223 Dockside Rd · Freeport, FL 32439

$285,455

3 bd · 2.0 ba · 1,641 sqft · SingleFamily · 32 Days on market

Built 2026 Good condition Est $323k · 12% under $59/mo HOA · 2% of rent

---

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 +13.6/30.0
• ARV discount +12.8/15.0
• Schools +5.2/10.0
• 1% rule +4.1/10.0
• DSCR +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 223 Dockside Road, a new home under construction at Magnolia at the Bluffs in Freeport Florida. The Aria has three bedrooms and two full bathrooms and a covered entry that leads to the bright foyer. Continuing through the foyer you will see EVP flooring leading to the open living area designed with comfort and functionality in minds. The heart of this home includes the spacious kitchen that features a center island and a walk-in pantry with ample storage space. Beautiful quartz countertops are complemented by the white cabinetry. Appliances include a stove, microwave and dishwasher. The living and dining areas offer a comfortable space for family and guests. Enjoy your covered back patio that is accessible from the dining area that has room for a dining table or outdoor seating area. The primary bedroom is situated at the back of the home and has an ensuite bathroom that features a walk-in closet and all the space you need to get ready in the morning. The primary bathroom has a dual sink vanity with quartz countertops, a separate water closet for privacy and a shower and separate soak tub. There are two additional bedrooms that have ample closet space and share a full bath. This home also features a nice laundry room with space for a full-size washer and dryer. Images are of model home and may include custom design features not available in other homes. Furnishings and decorative items are not included with home purchase.

Key facts

• Bright foyer
• Spacious kitchen
• Evp flooring

Tags

• COVERED ENTRY
• BRIGHT FOYER
• EVP FLOORING
• OPEN LIVING AREA
• SPACIOUS KITCHEN
• CENTER ISLAND

Property features AI

Finance

• Other: Subdivision: Magnolia at the Bluffs Ph 3
• HOA & community: Homeowners association (management provided); Fees include management and master association

Exterior

• Parking: Garage with garage door opener
• Security: Smoke detectors
• Utilities: Electric service; Public water; Public sewer; Electric water heater
• Home design: Single-story Craftsman-style home; Built in 2026; Zoned for single-family residential
• Construction: Concrete and vinyl siding construction; Shingle roof
• Exterior features: Covered patio; Sprinkler system; Interior lot; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric water heater
• Bedrooms: 3 bedrooms (all on the first floor); Master bedroom with walk-in closet and separate shower in the master bath
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Kitchen island; Recessed lighting; Pantry; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $285k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $270k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (9.2% below list).
• Recommended offer: $259k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.0% in Freeport — 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 68/100 on livability (#520 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: health & safety C-, amenities F, commute F.
• Walton (rural): math 62% / reading 61% proficiency, ranked #10 of 73 in FL (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Freeport Elementary School (math 50% / reading 57%, grade C, #949 of 2,144 statewide, top 45%, 1,123 students, 55% FRL); Emerald Coast Middle School (math 70% / reading 65%, grade A-, #77 of 571 statewide, top 14%, 868 students, 24% FRL); Freeport Senior High School (math 47% / reading 62%, grade C-, #138 of 667 statewide, top 21%, 557 students, 43% FRL).
• Market conditions: Rents rising (+1.4%/yr); 1020 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 37% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $21k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $259,109 (9.2% 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 32 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.91% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $323,277
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
140 Dockside Rd	0.08mi	3/2.0	1,641 (0%)	0mo	$316,761	$193	96
10 Bon Ami Dr	0.26mi	3/2.0	1,569 (-4%)	0mo	$344,990	$220	80
14 Bon Ami Dr	0.26mi	3/2.0	1,710 (+4%)	1mo	$359,990	$211	80
55 Hydrangea Blvd	0.46mi	3/2.0	1,642 (+0%)	1mo	$346,990	$211	78
193 Dockside Rd	0.03mi	4/2.0 (+1)	1,799 (+10%)	1mo	$304,466	$169	76
152 Dockside Rd	0.07mi	4/2.0 (+1)	1,799 (+10%)	0mo	$306,383	$170	75
203 Dockside Rd	0.02mi	4/2.0 (+1)	1,458 (-11%)	1mo	$270,253	$185	75
128 Dockside Rd	0.09mi	4/2.0 (+1)	1,458 (-11%)	1mo	$279,665	$192	71
225 Hydrangea Blvd	0.33mi	3/2.0	1,848 (+13%)	1mo	$375,000	$203	63
66 Bonne Vue Cir Lot 96-1	0.62mi	3/2.0	1,717 (+5%)	1mo	$357,260	$208	62
530 Alleyoak Ln Lot 47-2	0.73mi	3/2.0	1,711 (+4%)	2mo	$337,096	$197	58
586 Alleyoak Ln Lot 43-2	0.73mi	3/2.0	1,717 (+5%)	2mo	$332,110	$193	57

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 · 1.4% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.28×
• Total profit: $-57,213
• Equity at exit: $42,562

10-year hold

• IRR: -18.7%
• Equity multiple: 0.07×
• Total profit: $-74,535
• Equity at exit: $24,681

Cash invested: $79,927 (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 32439

• Home prices YoY: -4.2%
• Rents YoY: 1.4%
• Active inventory: 1020
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,591 high
• Mortgage (P&I): −$1,497
• Tax est. 1.5%: −$357 /mo · $4,282/yr
• Insurance: −$119
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$59
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $-110

Break-even live

Break-even rent $2,730

Max offer price $269,543

Occupancy floor 99%

Sensitivity live

Price	-10% $87	-5% $-11	+0% $-110	+5% $-209	+10% $-307
Rent	-10% $-315	-5% $-212	+0% $-110	+5% $-8	+10% $95
Rate	-1.0pp $34	-0.5pp $-37	base $-110	+0.5pp $-184	+1.0pp $-259

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: $71,364
• Closing costs: $8,564
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 Hydrangea Blvd Freeport, FL	3.0	2.0	1854	$2,495	$1.35	23d	1	0.37mi
692 Alleyoak Ln Defuniak Springs, FL	3.0	2.0	1776	$2,500	$1.41	23d	1	0.65mi
664 Alleyoak Ln Defuniak Springs, FL	3.0	2.0	1634	$2,600	$1.59	23d	1	0.69mi
530 Alleyoak Ln Defuniak Springs, FL	3.0	2.0	1711	$2,500	$1.46	23d	1	0.75mi
593 Alleyoak Ln Freeport, FL	3.0	2.0	1634	$2,600	$1.59	23d	1	0.77mi
585 Claudia Cir Freeport, FL	1.0–3.0	1.0–2.0	1082	$2,040	$1.89	23d	47	0.87mi
36 Gray Owl Dr E Freeport, FL	4.0	2.0	2108	$2,800	$1.33	23d	1	1.25mi

HOA detail

• Monthly dues: $59 · $708/yr
• Likely covers: water

Listing history 20 events

1. 2026-06-21
   days on market $285,455 Active 32 DOM
2. 2026-06-18
   days on market $285,455 Active 29 DOM
3. 2026-06-17
   pricedays on market $285,455 Active 28 DOM
4. 2026-06-16
   days on market $299,766 Active 27 DOM
5. 2026-06-15
   days on market $299,766 Active 26 DOM
6. 2026-06-14
   days on market $299,766 Active 24 DOM
7. 2026-06-13
   days on market $299,766 Active 23 DOM
8. 2026-06-10
   days on market $299,766 Active 21 DOM
9. 2026-06-09
   days on market $299,766 Active 20 DOM
10. 2026-06-08
    days on market $299,766 Active 19 DOM
11. 2026-06-07
    days on market $299,766 Active 18 DOM
12. 2026-06-05
    days on market $299,766 Active 15 DOM
13. 2026-06-03
    days on market $299,766 Active 14 DOM
14. 2026-06-03
    price $299,766 Active 13 DOM
15. 2026-06-02
    days on market $306,144 Active 13 DOM
16. 2026-06-01
    days on market $306,144 Active 12 DOM
17. 2026-05-31
    days on market $306,144 Active 11 DOM
18. 2026-05-30
    days on market $306,144 Active 10 DOM
19. 2026-05-21
    listed $306,144 Active 1456-char remark

    Show marketing remark (1456 chars)

    Welcome to 223 Dockside Road, a new home under construction at Magnolia at the Bluffs in Freeport Florida. The Aria has three bedrooms and two full bathrooms and a covered entry that leads to the bright foyer. Continuing through the foyer you will see EVP flooring leading to the open living area designed with comfort and functionality in minds. The heart of this home includes the spacious kitchen that features a center island and a walk-in pantry with ample storage space. Beautiful quartz countertops are complemented by the white cabinetry. Appliances include a stove, microwave and dishwasher. The living and dining areas offer a comfortable space for family and guests. Enjoy your covered back patio that is accessible from the dining area that has room for a dining table or outdoor seating area. The primary bedroom is situated at the back of the home and has an ensuite bathroom that features a walk-in closet and all the space you need to get ready in the morning. The primary bathroom has a dual sink vanity with quartz countertops, a separate water closet for privacy and a shower and separate soak tub. There are two additional bedrooms that have ample closet space and share a full bath. This home also features a nice laundry room with space for a full-size washer and dryer. Images are of model home and may include custom design features not available in other homes. Furnishings and decorative items are not included with home purchase.

20. 2026-05-20
    listed $306,144 Active

ⓘ 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 A · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 21 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: $31,093
• − Mortgage interest: −$15,990
• − Property taxes: −$4,282
• − Insurance: −$2,930
• − Repairs & maintenance: −$2,487
• − Management: −$2,487
• − HOA: −$708
• − Depreciation: −$8,304
• Taxable loss: −$6,095
• Est. tax savings @ 24.0%: +$1,463
• After-tax cash flow: $143/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.

Condition & rehab AI · 30 photos

Good 80/100 Cosmetic rehab

This home is in excellent condition with a fresh paint job and modern finishes. It is move-in ready and would benefit from minor updates to enhance its curb appeal and interior aesthetics.

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Resale Updating the flooring in the bathrooms — Modern flooring in bathrooms can attract more buyers
• Both Adding smart home features — Smart home features can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Resale Updating the flooring in the bathrooms — Modern flooring in bathrooms can attract more buyers ↑
• Both Adding smart home features — Smart home features can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Walton
• NCES district ID: 1201980
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 61% ▼ -2.00%
• Median HH income: $46,794
• Composite: 52.03/100
• National rank: #1634
• State rank: #10 of 73 in FL

Livability — Freeport

• Score: 68/100
• State rank: #520
• US rank: #9579

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Walton County · 70,839 people
• City population: 15,328
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 15,328
• Household income: $83,227
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 172.0

Population outlook (Walton County) Hauer SSP2

• Today (2025): 80,014 people
• By 2030: 88,120 · +10.1%
• By 2040: 103,537 · +29.4%
• By 2050: 117,034 · +46.3%
• By 2075: 143,901 · +79.8%
• By 2100: 155,138 · +93.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 8% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 1%
• Common ancestry: Slovak 3% Italian 3% Serbian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 13% Other Indo-European 1%

Political lean MEDSL · Walton

• 2024 margin: Solid R (+57.8) · D 20.7% · R 78.6%
• 2008→2024 swing: -12.0pp toward R · 2008: -45.8pp · 2024: -57.8pp
• All cycles: 2024: R+57.8 2020: R+51.7 2016: R+56.1 2012: R+52.0 2008: R+45.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.18%
• Current HPI: 350.4692
• Rent YoY: ▲ 1.40%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-21 Listed $306,144 Zillow
• 2026-05-20 Listed $306,144 ECAR