5367 Constitution Rd · Crestview, FL 32539

$235,000

3 bd · 2.0 ba · 1,267 sqft · SingleFamily public records · 5 Days on market

Built 1982 0.51 ac lot Est $227k · at est.

---

Why this score? — see what drove the D- 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 +12.6/30.0
• ARV discount +5.9/15.0
• Schools +5.2/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brick family home in a secluded, quiet neighborhood with county taxes! This is a perfect home to fix up the way you want and save money to boot.

Key facts

• 0.51 acre lot
• 2 garage spots
• Built 1982

Property features AI

Finance

• Other: Lot size approximately 0.51 acre (dimensions ~125 x 178)
• HOA & community: Subdivision: HERITAGE HILLS UNIT 1

Exterior

• Parking: Attached 2-car garage; Driveway with about 4 oversized spaces
• Utilities: Electric service; Septic tank; Phone available; Electric water heater; Ridge vent
• Home design: Ranch-style single-story home; Built in 1982; Residences zoned for single family; Facing/entry level: first floor
• Construction: Brick construction; Composite shingle roof; Built in 1982
• Exterior features: Private yard; Porch; Chain link fencing; Lot accessed via county, paved road

Interior

• Kitchen: Dishwasher; Range hood; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms (master on the first floor); Master bedroom is carpeted
• Flooring: Carpet in master bedroom
• Bathrooms: 2 bathrooms (both full)
• Heating & cooling: Central heating; Central air; Ceiling fans; Electric heat control
• Interior features: Fireplace; Split bedroom layout; Washer/dryer hookup
• Laundry & utility: Utility room on the first floor; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-31 ($-369/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (27.6% below list).
• Recommended offer: $170k (27.6% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Walker Elementary School (math 52% / reading 55%, grade C, #949 of 2,144 statewide, top 45%, 864 students, 61% FRL); Crestview High School (math 49% / reading 54%, grade D+, #167 of 667 statewide, top 25%, 2,315 students, 42% FRL) — zoned schools average 52% FRL vs 36% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 521 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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 $2k of loan paydown is wiped out by about $7k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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 $50k; list at $235k implies a 370% 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,125 (27.6% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.72% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.98
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $226,793
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5356 Constitution Rd	0.06mi	3/2.0	1,272 (+0%)	3mo	$200,000	$157	94
3147 Forrest Ave	0.29mi	3/2.0	1,245 (-2%)	13mo	$225,000	$181	73
5362 Woodland St	0.17mi	3/2.0	1,389 (+10%)	4mo	$174,900	$126	72
3159 Forrest Ave	0.35mi	3/2.0	1,344 (+6%)	3mo	$240,000	$179	71
3149 Forrest Ave	0.29mi	3/2.0	1,332 (+5%)	18mo	$230,900	$173	63
3155 Pinewoods Dr	0.32mi	3/2.0	1,375 (+8%)	13mo	$235,000	$171	60
3157 Forrest Ave	0.33mi	3/2.0	1,210 (-4%)	21mo	$229,900	$190	59
5373 Opportunity Dr	0.48mi	3/2.0	1,215 (-4%)	14mo	$240,000	$198	59
3042 Stillwell Blvd	0.71mi	3/2.0	1,200 (-5%)	3mo	$248,000	$207	55
141 Palmetto Dr	0.62mi	3/2.0	1,452 (+15%)	22mo	$249,900	$172	29

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 · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.32×
• Total profit: $-44,956
• Equity at exit: $35,039

10-year hold

• IRR: -19.5%
• Equity multiple: 0.08×
• Total profit: $-60,746
• Equity at exit: $20,319

Cash invested: $65,800 (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 32539

• Home prices YoY: -17.8%
• Rents YoY: 0.1%
• Active inventory: 521
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,701 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$44 /mo · $533/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $-31

Break-even live

Break-even rent $1,740

Max offer price $229,574

Occupancy floor 97%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 Hampton Dr Unit 1 Crestview, FL	2.0	1.5	952	$1,195	$1.26	43d	1	0.78mi
124 Hampton Dr Crestview, FL	2.0	1.5	952	$1,195	$1.26	20d	1	0.79mi
122 Hampton Dr Unit 1 Crestview, FL	2.0	2.0	1080	$1,195	$1.11	43d	1	0.79mi
122 Hampton Dr Crestview, FL	2.0	1.5	1080	$1,195	$1.11	43d	1	0.79mi
107 Hampton Dr Crestview, FL	2.0	1.5	972	$1,300	$1.34	20d	1	0.81mi
815 Valley Rd Crestview, FL	3.0	2.5	1373	$1,550	$1.13	43d	1	1.05mi
5179 Rabbit Run Crestview, FL	4.0	2.0	1818	$2,200	$1.21	13d	1	1.07mi
2942 Sholtz Ave Crestview, FL	3.0	2.0	1266	$1,600	$1.26	43d	1	1.13mi
502 Hyde Park Dr Crestview, FL	3.0	2.0	1302	$1,795	$1.38	13d	1	1.19mi
304 Strawbridge Dr Crestview, FL	4.0	2.0	1650	$1,850	$1.12	13d	1	1.24mi
812 E Edney Ave Crestview, FL	2.0	2.0	1024	$1,400	$1.37	44d	1	1.31mi
812 E Edney Ave Crestview, FL	2.0	2.0	1024	$1,400	$1.37	20d	1	1.31mi
507 Eisenhower Dr Crestview, FL	3.0	2.0	1809	$2,200	$1.22	43d	1	1.35mi
3016 Aplin Rd Crestview, FL	3.0	2.0	1280	$1,400	$1.09	43d	1	1.36mi
4821 Acorn Dr Crestview, FL	3.0	2.0	1705	$1,930	$1.13	20d	1	1.39mi
4821 Acorn Dr Crestview, FL	3.0	2.0	1705	$1,930	$1.13	13d	1	1.39mi
311 Dahlquist Dr Crestview, FL	4.0	2.5	1770	$2,050	$1.16	20d	1	1.44mi

Listing history 5 events

1. 2026-06-07
   statusdays on market $235,000 Pending 5 DOM
2. 2026-06-05
   days on market $235,000 Active 4 DOM
3. 2026-06-02
   days on market $235,000 Active 2 DOM
4. 2026-06-01
   remarks 699-char remark
5. 2026-06-01
   listed $235,000 Active 1 DOM

ⓘ 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: $533 · $44/mo
• Projected year-2 tax: $1,950 · $163/mo
• Expected delta: +$1,417/yr (+$118/mo · 265.9%)

ⓘ 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: $20,415
• − Mortgage interest: −$13,164
• − Property taxes: −$533
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,633
• − Management: −$1,633
• − Depreciation: −$6,836
• Taxable loss: −$4,559
• Est. tax savings @ 24.0%: +$1,094
• After-tax cash flow: $726/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

• County: Okaloosa County · 194,352 people
• City population: 58,889
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 33,290
• Household income: $74,369
• Rent vs Own: 21.7% rent · 78.3% own
• Severe rent burden: 371.0

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 (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Iranian 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 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: ▼ -56.52%
• Current HPI: 261.1557
• Rent YoY: ▲ 0.12%
• 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

+217.6% since first listed

13 events — show timeline

• 2026-06-01 Listed $235,000 ECAR
• 2026-04-28 Listing Removed — PARMLS
• 2026-01-12 Listed $235,000 PARMLS
• 2011-04-29 Sold (MLS) $50,000 NAMLS
• 2011-04-29 Sold (MLS) $50,000 ECAR
• 2010-02-09 Listed $64,900 NAMLS
• 2010-02-09 Listed $64,900 ECAR
• 2004-09-29 Sold (Public Records) $125,000 Public Records
• 2004-08-28 Sold (MLS) $124,900 NAMLS
• 2004-08-28 Sold (MLS) $124,900 ECAR
• 2004-07-27 Listed $129,000 NAMLS
• 2004-07-27 Listed $129,000 ECAR
• 1996-04-01 Sold (Public Records) $74,000 Public Records

Property tax history

-0.0%/yr

Latest (2025): $533 · +4.6% YoY. Source: county tax records.