940 Central Ave #4 · Wright, FL 32547

$195,000

2 bd · 2.0 ba · 1,320 sqft · Townhouse public records · 56 Days on market

Built 1983 3,049 sqft lot $148/sqft · 6% below area Est $207k · 6% 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 +20.2/30.0
• ARV discount +10.1/15.0
• DSCR +6.4/10.0
• Schools +5.2/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

MOTIVATED SELLER!!! $15k price reduction!! Welcome to this lovingly maintained 2-bedroom, 1.5-bath townhouse offering 1,320 square feet of comfortable, well-proportioned living space in one of Fort Walton Beach's most convenient locations -- tucked right between Eglin Air Force Base and Hurlburt Field. Whether you're active duty, a veteran, a DoD civilian, or simply someone who values an easy commute and a great community, this home is worth a serious look. Inside, the main level flows from a welcoming living area into a functional kitchen, laundry room and a convenient half bath rounding out the first floor. Upstairs, two well-sized bedrooms share a full bath -- a layout that works beaut

Key facts

• Durable metal roof
• Great community
• Fully fenced yard

Tags

• DURABLE METAL ROOF
• FULLY FENCED YARD
• EASY ACCESS TO BASE AMENITIES
• GREAT COMMUNITY

Property features AI

Finance

• HOA & community: Subdivision: BELL-BROOK ESTATES

Exterior

• Utilities: Electric service; Public water; Public sewer
• Home design: Townhome; 2 stories; Built in 1983
• Construction: Brick and vinyl siding exterior; Metal roof
• Exterior features: Private yard; Privacy fencing; Open patio; Cleared, level lot; Zoned for single-family residential

Interior

• Kitchen: Range hood
• Bedrooms: 2 bedrooms; Master bedroom located on the second floor; Second bedroom located on the second floor
• Flooring: Laminate; Carpet
• Bathrooms: 2 bathrooms (1 full, 1 half)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Unfurnished; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $195k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/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 $175k (10.1% below list).
• Recommended offer: $175k (10.1% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 4.2% in Wright — 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 80/100 on livability (#117 in FL, #1,790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: 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: Wright Elementary School (math 48% / reading 49%, grade D, #1,152 of 2,144 statewide, top 55%, 635 students, 73% 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 62% FRL vs 36% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 47% at this address vs 60% district-wide (-13 pts) — the specific schools serving this property underperform the Okaloosa average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.1%/yr); 232 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $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 56 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 30y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $195k implies a 255% 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,250 (10.1% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.90% ✗
• Cap rate: 7.81%
• Cash-on-cash: 5.43%
• DSCR: 1.24
• GRM: 9.3

CMA / ARV

• ARV (median comp): $206,911
• List price: $195,000
• Delta: -5.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1100 Crosswinds Lndg Unit 19	0.51mi	2/2.0	1,330 (+1%)	4mo	$290,000	$218	71
901 Tokalon Ct #3	0.41mi	2/2.5	1,344 (+2%)	13mo	$228,000	$170	66
208 Cloverdale Blvd Unit 8	0.61mi	2/1.5	1,280 (-3%)	1mo	$230,000	$180	64
947 Ashley Ln Unit D	0.11mi	2/2.5	1,483 (+12%)	10mo	$140,000	$94	64
400 Rhonda Kay Court St #4	0.35mi	3/1.5 (+1)	1,256 (-5%)	8mo	$236,900	$189	62
214 Cloverdale Blvd Unit A	0.68mi	2/1.5	1,330 (+1%)	7mo	$235,000	$177	59
518 NW Parkview Rd Unit A	0.33mi	3/2.0 (+1)	1,450 (+10%)	6mo	$260,000	$179	58
524 NW Parkview Rd Unit A	0.35mi	2/2.5	1,231 (-7%)	16mo	$260,900	$212	56
309 Olympia Ct	0.37mi	2/1.5	1,197 (-9%)	12mo	$220,000	$184	55
1942 Woodcrest Rdg #2	0.48mi	2/2.0	1,516 (+15%)	2mo	$330,000	$218	51
518 NW Parkview Rd Unit B	0.33mi	3/2.0 (+1)	1,450 (+10%)	15mo	$295,000	$203	51
2112 Pomegranate Ct	0.64mi	3/2.5 (+1)	1,449 (+10%)	5mo	$285,000	$197	42

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: -10.9%
• Equity multiple: 0.61×
• Total profit: $-21,109
• Equity at exit: $29,075

10-year hold

• IRR: -5.9%
• Equity multiple: 0.66×
• Total profit: $-18,395
• Equity at exit: $16,860

Cash invested: $54,600 (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 32547

• Home prices YoY: -29.3%
• Rents YoY: -0.1%
• Active inventory: 232
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,752 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$34 /mo · $404/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $247

Break-even live

Break-even rent $1,440

Max offer price $195,000

Occupancy floor 81%

Sensitivity live

Price	-10% $357	-5% $302	+0% $247	+5% $-31	+10% $-98
Rent	-10% $108	-5% $178	+0% $247	+5% $316	+10% $385
Rate	-1.0pp $345	-0.5pp $297	base $247	+0.5pp $196	+1.0pp $145

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
940 Central Ave #16 Fort Walton Beach, FL	3.0	2.0	1320	$1,800	$1.36	16d	1	0.02mi
508 Parkview Rd NW Fort Walton Beach, FL	2.0	2.0	1250	$1,575	$1.26	46d	1	0.26mi
422 Bear Rd Unit A Fort Walton Beach, FL	2.0	1.5	1175	$1,600	$1.36	16d	1	0.32mi
400 Rhonda Kay Ct #66 Fort Walton Beach, FL	3.0	1.5	1256	$1,650	$1.31	46d	1	0.37mi
104 Hydac Rd Unit B Fort Walton Beach, FL	2.0	1.5	1144	$1,650	$1.44	23d	1	0.50mi
2100 Pomegranate Ct Fort Walton Beach, FL	3.0	2.5	1743	$2,025	$1.16	23d	1	0.62mi
833 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,895	$1.26	46d	1	0.62mi
831 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,895	$1.26	46d	1	0.62mi
829 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,995	$1.33	46d	1	0.63mi
800 Denton Blvd NW Fort Walton Beach, FL	2.0	1.0	1000	$1,600	$1.60	16d	1	0.66mi
790 Navy St Fort Walton Beach, FL	2.0	1.0	900	$1,300	$1.44	16d	1	0.67mi
216 Cloverdale Blvd Unit C Fort Walton Beach, FL	2.0	1.5	1224	$1,700	$1.39	46d	1	0.69mi
309 Union St Fort Walton Beach, FL	3.0	2.0	1602	$2,100	$1.31	16d	1	0.73mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	46d	1	0.74mi
1504 E Ponderosa Rd Fort Walton Beach, FL	3.0	2.0	1000	$1,650	$1.65	23d	1	0.76mi
585 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,550	$1.30	46d	1	0.80mi
589 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	46d	1	0.80mi
2415 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1250	$1,700	$1.36	46d	1	0.85mi
1329 White Blossom Ln Fort Walton Beach, FL	3.0	2.5	1735	$1,900	$1.10	16d	1	0.85mi
1839 Sod Dr Fort Walton Beach, FL	3.0	2.0	1425	$1,925	$1.35	23d	1	0.86mi
2400 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	23d	1	0.87mi
2404 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	23d	1	0.87mi
713 Trowbridge Ave Fort Walton Beach, FL	3.0	2.0	1550	$2,350	$1.52	16d	1	0.88mi
696 Tyner St #41 Fort Walton Beach, FL	2.0	1.5	960	$1,550	$1.61	16d	1	0.88mi
615 Bob Sikes Blvd #7 Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	16d	1	0.89mi
615 Bob Sikes Blvd #5 Fort Walton Beach, FL	2.0	1.5	1190	$1,450	$1.22	46d	1	0.89mi
2800 Bradford Pl NW Fort Walton Beach, FL	2.0	2.0	850	$1,395	$1.64	16d	5	0.90mi
2809 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	46d	1	0.91mi
1128 Sweetbriar Station Fort Walton Beach, FL	3.0	2.0	1150	$1,850	$1.61	23d	1	0.91mi
2809 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	16d	1	0.91mi
1004 McLaren Cir Fort Walton Beach, FL	3.0	2.5	1537	$2,500	$1.63	46d	1	0.93mi
2813 Bradford Pl NW Unit 2 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	16d	1	0.93mi
2812 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	23d	1	0.94mi
2814 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	23d	1	0.95mi
905 Piedmont Pl Fort Walton Beach, FL	3.0	2.0	1303	$1,695	$1.30	46d	1	0.96mi
964 Southern Oaks Ct Fort Walton Beach, FL	3.0	2.0	1315	$2,000	$1.52	46d	1	0.99mi
1008 Pineview Blvd Unit D Fort Walton Beach, FL	2.0	2.0	1200	$1,650	$1.38	23d	1	1.00mi
500 Liberty Ln NW Fort Walton Beach, FL	1.0–3.0	1.0–2.0	967	$2,340	$2.42	16d	14	1.01mi
913 Landry St #5 Fort Walton Beach, FL	2.0	1.0	884	$1,200	$1.36	23d	1	1.02mi
977 Scenic Oak Ln Fort Walton Beach, FL	2.0	2.5	1248	$1,650	$1.32	46d	1	1.04mi

Listing history 20 events

1. 2026-06-21
   days on market $195,000 Active 56 DOM
2. 2026-06-18
   days on market $195,000 Active 53 DOM
3. 2026-06-17
   days on market $195,000 Active 52 DOM
4. 2026-06-16
   days on market $195,000 Active 51 DOM
5. 2026-06-15
   days on market $195,000 Active 50 DOM
6. 2026-06-14
   days on market $195,000 Active 48 DOM
7. 2026-06-13
   days on market $195,000 Active 47 DOM
8. 2026-06-10
   days on market $195,000 Active 45 DOM
9. 2026-06-09
   days on market $195,000 Active 44 DOM
10. 2026-06-08
    days on market $195,000 Active 43 DOM
11. 2026-06-07
    days on market $195,000 Active 42 DOM
12. 2026-06-05
    days on market $195,000 Active 39 DOM
13. 2026-06-02
    days on market $195,000 Active 37 DOM
14. 2026-06-01
    days on market $195,000 Active 36 DOM
15. 2026-05-31
    days on market $195,000 Active 35 DOM
16. 2026-05-30
    days on market $195,000 Active 34 DOM
17. 2026-04-26
    listed $210,000 Active 1664-char remark
18. 1996-05-31
    soldstatus $55,000
19. 1996-03-27
    listed $55,900
20. 1989-05-01
    soldstatus $18,000

ⓘ 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: $404 · $34/mo
• Projected year-2 tax: $1,618 · $135/mo
• Expected delta: +$1,214/yr (+$101/mo · 300.4%)

ⓘ 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 10/10 Extreme 7 d/yr ≥104°F today · 23 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: $21,030
• − Mortgage interest: −$10,923
• − Property taxes: −$404
• − Insurance: −$975
• − Repairs & maintenance: −$1,682
• − Management: −$1,682
• − Depreciation: −$5,673
• Taxable loss: −$310
• Est. tax savings @ 24.0%: +$74
• After-tax cash flow: $3,038/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 — Wright

• Score: 80/100
• State rank: #117
• US rank: #1790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wright, FL
• County: Okaloosa County · 194,352 people
• City population: 35,522
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 35,527
• Household income: $70,711
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1203.0

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 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 11% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 15% · Canada, Vietnam, Jamaica
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 1% Vietnamese 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: ▼ -111.28%
• Current HPI: 268.6497
• Rent YoY: ▼ -0.13%
• 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

+983.3% since first listed

5 events — show timeline

• 2026-05-29 Price Changed $195,000 ECAR
• 2026-04-26 Listed $210,000 ECAR
• 1996-05-31 Sold (Public Records) $55,000 Public Records
• 1996-03-27 Listed $55,900 ECAR
• 1989-05-01 Sold (Public Records) $18,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $404 · +2.5% YoY. Source: county tax records.