573 Tropical Way · Freeport, FL 32439

$329,000

3 bd · 2.0 ba · 1,636 sqft · SingleFamily public records · 59 Days on market

Built 2007 0.33 ac lot Est $427k · 23% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.5/30.0
• Schools +5.2/10.0
• DSCR +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bedroom/2 bathroom home located in highly desirable Freeport neighborhood of Brandon Oaks. Enjoy living minutes away from Mallet Bayou, Lagrange Bayou, and Choctawhatchee Bay with easy access to public boat launches. Brandon Oaks subdivision does not have an HOA making it easier to store your your boat and other beach toys. Inside the home you will find all new carpet, fresh paint throughout, and retextured ceilings so you can kiss the pop corn goodbye. With a spacious backyard and plenty of storage space, the only thing left to do is move in.

Key facts

• Spacious backyard
• Stylish backsplash
• Barn door

Tags

• UPDATED KITCHEN COUNTERTOPS
• STYLISH BACKSPLASH
• BARN DOOR
• SPACIOUS BACKYARD
• FIRE PIT
• PUBLIC BOAT LAUNCHES

Property features AI

Finance

• HOA & community: Subdivision: BRANDON OAKS

Exterior

• Parking: Attached 1-car garage with garage door opener; Driveway space for 2 vehicles
• Security: Smoke detector(s)
• Utilities: Electric service; Public water; Public sewer
• Home design: Ranch style; 2 stories; Built in 2007; Brick and vinyl trim exterior; Shingle roof; Slab foundation; Zoned for single-family residential
• Construction: Brick and trim vinyl construction; Shingle roof; Slab foundation; Built in 2007
• Exterior features: Private yard; Yard building; Patio (open); Chain link fencing; Cleared, level interior lot with paved road access

Interior

• Kitchen: Kitchen on the first floor; Dishwasher; Refrigerator; Pantry
• Bedrooms: 3 bedrooms total; Primary bedroom located on the second floor with double vanity and tile in the bathroom
• Flooring: Tile; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Vaulted ceilings; Newly painted; Pantry; Washer/Dryer hookup; Double pane windows; Smoke detector(s)
• Laundry & utility: Washer/Dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $329k.

Deal economics

• At list price, monthly cash flow is $-106 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $310k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (24.8% below list).
• Recommended offer: $247k (24.8% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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); Freeport Senior High School (math 47% / reading 62%, grade C-, #138 of 667 statewide, top 21%, 557 students, 43% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+1.4%/yr); 1012 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 36% 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 $10k 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 59 days — a 3% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y 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

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $247,353 (24.8% 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 59 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.75% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.39%
• DSCR: 0.94
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $426,996
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 Bay Grove Dr	0.11mi	3/2.0	1,664 (+2%)	11mo	$330,000	$198	83
88 Tropical Way	0.11mi	3/2.0	1,530 (-6%)	2mo	$305,000	$199	82
61 Mallot Beach Dr	0.14mi	3/2.0	1,463 (-11%)	13mo	$275,000	$188	65
644 Bay Grove Rd	0.42mi	3/2.0	1,761 (+8%)	14mo	$900,000	$511	56
371 Bay Grove Rd	0.20mi	3/2.0	1,420 (-13%)	23mo	$370,000	$261	50
107 Rodney Dr	0.61mi	3/2.0	1,472 (-10%)	12mo	$410,000	$279	45

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: -20.3%
• Equity multiple: 0.30×
• Total profit: $-64,101
• Equity at exit: $49,055

10-year hold

• IRR: -16.9%
• Equity multiple: 0.13×
• Total profit: $-80,497
• Equity at exit: $28,446

Cash invested: $92,120 (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 32439

• Home prices YoY: -4.2%
• Rents YoY: 1.4%
• Active inventory: 1012
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,474 medium
• Mortgage (P&I): −$1,725
• Tax from tax record: −$198 /mo · $2,377/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$519
• Net cashflow: $-106

Break-even live

Break-even rent $2,608

Max offer price $310,208

Occupancy floor 99%

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
486 Beatrice Point Rd Freeport, FL	3.0	2.0	1543	$3,500	$2.27	21d	1	1.24mi

Listing history 29 events

1. 2026-06-18
   days on market $329,000 Active 59 DOM
2. 2026-06-17
   days on market $329,000 Active 58 DOM
3. 2026-06-16
   days on market $329,000 Active 57 DOM
4. 2026-06-15
   days on market $329,000 Active 56 DOM
5. 2026-06-14
   days on market $329,000 Active 54 DOM
6. 2026-06-13
   days on market $329,000 Active 53 DOM
7. 2026-06-10
   days on market $329,000 Active 51 DOM
8. 2026-06-09
   days on market $329,000 Active 50 DOM
9. 2026-06-08
   days on market $329,000 Active 49 DOM
10. 2026-06-07
    days on market $329,000 Active 48 DOM
11. 2026-06-05
    days on market $329,000 Active 45 DOM
12. 2026-06-03
    days on market $329,000 Active 44 DOM
13. 2026-06-03
    days on market $329,000 Active 43 DOM
14. 2026-06-01
    days on market $329,000 Active 42 DOM
15. 2026-05-31
    days on market $329,000 Active 41 DOM
16. 2026-05-30
    days on market $329,000 Active 40 DOM
17. 2026-05-20
    price $329,000
18. 2026-04-20
    listed $335,000 Active
19. 2022-03-08
    soldstatus $300,000
20. 2022-03-03
    soldstatus $299,999 560-char remark

    Show marketing remark (560 chars)

    Charming 3 bedroom/2 bathroom home located in highly desirable Freeport neighborhood of Brandon Oaks. Enjoy living minutes away from Mallet Bayou, Lagrange Bayou, and Choctawhatchee Bay with easy access to public boat launches. Brandon Oaks subdivision does not have an HOA making it easier to store your your boat and other beach toys. Inside the home you will find all new carpet, fresh paint throughout, and retextured ceilings so you can kiss the pop corn goodbye. With a spacious backyard and plenty of storage space, the only thing left to do is move in.

21. 2022-03-03
    soldstatus $299,999 Sold 560-char remark

    Show marketing remark (560 chars)

    Charming 3 bedroom/2 bathroom home located in highly desirable Freeport neighborhood of Brandon Oaks. Enjoy living minutes away from Mallet Bayou, Lagrange Bayou, and Choctawhatchee Bay with easy access to public boat launches. Brandon Oaks subdivision does not have an HOA making it easier to store your your boat and other beach toys. Inside the home you will find all new carpet, fresh paint throughout, and retextured ceilings so you can kiss the pop corn goodbye. With a spacious backyard and plenty of storage space, the only thing left to do is move in.

22. 2022-01-16
    status Pending 560-char remark

    Show marketing remark (560 chars)

    Charming 3 bedroom/2 bathroom home located in highly desirable Freeport neighborhood of Brandon Oaks. Enjoy living minutes away from Mallet Bayou, Lagrange Bayou, and Choctawhatchee Bay with easy access to public boat launches. Brandon Oaks subdivision does not have an HOA making it easier to store your your boat and other beach toys. Inside the home you will find all new carpet, fresh paint throughout, and retextured ceilings so you can kiss the pop corn goodbye. With a spacious backyard and plenty of storage space, the only thing left to do is move in.

23. 2022-01-14
    listed $299,999 Active 560-char remark

    Show marketing remark (560 chars)

    Charming 3 bedroom/2 bathroom home located in highly desirable Freeport neighborhood of Brandon Oaks. Enjoy living minutes away from Mallet Bayou, Lagrange Bayou, and Choctawhatchee Bay with easy access to public boat launches. Brandon Oaks subdivision does not have an HOA making it easier to store your your boat and other beach toys. Inside the home you will find all new carpet, fresh paint throughout, and retextured ceilings so you can kiss the pop corn goodbye. With a spacious backyard and plenty of storage space, the only thing left to do is move in.

24. 2022-01-14
    listed $299,999 560-char remark

    Show marketing remark (560 chars)

    Charming 3 bedroom/2 bathroom home located in highly desirable Freeport neighborhood of Brandon Oaks. Enjoy living minutes away from Mallet Bayou, Lagrange Bayou, and Choctawhatchee Bay with easy access to public boat launches. Brandon Oaks subdivision does not have an HOA making it easier to store your your boat and other beach toys. Inside the home you will find all new carpet, fresh paint throughout, and retextured ceilings so you can kiss the pop corn goodbye. With a spacious backyard and plenty of storage space, the only thing left to do is move in.

25. 2016-03-22
    soldstatus $142,000
26. 2009-07-14
    soldstatus $115,000 365-char remark

    Show marketing remark (365 chars)

    BANK OWNED! Brandon Oaks is located just 9 minutes from the public beach access, 2 minutes from bay/boat launch and less than 20 minutes from Baytown, Publix shopping center and various restaurants. This brick home has spacious rooms and includes energy efficient doors and windows, elevated ceilings, ceiling fans, granite tops in kitchen and stainless appliances.

27. 2009-07-14
    soldstatus $115,000 365-char remark

    Show marketing remark (365 chars)

    BANK OWNED! Brandon Oaks is located just 9 minutes from the public beach access, 2 minutes from bay/boat launch and less than 20 minutes from Baytown, Publix shopping center and various restaurants. This brick home has spacious rooms and includes energy efficient doors and windows, elevated ceilings, ceiling fans, granite tops in kitchen and stainless appliances.

28. 2009-05-11
    listed $145,700 365-char remark

    Show marketing remark (365 chars)

    BANK OWNED! Brandon Oaks is located just 9 minutes from the public beach access, 2 minutes from bay/boat launch and less than 20 minutes from Baytown, Publix shopping center and various restaurants. This brick home has spacious rooms and includes energy efficient doors and windows, elevated ceilings, ceiling fans, granite tops in kitchen and stainless appliances.

29. 2009-05-11
    listed $145,700 365-char remark

    Show marketing remark (365 chars)

    BANK OWNED! Brandon Oaks is located just 9 minutes from the public beach access, 2 minutes from bay/boat launch and less than 20 minutes from Baytown, Publix shopping center and various restaurants. This brick home has spacious rooms and includes energy efficient doors and windows, elevated ceilings, ceiling fans, granite tops in kitchen and stainless appliances.

ⓘ 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: $2,377 · $198/mo
• Projected year-2 tax: $2,731 · $228/mo
• Expected delta: +$354/yr (+$29/mo · 14.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 22 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: $29,682
• − Mortgage interest: −$18,429
• − Property taxes: −$2,377
• − Insurance: −$1,645
• − Repairs & maintenance: −$2,375
• − Management: −$2,375
• − Depreciation: −$9,571
• Taxable loss: −$7,089
• Est. tax savings @ 24.0%: +$1,701
• After-tax cash flow: $425/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: 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

+125.8% since first listed

13 events — show timeline

• 2026-05-20 Price Changed $329,000 ECAR
• 2026-04-20 Listed $335,000 ECAR
• 2022-03-08 Sold (Public Records) $300,000 Public Records
• 2022-03-03 Sold (MLS) $299,999 ECAR
• 2022-03-03 Sold (MLS) $299,999 NAMLS
• 2022-01-16 Pending — ECAR
• 2022-01-14 Listed $299,999 ECAR
• 2022-01-14 Listed $299,999 NAMLS
• 2016-03-22 Sold (Public Records) $142,000 Public Records
• 2009-07-14 Sold (MLS) $115,000 NAMLS
• 2009-07-14 Sold (MLS) $115,000 ECAR
• 2009-05-11 Listed $145,700 NAMLS
• 2009-05-11 Listed $145,700 ECAR

Property tax history

+14.9%/yr

Latest (2025): $2,377 · -6.6% YoY. Source: county tax records.