315 Bream. Ave Unit Ave #106 · Fort Walton Beach, FL 32548

$199,900

2 bd · 1.0 ba · 751 sqft · Condo public records · 138 Days on market

Built 1976 $266/sqft · 7% below area Est $217k · 8% 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 +11.1/15.0
• Cash flow +6.6/30.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautifully renovated condo boasting 2 bedroom, 1-bath on Okaloosa Island is currently operating as an Airbnb—and it's being sold fully furnished, with all items conveying with the property. Enjoy easy access with tile flooring throughout, and step outside to experience true coastal convenience: walking distance to Dolphin Beach Access and the Bayside, plus just minutes from the Boardwalk, The Gulfarium, and Wild Willy's Adventure Zone. The community allows short-term rentals! And would also be great for investors. Water heater replaced in 2021. My sellers are very motivated.

Key facts

• Dolphin beach access
• Renovated condo
• Tile flooring

Tags

• RENOVATED CONDO
• FULLY FURNISHED
• TILE FLOORING
• DOLPHIN BEACH ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-330 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (11.8% below list).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.3% vs local median 0.9% in Fort Walton Beach — 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 80/100 on livability (#111 in FL, #1,628 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, amenities 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 rising (+1.3%/yr); 341 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• This rent runs 32% of the median local income ($65k/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 $1k of loan paydown is wiped out by about $6k 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

• It's been on market 138 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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 23% of rent.

Recommended offer $175,912 (12.0% 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 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.88% ✗
• Cap rate: 4.31%
• Cash-on-cash: -7.08%
• DSCR: 0.68
• GRM: 9.5

CMA / ARV

• ARV (median comp): $217,479
• List price: $199,900
• Delta: -8.08%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.33% rent growth · sell at horizon

5-year hold

• IRR: -30.9%
• Equity multiple: -0.00×
• Total profit: $-56,116
• Equity at exit: $29,806

10-year hold

• IRR: -46.4%
• Equity multiple: -0.55×
• Total profit: $-86,565
• Equity at exit: $17,284

Cash invested: $55,972 (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 32548

• Home prices YoY: -31.1%
• Rents YoY: 1.3%
• Active inventory: 341
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,763 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$191 /mo · $2,295/yr
• Insurance: −$83
• HOA est. from 3 same-building comps: −$400
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $-330

Break-even live

Break-even rent $2,181

Max offer price $141,525

Occupancy floor —

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 Bluefish Dr #103 Fort Walton Beach, FL	2.0	2.0	1100	$2,500	$2.27	43d	1	0.06mi
165 Brooks St SE Fort Walton Beach, FL	2.0	1.0	900	$1,850	$2.06	13d	1	0.32mi
308 Miracle Strip Pkwy SE Unit 1 Fort Walton Beach, FL	1.0	1.0	625	$1,450	$2.32	43d	1	0.32mi
159 Scottwood Dr SE Fort Walton Beach, FL	2.0	2.0	1104	$1,400	$1.27	43d	1	0.56mi
133 Alder Ave SE Fort Walton Beach, FL	2.0	1.0	1031	$1,500	$1.45	43d	1	0.59mi
208 Oak St SE Unit B Fort Walton Beach, FL	2.0	1.5	1008	$1,650	$1.64	21d	1	0.63mi
128 Elm Ave SE Fort Walton Beach, FL	2.0	1.0	960	$1,500	$1.56	21d	1	0.66mi
111 Chicago Ave SE Unit 1 Fort Walton Beach, FL	1.0	1.0	550	$1,025	$1.86	21d	1	0.69mi
102 Chicago Ave SE Fort Walton Beach, FL	1.0	1.0	600	$1,200	$2.00	43d	1	0.71mi
102 Chicago Ave SE Unit 102-1 Fort Walton Beach, FL	1.0	1.0	650	$1,150	$1.77	13d	1	0.72mi
107 Magnolia Ave SE Fort Walton Beach, FL	3.0	1.0	1106	$1,700	$1.54	13d	1	0.75mi
36 Alder Ave SE #3 Fort Walton Beach, FL	2.0	2.5	1061	$1,800	$1.70	43d	1	0.78mi
103 Church Ave SE Unit B Fort Walton Beach, FL	2.0	1.0	930	$1,300	$1.40	21d	1	0.86mi
101 Church Ave SE Unit 105 Fort Walton Beach, FL	1.0	1.0	875	$1,397	$1.60	43d	1	0.87mi
101 Church Ave SE Unit 204 Fort Walton Beach, FL	2.0	1.0	945	$1,676	$1.77	43d	1	0.87mi
22 Laurie Dr NE Fort Walton Beach, FL	3.0	1.5	1064	$1,800	$1.69	21d	1	1.22mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-18
   days on market $199,900 Active 138 DOM
2. 2026-06-17
   days on market $199,900 Active 137 DOM
3. 2026-06-16
   days on market $199,900 Active 136 DOM
4. 2026-06-15
   days on market $199,900 Active 135 DOM
5. 2026-06-14
   days on market $199,900 Active 133 DOM
6. 2026-06-13
   days on market $199,900 Active 132 DOM
7. 2026-06-10
   days on market $199,900 Active 130 DOM
8. 2026-06-09
   days on market $199,900 Active 129 DOM
9. 2026-06-08
   days on market $199,900 Active 128 DOM
10. 2026-06-07
    days on market $199,900 Active 127 DOM
11. 2026-06-05
    days on market $199,900 Active 124 DOM
12. 2026-06-02
    days on market $199,900 Active 122 DOM
13. 2026-06-01
    days on market $199,900 Active 121 DOM
14. 2026-05-31
    days on market $199,900 Active 120 DOM
15. 2026-05-30
    days on market $199,900 Active 119 DOM
16. 2026-01-31
    listed $199,900 Active 593-char remark

    Show marketing remark (593 chars)

    This beautifully renovated condo boasting 2 bedroom, 1-bath on Okaloosa Island is currently operating as an Airbnb—and it's being sold fully furnished, with all items conveying with the property. Enjoy easy access with tile flooring throughout, and step outside to experience true coastal convenience: walking distance to Dolphin Beach Access and the Bayside, plus just minutes from the Boardwalk, The Gulfarium, and Wild Willy's Adventure Zone. The community allows short-term rentals! And would also be great for investors. Water heater replaced in 2021. My sellers are very motivated.

17. 2023-05-18
    soldstatus $212,000 Sold 480-char remark

    Show marketing remark (480 chars)

    Located in Breakers West, 2 Bedroom 1 Bath Condo on Okaloosa Island. First Floor easy access condo with tile floors and a lot of potential either as an investment property or a primary residence. Walking distance to Dolphin Beach Access or the Bayside. Plenty of restaurants and shopping just a few minutes drive to the Boardwalk, The Gulfarium and the Wild Willy's Adventure Zone. The complex allows short term rentals (min 7 nights). Newer water heater (2021). Motivated Seller.

18. 2023-05-18
    soldstatus $212,000

    Show marketing remark (480 chars)

    Located in Breakers West, 2 Bedroom 1 Bath Condo on Okaloosa Island. First Floor easy access condo with tile floors and a lot of potential either as an investment property or a primary residence. Walking distance to Dolphin Beach Access or the Bayside. Plenty of restaurants and shopping just a few minutes drive to the Boardwalk, The Gulfarium and the Wild Willy's Adventure Zone. The complex allows short term rentals (min 7 nights). Newer water heater (2021). Motivated Seller.

19. 2023-04-12
    status Pending 480-char remark

    Show marketing remark (480 chars)

    Located in Breakers West, 2 Bedroom 1 Bath Condo on Okaloosa Island. First Floor easy access condo with tile floors and a lot of potential either as an investment property or a primary residence. Walking distance to Dolphin Beach Access or the Bayside. Plenty of restaurants and shopping just a few minutes drive to the Boardwalk, The Gulfarium and the Wild Willy's Adventure Zone. The complex allows short term rentals (min 7 nights). Newer water heater (2021). Motivated Seller.

20. 2023-01-21
    status Active 480-char remark

    Show marketing remark (480 chars)

    Located in Breakers West, 2 Bedroom 1 Bath Condo on Okaloosa Island. First Floor easy access condo with tile floors and a lot of potential either as an investment property or a primary residence. Walking distance to Dolphin Beach Access or the Bayside. Plenty of restaurants and shopping just a few minutes drive to the Boardwalk, The Gulfarium and the Wild Willy's Adventure Zone. The complex allows short term rentals (min 7 nights). Newer water heater (2021). Motivated Seller.

21. 2022-12-28
    status Pending 480-char remark

    Show marketing remark (480 chars)

    Located in Breakers West, 2 Bedroom 1 Bath Condo on Okaloosa Island. First Floor easy access condo with tile floors and a lot of potential either as an investment property or a primary residence. Walking distance to Dolphin Beach Access or the Bayside. Plenty of restaurants and shopping just a few minutes drive to the Boardwalk, The Gulfarium and the Wild Willy's Adventure Zone. The complex allows short term rentals (min 7 nights). Newer water heater (2021). Motivated Seller.

22. 2022-09-17
    listed $239,000 Active 480-char remark

    Show marketing remark (480 chars)

    Located in Breakers West, 2 Bedroom 1 Bath Condo on Okaloosa Island. First Floor easy access condo with tile floors and a lot of potential either as an investment property or a primary residence. Walking distance to Dolphin Beach Access or the Bayside. Plenty of restaurants and shopping just a few minutes drive to the Boardwalk, The Gulfarium and the Wild Willy's Adventure Zone. The complex allows short term rentals (min 7 nights). Newer water heater (2021). Motivated Seller.

23. 2017-04-06
    soldstatus $67,000
24. 2017-04-06
    soldstatus $67,000
25. 2016-11-28
    listed $75,000
26. 2008-05-01
    historical
27. 2006-05-01
    listed $149,000
28. 2006-05-01
    listed $149,000

ⓘ 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: $2,295 · $191/mo
• Projected year-2 tax: $2,295 · $191/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $21,151
• − Mortgage interest: −$11,198
• − Property taxes: −$2,295
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,692
• − Management: −$1,692
• − HOA: −$4,800
• − Depreciation: −$5,815
• Taxable loss: −$7,341
• Est. tax savings @ 24.0%: +$1,762
• After-tax cash flow: $-2,204/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 — Fort Walton Beach

• Score: 80/100
• State rank: #111
• US rank: #1628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Okaloosa County · 194,352 people
• City population: 59,301
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 23,774
• Household income: $65,342
• Rent vs Own: 42.0% rent · 58.0% own
• Severe rent burden: 889.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 63% Hispanic / Latino 13% Black 12% Two or more races 9% Asian 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Italian 4% Slovak 3% Romanian 2%
• Foreign-born: 12% · Canada, Jamaica
• Languages at home: 84% English-only · Spanish 9% Other Asian/Pacific 3% Other Indo-European 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: ▼ -123.88%
• Current HPI: 274.8418
• Rent YoY: ▲ 1.33%
• 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

+34.2% since first listed

13 events — show timeline

• 2026-01-31 Listed $199,900 ECAR
• 2023-05-18 Sold (Public Records) $212,000 Public Records
• 2023-05-18 Sold (MLS) $212,000 ECAR
• 2023-04-12 Pending — ECAR
• 2023-01-21 Relisted — ECAR
• 2022-12-28 Pending — ECAR
• 2022-09-17 Listed $239,000 ECAR
• 2017-04-06 Sold (MLS) $67,000 NAMLS
• 2017-04-06 Sold (MLS) $67,000 ECAR
• 2016-11-28 Listed $75,000 NAMLS
• 2008-05-01 Listing Removed — NAMLS
• 2006-05-01 Listed $149,000 NAMLS
• 2006-05-01 Listed $149,000 ECAR

Property tax history

+11.8%/yr

Latest (2025): $2,295 · -0.9% YoY. Source: county tax records.