656 Mcclelland St · Crestview, FL 32536

$175,000

3 bd · 2.0 ba · 1,800 sqft · SingleFamily public records · 38 Days on market

Built 1956 0.51 ac lot $97/sqft · 20% below area Est $218k · 20% under

---

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 +19.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Schools +5.2/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment opportunity with major upside potential. AS IS Condition. Situated a large lot with plenty of space and possibilities. Great opportunity for investors, flippers, or buyers looking for equity.

Key facts

• 0.51 acre lot
• 4 parking spots
• Built 1956

Property features AI

Finance

• Other: Zoned for single-family residential
• HOA & community: Subdivision: METES & BOUNDS

Exterior

• Parking: Driveway with space for 4 vehicles
• Utilities: Electric service; Public water; Public sewer; TV cable
• Home design: Ranch-style single-story home; Built in 1956; Faces city street access
• Construction: Brick construction with off-grade foundation; Composite shingle roof
• Exterior features: Private yard; Open front porch

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: 3 bedrooms; master bedroom on the first floor
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Fireplace; Handicap provisions; Recessed lighting; Double-pane windows
• Laundry & utility: First-floor laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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.
• Zoned schools: Northwood Elementary School (math 63% / reading 56%, grade B-, #690 of 2,144 statewide, top 34%, 828 students, 63% FRL); Crestview High School (math 49% / reading 54%, grade D+, #167 of 667 statewide, top 25%, 2,315 students, 42% FRL) — zoned schools average 53% FRL vs 36% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.2%/yr); 349 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $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 38 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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.
• Current owner paid $65k; list at $175k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.03% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.13%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (median comp): $217,645
• List price: $175,000
• Delta: -19.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
248 S Booker St	0.34mi	3/2.0	1,601 (-11%)	5mo	$30,000	$19	62
112 Duggan Ave	0.48mi	3/2.0	1,846 (+3%)	15mo	$75,000	$41	61
116 N Savage St	0.47mi	3/2.0	1,564 (-13%)	4mo	$305,000	$195	53
151 N Booker St	0.45mi	3/2.0	1,564 (-13%)	5mo	$299,999	$192	53

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 · 1.17% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.63×
• Total profit: $-18,246
• Equity at exit: $26,093

10-year hold

• IRR: -3.8%
• Equity multiple: 0.77×
• Total profit: $-11,450
• Equity at exit: $15,131

Cash invested: $49,000 (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 32536

• Home prices YoY: -16.2%
• Rents YoY: 1.2%
• Active inventory: 349
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,794 high
• Mortgage (P&I): −$918
• Tax from tax record: −$217 /mo · $2,609/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $209

Break-even live

Break-even rent $1,529

Max offer price $175,000

Occupancy floor 83%

Sensitivity live

Price	-10% $308	-5% $259	+0% $209	+5% $160	+10% $110
Rent	-10% $68	-5% $138	+0% $209	+5% $280	+10% $351
Rate	-1.0pp $297	-0.5pp $254	base $209	+0.5pp $164	+1.0pp $118

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 W Walnut Ave Crestview, FL	3.0	2.0	1297	$1,595	$1.23	44d	1	0.28mi
184 Johnson Ct Crestview, FL	4.0	2.5	2080	$2,050	$0.99	22d	1	0.53mi
202 Johnson Ct Crestview, FL	3.0	2.5	1496	$1,450	$0.97	44d	1	0.56mi
204 Johnson Ct Crestview, FL	3.0	2.5	1496	$1,450	$0.97	44d	1	0.57mi
211 Johnson Ct Crestview, FL	3.0	2.5	1534	$1,450	$0.95	22d	1	0.60mi
223 Johnson Ct #223 Crestview, FL	3.0	2.5	1496	$1,450	$0.97	44d	1	0.62mi
178 Cabana Way Crestview, FL	4.0	2.0	1284	$1,800	$1.40	44d	1	0.70mi
156 Cabana Way Crestview, FL	4.0	2.0	1244	$1,800	$1.45	44d	1	0.77mi
132 Cabana Way Crestview, FL	3.0	2.0	1408	$1,750	$1.24	14d	1	0.86mi
751 Amos St Unit B Crestview, FL	3.0	2.5	2163	$1,695	$0.78	14d	1	0.89mi
821 N Brett St Crestview, FL	3.0	2.0	2131	$1,800	$0.84	44d	1	1.07mi
197 W 1st Ave Crestview, FL	3.0	2.0	1547	$2,395	$1.55	22d	1	1.18mi
812 Carlton St Crestview, FL	3.0	2.5	1393	$1,495	$1.07	22d	1	1.21mi
301 E Redstone Ave Crestview, FL	1.0–3.0	1.0–2.0	1100	$2,202	$2.00	14d	20	1.32mi
200 Mirage Ave Crestview, FL	1.0–3.0	1.0–2.0	1100	$1,904	$1.73	14d	34	1.34mi
14 Flora Cv Crestview, FL	3.0	2.0	1357	$1,750	$1.29	22d	1	1.34mi
326 Dixie St Crestview, FL	3.0	1.0	1386	$1,400	$1.01	44d	1	1.37mi
408 Arbor Lake Dr Crestview, FL	3.0	2.5	1755	$1,900	$1.08	14d	1	1.49mi

Listing history 24 events

1. 2026-06-18
   days on market $175,000 Active 38 DOM
2. 2026-06-17
   days on market $175,000 Active 37 DOM
3. 2026-06-16
   days on market $175,000 Active 36 DOM
4. 2026-06-15
   days on market $175,000 Active 35 DOM
5. 2026-06-14
   days on market $175,000 Active 33 DOM
6. 2026-06-13
   days on market $175,000 Active 32 DOM
7. 2026-06-10
   days on market $175,000 Active 30 DOM
8. 2026-06-09
   days on market $175,000 Active 29 DOM
9. 2026-06-08
   days on market $175,000 Active 28 DOM
10. 2026-06-07
    days on market $175,000 Active 27 DOM
11. 2026-06-05
    days on market $175,000 Active 24 DOM
12. 2026-06-02
    days on market $175,000 Active 22 DOM
13. 2026-06-01
    days on market $175,000 Active 21 DOM
14. 2026-05-31
    days on market $175,000 Active 20 DOM
15. 2026-05-30
    days on market $175,000 Active 19 DOM
16. 2026-05-11
    listed $175,000 Active 202-char remark
17. 2009-12-29
    historical
18. 2009-10-22
    listed $124,900
19. 2009-10-22
    listed $124,900
20. 2007-05-09
    listed $155,500
21. 2007-01-26
    soldstatus $65,000
22. 2007-01-26
    soldstatus $65,000
23. 2006-09-08
    listed $69,900
24. 2006-09-08
    listed $69,900

ⓘ 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: $2,609 · $217/mo
• Projected year-2 tax: $2,609 · $217/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 20 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: $21,529
• − Mortgage interest: −$9,803
• − Property taxes: −$2,609
• − Insurance: −$875
• − Repairs & maintenance: −$1,722
• − Management: −$1,722
• − Depreciation: −$5,091
• Taxable loss: −$293
• Est. tax savings @ 24.0%: +$70
• After-tax cash flow: $2,582/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

• Census place: Crestview, FL
• County: Okaloosa County · 194,352 people
• City population: 58,889
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 25,599
• Household income: $78,119
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 634.0

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 0.56)
• Race & ethnicity: White 64% Black 16% Hispanic / Latino 12% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 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: ▼ -51.48%
• Current HPI: 265.9926
• Rent YoY: ▲ 1.17%
• 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

+150.4% since first listed

9 events — show timeline

• 2026-05-11 Listed $175,000 ECAR
• 2009-12-29 Listing Removed — NAMLS
• 2009-10-22 Listed $124,900 NAMLS
• 2009-10-22 Listed $124,900 ECAR
• 2007-05-09 Listed $155,500 ECAR
• 2007-01-26 Sold (MLS) $65,000 NAMLS
• 2007-01-26 Sold (MLS) $65,000 ECAR
• 2006-09-08 Listed $69,900 NAMLS
• 2006-09-08 Listed $69,900 ECAR

Property tax history

+7.0%/yr

Latest (2025): $2,609 · +7.7% YoY. Source: county tax records.