605 Colonial Dr #2 · Wright, FL 32547

$99,900

2 bd · 2.0 ba · 980 sqft · Condo public records · 264 Days on market

Built 1975 $102/sqft · 26% below area Est $135k · 26% under $604/mo HOA · 39% 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).

• ARV discount +15.0/15.0
• Cash flow +10.8/30.0
• 1% rule +10.0/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

lowest-price 2Br/2Ba in the market! . .. split bedroom floorplan . .. DIY option -- choose your own interior materials and colors . .. Ask about a seller-to-buyer $10,000 remodel allowance . .. Fair Oaks Village is conveniently located betwixt Beal Parkway and Racetrack Road and Eglin Parkway . .. convenient to Wright Elementary and Pryor Middle School and Choctawhatchee High School . .. Pool: enjoy the pool . .. Beach: 10-minute drive to the Okaloosa Island beach

Key facts

• Conveniently located
• $604 HOA
• Community pool

Tags

• SPLIT BEDROOM FLOORPLAN
• CONVENIENTLY LOCATED
• 10 MINUTE DRIVE TO THE BEACH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $-46 ($-548/yr) — negative.
• To cash-flow at today's rent, offer at most $92k (8.1% below list).
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.7% 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 lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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 $691 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 264 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 $64k; list at $100k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.

Recommended offer $87,912 (12.0% 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 264 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.53% ✓
• Cap rate: 5.74%
• Cash-on-cash: -1.96%
• DSCR: 0.91
• GRM: 5.4

CMA / ARV

• ARV (median comp): $135,265
• List price: $99,900
• Delta: -26.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -25.7%
• Equity multiple: 0.17×
• Total profit: $-23,216
• Equity at exit: $14,895

10-year hold

• IRR: -60.8%
• Equity multiple: -0.42×
• Total profit: $-39,799
• Equity at exit: $8,638

Cash invested: $27,972 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,531 high
• Mortgage (P&I): −$524
• Tax from tax record: −$86 /mo · $1,028/yr
• Insurance: −$42
• HOA: −$604
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $-46

Break-even live

Break-even rent $1,589

Max offer price $91,826

Occupancy floor 98%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
604 Colonial Dr Fort Walton Beach, FL	1.0–2.0	1.0–2.0	818	$1,624	$1.99	43d	1	0.04mi
696 Tyner St #41 Fort Walton Beach, FL	2.0	1.5	960	$1,550	$1.61	13d	1	0.21mi
321 Woodrow St NE Fort Walton Beach, FL	1.0–3.0	1.0–2.0	1017	$1,488	$1.46	13d	6	0.30mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	43d	1	0.32mi
709 Greenwood St Unit B Fort Walton Beach, FL	2.0	1.0	800	$1,200	$1.50	20d	1	0.39mi
709 Greenwood St Fort Walton Beach, FL	2.0	1.0	800	$1,200	$1.50	13d	1	0.39mi
790 Navy St Fort Walton Beach, FL	2.0	1.0	900	$1,300	$1.44	13d	1	0.40mi
800 Denton Blvd NW Fort Walton Beach, FL	2.0	1.0	1000	$1,600	$1.60	13d	1	0.42mi
794 Navy St Fort Walton Beach, FL	2.0	1.0	840	$1,200	$1.43	20d	1	0.42mi
337 Lewis St Unit F Fort Walton Beach, FL	2.0	1.0	864	$1,225	$1.42	43d	1	0.61mi
712 Newport Dr Fort Walton Beach, FL	3.0	1.0	1100	$1,650	$1.50	43d	1	0.69mi
320 Clifford St Fort Walton Beach, FL	1.0	1.0	600	$1,150	$1.92	43d	1	0.75mi
607 W Sunset Blvd Unit B Fort Walton Beach, FL	2.0	1.0	840	$1,600	$1.90	20d	1	0.77mi
1022 Rockport Dr Fort Walton Beach, FL	2.0	2.0	864	$1,500	$1.74	20d	1	0.88mi
201 Taylor St Fort Walton Beach, FL	1.0	1.0	800	$1,200	$1.50	43d	1	0.89mi
201 Taylor St Unit 12 Fort Walton Beach, FL	1.0	1.0	650	$1,150	$1.77	43d	1	0.89mi
204 Davenport Rd Unit 15 Fort Walton Beach, FL	2.0	1.0	800	$1,200	$1.50	43d	1	0.93mi
303 South Ave Unit 1 Fort Walton Beach, FL	2.0	1.0	750	$1,350	$1.80	43d	1	0.97mi
210 Pelham Rd Fort Walton Beach, FL	1.0–2.0	1.0	809	$1,500	$1.85	13d	2	0.97mi
943 Central Ave Unit C Fort Walton Beach, FL	1.0	1.0	750	$1,200	$1.60	43d	1	0.99mi
211 Tooke St Apt C Fort Walton Beach, FL	1.0	1.0	700	$1,200	$1.71	43d	1	0.99mi
914 Barrow St Unit 1 Fort Walton Beach, FL	1.0	1.0	800	$1,300	$1.62	13d	1	1.00mi
936-938 Barrow St Fort Walton Beach, FL	1.0	1.0	800	$1,200	$1.50	43d	1	1.00mi
910 Barrow St Unit 7 Fort Walton Beach, FL	2.0	2.0	1020	$1,500	$1.47	13d	1	1.00mi
940 Barrow St Unit 7 Fort Walton Beach, FL	1.0	1.0	800	$1,200	$1.50	43d	1	1.00mi
936 Barrow St Unit 5 Fort Walton Beach, FL	2.0	2.0	1020	$1,500	$1.47	43d	1	1.01mi
912 Barrow St Unit 10 Fort Walton Beach, FL	1.0	1.0	800	$1,300	$1.62	13d	1	1.01mi
433 Bear Rd Unit B Fort Walton Beach, FL	2.0	1.0	782	$1,200	$1.53	43d	1	1.07mi
772 Rockport Ct Unit 4 Fort Walton Beach, FL	1.0	1.0	900	$1,200	$1.33	43d	1	1.10mi
770 Rockport Ct Unit 2 Fort Walton Beach, FL	1.0	1.0	900	$1,200	$1.33	43d	1	1.11mi
805 Hayley Marie Ct Fort Walton Beach, FL	2.0	2.0	1095	$1,650	$1.51	43d	1	1.19mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	20d	1	1.19mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	13d	1	1.19mi
706 Shady Lane Dr Unit B Fort Walton Beach, FL	2.0	1.0	900	$1,680	$1.87	43d	1	1.19mi
706 Shady Lane Dr Unit C Fort Walton Beach, FL	2.0	1.0	900	$1,600	$1.78	13d	1	1.19mi
146 Alabama Ave NW Unit B Fort Walton Beach, FL	1.0	1.0	750	$1,250	$1.67	43d	1	1.25mi
1863 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	43d	1	1.25mi
402 Marshall Ct NW #6 Fort Walton Beach, FL	2.0	2.0	1050	$1,500	$1.43	20d	1	1.26mi
2813 Bradford Pl NW Unit 2 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	13d	1	1.27mi
405 Marshall Ct Fort Walton Beach, FL	2.0	2.0	1000	$1,495	$1.50	43d	1	1.27mi

HOA detail condo

• Monthly dues: $604 · $7,248/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $99,900 Active 264 DOM
2. 2026-06-17
   days on market $99,900 Active 263 DOM
3. 2026-06-16
   days on market $99,900 Active 262 DOM
4. 2026-06-15
   days on market $99,900 Active 261 DOM
5. 2026-06-14
   days on market $99,900 Active 259 DOM
6. 2026-06-13
   days on market $99,900 Active 258 DOM
7. 2026-06-10
   days on market $99,900 Active 256 DOM
8. 2026-06-09
   days on market $99,900 Active 255 DOM
9. 2026-06-08
   days on market $99,900 Active 254 DOM
10. 2026-06-07
    days on market $99,900 Active 253 DOM
11. 2026-06-05
    days on market $99,900 Active 250 DOM
12. 2026-06-02
    days on market $99,900 Active 248 DOM
13. 2026-06-01
    days on market $99,900 Active 247 DOM
14. 2026-05-31
    days on market $99,900 Active 246 DOM
15. 2026-05-30
    days on market $99,900 Active 245 DOM
16. 2025-09-26
    listed $99,900 Active 468-char remark

    Show marketing remark (468 chars)

    lowest-price 2Br/2Ba in the market! . .. split bedroom floorplan . .. DIY option -- choose your own interior materials and colors . .. Ask about a seller-to-buyer $10,000 remodel allowance . .. Fair Oaks Village is conveniently located betwixt Beal Parkway and Racetrack Road and Eglin Parkway . .. convenient to Wright Elementary and Pryor Middle School and Choctawhatchee High School . .. Pool: enjoy the pool . .. Beach: 10-minute drive to the Okaloosa Island beach

17. 2008-11-19
    listed $79,000
18. 1999-01-05
    soldstatus $64,000
19. 1984-11-01
    soldstatus $39,500

ⓘ 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: $1,028 · $86/mo
• Projected year-2 tax: $1,028 · $86/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: $18,371
• − Mortgage interest: −$5,596
• − Property taxes: −$1,028
• − Insurance: −$500
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − HOA: −$7,248
• − Depreciation: −$2,906
• Taxable loss: −$1,845
• Est. tax savings @ 24.0%: +$443
• After-tax cash flow: $-106/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

+152.9% since first listed

4 events — show timeline

• 2025-09-26 Listed $99,900 ECAR
• 2008-11-19 Listed $79,000 ECAR
• 1999-01-05 Sold (Public Records) $64,000 Public Records
• 1984-11-01 Sold (Public Records) $39,500 Public Records

Property tax history

+7.2%/yr

Latest (2025): $1,028 · +4.1% YoY. Source: county tax records.