53 4th St · Lake Lorraine, FL 32579

$275,000

3 bd · 3.0 ba · 1,707 sqft · SingleFamily public records · 21 Days on market

Built 1993 4,791 sqft lot Est $345k · 20% under

---

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
• Cash flow +13.7/30.0
• Schools +5.2/10.0
• DSCR +4.1/10.0
• Livability +3.5/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful Felix Butenkamp home in the heart of Shalimar. Excellent floor plan with master suit on the main floor. Bedrooms upstairs have bathroom and tv loft inbetween the rooms. Enter the staircase from the back of the house. Rainsoft water treatment and filtration center ($5000 retail) is included in the sale. Living room is open with a area for dining separated by pillars. Gas fireplace ads a cozy feel to the whole room. Kitchen is large with ample breakfast room that have a bay window. Extra large laundry room with bonus area large enough for ironing board.

Key facts

• Water heater
• Gas stove
• Unbeatable location

Tags

• WATER HEATER
• STAINLESS STEEL APPLIANCES
• GAS STOVE
• UNBEATABLE LOCATION

Property features AI

Finance

• HOA & community: Subdivision: PATRICIAS PLACE

Exterior

• Parking: Attached garage with 2 garage spaces
• Utilities: Public water; Public sewer; Electric service; Natural gas; Phone available
• Home design: Contemporary style; Single-story entry with 1 story listed; Built in 1993; Resid Single Family zoning
• Construction: Frame construction with brick and vinyl siding; Vinyl trim; Slab foundation; Composite shingle roof
• Exterior features: Private yard; Open porch; Lot accessed from a paved county road; Lot dimensions approximately 52 x 100

Interior

• Kitchen: Kitchen on the first floor; Pantry
• Bedrooms: 3 bedrooms total; Master bedroom on the first floor; Additional bedrooms located on the second floor
• Bathrooms: 3 bathrooms total (2 full, 1 half)
• Heating & cooling: Central air conditioning; Ceiling fans; Natural gas heating
• Interior features: Pantry; Split bedroom layout; Double pane windows; Skylight(s); Window bay; Gas fireplace
• Laundry & utility: Main-floor laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $18 ($218/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 $213k (22.7% below list).
• Recommended offer: $213k (22.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.3% in Lake Lorraine — 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 69/100 on livability (#488 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, health & safety C-, 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: Shalimar Elementary School (math 54% / reading 61%, grade C+, #764 of 2,144 statewide, top 36%, 614 students, 63% 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 58% FRL vs 36% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-2.0%/yr); 110 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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 21 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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.

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 $212,519 (22.7% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 0.77% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.28%
• DSCR: 1.01
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $344,814
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
910 Elizabeth Ln	0.05mi	3/2.5	1,738 (+2%)	7mo	$340,000	$196	87
21 B 5th Ave	0.19mi	3/2.0	1,766 (+4%)	2mo	$399,999	$227	80
904 Elizabeth Ln	0.05mi	3/2.5	1,811 (+6%)	9mo	$340,000	$188	78
815 Sugar Plum Ln	0.39mi	3/2.5	1,860 (+9%)	1mo	$371,000	$199	64
809 Sugar Plum Ln	0.41mi	3/2.5	1,858 (+9%)	2mo	$375,000	$202	63
78 6th St	0.33mi	3/2.0	1,492 (-13%)	0mo	$340,000	$228	59
79 11Th St	0.73mi	3/2.0	1,706 (-0%)	5mo	$410,000	$240	58
11 9Th St	0.64mi	3/2.0	1,679 (-2%)	9mo	$325,000	$194	56
101 Port Dr	0.71mi	3/2.0	1,672 (-2%)	6mo	$728,000	$435	55
109 3rd Ave	0.67mi	3/2.0	1,600 (-6%)	3mo	$355,900	$222	52
9 Oak Ln	0.62mi	4/2.0 (+1)	1,651 (-3%)	7mo	$305,000	$185	51
22 10th St	0.70mi	4/2.0 (+1)	1,833 (+7%)	0mo	$330,000	$180	46

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: -18.9%
• Equity multiple: 0.35×
• Total profit: $-49,747
• Equity at exit: $41,003

10-year hold

• IRR: -18.0%
• Equity multiple: 0.14×
• Total profit: $-66,365
• Equity at exit: $23,777

Cash invested: $77,000 (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 32579

• Home prices YoY: -23.6%
• Rents YoY: -2.0%
• Active inventory: 110
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,125 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$104 /mo · $1,248/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $18

Break-even live

Break-even rent $2,102

Max offer price $275,000

Occupancy floor 94%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10 2nd St Shalimar, FL	3.0	2.0	1649	$2,350	$1.43	14d	1	0.26mi
64 7th Ave Shalimar, FL	3.0	2.0	1460	$1,995	$1.37	44d	1	0.30mi
40 4th Ave #9 Shalimar, FL	2.0	1.5	1100	$1,550	$1.41	44d	1	0.31mi
68 7th Ave Shalimar, FL	3.0	2.0	1460	$1,995	$1.37	44d	1	0.31mi
89 Spinnaker Ln Shalimar, FL	3.0	2.0	1376	$2,395	$1.74	14d	1	0.51mi
100 8th Ave Shalimar, FL	1.0–4.0	1.0–2.0	932	$1,550	$1.66	44d	1	0.58mi
116 4th Ave Shalimar, FL	3.0	2.5	1750	$1,995	$1.14	44d	1	0.64mi
40 11th St Shalimar, FL	2.0	1.0	1216	$1,549	$1.27	21d	1	0.75mi
40 11th St Unit K86 Shalimar, FL	2.0	1.5	1216	$1,749	$1.44	44d	1	0.75mi
133 4th Ave Shalimar, FL	3.0	2.5	1248	$2,000	$1.60	14d	1	0.75mi
27 11th St Shalimar, FL	2.0	1.5	1400	$1,550	$1.11	44d	1	0.75mi
38 11th St #103 Shalimar, FL	3.0	2.5	1300	$1,750	$1.35	44d	1	0.76mi
145 4th Ave Shalimar, FL	2.0	2.0	1260	$1,625	$1.29	44d	1	0.79mi
810 Eglin Pkwy Fort Walton Beach, FL	3.0	3.5	1905	$2,995	$1.57	44d	1	1.06mi
413 Waterway Ln Fort Walton Beach, FL	2.0	3.0	1350	$1,475	$1.09	44d	1	1.20mi
6 Pinehurst Dr Shalimar, FL	4.0	2.0	2124	$2,795	$1.32	44d	1	1.22mi
941 Harrelson St Fort Walton Beach, FL	2.0	2.5	1332	$1,895	$1.42	44d	1	1.26mi
45 Warwick Dr Shalimar, FL	2.0	2.0	1150	$2,800	$2.43	21d	1	1.37mi
122 Beach Dr Fort Walton Beach, FL	3.0	2.0	2235	$2,400	$1.07	21d	1	1.37mi
100 Scranton St Fort Walton Beach, FL	3.0	2.5	1437	$1,850	$1.29	44d	1	1.42mi
163 Rickey Ave Fort Walton Beach, FL	1.0–2.0	1.0–2.0	995	$1,300	$1.31	44d	2	1.48mi

Listing history 22 events

1. 2026-06-18
   days on market $275,000 Active 21 DOM
2. 2026-06-17
   days on market $275,000 Active 20 DOM
3. 2026-06-16
   days on market $275,000 Active 19 DOM
4. 2026-06-15
   days on market $275,000 Active 18 DOM
5. 2026-06-14
   days on market $275,000 Active 16 DOM
6. 2026-06-13
   days on market $275,000 Active 15 DOM
7. 2026-06-10
   days on market $275,000 Active 13 DOM
8. 2026-06-09
   days on market $275,000 Active 12 DOM
9. 2026-06-08
   days on market $275,000 Active 11 DOM
10. 2026-06-07
    days on market $275,000 Active 10 DOM
11. 2026-06-05
    days on market $275,000 Active 7 DOM
12. 2026-06-02
    days on market $275,000 Active 5 DOM
13. 2026-06-01
    days on market $275,000 Active 4 DOM
14. 2026-05-31
    days on market $275,000 Active 3 DOM
15. 2026-05-30
    days on market $275,000 Active 2 DOM
16. 2026-05-27
    listed $275,000 Active
17. 2005-05-05
    soldstatus $251,000
18. 2003-09-12
    soldstatus $147,900
19. 2003-09-10
    soldstatus $147,900 567-char remark

    Show marketing remark (567 chars)

    Beautiful Felix Butenkamp home in the heart of Shalimar. Excellent floor plan with master suit on the main floor. Bedrooms upstairs have bathroom and tv loft inbetween the rooms. Enter the staircase from the back of the house. Rainsoft water treatment and filtration center ($5000 retail) is included in the sale. Living room is open with a area for dining separated by pillars. Gas fireplace ads a cozy feel to the whole room. Kitchen is large with ample breakfast room that have a bay window. Extra large laundry room with bonus area large enough for ironing board.

20. 2003-09-10
    soldstatus $147,900 567-char remark

    Show marketing remark (567 chars)

    Beautiful Felix Butenkamp home in the heart of Shalimar. Excellent floor plan with master suit on the main floor. Bedrooms upstairs have bathroom and tv loft inbetween the rooms. Enter the staircase from the back of the house. Rainsoft water treatment and filtration center ($5000 retail) is included in the sale. Living room is open with a area for dining separated by pillars. Gas fireplace ads a cozy feel to the whole room. Kitchen is large with ample breakfast room that have a bay window. Extra large laundry room with bonus area large enough for ironing board.

21. 2003-08-15
    listed $147,900 567-char remark

    Show marketing remark (567 chars)

    Beautiful Felix Butenkamp home in the heart of Shalimar. Excellent floor plan with master suit on the main floor. Bedrooms upstairs have bathroom and tv loft inbetween the rooms. Enter the staircase from the back of the house. Rainsoft water treatment and filtration center ($5000 retail) is included in the sale. Living room is open with a area for dining separated by pillars. Gas fireplace ads a cozy feel to the whole room. Kitchen is large with ample breakfast room that have a bay window. Extra large laundry room with bonus area large enough for ironing board.

22. 2003-08-15
    listed $147,900 567-char remark

    Show marketing remark (567 chars)

    Beautiful Felix Butenkamp home in the heart of Shalimar. Excellent floor plan with master suit on the main floor. Bedrooms upstairs have bathroom and tv loft inbetween the rooms. Enter the staircase from the back of the house. Rainsoft water treatment and filtration center ($5000 retail) is included in the sale. Living room is open with a area for dining separated by pillars. Gas fireplace ads a cozy feel to the whole room. Kitchen is large with ample breakfast room that have a bay window. Extra large laundry room with bonus area large enough for ironing board.

ⓘ 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: $1,248 · $104/mo
• Projected year-2 tax: $2,282 · $190/mo
• Expected delta: +$1,034/yr (+$86/mo · 82.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,502
• − Mortgage interest: −$15,404
• − Property taxes: −$1,248
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,040
• − Management: −$2,040
• − Depreciation: −$8,000
• Taxable loss: −$4,605
• Est. tax savings @ 24.0%: +$1,105
• After-tax cash flow: $1,324/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 — Lake Lorraine

• Score: 69/100
• State rank: #488
• US rank: #8959

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Lorraine, FL
• County: Okaloosa County · 194,352 people
• City population: 10,775
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 10,506
• Household income: $104,510
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 271.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 12% Two or more races 8% Black 4% Asian 3% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 4% Italian 3% Slovak 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% German/W. Germanic 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: ▼ -86.93%
• Current HPI: 281.2637
• Rent YoY: ▼ -1.97%
• 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

+85.9% since first listed

7 events — show timeline

• 2026-05-27 Listed $275,000 ECAR
• 2005-05-05 Sold (Public Records) $251,000 Public Records
• 2003-09-12 Sold (Public Records) $147,900 Public Records
• 2003-09-10 Sold (MLS) $147,900 ECAR
• 2003-09-10 Sold (MLS) $147,900 NAMLS
• 2003-08-15 Listed $147,900 ECAR
• 2003-08-15 Listed $147,900 NAMLS