10 Harbor Blvd Unit E205H · Destin, FL 32541

$79,000

3 bd · 3.0 ba · 1,675 sqft · Timeshare · 181 Days on market

Built 2007 $47/sqft · 88% below area $813/mo HOA · 29% of rent

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This fractional ownership opportunity provides a 1/8 share with 6 weeks of usage, allowing you to experience Destin year-round. This stunning 3-bedroom, 3-bathroom corner condo boasts breathtaking water views of Destin Harbor, East Pass, the Gulf, and Crab Island. Enjoy 500+ sq. ft. of balcony space to soak in the scenery. Amenities include a pool, 2 hot tubs, spa, fitness center, 24-hour front desk, bell service, onsite dining with room service, and beach service with chairs and umbrellas. Conveniently located just an elevator ride from HarborWalk Village's vibrant shopping, dining, and entertainment. Upcoming Use weeks for 2026 will be Jan 30-Feb 6, Mar 27-Apr 3, Jun 12-26, Sep 18-25, and Nov 13-20.

Key facts

• Water views
• Fitness center
• Spa

Tags

• WATER VIEWS
• BALCONY SPACE
• POOL
• HOT TUBS
• SPA
• FITNESS CENTER

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath timeshare listed at $79k.

Deal economics

• At list price, monthly cash flow is $884 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.7% vs local median 0.8% in Destin — 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 (#158 in FL, #2,247 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living D-.
• 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 rising (+3.7%/yr); 910 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% 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 runs 36% of the median local income ($95k/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 $546 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 + 3.7% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 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. 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 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?
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: 3.59% ✓
• Cap rate: 19.73%
• Cash-on-cash: 47.97%
• DSCR: 3.13
• GRM: 2.3

CMA / ARV

• ARV (median comp): $659,810
• List price: $79,000
• Delta: -88.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Harbor Blvd Unit E505C	0.00mi	3/3.0	1,675 (0%)	4mo	$59,000	$35	97
10 Harbor Blvd Unit E505F	0.00mi	3/3.0	1,675 (0%)	5mo	$74,500	$44	96
10 Harbor Blvd Unit E105F	0.00mi	3/3.0	1,675 (0%)	7mo	$60,000	$36	94
10 Harbor Blvd Unit E505E	0.00mi	3/3.0	1,675 (0%)	9mo	$67,500	$40	93
10 Harbor Blvd Unit E705B	0.00mi	3/3.0	1,675 (0%)	9mo	$60,000	$36	93
10 Harbor Blvd Unit E506F	0.00mi	4/4.0 (+1)	1,660 (-1%)	4mo	$60,000	$36	87
10 Harbor Blvd Unit E610 - Week E	0.00mi	3/3.0	1,580 (-6%)	8mo	$44,000	$28	84
10 Harbor Blvd Unit E610 - Week A	0.00mi	3/3.0	1,580 (-6%)	8mo	$44,000	$28	84
10 Harbor Blvd Unit E506E	0.00mi	4/4.0 (+1)	1,660 (-1%)	7mo	$60,000	$36	84
10 Harbor Blvd Unit E506C	0.00mi	4/4.0 (+1)	1,660 (-1%)	8mo	$60,000	$36	83
10 Harbor Blvd Unit E407B	0.00mi	3/3.0	1,566 (-6%)	9mo	$37,000	$24	82
10 Harbor Blvd Unit E606F	0.00mi	4/4.0 (+1)	1,660 (-1%)	9mo	$60,000	$36	82

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 · 3.68% rent growth · sell at horizon

5-year hold

• IRR: 47.0%
• Equity multiple: 3.08×
• Total profit: $46,019
• Equity at exit: $11,779

10-year hold

• IRR: 53.2%
• Equity multiple: 6.56×
• Total profit: $122,938
• Equity at exit: $6,830

Cash invested: $22,120 (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 32541

• Rents YoY: 3.7%
• Active inventory: 910
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $2,840 high
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,185/yr
• Insurance: −$33
• HOA: −$813
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $884

Break-even live

Break-even rent $1,720

Max offer price $79,000

Occupancy floor 64%

Sensitivity live

Price	-10% $939	-5% $912	+0% $884	+5% $857	+10% $830
Rent	-10% $660	-5% $772	+0% $884	+5% $996	+10% $1,109
Rate	-1.0pp $924	-0.5pp $904	base $884	+0.5pp $864	+1.0pp $843

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Gulf Shore Dr #104 Destin, FL	2.0	2.0	1100	$3,200	$2.91	44d	1	0.40mi
300 Lan Rob Ln Unit 1399874P Destin, FL	3.0	2.0	2023	$2,474	$1.22	14d	1	0.52mi
234 Pelican Pl Destin, FL	2.0	2.5	1332	$2,100	$1.58	44d	1	0.52mi
235 Pelican Pl #11 Destin, FL	2.0	2.5	1465	$2,400	$1.64	44d	1	0.60mi
447 Fleshman Dr Destin, FL	3.0	2.0	1752	$4,000	$2.28	44d	1	0.90mi
149 Durango Rd Unit 1285905P Destin, FL	3.0	3.0	1539	$3,809	$2.47	21d	1	0.95mi
614 Mountain Dr Destin, FL	3.0	2.0	1550	$2,650	$1.71	21d	1	1.15mi
724 Harbor Blvd Destin, FL	3.0	3.0	1940	$4,000	$2.06	44d	1	1.44mi
150 Bent Arrow Dr Destin, FL	3.0	2.5	1440	$2,250	$1.56	44d	1	1.48mi
22 Moreno Point Rd #12 Destin, FL	3.0	2.5	1236	$3,295	$2.67	44d	1	1.49mi
22 Moreno Point Rd Unit 1285898P Destin, FL	2.0	2.5	1065	$3,068	$2.88	14d	1	1.49mi

HOA detail

• Monthly dues: $813 · $9,756/yr
• Likely covers: waterpoolgym

Listing history 21 events

1. 2026-06-18
   days on market $79,000 Active 181 DOM
2. 2026-06-17
   days on market $79,000 Active 180 DOM
3. 2026-06-16
   days on market $79,000 Active 179 DOM
4. 2026-06-15
   days on market $79,000 Active 178 DOM
5. 2026-06-14
   days on market $79,000 Active 176 DOM
6. 2026-06-13
   days on market $79,000 Active 175 DOM
7. 2026-06-10
   days on market $79,000 Active 173 DOM
8. 2026-06-09
   days on market $79,000 Active 172 DOM
9. 2026-06-08
   days on market $79,000 Active 171 DOM
10. 2026-06-07
    days on market $79,000 Active 170 DOM
11. 2026-06-05
    days on market $79,000 Active 167 DOM
12. 2026-06-02
    days on market $79,000 Active 165 DOM
13. 2026-06-01
    days on market $79,000 Active 164 DOM
14. 2026-05-31
    days on market $79,000 Active 163 DOM
15. 2026-05-30
    days on market $79,000 Active 162 DOM
16. 2025-12-19
    listed $79,000 Active 710-char remark

    Show marketing remark (710 chars)

    This fractional ownership opportunity provides a 1/8 share with 6 weeks of usage, allowing you to experience Destin year-round. This stunning 3-bedroom, 3-bathroom corner condo boasts breathtaking water views of Destin Harbor, East Pass, the Gulf, and Crab Island. Enjoy 500+ sq. ft. of balcony space to soak in the scenery. Amenities include a pool, 2 hot tubs, spa, fitness center, 24-hour front desk, bell service, onsite dining with room service, and beach service with chairs and umbrellas. Conveniently located just an elevator ride from HarborWalk Village's vibrant shopping, dining, and entertainment. Upcoming Use weeks for 2026 will be Jan 30-Feb 6, Mar 27-Apr 3, Jun 12-26, Sep 18-25, and Nov 13-20.

17. 2011-03-31
    historical
18. 2010-04-02
    listed $245,000
19. 2010-04-02
    listed $245,000
20. 2007-08-09
    soldstatus $226,000
21. 2005-10-12
    listed $226,000

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

Taxation est. · year 1

• Rental income: $34,075
• − Mortgage interest: −$4,425
• − Property taxes: −$1,185
• − Insurance: −$395
• − Repairs & maintenance: −$2,726
• − Management: −$2,726
• − HOA: −$9,756
• − Depreciation: −$2,298
• Taxable income: $10,563
• Est. tax owed @ 24.0%: −$2,535
• After-tax cash flow: $8,076/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 — Destin

• Score: 79/100
• State rank: #158
• US rank: #2247

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Destin, FL
• County: Okaloosa County · 194,352 people
• City population: 18,855
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 18,855
• Household income: $95,124
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 554.0

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 (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 7% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada
• Languages at home: 83% English-only · Spanish 7% Other Indo-European 6% Russian/Polish/Slavic 2%

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: ▼ -147.89%
• Current HPI: 252.6715
• Rent YoY: ▲ 3.68%
• 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

-65.0% since first listed

6 events — show timeline

• 2025-12-19 Listed $79,000 ECAR
• 2011-03-31 Listing Removed — NAMLS
• 2010-04-02 Listed $245,000 NAMLS
• 2010-04-02 Listed $245,000 ECAR
• 2007-08-09 Sold (MLS) $226,000 ECAR
• 2005-10-12 Listed $226,000 ECAR