208 Forrest Pkwy · Crestview, FL 32539

$179,900

3 bd · 1.0 ba · 1,430 sqft · SingleFamily public records · 109 Days on market

Built 1975 0.40 ac lot $126/sqft · 28% below area Est $250k · 28% under

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Why this score? — see what drove the C+ 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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• Schools +5.2/10.0
• 1% rule +5.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your next REO opportunity awaits! This all brick was built in 1975 home and is located between Hwy 90 and Airport Rd. Just a few miles from schools, grocery, churches and more, this 3-bedroom, 1-bathroom home has an open Kitchen-Living room layout, bonus room and an indoor laundry room. The entire property has chain-link fence, and comes with a huge detached workshop. Whether you're looking for a rental addition, a fix-and-flip, or starter home this property is one to add to the list.

Key facts

• Chain-link fence
• Bonus room
• Indoor laundry room

Tags

• BONUS ROOM
• INDOOR LAUNDRY ROOM
• CHAIN-LINK FENCE
• HUGE DETACHED WORKSHOP

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/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: $164k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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.
• Market conditions: Rents flat; 521 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 $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 109 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 26y 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 8.25%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 8.2

CMA / ARV

• ARV (median comp): $249,825
• List price: $179,900
• Delta: -27.99%
• 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
149 4Th Ave	0.54mi	3/1.0	1,443 (+1%)	13mo	$137,500	$95	62
1126 Farmer St	0.56mi	3/2.0	1,327 (-7%)	3mo	$220,000	$166	55
960 Valley Rd	0.72mi	3/2.0	1,407 (-2%)	8mo	$227,000	$161	53
104 Eagle Ct	0.66mi	4/2.0 (+1)	1,500 (+5%)	4mo	$223,000	$149	48
2893 Pansy Ave	0.67mi	2/2.0 (-1)	1,376 (-4%)	8mo	$187,500	$136	47
1204 Sunshine Dr	0.32mi	4/2.0 (+1)	1,563 (+9%)	18mo	$301,502	$193	46
2905 Oaklane St	0.45mi	4/2.0 (+1)	1,563 (+9%)	15mo	$299,900	$192	42
1091 Farmer St	0.64mi	3/2.0	1,299 (-9%)	12mo	$235,000	$181	41
2891 Azalea Ave	0.73mi	3/2.0	1,336 (-7%)	14mo	$269,900	$202	40
2940 Mccarty Ave	0.71mi	3/2.0	1,277 (-11%)	9mo	$272,900	$214	38
2938 Mccarty Ave	0.69mi	3/2.0	1,277 (-11%)	15mo	$277,000	$217	34
2934 Mccarty Rd	0.70mi	3/2.0	1,272 (-11%)	18mo	$279,000	$219	30

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: -8.7%
• Equity multiple: 0.69×
• Total profit: $-15,577
• Equity at exit: $26,824

10-year hold

• IRR: -3.2%
• Equity multiple: 0.81×
• Total profit: $-9,425
• 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 32539

• Home prices YoY: -17.8%
• Rents YoY: 0.1%
• Active inventory: 521
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,818 high
• Mortgage (P&I): −$943
• Tax from tax record: −$124 /mo · $1,486/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $294

Break-even live

Break-even rent $1,446

Max offer price $179,900

Occupancy floor 79%

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 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2942 Sholtz Ave Crestview, FL	3.0	2.0	1266	$1,600	$1.26	44d	1	0.60mi
815 Valley Rd Crestview, FL	3.0	2.5	1373	$1,550	$1.13	44d	1	0.86mi
502 Hyde Park Dr Crestview, FL	3.0	2.0	1302	$1,795	$1.38	14d	1	0.87mi
311 Dahlquist Dr Crestview, FL	4.0	2.5	1770	$2,050	$1.16	21d	1	1.04mi
149 Shady Ln Crestview, FL	3.0	2.0	1680	$2,000	$1.19	44d	1	1.05mi
507 Eisenhower Dr Crestview, FL	3.0	2.0	1809	$2,200	$1.22	44d	1	1.13mi
304 Strawbridge Dr Crestview, FL	4.0	2.0	1650	$1,850	$1.12	14d	1	1.23mi
6260 Old Bethel Rd Crestview, FL	1.0–3.0	1.0–2.0	1253	$2,295	$1.83	14d	66	1.27mi
205 Powell Dr Crestview, FL	3.0	1.5	1008	$1,400	$1.39	44d	1	1.31mi
107 Hampton Dr Crestview, FL	2.0	1.5	972	$1,300	$1.34	21d	1	1.45mi
124 Hampton Dr Unit 1 Crestview, FL	2.0	1.5	952	$1,195	$1.26	44d	1	1.48mi
122 Hampton Dr Crestview, FL	2.0	1.5	1080	$1,195	$1.11	44d	1	1.49mi
122 Hampton Dr Unit 1 Crestview, FL	2.0	2.0	1080	$1,195	$1.11	44d	1	1.49mi
124 Hampton Dr Crestview, FL	2.0	1.5	952	$1,195	$1.26	21d	1	1.49mi

Listing history 42 events

1. 2026-06-18
   days on market $179,900 Active 109 DOM
2. 2026-06-17
   days on market $179,900 Active 108 DOM
3. 2026-06-16
   days on market $179,900 Active 107 DOM
4. 2026-06-15
   days on market $179,900 Active 106 DOM
5. 2026-06-14
   days on market $179,900 Active 104 DOM
6. 2026-06-13
   days on market $179,900 Active 103 DOM
7. 2026-06-10
   days on market $179,900 Active 101 DOM
8. 2026-06-09
   days on market $179,900 Active 100 DOM
9. 2026-06-08
   days on market $179,900 Active 99 DOM
10. 2026-06-07
    days on market $179,900 Active 98 DOM
11. 2026-06-05
    days on market $179,900 Active 95 DOM
12. 2026-06-02
    days on market $179,900 Active 93 DOM
13. 2026-06-01
    days on market $179,900 Active 92 DOM
14. 2026-05-31
    days on market $179,900 Active 91 DOM
15. 2026-05-30
    days on market $179,900 Active 90 DOM
16. 2026-02-28
    listed $179,900 Active 490-char remark

    Show marketing remark (490 chars)

    Your next REO opportunity awaits! This all brick was built in 1975 home and is located between Hwy 90 and Airport Rd. Just a few miles from schools, grocery, churches and more, this 3-bedroom, 1-bathroom home has an open Kitchen-Living room layout, bonus room and an indoor laundry room. The entire property has chain-link fence, and comes with a huge detached workshop. Whether you're looking for a rental addition, a fix-and-flip, or starter home this property is one to add to the list.

17. 2025-05-02
    historical $1,875
18. 2024-11-14
    listed $1,875
19. 2024-09-12
    status Active
20. 2024-08-28
    status Pending
21. 2024-08-26
    status Active
22. 2024-07-31
    status Pending
23. 2024-07-08
    price $225,000
24. 2024-06-20
    price $236,900
25. 2024-06-20
    status Active
26. 2024-03-22
    listed $225,000 Active
27. 2023-10-23
    price $225,000
28. 2023-10-05
    listed $235,000 Active
29. 2022-03-30
    soldstatus $220,000
30. 2022-03-29
    soldstatus $220,000
31. 2022-03-29
    soldstatus $220,000 Sold
32. 2022-03-01
    status Pending
33. 2022-02-28
    price $212,000
34. 2022-02-16
    listed $215,000 Active
35. 2022-02-15
    listed $212,000
36. 2013-11-27
    soldstatus $82,500
37. 2013-11-22
    soldstatus $82,500
38. 2013-11-22
    soldstatus $82,500
39. 2013-08-05
    listed $85,900
40. 2005-05-17
    soldstatus $79,900
41. 2000-11-09
    soldstatus $63,900
42. 2000-01-07
    listed $63,900

ⓘ 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: $1,486 · $124/mo
• Projected year-2 tax: $1,493 · $124/mo
• Expected delta: +$7/yr (+$1/mo · 0.5%)

ⓘ 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 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: $21,817
• − Mortgage interest: −$10,077
• − Property taxes: −$1,486
• − Insurance: −$900
• − Repairs & maintenance: −$1,745
• − Management: −$1,745
• − Depreciation: −$5,233
• Taxable income: $630
• Est. tax owed @ 24.0%: −$151
• After-tax cash flow: $3,378/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

+181.5% since first listed

27 events — show timeline

• 2026-02-28 Listed $179,900 ECAR
• 2025-05-02 Rental Removed $1,875 ECAR
• 2024-11-14 Listed for Rent $1,875 ECAR
• 2024-09-12 Relisted — ECAR
• 2024-08-28 Pending — ECAR
• 2024-08-26 Relisted — ECAR
• 2024-07-31 Pending — ECAR
• 2024-07-08 Price Changed $225,000 ECAR
• 2024-06-20 Price Changed $236,900 ECAR
• 2024-06-20 Relisted — ECAR
• 2024-03-22 Listed $225,000 ECAR
• 2023-10-23 Price Changed $225,000 ECAR
• 2023-10-05 Listed $235,000 ECAR
• 2022-03-30 Sold (Public Records) $220,000 Public Records
• 2022-03-29 Sold (MLS) $220,000 ECAR
• 2022-03-29 Sold (MLS) $220,000 NAMLS
• 2022-03-01 Pending — ECAR
• 2022-02-28 Price Changed $212,000 ECAR
• 2022-02-16 Listed $215,000 ECAR
• 2022-02-15 Listed $212,000 NAMLS
• 2013-11-27 Sold (Public Records) $82,500 Public Records
• 2013-11-22 Sold (MLS) $82,500 NAMLS
• 2013-11-22 Sold (MLS) $82,500 ECAR
• 2013-08-05 Listed $85,900 NAMLS
• 2005-05-17 Sold (Public Records) $79,900 Public Records
• 2000-11-09 Sold (Public Records) $63,900 Public Records
• 2000-01-07 Listed $63,900 ECAR

Property tax history

+9.6%/yr

Latest (2025): $1,486 · -2.1% YoY. Source: county tax records.