413 Government Ave · Valparaiso, FL 32580

$299,000

3 bd · 2.0 ba · 1,645 sqft · SingleFamily public records · 10 Days on market

Built 1966 0.28 ac lot Est $375k · 20% 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).

• ARV discount +15.0/15.0
• Cash flow +10.5/30.0
• Appreciation +6.5/10.0
• Schools +5.2/10.0
• Livability +3.7/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0

Listing remarks MLS

$20,000 Price REDUCTION!! Sellers are MOTIVATED and NEED an offer ASAP! You'll be amazed at all the upgrades and space within! New Tile, painting, beadboard accents, kitchen appliances just 3 years old, new garbage disposal & kitchen sink & faucett, new light fixtures & ceiling fans, new A/C AND duct work & termite bond. Even the toilets are new. The list goes on and on! (I will supply the list that's several pages long!) Great home for entertaining w/lots of room to spread out. There's a separate Livingroom, Media Room, Computer nook, and a HUGE family room off the kitchen! Double french doors lead out into the oversized back yard complete w/in-ground pool & pool house w/electricity (both are being sold ''as is.'') The large fenced yard has an add'l 15 ft in the rear and separate dog run the entire parameter of the yard. A LOT of house for the money and sellers say zoning also allows for commercial use, so it's perfect for running your in-home business. Excellent location for the greatest exposure! You can't imagine the inside, so come in and have a look. Washer/dryer and all appliances Convey PLUS a Home Warranty for added peace of mind! Better Hurry! Just appraised at $142,500!!

Key facts

• Ample counter space
• Tile flooring
• 0.28 acre lot

Tags

• FLEXIBLE LIVING SPACES
• UPDATED BEDROOM FIXTURES
• TILE FLOORING
• ABUNDANT WOOD CABINETRY
• AMPLE COUNTER SPACE
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Zoning: Commercial / Residential Single Family
• HOA & community: Subdivision: HIGHLAND PARK

Exterior

• Parking: Carport
• Security: Smoke detector(s)
• Utilities: Electric service; Public water; Public sewer
• Home design: Single-story (1 story); Rustic style
• Construction: Brick construction; Composite shingle roof; Built in 1966
• Exterior features: Private yard; Privacy fencing; Level lot; Paved road access

Interior

• Kitchen: Cooktop; Dishwasher; Disposal; Microwave
• Bedrooms: 3 bedrooms; Master bedroom on the first floor with tile master bathroom
• Flooring: Tile
• Bathrooms: 2 bathrooms (1 full, 1 half)
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Breakfast bar; Beamed ceilings; Vaulted ceilings; Recessed lighting; Newly painted; Washer/dryer hookup; Unfurnished
• 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 $299k.

Deal economics

• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (9.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (30.4% below list).
• Recommended offer: $208k (30.4% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.6% in Valparaiso — 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 74/100 on livability (#278 in FL, #4,319 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, housing A+; Watch: health & safety C-, 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.
• Market conditions: 45 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 46d 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

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.0% local appreciation)).
• Okaloosa County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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 $131k; list at $299k implies a 129% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $208,214 (30.4% 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. Built in 1966 — 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 A-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: 0.70% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.18%
• DSCR: 0.90
• GRM: 12.0

CMA / ARV

• ARV (on-the-fly): $375,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
430 Edge Ave	0.06mi	3/1.5	1,732 (+5%)	1mo	$329,900	$190	85
400 Glendale Ave	0.15mi	4/1.5 (+1)	1,668 (+1%)	10mo	$280,000	$168	75
106 Penny Ln	0.24mi	3/2.5	1,600 (-3%)	10mo	$384,900	$241	74
112 Penny Ln	0.22mi	3/2.5	1,600 (-3%)	12mo	$384,900	$241	74
100 Penny Ln	0.25mi	3/2.5	1,600 (-3%)	20mo	$377,500	$236	65
413 Andrew Dr	0.65mi	3/2.0	1,659 (+1%)	5mo	$337,000	$203	64
308 Johnson St	0.61mi	3/2.0	1,638 (-0%)	12mo	$435,000	$266	60
416 Glendale Ave	0.10mi	3/2.0	1,402 (-15%)	13mo	$320,000	$228	60
475 Johnson St	0.70mi	3/2.0	1,589 (-3%)	3mo	$437,000	$275	59
140 Menzel St	0.65mi	3/2.0	1,747 (+6%)	22mo	$385,000	$220	41
346 Edge Ave	0.52mi	4/2.5 (+1)	1,850 (+12%)	11mo	$380,000	$205	39
396 Andrew Dr	0.67mi	3/2.0	1,429 (-13%)	13mo	$240,000	$168	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.95% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.30×
• Total profit: $25,364
• Equity at exit: $133,566

10-year hold

• IRR: 8.3%
• Equity multiple: 2.25×
• Total profit: $104,772
• Equity at exit: $205,161

Cash invested: $83,720 (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 32580

• Home prices YoY: 1.1%
• Active inventory: 45
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,082 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$105 /mo · $1,255/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $-152

Break-even live

Break-even rent $2,275

Max offer price $272,108

Occupancy floor —

Sensitivity live

Price	-10% $17	-5% $-68	+0% $-152	+5% $-237	+10% $-321
Rent	-10% $-317	-5% $-234	+0% $-152	+5% $-70	+10% $12
Rate	-1.0pp $-2	-0.5pp $-76	base $-152	+0.5pp $-230	+1.0pp $-309

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
431 Edge Ave Valparaiso, FL	4.0	1.5	1440	$2,000	$1.39	45d	1	0.08mi
412 Detroit Ave Valparaiso, FL	3.0	2.0	1215	$2,200	$1.81	15d	1	0.09mi
532 Valparaiso Pkwy Valparaiso, FL	2.0	1.5	1203	$1,900	$1.58	45d	1	0.36mi
475 Andrew Dr Valparaiso, FL	3.0	2.0	1200	$2,300	$1.92	15d	1	0.44mi
9 Praiseworthy Dr Valparaiso, FL	3.0	2.5	1549	$2,250	$1.45	46d	1	0.52mi
369 Lincoln Ave Valparaiso, FL	3.0	1.0	1095	$1,595	$1.46	45d	1	0.60mi
211 Evans St Unit F Niceville, FL	2.0	1.5	1100	$1,450	$1.32	45d	1	0.80mi
42 Avery Dr Valparaiso, FL	3.0	2.5	1493	$2,150	$1.44	22d	1	0.87mi
409 Nathey Ave Niceville, FL	3.0	2.5	1646	$2,150	$1.31	22d	1	0.88mi
236 Chicago Ave Valparaiso, FL	3.0	2.0	1894	$2,500	$1.32	15d	1	0.94mi
561 Bayshore Dr Unit 1 Niceville, FL	2.0	2.0	1644	$2,200	$1.34	45d	1	1.28mi

Listing history 8 events

1. 2026-05-17
   listed $299,000 Active
2. 2004-07-16
   soldstatus $130,600
3. 2004-05-14
   soldstatus $130,550 1220-char remark

   Show marketing remark (1220 chars)

   $20,000 Price REDUCTION!! Sellers are MOTIVATED and NEED an offer ASAP! You'll be amazed at all the upgrades and space within! New Tile, painting, beadboard accents, kitchen appliances just 3 years old, new garbage disposal & kitchen sink & faucett, new light fixtures & ceiling fans, new A/C AND duct work & termite bond. Even the toilets are new. The list goes on and on! (I will supply the list that's several pages long!) Great home for entertaining w/lots of room to spread out. There's a separate Livingroom, Media Room, Computer nook, and a HUGE family room off the kitchen! Double french doors lead out into the oversized back yard complete w/in-ground pool & pool house w/electricity (both are being sold ''as is.'') The large fenced yard has an add'l 15 ft in the rear and separate dog run the entire parameter of the yard. A LOT of house for the money and sellers say zoning also allows for commercial use, so it's perfect for running your in-home business. Excellent location for the greatest exposure! You can't imagine the inside, so come in and have a look. Washer/dryer and all appliances Convey PLUS a Home Warranty for added peace of mind! Better Hurry! Just appraised at $142,500!!

4. 2004-05-14
   soldstatus $130,550 1220-char remark

   Show marketing remark (1220 chars)

   $20,000 Price REDUCTION!! Sellers are MOTIVATED and NEED an offer ASAP! You'll be amazed at all the upgrades and space within! New Tile, painting, beadboard accents, kitchen appliances just 3 years old, new garbage disposal & kitchen sink & faucett, new light fixtures & ceiling fans, new A/C AND duct work & termite bond. Even the toilets are new. The list goes on and on! (I will supply the list that's several pages long!) Great home for entertaining w/lots of room to spread out. There's a separate Livingroom, Media Room, Computer nook, and a HUGE family room off the kitchen! Double french doors lead out into the oversized back yard complete w/in-ground pool & pool house w/electricity (both are being sold ''as is.'') The large fenced yard has an add'l 15 ft in the rear and separate dog run the entire parameter of the yard. A LOT of house for the money and sellers say zoning also allows for commercial use, so it's perfect for running your in-home business. Excellent location for the greatest exposure! You can't imagine the inside, so come in and have a look. Washer/dryer and all appliances Convey PLUS a Home Warranty for added peace of mind! Better Hurry! Just appraised at $142,500!!

5. 2004-03-05
   listed $125,000 1220-char remark

   Show marketing remark (1220 chars)

   $20,000 Price REDUCTION!! Sellers are MOTIVATED and NEED an offer ASAP! You'll be amazed at all the upgrades and space within! New Tile, painting, beadboard accents, kitchen appliances just 3 years old, new garbage disposal & kitchen sink & faucett, new light fixtures & ceiling fans, new A/C AND duct work & termite bond. Even the toilets are new. The list goes on and on! (I will supply the list that's several pages long!) Great home for entertaining w/lots of room to spread out. There's a separate Livingroom, Media Room, Computer nook, and a HUGE family room off the kitchen! Double french doors lead out into the oversized back yard complete w/in-ground pool & pool house w/electricity (both are being sold ''as is.'') The large fenced yard has an add'l 15 ft in the rear and separate dog run the entire parameter of the yard. A LOT of house for the money and sellers say zoning also allows for commercial use, so it's perfect for running your in-home business. Excellent location for the greatest exposure! You can't imagine the inside, so come in and have a look. Washer/dryer and all appliances Convey PLUS a Home Warranty for added peace of mind! Better Hurry! Just appraised at $142,500!!

6. 2004-03-05
   listed $125,000 1220-char remark

   Show marketing remark (1220 chars)

   $20,000 Price REDUCTION!! Sellers are MOTIVATED and NEED an offer ASAP! You'll be amazed at all the upgrades and space within! New Tile, painting, beadboard accents, kitchen appliances just 3 years old, new garbage disposal & kitchen sink & faucett, new light fixtures & ceiling fans, new A/C AND duct work & termite bond. Even the toilets are new. The list goes on and on! (I will supply the list that's several pages long!) Great home for entertaining w/lots of room to spread out. There's a separate Livingroom, Media Room, Computer nook, and a HUGE family room off the kitchen! Double french doors lead out into the oversized back yard complete w/in-ground pool & pool house w/electricity (both are being sold ''as is.'') The large fenced yard has an add'l 15 ft in the rear and separate dog run the entire parameter of the yard. A LOT of house for the money and sellers say zoning also allows for commercial use, so it's perfect for running your in-home business. Excellent location for the greatest exposure! You can't imagine the inside, so come in and have a look. Washer/dryer and all appliances Convey PLUS a Home Warranty for added peace of mind! Better Hurry! Just appraised at $142,500!!

7. 1995-07-01
   soldstatus $67,500
8. 1982-08-01
   soldstatus $48,300

ⓘ 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: $1,255 · $105/mo
• Projected year-2 tax: $2,482 · $207/mo
• Expected delta: +$1,227/yr (+$102/mo · 97.8%)

ⓘ 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 ≥103°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: $24,986
• − Mortgage interest: −$16,749
• − Property taxes: −$1,255
• − Insurance: −$1,495
• − Repairs & maintenance: −$1,999
• − Management: −$1,999
• − Depreciation: −$8,698
• Taxable loss: −$7,208
• Est. tax savings @ 24.0%: +$1,730
• After-tax cash flow: $-97/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 — Valparaiso

• Score: 74/100
• State rank: #278
• US rank: #4319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valparaiso, FL
• City population: 4,117
• Population (ZIP): 4,117

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: Predominantly White (73%)
• Race & ethnicity: White 73% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Dominican 1%
• Common ancestry: Romanian 5% Italian 4% Slovak 3%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 98% English-only · Korean 1% Spanish 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: ▲ 2.95%
• Current HPI: 266.6313
• Rent YoY: —
• Metro: —
• 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

+519.0% since first listed

8 events — show timeline

• 2026-05-17 Listed $299,000 ECAR
• 2004-07-16 Sold (Public Records) $130,600 Public Records
• 2004-05-14 Sold (MLS) $130,550 ECAR
• 2004-05-14 Sold (MLS) $130,550 NAMLS
• 2004-03-05 Listed $125,000 ECAR
• 2004-03-05 Listed $125,000 NAMLS
• 1995-07-01 Sold (Public Records) $67,500 Public Records
• 1982-08-01 Sold (Public Records) $48,300 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,255 · +3.8% YoY. Source: county tax records.