1201 Walter Ave #1201 · Crestview, FL 32536

$153,000

2 bd · 1.5 ba · 1,254 sqft · Townhouse · 207 Days on market

Built 1982

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Why this score? — see what drove the C 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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Schools +5.2/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just Reduced!! Why rent when you could own this spacious end unit townhouse for less than you could rent it for. First time homebuyer bond money available, really low rate, even down payment assistance if you qualify. Close to schools and shopping on the north end of town. This home is in great shape with 1 year old carpet on the lower level, neutral walls, all move in condition. The exterior of the home was recently painted and the roof was replaced with dimensional shingles within the last two years. The living room is spacious with a corner fireplace. Sliding glass doors open to the outside patio. Up stairs there are two bedrooms that share a full bath. This is one of the best priced townhomes in Crestview. Come see this townhome today you won't be disappointed!

Key facts

• 2 story townhome
• Separate dining room
• Quiet area

Tags

• 2 STORY TOWNHOME
• SPACIOUS LIVING ROOM
• SEPARATE DINING ROOM
• QUIET AREA
• WALKING DISTANCE TO SCHOOLS
• CLOSE PROXIMITY TO DINING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $153k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• Recommended offer: $135k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.4% in Crestview — 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 75/100 on livability (#252 in FL, #3,858 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute 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: Bob Sikes Elementary School (math 53% / reading 60%, grade C+, #816 of 2,144 statewide, top 39%, 829 students, 52% FRL); Crestview High School (math 49% / reading 54%, grade D+, #167 of 667 statewide, top 25%, 2,315 students, 42% FRL).
• Market conditions: Rents rising (+1.2%/yr); 351 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).

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

• It's been on market 207 days — a 12% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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.
• Current owner paid $98k; list at $153k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $134,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
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: 1.07% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.65%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.17% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.71×
• Total profit: $-12,620
• Equity at exit: $22,813

10-year hold

• IRR: -1.2%
• Equity multiple: 0.93×
• Total profit: $-3,153
• Equity at exit: $13,229

Cash invested: $42,840 (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 32536

• Home prices YoY: -16.2%
• Rents YoY: 1.2%
• Active inventory: 351
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,639 high
• Mortgage (P&I): −$802
• Tax est. 1.5%: −$191 /mo · $2,295/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $237

Break-even live

Break-even rent $1,338

Max offer price $153,000

Occupancy floor 81%

Sensitivity live

Price	-10% $343	-5% $290	+0% $237	+5% $184	+10% $132
Rent	-10% $108	-5% $173	+0% $237	+5% $302	+10% $367
Rate	-1.0pp $314	-0.5pp $276	base $237	+0.5pp $198	+1.0pp $157

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: $38,250
• Closing costs: $4,590
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
408 Arbor Lake Dr Crestview, FL	3.0	2.5	1755	$1,900	$1.08	14d	1	0.44mi
830 Arbor Lake Dr Crestview, FL	2.0	2.5	1200	$1,400	$1.17	14d	1	0.44mi
720 Arbor Lake Dr Crestview, FL	2.0	2.5	1100	$1,375	$1.25	22d	1	0.47mi
720 Arbor Lake Dr Crestview, FL	2.0	2.5	1100	$1,400	$1.27	45d	1	0.47mi
498 North Ave E Unit A Crestview, FL	2.0	2.0	1081	$1,450	$1.34	45d	1	0.52mi
205 Powell Dr Crestview, FL	3.0	1.5	1008	$1,400	$1.39	45d	1	0.58mi
326 Dixie St Crestview, FL	3.0	1.0	1386	$1,400	$1.01	45d	1	0.62mi
149 Shady Ln Crestview, FL	3.0	2.0	1680	$2,000	$1.19	45d	1	0.79mi
197 W 1st Ave Crestview, FL	3.0	2.0	1547	$2,395	$1.55	22d	1	0.82mi
800 Spring Creek Blvd Crestview, FL	1.0–3.0	1.0–2.0	1009	$1,538	$1.52	14d	28	0.98mi
507 Eisenhower Dr Crestview, FL	3.0	2.0	1809	$2,200	$1.22	45d	1	1.22mi
812 Carlton St Crestview, FL	3.0	2.5	1393	$1,495	$1.07	22d	1	1.24mi
2544 Kingston Rd Crestview, FL	3.0	2.0	1533	$2,095	$1.37	22d	1	1.26mi
398 N Spring St Crestview, FL	2.0	1.0	1200	$1,300	$1.08	45d	1	1.27mi
5735 Wildwood Rd Crestview, FL	3.0	1.5	1570	$1,875	$1.19	14d	1	1.31mi
132 Cabana Way Crestview, FL	3.0	2.0	1408	$1,750	$1.24	14d	1	1.31mi
502 Hyde Park Dr Crestview, FL	3.0	2.0	1302	$1,795	$1.38	14d	1	1.42mi
168 Cabana Way Crestview, FL	3.0	2.0	1100	$1,700	$1.55	22d	1	1.50mi

Listing history 4 events

1. 2026-03-31
   status Pending
2. 2025-09-05
   listed $153,000 Active
3. 2007-07-19
   soldstatus $98,500 775-char remark

   Show marketing remark (775 chars)

   Just Reduced!! Why rent when you could own this spacious end unit townhouse for less than you could rent it for. First time homebuyer bond money available, really low rate, even down payment assistance if you qualify. Close to schools and shopping on the north end of town. This home is in great shape with 1 year old carpet on the lower level, neutral walls, all move in condition. The exterior of the home was recently painted and the roof was replaced with dimensional shingles within the last two years. The living room is spacious with a corner fireplace. Sliding glass doors open to the outside patio. Up stairs there are two bedrooms that share a full bath. This is one of the best priced townhomes in Crestview. Come see this townhome today you won't be disappointed!

4. 2007-04-30
   listed $99,999 775-char remark

   Show marketing remark (775 chars)

   Just Reduced!! Why rent when you could own this spacious end unit townhouse for less than you could rent it for. First time homebuyer bond money available, really low rate, even down payment assistance if you qualify. Close to schools and shopping on the north end of town. This home is in great shape with 1 year old carpet on the lower level, neutral walls, all move in condition. The exterior of the home was recently painted and the roof was replaced with dimensional shingles within the last two years. The living room is spacious with a corner fireplace. Sliding glass doors open to the outside patio. Up stairs there are two bedrooms that share a full bath. This is one of the best priced townhomes in Crestview. Come see this townhome today you won't be disappointed!

ⓘ 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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 19 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,665
• − Mortgage interest: −$8,570
• − Property taxes: −$2,295
• − Insurance: −$765
• − Repairs & maintenance: −$1,573
• − Management: −$1,573
• − Depreciation: −$4,451
• Taxable income: $437
• Est. tax owed @ 24.0%: −$105
• After-tax cash flow: $2,742/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 — Crestview

• Score: 75/100
• State rank: #252
• US rank: #3858

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crestview, FL
• County: Okaloosa County · 194,352 people
• City population: 58,889
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 25,599
• Household income: $78,119
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 634.0

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 0.56)
• Race & ethnicity: White 64% Black 16% Hispanic / Latino 12% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 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: ▼ -51.48%
• Current HPI: 265.9926
• Rent YoY: ▲ 1.17%
• 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

+53.0% since first listed

4 events — show timeline

• 2026-03-31 Pending — ECAR
• 2025-09-05 Listed $153,000 ECAR
• 2007-07-19 Sold (MLS) $98,500 ECAR
• 2007-04-30 Listed $99,999 ECAR