22 Sandhill Pines Dr · Miramar Beach, FL 32459

$375,000

3 bd · 3.0 ba · 1,456 sqft · Townhouse public records · 29 Days on market

Built 2021 827 sqft lot Est $298k · 26% over $23/mo HOA · 1% of rent ↓ 7% since listing

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Why this score? — see what drove the F 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 +12.8/30.0
• Schools +5.2/10.0
• DSCR +3.8/10.0
• Livability +3.4/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Introducing 22 Sandhill Pines, a townhome nestled just minutes from the pristine beaches of Florida's Emerald Coast. Built in 2021, this 3-bedroom, 2.5-bathroom residence has been meticulously maintained by its original owners. It boasts granite countertops and ivory colored shaker style cabinetry , LVP flooring throughout, and dual vanities in the master bathroom, complemented by brushed nickel hardware and stainless-steel appliances. Ideal as a primary home or investment property, it features a one-car garage and a private deck with serene views of a wooded area. The HOA is tasked with landscaping, exterior upkeep, and trash removal. Only 1.1 miles off Hwt 98 and Sacred Heart Hospital plu

Key facts

• Evp flooring
• Granite countertops
• $23 HOA

Tags

• EVP FLOORING
• GRANITE COUNTERTOPS
• SHAKER STYLE CABINETRY
• BRUSHED NICKEL HARDWARE

Property features AI

Finance

• Other: County-maintained road access
• HOA & community: HOA present with an annual fee of $275 (covers association)

Exterior

• Parking: Attached garage with one covered space; Garage door opener; Total of 1 parking space
• Utilities: Public water; Public sewer; Electric with circuit breakers and copper wiring; Cable available
• Home design: Attached property; Two levels; Resale (built prior to listing); Frame construction
• Construction: Frame construction; Slab foundation; Two-story
• Exterior features: Interior lot; Shingle roof; Insulated walls; Ridge vent

Interior

• Kitchen: Updated kitchen with granite counters; Built-in microwave; Microwave; Self-cleaning oven; Gas or electric range not specified; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Primary suite approximately 15.5 x 15.5 on second level; Additional bedrooms on second level (approx. 13.7 x 9.4)
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms; One half bathroom; Bathrooms updated within last 1–5 years; Granite countertops and shaker-style cabinetry with brushed nickel hardware in recent updates
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Baseboards; Recessed lighting; Double-pane windows; Window blinds
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $375k.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $357k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $297k (20.8% below list).
• Recommended offer: $297k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 1.1% in Miramar 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 67/100 on livability (#569 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, employment A-; Watch: health & safety C-, schools D+, amenities 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.
• Market conditions: Rents falling (-3.5%/yr); 1585 active listings in the ZIP; 10 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; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 33% of the median local income ($108k/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 $3k of loan paydown is wiped out by about $11k 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 29 days — a 2% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe 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 $296,868 (20.8% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $298,480
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
187 Sandhill Pines Dr	0.15mi	3/2.5	1,456 (0%)	6mo	$325,000	$223	86
183 Sandhill Pines Dr	0.15mi	3/2.5	1,537 (+6%)	8mo	$315,000	$205	75
42 Sandy Cove Way	0.22mi	3/2.5	1,553 (+7%)	11mo	$313,370	$202	67
732 E Mack Bayou Dr #9	0.32mi	3/2.5	1,527 (+5%)	15mo	$270,000	$177	63
2323 Crystal Cove Ln #2323	0.59mi	3/3.0	1,378 (-5%)	3mo	$475,000	$345	62
732 E Mack Bayou Dr #1	0.32mi	3/2.5	1,527 (+5%)	22mo	$295,000	$193	57
234 S Blue Heron Dr #4	0.54mi	2/2.5 (-1)	1,600 (+10%)	14mo	$675,000	$422	40

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: -21.5%
• Equity multiple: 0.28×
• Total profit: $-76,066
• Equity at exit: $55,914

10-year hold

• IRR: -23.8%
• Equity multiple: -0.03×
• Total profit: $-108,477
• Equity at exit: $32,423

Cash invested: $105,000 (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 32459

• Home prices YoY: -19.8%
• Rents YoY: -3.5%
• Active inventory: 1585
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,969 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$236 /mo · $2,831/yr
• Insurance: −$156
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$23
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $-103

Break-even live

Break-even rent $3,099

Max offer price $356,815

Occupancy floor 98%

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
44 Sandhill Pines Dr Lot 53 Santa Rosa Beach, FL	3.0	2.5	1456	$3,150	$2.16	21d	1	0.03mi
2469 Bungalo Ln Unit 1354366P Miramar Beach, FL	3.0	3.5	1668	$4,498	$2.70	14d	1	0.20mi
12 Sandy Cove Way Unit 1468396P SANTA RSA BCH, FL	3.0	2.5	1689	$3,093	$1.83	21d	1	0.20mi
980 Mack Bayou Rd #14 Santa Rosa Beach, FL	2.0	2.0	900	$1,650	$1.83	14d	1	0.31mi
980 Mack Bayou Rd #8 Santa Rosa Beach, FL	2.0	2.0	900	$1,600	$1.78	14d	1	0.31mi
31 Rearden Way Santa Rosa Beach, FL	3.0	3.0	1870	$2,850	$1.52	21d	1	0.47mi
15 Blue Cove Dr Santa Rosa Beach, FL	1.0–3.0	1.0–2.5	1075	$2,677	$2.49	14d	23	0.53mi
647 Goldsby Rd Santa Rosa Beach, FL	1.0–3.0	1.0–3.0	1002	$2,940	$2.93	14d	25	0.98mi
17 Bald Eagle Ct Santa Rosa Beach, FL	3.0	2.5	1588	$2,195	$1.38	21d	1	1.33mi
9000 Heron Walk Dr E #3204 Miramar Beach, FL	3.0	3.0	1570	$4,100	$2.61	21d	1	1.48mi

HOA detail

• Monthly dues: $23 · $276/yr
• Likely covers: trashlandscaping

Listing history 25 events

1. 2026-06-18
   days on market $375,000 Active 29 DOM
2. 2026-06-17
   pricedays on market $375,000 Active 28 DOM
3. 2026-06-16
   days on market $399,720 Active 27 DOM
4. 2026-06-15
   days on market $399,720 Active 26 DOM
5. 2026-06-14
   days on market $399,720 Active 24 DOM
6. 2026-06-13
   days on market $399,720 Active 23 DOM
7. 2026-06-10
   days on market $399,720 Active 21 DOM
8. 2026-06-09
   days on market $399,720 Active 20 DOM
9. 2026-06-08
   days on market $399,720 Active 19 DOM
10. 2026-06-07
    days on market $399,720 Active 18 DOM
11. 2026-06-05
    days on market $399,720 Active 15 DOM
12. 2026-06-03
    days on market $399,720 Active 14 DOM
13. 2026-06-02
    days on market $399,720 Active 13 DOM
14. 2026-06-01
    days on market $399,720 Active 12 DOM
15. 2026-05-31
    days on market $399,720 Active 11 DOM
16. 2026-05-30
    days on market $399,720 Active 10 DOM
17. 2026-05-20
    listed $399,720 Active
18. 2024-10-21
    historical $2,400
19. 2024-06-26
    listed $2,400
20. 2024-06-25
    price $355,000
21. 2024-05-10
    historical $2,700
22. 2024-05-07
    listed $2,700
23. 2023-12-01
    price $399,000
24. 2023-11-14
    price $419,000
25. 2023-09-22
    listed $429,000 Active

ⓘ 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: $2,831 · $236/mo
• Projected year-2 tax: $3,112 · $259/mo
• Expected delta: +$281/yr (+$23/mo · 9.9%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,624
• − Mortgage interest: −$21,006
• − Property taxes: −$2,831
• − Insurance: −$2,672
• − Repairs & maintenance: −$2,850
• − Management: −$2,850
• − HOA: −$276
• − Depreciation: −$10,909
• Taxable loss: −$7,771
• Est. tax savings @ 24.0%: +$1,865
• After-tax cash flow: $630/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 — Miramar Beach

• Score: 67/100
• State rank: #569
• US rank: #10855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miramar Beach, FL
• County: Walton County · 70,839 people
• City population: 8,486
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 23,522
• Household income: $107,821
• Rent vs Own: 21.9% rent · 78.1% own
• Severe rent burden: 633.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 1%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 11% · Canada, China, Jamaica
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 2% 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: ▼ -91.08%
• Current HPI: 368.4091
• Rent YoY: ▼ -3.45%
• 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

-6.8% since first listed

9 events — show timeline

• 2026-05-20 Listed $399,720 PARMLS
• 2024-10-21 Rental Removed $2,400 ECAR
• 2024-06-26 Listed for Rent $2,400 ECAR
• 2024-06-25 Price Changed $355,000 ECAR
• 2024-05-10 Rental Removed $2,700 ECAR
• 2024-05-07 Listed for Rent $2,700 ECAR
• 2023-12-01 Price Changed $399,000 ECAR
• 2023-11-14 Price Changed $419,000 ECAR
• 2023-09-22 Listed $429,000 ECAR

Property tax history

+155.2%/yr

Latest (2025): $2,831 · -2.6% YoY. Source: county tax records.