,900 ECAR