210 Pelham Rd Unit 201B · Wright, FL 32547

$109,800

2 bd · 1.0 ba · 925 sqft · Condo public records · 77 Days on market

Built 1975 $119/sqft · at area comps Est $111k · at est. $447/mo HOA · 29% of rent

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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 +16.3/30.0
• 1% rule +9.0/10.0
• ARV discount +8.0/15.0
• Schools +5.2/10.0
• DSCR +5.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

If you've been waiting for an affordable way to get on the water, this is it. This bayfront condo offers the kind of views and access that are getting harder to find at this price point. Whether you're looking for a second home, rental, or weekend escape, this one checks the right boxes. Inside, you'll find a functional 2-bedroom layout with comfortable living space and natural light throughout. Step outside and enjoy direct access to the bay, complete with a community dock and peaceful setting that makes it easy to unwind. The community also offers amenities like a pool and on-site laundry for added convenience. Located just minutes from beaches, bases, and everyday essentials, this is a smart buy for anyone looking for value and location. Opportunities like this don't come around often at this price--worth seeing in person.

Key facts

• Minutes from beaches
• Community dock
• Pool

Tags

• BAYFRONT CONDO
• DIRECT ACCESS TO THE BAY
• COMMUNITY DOCK
• POOL
• ON-SITE LAUNDRY
• MINUTES FROM BEACHES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $60 ($726/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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: schools D, 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.
• Market conditions: Rents soft (-0.1%/yr); 224 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $759 of loan paydown is wiped out by about $3k 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 77 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 23y 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

• Watch-outs: HOA is 29% of rent.

Recommended offer $103,212 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 6.95%
• Cash-on-cash: 2.36%
• DSCR: 1.11
• GRM: 6.0

CMA / ARV

• ARV (median comp): $110,970
• List price: $109,800
• Delta: -1.05%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.41×
• Total profit: $-18,175
• Equity at exit: $16,372

10-year hold

• IRR: -21.6%
• Equity multiple: 0.12×
• Total profit: $-27,177
• Equity at exit: $9,493

Cash invested: $30,744 (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: 224
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,535 high
• Mortgage (P&I): −$576
• Tax from tax record: −$84 /mo · $1,006/yr
• Insurance: −$46
• HOA: −$447
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $60

Break-even live

Break-even rent $1,459

Max offer price $109,800

Occupancy floor 91%

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: $27,450
• Closing costs: $3,294
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 Pelham Rd Fort Walton Beach, FL	1.0–2.0	1.0	809	$1,500	$1.85	13d	2	0.02mi
772 Rockport Ct Unit 4 Fort Walton Beach, FL	1.0	1.0	900	$1,200	$1.33	43d	1	0.16mi
770 Rockport Ct Unit 2 Fort Walton Beach, FL	1.0	1.0	900	$1,200	$1.33	43d	1	0.18mi
607 W Sunset Blvd Unit B Fort Walton Beach, FL	2.0	1.0	840	$1,600	$1.90	21d	1	0.25mi
1863 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	43d	1	0.27mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	13d	1	0.30mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	21d	1	0.30mi
706 Shady Lane Dr Unit B Fort Walton Beach, FL	2.0	1.0	900	$1,680	$1.87	43d	1	0.30mi
706 Shady Lane Dr Unit C Fort Walton Beach, FL	2.0	1.0	900	$1,600	$1.78	13d	1	0.30mi
1855 Norwood Ct #5 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	43d	1	0.31mi
1855 Norwood Ct Fort Walton Beach, FL	2.0	2.0	960	$1,400	$1.46	43d	1	0.31mi
1851 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	21d	1	0.33mi
1850 Norwood Ct Unit 2 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	21d	1	0.34mi
805 Hayley Marie Ct Fort Walton Beach, FL	2.0	2.0	1095	$1,650	$1.51	43d	1	0.38mi
1861 Stella Ln Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	13d	5	0.44mi
337 Lewis St Unit F Fort Walton Beach, FL	2.0	1.0	864	$1,225	$1.42	43d	1	0.45mi
402 Marshall Ct NW #6 Fort Walton Beach, FL	2.0	2.0	1050	$1,500	$1.43	21d	1	0.46mi
1850 Stella Ln Unit 4-411 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	13d	1	0.46mi
1850 Stella Ln Unit 4-417 Fort Walton Beach, FL	2.0	2.0	980	$1,800	$1.84	43d	1	0.46mi
1855 Stella Ln Unit 6-617 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	13d	1	0.46mi
1851 Stella Ln Unit 5-538 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	13d	1	0.46mi
405 Marshall Ct Fort Walton Beach, FL	2.0	2.0	1000	$1,495	$1.50	43d	1	0.51mi
225 Wright Pkwy NW #4 Fort Walton Beach, FL	1.0	1.0	680	$1,195	$1.76	21d	1	0.53mi
320 Clifford St Fort Walton Beach, FL	1.0	1.0	600	$1,150	$1.92	43d	1	0.56mi
881 Culp Ave Fort Walton Beach, FL	1.0	1.0	881	$1,250	$1.42	13d	1	0.79mi
1800 Tsuga Way Unit G Fort Walton Beach, FL	1.0	1.0	680	$1,300	$1.91	21d	1	0.83mi
1800 Tsuga Way Unit L Fort Walton Beach, FL	1.0	1.0	680	$1,350	$1.99	43d	1	0.83mi
2814 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	21d	1	0.91mi
2813 Bradford Pl NW Unit 2 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	13d	1	0.91mi
2812 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	21d	1	0.92mi
2809 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	13d	1	0.93mi
2809 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	43d	1	0.93mi
604 Colonial Dr Fort Walton Beach, FL	1.0–2.0	1.0–2.0	818	$1,624	$1.99	43d	1	0.97mi
44 Wright Pkwy NW Fort Walton Beach, FL	2.0	1.0	1000	$1,350	$1.35	21d	1	0.98mi
790 Navy St Fort Walton Beach, FL	2.0	1.0	900	$1,300	$1.44	13d	1	0.98mi
895 Silverwood #6 Fort Walton Beach, FL	2.0	2.0	960	$1,250	$1.30	21d	1	0.99mi
2800 Bradford Pl NW Fort Walton Beach, FL	2.0	2.0	850	$1,395	$1.64	13d	5	1.00mi
794 Navy St Fort Walton Beach, FL	2.0	1.0	840	$1,200	$1.43	21d	1	1.01mi
806 Fairview Dr Fort Walton Beach, FL	2.0	1.0	901	$1,350	$1.50	43d	1	1.06mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	43d	1	1.09mi

HOA detail condo

• Monthly dues: $447 · $5,364/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-15
   status $109,800 Pending 77 DOM
2. 2026-06-15
   days on market $109,800 Active 77 DOM
3. 2026-06-14
   days on market $109,800 Active 75 DOM
4. 2026-06-13
   days on market $109,800 Active 74 DOM
5. 2026-06-10
   days on market $109,800 Active 72 DOM
6. 2026-06-09
   days on market $109,800 Active 71 DOM
7. 2026-06-08
   days on market $109,800 Active 70 DOM
8. 2026-06-07
   days on market $109,800 Active 69 DOM
9. 2026-06-05
   days on market $109,800 Active 66 DOM
10. 2026-06-02
    days on market $109,800 Active 64 DOM
11. 2026-06-01
    days on market $109,800 Active 63 DOM
12. 2026-05-31
    days on market $109,800 Active 62 DOM
13. 2026-05-30
    pricedays on market $109,800 Active 61 DOM
14. 2026-04-14
    price $109,900 837-char remark

    Show marketing remark (837 chars)

    If you've been waiting for an affordable way to get on the water, this is it. This bayfront condo offers the kind of views and access that are getting harder to find at this price point. Whether you're looking for a second home, rental, or weekend escape, this one checks the right boxes. Inside, you'll find a functional 2-bedroom layout with comfortable living space and natural light throughout. Step outside and enjoy direct access to the bay, complete with a community dock and peaceful setting that makes it easy to unwind. The community also offers amenities like a pool and on-site laundry for added convenience. Located just minutes from beaches, bases, and everyday essentials, this is a smart buy for anyone looking for value and location. Opportunities like this don't come around often at this price--worth seeing in person.

15. 2026-03-30
    listed $114,900 Active 837-char remark

    Show marketing remark (837 chars)

    If you've been waiting for an affordable way to get on the water, this is it. This bayfront condo offers the kind of views and access that are getting harder to find at this price point. Whether you're looking for a second home, rental, or weekend escape, this one checks the right boxes. Inside, you'll find a functional 2-bedroom layout with comfortable living space and natural light throughout. Step outside and enjoy direct access to the bay, complete with a community dock and peaceful setting that makes it easy to unwind. The community also offers amenities like a pool and on-site laundry for added convenience. Located just minutes from beaches, bases, and everyday essentials, this is a smart buy for anyone looking for value and location. Opportunities like this don't come around often at this price--worth seeing in person.

16. 2024-09-19
    soldstatus $100,000
17. 2024-09-18
    soldstatus $100,000 Sold 1000-char remark

    Show marketing remark (1000 chars)

    Welcome to your waterfront oasis on the stunning Cinco Bayou! This charming condo offers a unique opportunity to experience the best of bayside living, complete with exclusive access to a community dock and a peaceful fishing area, perfect for relaxing afternoons on the water. This lovely second-story unit features two generously sized bedrooms, offering plenty of space to unwind and make yourself at home. With a recently replaced HVAC system in 2024, you can enjoy year-round comfort and energy efficiency. Take advantage of the sparkling swimming pool for a refreshing dip, enjoy some time on the tennis courts, or make use of the convenient on-site laundry room. Perfectly located near military bases, top-rated medical facilities, bustling shopping areas, and a variety of fantastic dining options, this condo is ideal for anyone seeking a vibrant yet tranquil lifestyle. Whether you're looking to invest or find a fabulous rental property, this delightful condo on Cinco Bayou is a must-see!

18. 2024-09-10
    status Pending 1000-char remark

    Show marketing remark (1000 chars)

    Welcome to your waterfront oasis on the stunning Cinco Bayou! This charming condo offers a unique opportunity to experience the best of bayside living, complete with exclusive access to a community dock and a peaceful fishing area, perfect for relaxing afternoons on the water. This lovely second-story unit features two generously sized bedrooms, offering plenty of space to unwind and make yourself at home. With a recently replaced HVAC system in 2024, you can enjoy year-round comfort and energy efficiency. Take advantage of the sparkling swimming pool for a refreshing dip, enjoy some time on the tennis courts, or make use of the convenient on-site laundry room. Perfectly located near military bases, top-rated medical facilities, bustling shopping areas, and a variety of fantastic dining options, this condo is ideal for anyone seeking a vibrant yet tranquil lifestyle. Whether you're looking to invest or find a fabulous rental property, this delightful condo on Cinco Bayou is a must-see!

19. 2024-08-23
    listed $109,000 Active 1000-char remark

    Show marketing remark (1000 chars)

    Welcome to your waterfront oasis on the stunning Cinco Bayou! This charming condo offers a unique opportunity to experience the best of bayside living, complete with exclusive access to a community dock and a peaceful fishing area, perfect for relaxing afternoons on the water. This lovely second-story unit features two generously sized bedrooms, offering plenty of space to unwind and make yourself at home. With a recently replaced HVAC system in 2024, you can enjoy year-round comfort and energy efficiency. Take advantage of the sparkling swimming pool for a refreshing dip, enjoy some time on the tennis courts, or make use of the convenient on-site laundry room. Perfectly located near military bases, top-rated medical facilities, bustling shopping areas, and a variety of fantastic dining options, this condo is ideal for anyone seeking a vibrant yet tranquil lifestyle. Whether you're looking to invest or find a fabulous rental property, this delightful condo on Cinco Bayou is a must-see!

20. 2022-06-08
    historical
21. 2022-06-08
    historical
22. 2022-05-24
    listed $129,000 Active
23. 2022-05-18
    listed $129,000 Active
24. 2021-09-17
    historical
25. 2021-09-03
    status Active
26. 2021-09-01
    historical
27. 2021-08-04
    status Active
28. 2021-06-06
    status Pending
29. 2021-06-06
    historical
30. 2021-05-19
    price $95,000
31. 2021-05-19
    status Active
32. 2021-03-13
    status Pending
33. 2021-02-27
    listed $90,000 Active
34. 2021-02-20
    listed $95,000
35. 2004-02-06
    soldstatus $45,000
36. 2004-01-30
    soldstatus $45,000
37. 2003-12-22
    listed $49,000

ⓘ 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: $1,006 · $84/mo
• Projected year-2 tax: $1,006 · $84/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $18,423
• − Mortgage interest: −$6,151
• − Property taxes: −$1,006
• − Insurance: −$549
• − Repairs & maintenance: −$1,474
• − Management: −$1,474
• − HOA: −$5,364
• − Depreciation: −$3,194
• Taxable loss: −$788
• Est. tax savings @ 24.0%: +$189
• After-tax cash flow: $915/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

+124.3% since first listed

24 events — show timeline

• 2026-04-14 Price Changed $109,900 ECAR
• 2026-03-30 Listed $114,900 ECAR
• 2024-09-19 Sold (Public Records) $100,000 Public Records
• 2024-09-18 Sold (MLS) $100,000 ECAR
• 2024-09-10 Pending — ECAR
• 2024-08-23 Listed $109,000 ECAR
• 2022-06-08 Delisted — ECAR
• 2022-06-08 Listing Removed — NAMLS
• 2022-05-24 Listed $129,000 ECAR
• 2022-05-18 Listed $129,000 NAMLS
• 2021-09-17 Delisted — ECAR
• 2021-09-03 Relisted — ECAR
• 2021-09-01 Delisted — ECAR
• 2021-08-04 Relisted — ECAR
• 2021-06-06 Pending — ECAR
• 2021-06-06 Listing Removed — NAMLS
• 2021-05-19 Price Changed $95,000 ECAR
• 2021-05-19 Relisted — ECAR
• 2021-03-13 Pending — ECAR
• 2021-02-27 Listed $90,000 ECAR
• 2021-02-20 Listed $95,000 NAMLS
• 2004-02-06 Sold (Public Records) $45,000 Public Records
• 2004-01-30 Sold (MLS) $45,000 ECAR
• 2003-12-22 Listed $49,000 ECAR

Property tax history

+7.4%/yr

Latest (2025): $1,006 · -9.0% YoY. Source: county tax records.