518 Marlowe Dr · Ocean City, FL 32547

$175,000

3 bd · 1.0 ba · 1,280 sqft · SingleFamily public records · 4 Days on market

Built 1967 8,712 sqft lot Est $306k · 43% under

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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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.2/10.0
• Schools +5.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity in Fort Walton Beach! This 3-bedroom, 1-bath concrete block home offers 1,280 sq ft with a functional layout and additional living space with expansion potential. Major systems already updated: roof (2019), HVAC (2019), and water heater (2018). Property includes a covered carport and storage/laundry area. Ideal for renovation, resale, or rental portfolio addition. Convenient location near Eglin AFB, Hurlburt Field, shopping, and schools. Property sold as-is. Great opportunity for investors looking for their next project.

Key facts

• Covered carport
• Convenient location
• Storage laundry area

Tags

• CONCRETE BLOCK HOME
• COVERED CARPORT
• STORAGE LAUNDRY AREA
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: Subdivision: WINTHROP PLACE, 1st Addition

Exterior

• Parking: Attached carport (1 carport space)
• Utilities: Electric service; Natural gas service; Public water; Public sewer; Gas water heater
• Home design: Ranch-style single-story home; Built in 1967
• Construction: Block, concrete, stucco and wood trim construction; Slab foundation
• Exterior features: Private yard; Lawn pump; Yard building; Chain link fencing; Interior, level lot; County road frontage (paved); Lot dimensions approximately 70 x 130

Interior

• Kitchen: Dishwasher; Refrigerator; Gas water heater
• Bedrooms: 3 bedrooms (master bedroom on the first floor); All bedrooms on the first floor
• Flooring: Parquet flooring; Tile flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Central heat; Natural gas heat
• Interior features: Washer/Dryer hookup; Central air conditioning; Central heating; Natural gas heating
• Laundry & utility: Washer/Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 8.9% vs local median 3.5% in Ocean City — 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 77/100 on livability (#179 in FL, #2,787 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment 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.
• Zoned schools: Shalimar Elementary School (math 54% / reading 61%, grade C+, #764 of 2,144 statewide, top 36%, 614 students, 63% FRL); Choctawhatchee Senior High School (math 42% / reading 50%, grade D-, #220 of 667 statewide, top 33%, 1,677 students, 52% FRL) — zoned schools average 58% FRL vs 36% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.1%/yr); 224 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 33% of the median local income ($71k/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 $5k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $52k; list at $175k implies a 237% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $175,000

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.12% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.32%
• DSCR: 1.41
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $305,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 Marlowe Dr	0.00mi	3/1.0	1,280 (0%)	1mo	$165,000	$129	100
48 Woodham Ave	0.11mi	3/2.0	1,296 (+1%)	3mo	$200,000	$154	87
103 Forest Dr	0.32mi	3/2.0	1,340 (+5%)	2mo	$320,000	$239	72
993 Kirkley Ct	0.58mi	3/2.0	1,324 (+3%)	2mo	$339,000	$256	62
725 Tuxedo Dr	0.54mi	3/1.5	1,309 (+2%)	9mo	$323,000	$247	61
150 Beach Dr	0.70mi	3/2.0	1,300 (+2%)	0mo	$315,000	$242	60
2283 Harlan Ave	0.64mi	3/2.0	1,348 (+5%)	2mo	$354,000	$263	56
33 Circle Dr	0.55mi	3/2.0	1,460 (+14%)	1mo	$195,000	$134	46
2234 Monahan Ct	0.54mi	3/2.0	1,152 (-10%)	11mo	$298,900	$259	45
274 NE Beachview Dr	0.57mi	3/1.5	1,468 (+15%)	4mo	$211,000	$144	44
236 NE Marshall Dr	0.65mi	3/1.0	1,144 (-11%)	12mo	$240,000	$210	42
994 Asaro Ct	0.71mi	3/2.0	1,440 (+12%)	8mo	$300,000	$208	35

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.80×
• Total profit: $-9,844
• Equity at exit: $26,093

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $509
• Equity at exit: $15,131

Cash invested: $49,000 (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 32547

• Home prices YoY: -29.3%
• Rents YoY: -0.1%
• Active inventory: 224
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,954 high
• Mortgage (P&I): −$918
• Tax from tax record: −$173 /mo · $2,074/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $381

Break-even live

Break-even rent $1,473

Max offer price $175,000

Occupancy floor 76%

Sensitivity live

Price	-10% $480	-5% $430	+0% $381	+5% $331	+10% $282
Rent	-10% $226	-5% $303	+0% $381	+5% $458	+10% $535
Rate	-1.0pp $469	-0.5pp $425	base $381	+0.5pp $335	+1.0pp $289

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
349 Woodham Ct Fort Walton Beach, FL	2.0	1.5	1184	$1,450	$1.22	44d	1	0.10mi
348 Woodham Ct Fort Walton Beach, FL	2.0	2.0	1251	$2,800	$2.24	44d	1	0.10mi
214 Tooke St Unit A Fort Walton Beach, FL	2.0	2.5	1144	$1,750	$1.53	44d	1	0.12mi
337 Woodham Ct Fort Walton Beach, FL	2.0	1.5	1184	$1,895	$1.60	22d	1	0.12mi
333 Woodham Ct Fort Walton Beach, FL	2.0	1.5	1200	$1,600	$1.33	44d	1	0.13mi
509 Trenton St Fort Walton Beach, FL	4.0	1.5	1296	$2,000	$1.54	22d	1	0.15mi
16 Woodham Ave Fort Walton Beach, FL	4.0	3.0	1600	$2,000	$1.25	44d	1	0.16mi
848 Stonegate Ct Unit 848 Fort Walton Beach, FL	2.0	1.5	1200	$1,500	$1.25	44d	1	0.21mi
836 Stonegate Ct #836 Fort Walton Beach, FL	2.0	1.5	1200	$1,500	$1.25	44d	1	0.23mi
121 Tooke St Fort Walton Beach, FL	3.0	2.5	1510	$2,000	$1.32	44d	1	0.23mi
712 Newport Dr Fort Walton Beach, FL	3.0	1.0	1100	$1,650	$1.50	44d	1	0.46mi
100 Scranton St Fort Walton Beach, FL	3.0	2.5	1437	$1,850	$1.29	44d	1	0.47mi
941 Harrelson St Fort Walton Beach, FL	2.0	2.5	1332	$1,895	$1.42	44d	1	0.57mi
413 Waterway Ln Fort Walton Beach, FL	2.0	3.0	1350	$1,475	$1.09	44d	1	0.57mi
163 Rickey Ave Fort Walton Beach, FL	1.0–2.0	1.0–2.0	995	$1,300	$1.31	44d	2	0.62mi
910 Barrow St Unit 7 Fort Walton Beach, FL	2.0	2.0	1020	$1,500	$1.47	14d	1	0.64mi
726 Eglin Pkwy NE Unit C11 Fort Walton Beach, FL	2.0	1.0	881	$2,100	$2.38	22d	1	0.64mi
1102 Tiki Too Ave Fort Walton Beach, FL	2.0	2.5	1141	$1,600	$1.40	44d	1	0.68mi
936 Barrow St Unit 5 Fort Walton Beach, FL	2.0	2.0	1020	$1,500	$1.47	44d	1	0.69mi
106 Valencia Dr Fort Walton Beach, FL	3.0	1.5	1320	$1,450	$1.10	22d	1	0.72mi
321 Woodrow St NE Fort Walton Beach, FL	1.0–3.0	1.0–2.0	1017	$1,850	$1.82	14d	6	0.78mi
615 Bob Sikes Blvd #7 Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	14d	1	0.89mi
615 Bob Sikes Blvd #5 Fort Walton Beach, FL	2.0	1.5	1190	$1,450	$1.22	44d	1	0.89mi
589 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	44d	1	1.00mi
585 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,550	$1.30	44d	1	1.00mi
5 Laguna St #104 Fort Walton Beach, FL	2.0	2.0	1269	$2,575	$2.03	45d	1	1.00mi
604 Colonial Dr Fort Walton Beach, FL	1.0–2.0	1.0–2.0	818	$1,624	$1.99	44d	1	1.02mi
696 Tyner St #41 Fort Walton Beach, FL	2.0	1.5	960	$1,550	$1.61	14d	1	1.02mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	44d	1	1.16mi
115 Beal Pkwy NW Fort Walton Beach, FL	2.0	2.5	1440	$1,995	$1.39	44d	1	1.17mi
800 Denton Blvd NW Fort Walton Beach, FL	2.0	1.0	1000	$1,600	$1.60	14d	1	1.18mi
2415 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1250	$1,700	$1.36	44d	1	1.22mi
2404 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	22d	1	1.23mi
2400 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	22d	1	1.24mi
120 Opp Blvd NE Fort Walton Beach, FL	2.0	1.5	1240	$1,700	$1.37	22d	1	1.26mi
140 Opp Blvd NE Fort Walton Beach, FL	2.0	1.5	896	$1,750	$1.95	44d	1	1.27mi
115 Hughes St NE Unit D2 Fort Walton Beach, FL	2.0	1.0	1066	$1,900	$1.78	22d	1	1.31mi
790 Navy St Fort Walton Beach, FL	2.0	1.0	900	$1,300	$1.44	14d	1	1.31mi
45 Warwick Dr Shalimar, FL	2.0	2.0	1150	$2,800	$2.43	22d	1	1.33mi
400 Rhonda Kay Ct #66 Fort Walton Beach, FL	3.0	1.5	1256	$1,650	$1.31	44d	1	1.43mi

Listing history 4 events

1. 2026-05-01
   status Pending
2. 2026-04-27
   listed $175,000 Active
3. 1992-08-01
   soldstatus $52,000
4. 1977-01-01
   soldstatus $10,181

ⓘ 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: $2,074 · $173/mo
• Projected year-2 tax: $2,074 · $173/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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) · 54% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,454
• − Mortgage interest: −$9,803
• − Property taxes: −$2,074
• − Insurance: −$875
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − Depreciation: −$5,091
• Taxable income: $1,859
• Est. tax owed @ 24.0%: −$446
• After-tax cash flow: $4,121/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 — Ocean City

• Score: 77/100
• State rank: #179
• US rank: #2787

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, FL
• County: Okaloosa County · 194,352 people
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 35,527
• Household income: $70,711
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1203.0

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 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 11% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 15% · Canada, Vietnam, Jamaica
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 1% Vietnamese 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: ▼ -111.28%
• Current HPI: 268.6497
• Rent YoY: ▼ -0.13%
• 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

+1618.9% since first listed

4 events — show timeline

• 2026-05-01 Pending — ECAR
• 2026-04-27 Listed $175,000 ECAR
• 1992-08-01 Sold (Public Records) $52,000 Public Records
• 1977-01-01 Sold (Public Records) $10,181 Public Records

Property tax history

+6.4%/yr

Latest (2025): $2,074 · +6.2% YoY. Source: county tax records.