602 Tropical Way · Freeport, FL 32439

$319,000

3 bd · 2.0 ba · 1,510 sqft · SingleFamily public records · 84 Days on market

Built 2008 0.33 ac lot Est $373k · 14% under

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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 +14.0/15.0
• Cash flow +13.3/30.0
• Schools +5.2/10.0
• DSCR +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

STOP searching--this is the one. Fully renovated, NO HOA, and loaded with upgrades, 602 Tropical Way is the kind of home that checks every box and gives you room to dream bigger. This stunning 3-bedroom, 2-bath home with a 2-car garage sits on a sprawling . 33-acre lot and immediately impresses with soaring vaulted ceilings and a light-filled open-concept layout that feels both expansive and inviting. Three massive bedrooms offer next-level comfort--perfect for relaxing, hosting, or creating your ideal work-from-home space. Every major upgrade has already been done for you. Enjoy peace of mind with a BRAND NEW ROOF (March 2026) and a full-scale 2021 renovation featuring a gorgeous modern ki

Key facts

• Brand new roof
• Modern kitchen
• Oversized lot

Tags

• NO HOA
• BRAND NEW ROOF
• FULL-SCALE RENOVATION
• MODERN KITCHEN
• NEW HVAC SYSTEM
• OVERSIZED LOT

Property features AI

Finance

• HOA & community: Subdivision: Brandon Oaks 2nd Add; Short-term rentals allowed

Exterior

• Parking: Attached 2-car garage; Driveway with about 2 spaces
• Utilities: Public sewer; Electric water heater; Central electric air
• Home design: Single-story ranch; Built in 2008; Facing direction not specified
• Construction: Vinyl and some brick siding; Shingle (composite) roof; Slab foundation
• Exterior features: Open patio; Lot dimensions approximately 76 x 190; Paved county road access

Interior

• Kitchen: Cooktop; Dishwasher; Disposal; Microwave
• Bedrooms: 3 bedrooms; Primary bedroom on the first floor with cathedral ceiling and walk-in closet; Primary bathroom has double vanity, garden tub and separate shower
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating features
• Interior features: Vaulted ceilings; Recessed lighting; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $319k.

Deal economics

• At list price, monthly cash flow is $-68 ($-815/yr) — negative.
• To cash-flow at today's rent, offer at most $307k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (22.1% below list).
• Recommended offer: $249k (22.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.0% in Freeport — 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 68/100 on livability (#520 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: health & safety C-, amenities F, commute F.
• Walton (rural): math 62% / reading 61% proficiency, ranked #10 of 73 in FL (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Freeport Elementary School (math 50% / reading 57%, grade C, #949 of 2,144 statewide, top 45%, 1,123 students, 55% FRL); Freeport Senior High School (math 47% / reading 62%, grade C-, #138 of 667 statewide, top 21%, 557 students, 43% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+1.4%/yr); 1012 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 36% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $248,615 (22.1% 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 84 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $372,970
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
88 Tropical Way	0.12mi	3/2.0	1,530 (+1%)	2mo	$305,000	$199	90
61 Mallot Beach Dr	0.15mi	3/2.0	1,463 (-3%)	13mo	$275,000	$188	77
105 Bay Grove Dr	0.07mi	3/2.0	1,664 (+10%)	11mo	$330,000	$198	70
371 Bay Grove Rd	0.24mi	3/2.0	1,420 (-6%)	23mo	$370,000	$261	60
225 Bay Grove Rd	0.16mi	3/2.0	1,334 (-12%)	20mo	$330,000	$247	57
107 Rodney Dr	0.64mi	3/2.0	1,472 (-2%)	12mo	$410,000	$279	56

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 · 1.4% rent growth · sell at horizon

5-year hold

• IRR: -19.5%
• Equity multiple: 0.33×
• Total profit: $-60,026
• Equity at exit: $47,564

10-year hold

• IRR: -15.7%
• Equity multiple: 0.17×
• Total profit: $-73,773
• Equity at exit: $27,581

Cash invested: $89,320 (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 32439

• Home prices YoY: -4.2%
• Rents YoY: 1.4%
• Active inventory: 1012
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,486 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$160 /mo · $1,917/yr
• Insurance: −$133
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $-68

Break-even live

Break-even rent $2,572

Max offer price $307,001

Occupancy floor 98%

Sensitivity live

Price	-10% $113	-5% $22	+0% $-68	+5% $-158	+10% $-249
Rent	-10% $-264	-5% $-166	+0% $-68	+5% $30	+10% $128
Rate	-1.0pp $93	-0.5pp $13	base $-68	+0.5pp $-151	+1.0pp $-235

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
486 Beatrice Point Rd Freeport, FL	3.0	2.0	1543	$3,500	$2.27	21d	1	1.24mi

Listing history 31 events

1. 2026-06-18
   days on market $319,000 Active 84 DOM
2. 2026-06-17
   days on market $319,000 Active 83 DOM
3. 2026-06-16
   days on market $319,000 Active 82 DOM
4. 2026-06-15
   days on market $319,000 Active 81 DOM
5. 2026-06-14
   days on market $319,000 Active 79 DOM
6. 2026-06-13
   pricedays on market $319,000 Active 78 DOM
7. 2026-06-10
   days on market $320,000 Active 76 DOM
8. 2026-06-09
   days on market $320,000 Active 75 DOM
9. 2026-06-08
   days on market $320,000 Active 74 DOM
10. 2026-06-07
    days on market $320,000 Active 73 DOM
11. 2026-06-05
    days on market $320,000 Active 70 DOM
12. 2026-06-03
    days on market $320,000 Active 69 DOM
13. 2026-06-03
    pricedays on market $320,000 Active 68 DOM
14. 2026-06-01
    days on market $325,000 Active 67 DOM
15. 2026-05-31
    days on market $325,000 Active 66 DOM
16. 2026-05-30
    days on market $325,000 Active 65 DOM
17. 2026-05-14
    price $325,000
18. 2026-03-26
    listed $339,000 Active
19. 2024-12-15
    historical
20. 2024-11-21
    price $345,000
21. 2024-08-31
    price $355,000
22. 2024-07-21
    listed $367,000 Active
23. 2009-01-28
    historical
24. 2009-01-06
    historical
25. 2008-07-28
    listed $199,000
26. 2008-07-28
    listed $199,000
27. 2008-07-28
    listed $199,000
28. 2008-07-28
    listed $199,000
29. 2008-05-15
    historical
30. 2007-05-15
    listed $217,999
31. 2007-05-15
    listed $217,999

ⓘ 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: $1,917 · $160/mo
• Projected year-2 tax: $2,648 · $221/mo
• Expected delta: +$731/yr (+$61/mo · 38.1%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 96% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,834
• − Mortgage interest: −$17,869
• − Property taxes: −$1,917
• − Insurance: −$2,392
• − Repairs & maintenance: −$2,387
• − Management: −$2,387
• − Depreciation: −$9,280
• Taxable loss: −$6,398
• Est. tax savings @ 24.0%: +$1,535
• After-tax cash flow: $720/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: Walton
• NCES district ID: 1201980
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 61% ▼ -2.00%
• Median HH income: $46,794
• Composite: 52.03/100
• National rank: #1634
• State rank: #10 of 73 in FL

Livability — Freeport

• Score: 68/100
• State rank: #520
• US rank: #9579

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Walton County · 70,839 people
• City population: 15,328
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 15,328
• Household income: $83,227
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 172.0

Population outlook (Walton County) Hauer SSP2

• Today (2025): 80,014 people
• By 2030: 88,120 · +10.1%
• By 2040: 103,537 · +29.4%
• By 2050: 117,034 · +46.3%
• By 2075: 143,901 · +79.8%
• By 2100: 155,138 · +93.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 8% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 1%
• Common ancestry: Slovak 3% Italian 3% Serbian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 13% Other Indo-European 1%

Political lean MEDSL · Walton

• 2024 margin: Solid R (+57.8) · D 20.7% · R 78.6%
• 2008→2024 swing: -12.0pp toward R · 2008: -45.8pp · 2024: -57.8pp
• All cycles: 2024: R+57.8 2020: R+51.7 2016: R+56.1 2012: R+52.0 2008: R+45.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.18%
• Current HPI: 350.4692
• Rent YoY: ▲ 1.40%
• 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

+49.1% since first listed

15 events — show timeline

• 2026-05-14 Price Changed $325,000 ECAR
• 2026-03-26 Listed $339,000 ECAR
• 2024-12-15 Listing Removed — NAMLS
• 2024-11-21 Price Changed $345,000 NAMLS
• 2024-08-31 Price Changed $355,000 NAMLS
• 2024-07-21 Listed $367,000 NAMLS
• 2009-01-28 Listing Removed — NAMLS
• 2009-01-06 Listing Removed — NAMLS
• 2008-07-28 Listed $199,000 NAMLS
• 2008-07-28 Listed $199,000 NAMLS
• 2008-07-28 Listed $199,000 ECAR
• 2008-07-28 Listed $199,000 ECAR
• 2008-05-15 Listing Removed — NAMLS
• 2007-05-15 Listed $217,999 NAMLS
• 2007-05-15 Listed $217,999 ECAR

Property tax history

+8.3%/yr

Latest (2025): $1,917 · -0.9% YoY. Source: county tax records.