4726 Calinda Ln · Niceville, FL 32578

$198,500

1 bd · 1.0 ba · 850 sqft · Other · 7 Days on market

Built 1999 Fair condition

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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).

• Cash flow +12.0/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Rent growth +2.4/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Really nice condo close to everyone. Cathedral ceilings make this condo feel spacious. Everything is there. Pack your clothes and move in!

Key facts

• Built 1999
• Listed 7 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $198k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-46 ($-554/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (15.5% below list).
• Recommended offer: $168k (15.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.0% in Niceville — 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 (#147 in FL, #2,207 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: 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 soft (-0.4%/yr); 343 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $167,803 (15.5% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.85% ✗
• Cap rate: 6.01%
• Cash-on-cash: -1.00%
• DSCR: 0.96
• GRM: 9.9

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: -21.3%
• Equity multiple: 0.28×
• Total profit: $-39,997
• Equity at exit: $29,597

10-year hold

• IRR: -24.1%
• Equity multiple: -0.03×
• Total profit: $-57,515
• Equity at exit: $17,163

Cash invested: $55,580 (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 32578

• Home prices YoY: -2.5%
• Rents YoY: -0.4%
• Active inventory: 343
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,678 high
• Mortgage (P&I): −$1,041
• Tax est. 1.5%: −$248 /mo · $2,978/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $-46

Break-even live

Break-even rent $1,736

Max offer price $191,823

Occupancy floor 98%

Sensitivity live

Price	-10% $91	-5% $22	+0% $-46	+5% $-115	+10% $-183
Rent	-10% $-179	-5% $-112	+0% $-46	+5% $20	+10% $86
Rate	-1.0pp $54	-0.5pp $4	base $-46	+0.5pp $-98	+1.0pp $-150

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: $49,625
• Closing costs: $5,955
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4276 Calinda Ln Niceville, FL	1.0–2.0	1.0–2.0	906	$1,625	$1.79	23d	2	0.04mi
4276 Calinda Ln Niceville, FL	1.0–2.0	1.0–2.0	962	$1,450	$1.51	45d	5	0.04mi
4274 Calinda Ln Niceville, FL	1.0	1.0	750	$1,622	$2.16	15d	1	0.04mi
4270 Calinda Ln Niceville, FL	2.0	2.0	1039	$1,950	$1.88	15d	2	0.08mi
1871 Shay Lin Ct Niceville, FL	2.0	1.5	998	$1,700	$1.70	45d	1	0.13mi
1856 Shay-Lin Ct Unit B8 Niceville, FL	2.0	2.5	993	$1,700	$1.71	45d	1	0.17mi
116 Westlake Ct Niceville, FL	2.0	2.0	937	$1,800	$1.92	45d	1	0.58mi
207 Southlake Ct Niceville, FL	1.0	1.0	692	$1,650	$2.38	45d	1	0.62mi
300 Yacht Club Dr Niceville, FL	2.0	1.0	1100	$2,400	$2.18	15d	1	0.64mi

Listing history 8 events

1. 2026-06-21
   days on market $198,500 Active 7 DOM
2. 2026-06-18
   days on market $198,500 Active 4 DOM
3. 2026-06-17
   days on market $198,500 Active 3 DOM
4. 2026-06-16
   days on market $198,500 Active 2 DOM
5. 2026-06-15
   remarks 138-char remark
6. 2026-06-15
   listing id $198,500 Active 1 DOM
7. 2026-06-14
   remarks 104-char remark
8. 2026-06-14
   listed $198,500 Active 1 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: $20,136
• − Mortgage interest: −$11,119
• − Property taxes: −$2,978
• − Insurance: −$992
• − Repairs & maintenance: −$1,611
• − Management: −$1,611
• − Depreciation: −$5,775
• Taxable loss: −$3,949
• Est. tax savings @ 24.0%: +$948
• After-tax cash flow: $394/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 · 1 photo

Fair 40/100 Cosmetic rehab

A well-maintained exterior with potential for interior updates to increase its value.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and could attract more buyers/renters
• Both Interior updates — Improves living space and could increase value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and could attract more buyers/renters ↑
• Both Interior updates — Improves living space and could increase value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Niceville

• Score: 79/100
• State rank: #147
• US rank: #2207

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Okaloosa County · 194,352 people
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 34,738
• Household income: $108,972
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 660.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 9% Hispanic / Latino 8% Asian 4% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Serbian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 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: ▼ -12.87%
• Current HPI: 498.41
• Rent YoY: ▼ -0.36%
• 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

1 event — show timeline

• 2026-06-14 Listed $198,500 FSBO.com