402 Church St · Crestview, FL 32539

$65,000

2 bd · 1.0 ba · 744 sqft · SingleFamily public records · 132 Days on market

Built 1956 6,534 sqft lot $87/sqft · 34% below area Est $99k · 34% under ↓ 20% since listing

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

Listing remarks MLS

Ownership made easy at 402 Church Street. This charming Florida cottage is perfectly situated on a private corner lot, offering a rare blend of character and modern convenience. It is an ideal find for anyone looking to downsize into a manageable, easy-care space or for an investor seeking a move-in-ready asset in a high-demand area. The location is a standout, placing you right at the heart of Crestview's main corridors. With Highway 85, Highway 90, and I-10 just moments away, commuting to local employers or enjoying a day at the coast is effortless. You are also just minutes from the city's best shopping and dining. This home offers a unique opportunity to own a versatile, centrally located property that is as practical as it is inviting.

Key facts

• Heart of crestview
• High-demand area
• Private corner lot

Tags

• PRIVATE CORNER LOT
• HIGH-DEMAND AREA
• HEART OF CRESTVIEW
• MOMENTS AWAY FROM HIGHWAY 85
• MOMENTS AWAY FROM HIGHWAY 90
• MOMENTS AWAY FROM I-10

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.7% 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.
• Market conditions: Rents flat; 521 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• 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 $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.18% ✓
• Cap rate: 18.66%
• Cash-on-cash: 44.18%
• DSCR: 2.97
• GRM: 3.8

CMA / ARV

• ARV (median comp): $99,011
• List price: $65,000
• Delta: -34.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 E Chestnut Ave	0.74mi	2/1.0	730 (-2%)	14mo	$65,000	$89	50
804 E Chestnut Ave	0.61mi	2/1.0	844 (+13%)	24mo	$68,000	$81	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: 37.9%
• Equity multiple: 2.55×
• Total profit: $28,176
• Equity at exit: $9,692

10-year hold

• IRR: 42.9%
• Equity multiple: 4.52×
• Total profit: $64,118
• Equity at exit: $5,620

Cash invested: $18,200 (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 32539

• Home prices YoY: -17.8%
• Rents YoY: 0.1%
• Active inventory: 521
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,417 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $670

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 48%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 Aplin Rd Crestview, FL	1.0–2.0	1.0–2.0	764	$999	$1.31	43d	5	0.46mi
650 Blakely Ave Crestview, FL	2.0	1.0	648	$1,000	$1.54	13d	1	0.78mi

Listing history 12 events

1. 2026-06-15
   status $65,000 Pending 132 DOM
2. 2026-06-15
   days on market $65,000 Active 132 DOM
3. 2026-06-14
   days on market $65,000 Active 130 DOM
4. 2026-06-13
   days on market $65,000 Active 129 DOM
5. 2026-06-10
   days on market $65,000 Active 127 DOM
6. 2026-06-09
   days on market $65,000 Active 126 DOM
7. 2026-06-08
   days on market $65,000 Active 125 DOM
8. 2026-06-07
   pricestatusdays on market $65,000 Active 124 DOM
9. 2026-05-14
   status Pending 750-char remark

   Show marketing remark (750 chars)

   Ownership made easy at 402 Church Street. This charming Florida cottage is perfectly situated on a private corner lot, offering a rare blend of character and modern convenience. It is an ideal find for anyone looking to downsize into a manageable, easy-care space or for an investor seeking a move-in-ready asset in a high-demand area. The location is a standout, placing you right at the heart of Crestview's main corridors. With Highway 85, Highway 90, and I-10 just moments away, commuting to local employers or enjoying a day at the coast is effortless. You are also just minutes from the city's best shopping and dining. This home offers a unique opportunity to own a versatile, centrally located property that is as practical as it is inviting.

10. 2026-04-20
    price $79,900 750-char remark

    Show marketing remark (750 chars)

    Ownership made easy at 402 Church Street. This charming Florida cottage is perfectly situated on a private corner lot, offering a rare blend of character and modern convenience. It is an ideal find for anyone looking to downsize into a manageable, easy-care space or for an investor seeking a move-in-ready asset in a high-demand area. The location is a standout, placing you right at the heart of Crestview's main corridors. With Highway 85, Highway 90, and I-10 just moments away, commuting to local employers or enjoying a day at the coast is effortless. You are also just minutes from the city's best shopping and dining. This home offers a unique opportunity to own a versatile, centrally located property that is as practical as it is inviting.

11. 2026-03-23
    price $89,900 750-char remark

    Show marketing remark (750 chars)

    Ownership made easy at 402 Church Street. This charming Florida cottage is perfectly situated on a private corner lot, offering a rare blend of character and modern convenience. It is an ideal find for anyone looking to downsize into a manageable, easy-care space or for an investor seeking a move-in-ready asset in a high-demand area. The location is a standout, placing you right at the heart of Crestview's main corridors. With Highway 85, Highway 90, and I-10 just moments away, commuting to local employers or enjoying a day at the coast is effortless. You are also just minutes from the city's best shopping and dining. This home offers a unique opportunity to own a versatile, centrally located property that is as practical as it is inviting.

12. 2026-01-12
    listed $99,900 Active 750-char remark

    Show marketing remark (750 chars)

    Ownership made easy at 402 Church Street. This charming Florida cottage is perfectly situated on a private corner lot, offering a rare blend of character and modern convenience. It is an ideal find for anyone looking to downsize into a manageable, easy-care space or for an investor seeking a move-in-ready asset in a high-demand area. The location is a standout, placing you right at the heart of Crestview's main corridors. With Highway 85, Highway 90, and I-10 just moments away, commuting to local employers or enjoying a day at the coast is effortless. You are also just minutes from the city's best shopping and dining. This home offers a unique opportunity to own a versatile, centrally located property that is as practical as it is inviting.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $17,002
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$1,891
• Taxable income: $7,450
• Est. tax owed @ 24.0%: −$1,788
• After-tax cash flow: $6,253/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

• Census place: Crestview, FL
• 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

-20.0% since first listed

4 events — show timeline

• 2026-05-14 Pending — ECAR
• 2026-04-20 Price Changed $79,900 ECAR
• 2026-03-23 Price Changed $89,900 ECAR
• 2026-01-12 Listed $99,900 ECAR