201 E College Blvd #46 · Niceville, FL 32578

$140,000

2 bd · 1.0 ba · 816 sqft · Condo public records · 377 Days on market

Built 1981 $172/sqft · 22% below area Est $179k · 22% under $228/mo HOA · 15% 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 +16.0/30.0
• ARV discount +15.0/15.0
• 1% rule +6.0/10.0
• Schools +5.2/10.0
• DSCR +4.9/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated 2 Bedroom/1 Bath condo features vinyl plank flooring throughout living room and bedrooms. The kitchen has updated wood cabinets, new dishwasher, large pantry and space for dine-in area. The unit is located on the end of the 2nd floor, with no units above. Complex amenities include community pool, laundry facilities, assigned parking space and BBQ/picnic area.

Key facts

• Community pool
• Bbq picnic area
• Large pantry

Tags

• VINYL PLANK FLOORING
• UPDATED WOOD CABINETS
• LARGE PANTRY
• COMMUNITY POOL
• ASSIGNED PARKING SPACE
• BBQ PICNIC AREA

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $69 ($823/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 3.0% in Niceville — 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 79/100 on livability (#147 in FL, #2,207 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: 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: Rents soft (-0.4%/yr); 340 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• This rent is only 17% of the median local income ($109k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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 377 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 24y ago; this cycle's ask is 10082% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 377 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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?
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 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: 1.10% ✓
• Cap rate: 6.88%
• Cash-on-cash: 2.10%
• DSCR: 1.09
• GRM: 7.6

CMA / ARV

• ARV (median comp): $179,301
• List price: $140,000
• Delta: -21.92%
• 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: -16.9%
• Equity multiple: 0.42×
• Total profit: $-22,691
• Equity at exit: $20,874

10-year hold

• IRR: -17.1%
• Equity multiple: 0.21×
• Total profit: $-31,009
• Equity at exit: $12,105

Cash invested: $39,200 (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 32578

• Home prices YoY: -2.5%
• Rents YoY: -0.4%
• Active inventory: 340
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,538 high
• Mortgage (P&I): −$734
• Tax from tax record: −$126 /mo · $1,510/yr
• Insurance: −$58
• HOA: −$228
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $69

Break-even live

Break-even rent $1,451

Max offer price $140,000

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 College Blvd E Niceville, FL	1.0–2.0	1.0	708	$1,350	$1.91	21d	3	0.06mi
201 College Blvd E Niceville, FL	1.0–2.0	1.0	708	$1,350	$1.91	13d	3	0.06mi
700 Palm Blvd N Unit C Niceville, FL	2.0	1.0	880	$1,400	$1.59	13d	1	0.14mi
912 48th St Niceville, FL	2.0	1.5	864	$1,600	$1.85	43d	1	0.14mi
903 45th St Apt A Niceville, FL	2.0	1.0	700	$1,400	$2.00	43d	1	0.30mi
903 45th St Apt A Niceville, FL	2.0	1.0	700	$1,300	$1.86	21d	1	0.30mi
Hickory Ave Niceville, FL	2.0	1.5	1030	$1,475	$1.43	43d	1	0.32mi
1018 Alderwood Way Niceville, FL	2.0	2.0	1086	$1,700	$1.57	13d	1	0.52mi
133 3rd St Unit B Niceville, FL	2.0	1.0	915	$1,425	$1.56	43d	1	0.87mi
203 John Sims Pkwy Unit F Niceville, FL	2.0	1.0	900	$1,295	$1.44	43d	1	1.41mi

HOA detail condo

• Monthly dues: $228 · $2,736/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 44 events

1. 2026-06-18
   days on market $140,000 Active 377 DOM
2. 2026-06-17
   days on market $140,000 Active 376 DOM
3. 2026-06-16
   days on market $140,000 Active 375 DOM
4. 2026-06-15
   days on market $140,000 Active 374 DOM
5. 2026-06-14
   days on market $140,000 Active 372 DOM
6. 2026-06-13
   days on market $140,000 Active 371 DOM
7. 2026-06-10
   days on market $140,000 Active 369 DOM
8. 2026-06-09
   days on market $140,000 Active 368 DOM
9. 2026-06-08
   days on market $140,000 Active 367 DOM
10. 2026-06-07
    days on market $140,000 Active 366 DOM
11. 2026-06-05
    days on market $140,000 Active 363 DOM
12. 2026-06-02
    days on market $140,000 Active 361 DOM
13. 2026-06-01
    days on market $140,000 Active 360 DOM
14. 2026-05-31
    days on market $140,000 Active 359 DOM
15. 2026-05-30
    days on market $140,000 Active 358 DOM
16. 2026-04-10
    price $140,000 369-char remark

    Show marketing remark (369 chars)

    Updated 2 Bedroom/1 Bath condo features vinyl plank flooring throughout living room and bedrooms. The kitchen has updated wood cabinets, new dishwasher, large pantry and space for dine-in area. The unit is located on the end of the 2nd floor, with no units above. Complex amenities include community pool, laundry facilities, assigned parking space and BBQ/picnic area.

17. 2026-04-02
    listed $1,375
18. 2026-04-02
    historical $1,375
19. 2026-03-16
    listed $1,375
20. 2025-11-25
    price $145,000 369-char remark

    Show marketing remark (369 chars)

    Updated 2 Bedroom/1 Bath condo features vinyl plank flooring throughout living room and bedrooms. The kitchen has updated wood cabinets, new dishwasher, large pantry and space for dine-in area. The unit is located on the end of the 2nd floor, with no units above. Complex amenities include community pool, laundry facilities, assigned parking space and BBQ/picnic area.

21. 2025-10-03
    price $155,000 369-char remark

    Show marketing remark (369 chars)

    Updated 2 Bedroom/1 Bath condo features vinyl plank flooring throughout living room and bedrooms. The kitchen has updated wood cabinets, new dishwasher, large pantry and space for dine-in area. The unit is located on the end of the 2nd floor, with no units above. Complex amenities include community pool, laundry facilities, assigned parking space and BBQ/picnic area.

22. 2025-08-04
    price $159,000 369-char remark

    Show marketing remark (369 chars)

    Updated 2 Bedroom/1 Bath condo features vinyl plank flooring throughout living room and bedrooms. The kitchen has updated wood cabinets, new dishwasher, large pantry and space for dine-in area. The unit is located on the end of the 2nd floor, with no units above. Complex amenities include community pool, laundry facilities, assigned parking space and BBQ/picnic area.

23. 2025-06-04
    historical $1,425

    Show marketing remark (369 chars)

    Updated 2 Bedroom/1 Bath condo features vinyl plank flooring throughout living room and bedrooms. The kitchen has updated wood cabinets, new dishwasher, large pantry and space for dine-in area. The unit is located on the end of the 2nd floor, with no units above. Complex amenities include community pool, laundry facilities, assigned parking space and BBQ/picnic area.

24. 2025-06-04
    listed $160,000 Active 369-char remark

    Show marketing remark (369 chars)

    Updated 2 Bedroom/1 Bath condo features vinyl plank flooring throughout living room and bedrooms. The kitchen has updated wood cabinets, new dishwasher, large pantry and space for dine-in area. The unit is located on the end of the 2nd floor, with no units above. Complex amenities include community pool, laundry facilities, assigned parking space and BBQ/picnic area.

25. 2025-01-16
    listed $1,425
26. 2024-02-27
    historical $1,375
27. 2023-12-09
    price $1,375
28. 2023-11-22
    listed $1,400
29. 2021-06-03
    soldstatus $123,000
30. 2021-05-28
    soldstatus $123,000 Sold 744-char remark

    Show marketing remark (744 chars)

    This cute and cozy condo has new paint, new flooring, new doors and blinds. Kitchen cabinets are newer and are solid wood. Larger windows allow for a lot of light. This is an open floor plan with new plank flooring in main living areas and bedrooms with tile in the kitchen and bath.This is end unit on 2nd floor. Also water and sewer is included in HOA payment. The Lennox air conditioner and water heater were replaced in 2019. The kitchen has an area for a table plus a large pantry closet. There is community pool and laundry room in the complex. Located on the 2nd story of building with the living area all on one floor. Just across the street from Northwest Florida State College. Nine miles from Eglin AFB. The HOA does not allow dogs.

31. 2021-05-28
    soldstatus $123,000 744-char remark

    Show marketing remark (744 chars)

    This cute and cozy condo has new paint, new flooring, new doors and blinds. Kitchen cabinets are newer and are solid wood. Larger windows allow for a lot of light. This is an open floor plan with new plank flooring in main living areas and bedrooms with tile in the kitchen and bath.This is end unit on 2nd floor. Also water and sewer is included in HOA payment. The Lennox air conditioner and water heater were replaced in 2019. The kitchen has an area for a table plus a large pantry closet. There is community pool and laundry room in the complex. Located on the 2nd story of building with the living area all on one floor. Just across the street from Northwest Florida State College. Nine miles from Eglin AFB. The HOA does not allow dogs.

32. 2021-05-01
    status Pending 744-char remark

    Show marketing remark (744 chars)

    This cute and cozy condo has new paint, new flooring, new doors and blinds. Kitchen cabinets are newer and are solid wood. Larger windows allow for a lot of light. This is an open floor plan with new plank flooring in main living areas and bedrooms with tile in the kitchen and bath.This is end unit on 2nd floor. Also water and sewer is included in HOA payment. The Lennox air conditioner and water heater were replaced in 2019. The kitchen has an area for a table plus a large pantry closet. There is community pool and laundry room in the complex. Located on the 2nd story of building with the living area all on one floor. Just across the street from Northwest Florida State College. Nine miles from Eglin AFB. The HOA does not allow dogs.

33. 2021-04-13
    listed $130,000 Active 744-char remark

    Show marketing remark (744 chars)

    This cute and cozy condo has new paint, new flooring, new doors and blinds. Kitchen cabinets are newer and are solid wood. Larger windows allow for a lot of light. This is an open floor plan with new plank flooring in main living areas and bedrooms with tile in the kitchen and bath.This is end unit on 2nd floor. Also water and sewer is included in HOA payment. The Lennox air conditioner and water heater were replaced in 2019. The kitchen has an area for a table plus a large pantry closet. There is community pool and laundry room in the complex. Located on the 2nd story of building with the living area all on one floor. Just across the street from Northwest Florida State College. Nine miles from Eglin AFB. The HOA does not allow dogs.

34. 2021-04-10
    listed $130,000 744-char remark

    Show marketing remark (744 chars)

    This cute and cozy condo has new paint, new flooring, new doors and blinds. Kitchen cabinets are newer and are solid wood. Larger windows allow for a lot of light. This is an open floor plan with new plank flooring in main living areas and bedrooms with tile in the kitchen and bath.This is end unit on 2nd floor. Also water and sewer is included in HOA payment. The Lennox air conditioner and water heater were replaced in 2019. The kitchen has an area for a table plus a large pantry closet. There is community pool and laundry room in the complex. Located on the 2nd story of building with the living area all on one floor. Just across the street from Northwest Florida State College. Nine miles from Eglin AFB. The HOA does not allow dogs.

35. 2002-08-05
    soldstatus $28,500
36. 2002-07-31
    soldstatus $28,500
37. 2002-07-31
    soldstatus $28,500
38. 2002-01-16
    historical
39. 2002-01-15
    listed $27,000
40. 2002-01-15
    listed $29,000
41. 2002-01-15
    listed $29,000
42. 2002-01-15
    listed $27,000
43. 1998-12-11
    soldstatus $27,000
44. 1997-05-19
    soldstatus $12,000

ⓘ 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: $1,510 · $126/mo
• Projected year-2 tax: $1,510 · $126/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: $18,455
• − Mortgage interest: −$7,842
• − Property taxes: −$1,510
• − Insurance: −$700
• − Repairs & maintenance: −$1,476
• − Management: −$1,476
• − HOA: −$2,736
• − Depreciation: −$4,073
• Taxable loss: −$1,359
• Est. tax savings @ 24.0%: +$326
• After-tax cash flow: $1,149/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 — Niceville

• Score: 79/100
• State rank: #147
• US rank: #2207

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Niceville, FL
• County: Okaloosa County · 194,352 people
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 34,738
• Household income: $108,972
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 660.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 9% Hispanic / Latino 8% Asian 4% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Serbian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 1% Other Asian/Pacific 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: ▼ -12.87%
• Current HPI: 498.41
• Rent YoY: ▼ -0.36%
• 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

+1066.7% since first listed

29 events — show timeline

• 2026-04-10 Price Changed $140,000 ECAR
• 2026-04-02 Listed for Rent $1,375 ECAR
• 2026-04-02 Rental Removed $1,375 ECAR
• 2026-03-16 Listed for Rent $1,375 ECAR
• 2025-11-25 Price Changed $145,000 ECAR
• 2025-10-03 Price Changed $155,000 ECAR
• 2025-08-04 Price Changed $159,000 ECAR
• 2025-06-04 Rental Removed $1,425 ECAR
• 2025-06-04 Listed $160,000 ECAR
• 2025-01-16 Listed for Rent $1,425 ECAR
• 2024-02-27 Rental Removed $1,375 ECAR
• 2023-12-09 Price Changed $1,375 ECAR
• 2023-11-22 Listed for Rent $1,400 ECAR
• 2021-06-03 Sold (Public Records) $123,000 Public Records
• 2021-05-28 Sold (MLS) $123,000 NAMLS
• 2021-05-28 Sold (MLS) $123,000 ECAR
• 2021-05-01 Pending — ECAR
• 2021-04-13 Listed $130,000 ECAR
• 2021-04-10 Listed $130,000 NAMLS
• 2002-08-05 Sold (Public Records) $28,500 Public Records
• 2002-07-31 Sold (MLS) $28,500 NAMLS
• 2002-07-31 Sold (MLS) $28,500 ECAR
• 2002-01-16 Listing Removed — NAMLS
• 2002-01-15 Listed $27,000 NAMLS
• 2002-01-15 Listed $29,000 NAMLS
• 2002-01-15 Listed $29,000 ECAR
• 2002-01-15 Listed $27,000 ECAR
• 1998-12-11 Sold (Public Records) $27,000 Public Records
• 1997-05-19 Sold (Public Records) $12,000 Public Records

Property tax history

+12.4%/yr

Latest (2025): $1,510 · -4.9% YoY. Source: county tax records.