375 Bluefish Dr #302 · Fort Walton Beach, FL 32548

$175,000

2 bd · 1.0 ba · 750 sqft · Condo public records · 69 Days on market

Built 1981 $233/sqft · 44% below area Est $312k · 44% 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 +5.9/30.0
• Schools +5.2/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Own your own slice of paradise at a fraction of the cost! Across the street from the Gulf of America! This spacious 2-bedroom, 1-bath condo offers incredible potential--perfect for updating and creating your ideal coastal retreat or vacation getaway. The unit includes all appliances, along with a convenient stackable washer and dryer. Enjoy additional storage space on the back patio. Plus, all assessment fees have already been paid, covering upcoming exterior renovations--adding even more value and peace of mind.

Key facts

• Exterior renovations
• Built 1981
• Listed 69 days

Tags

• STACKABLE WASHER AND DRYER
• ADDITIONAL STORAGE SPACE
• EXTERIOR RENOVATIONS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $-339 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 4.0% 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 $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 69 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 32% of rent.

Recommended offer $164,500 (6.0% 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 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.01% ✓
• Cap rate: 3.97%
• Cash-on-cash: -8.29%
• DSCR: 0.63
• GRM: 8.3

CMA / ARV

• ARV (median comp): $311,558
• List price: $175,000
• Delta: -43.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -33.5%
• Equity multiple: -0.07×
• Total profit: $-52,491
• Equity at exit: $26,093

10-year hold

• IRR: -59.0%
• Equity multiple: -0.71×
• Total profit: $-83,645
• 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 32548

• Home prices YoY: -31.1%
• Rents YoY: 1.3%
• Active inventory: 341
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,768 high
• Mortgage (P&I): −$918
• Tax from tax record: −$182 /mo · $2,187/yr
• Insurance: −$73
• HOA est. from 5 same-building comps: −$562
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $-339

Break-even live

Break-even rent $2,196

Max offer price $115,195

Occupancy floor —

Sensitivity live

Price	-10% $-239	-5% $-289	+0% $-339	+5% $-388	+10% $-438
Rent	-10% $-478	-5% $-408	+0% $-339	+5% $-269	+10% $-199
Rate	-1.0pp $-250	-0.5pp $-294	base $-339	+0.5pp $-384	+1.0pp $-430

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 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	44d	1	0.11mi
165 Brooks St SE Fort Walton Beach, FL	2.0	1.0	900	$1,850	$2.06	14d	1	0.38mi
308 Miracle Strip Pkwy SE Unit 1 Fort Walton Beach, FL	1.0	1.0	625	$1,450	$2.32	44d	1	0.42mi
159 Scottwood Dr SE Fort Walton Beach, FL	2.0	2.0	1104	$1,400	$1.27	44d	1	0.66mi
133 Alder Ave SE Fort Walton Beach, FL	2.0	1.0	1031	$1,500	$1.45	44d	1	0.70mi
208 Oak St SE Unit B Fort Walton Beach, FL	2.0	1.5	1008	$1,650	$1.64	21d	1	0.73mi
111 Chicago Ave SE Unit 1 Fort Walton Beach, FL	1.0	1.0	550	$1,025	$1.86	21d	1	0.78mi
128 Elm Ave SE Fort Walton Beach, FL	2.0	1.0	960	$1,500	$1.56	21d	1	0.78mi
102 Chicago Ave SE Fort Walton Beach, FL	1.0	1.0	600	$1,200	$2.00	44d	1	0.80mi
102 Chicago Ave SE Unit 102-1 Fort Walton Beach, FL	1.0	1.0	650	$1,150	$1.77	14d	1	0.81mi
103 Church Ave SE Unit B Fort Walton Beach, FL	2.0	1.0	930	$1,300	$1.40	21d	1	0.86mi
107 Magnolia Ave SE Fort Walton Beach, FL	3.0	1.0	1106	$1,700	$1.54	14d	1	0.86mi
101 Church Ave SE Unit 204 Fort Walton Beach, FL	2.0	1.0	945	$1,676	$1.77	44d	1	0.87mi
101 Church Ave SE Unit 105 Fort Walton Beach, FL	1.0	1.0	875	$1,397	$1.60	44d	1	0.87mi
36 Alder Ave SE #3 Fort Walton Beach, FL	2.0	2.5	1061	$1,800	$1.70	44d	1	0.87mi
22 Laurie Dr NE Fort Walton Beach, FL	3.0	1.5	1064	$1,800	$1.69	21d	1	1.32mi

HOA detail condo

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

Listing history 18 events

1. 2026-06-18
   days on market $175,000 Active 69 DOM
2. 2026-06-17
   days on market $175,000 Active 68 DOM
3. 2026-06-16
   days on market $175,000 Active 67 DOM
4. 2026-06-15
   days on market $175,000 Active 66 DOM
5. 2026-06-14
   days on market $175,000 Active 64 DOM
6. 2026-06-13
   days on market $175,000 Active 63 DOM
7. 2026-06-10
   days on market $175,000 Active 61 DOM
8. 2026-06-09
   days on market $175,000 Active 60 DOM
9. 2026-06-08
   days on market $175,000 Active 59 DOM
10. 2026-06-07
    days on market $175,000 Active 58 DOM
11. 2026-06-05
    days on market $175,000 Active 55 DOM
12. 2026-06-02
    days on market $175,000 Active 53 DOM
13. 2026-06-01
    days on market $175,000 Active 52 DOM
14. 2026-05-31
    days on market $175,000 Active 51 DOM
15. 2026-05-30
    days on market $175,000 Active 50 DOM
16. 2026-05-01
    status Active 518-char remark

    Show marketing remark (518 chars)

    Own your own slice of paradise at a fraction of the cost! Across the street from the Gulf of America! This spacious 2-bedroom, 1-bath condo offers incredible potential--perfect for updating and creating your ideal coastal retreat or vacation getaway. The unit includes all appliances, along with a convenient stackable washer and dryer. Enjoy additional storage space on the back patio. Plus, all assessment fees have already been paid, covering upcoming exterior renovations--adding even more value and peace of mind.

17. 2026-04-18
    status Pending 518-char remark

    Show marketing remark (518 chars)

    Own your own slice of paradise at a fraction of the cost! Across the street from the Gulf of America! This spacious 2-bedroom, 1-bath condo offers incredible potential--perfect for updating and creating your ideal coastal retreat or vacation getaway. The unit includes all appliances, along with a convenient stackable washer and dryer. Enjoy additional storage space on the back patio. Plus, all assessment fees have already been paid, covering upcoming exterior renovations--adding even more value and peace of mind.

18. 2026-03-28
    listed $175,000 Active 518-char remark

    Show marketing remark (518 chars)

    Own your own slice of paradise at a fraction of the cost! Across the street from the Gulf of America! This spacious 2-bedroom, 1-bath condo offers incredible potential--perfect for updating and creating your ideal coastal retreat or vacation getaway. The unit includes all appliances, along with a convenient stackable washer and dryer. Enjoy additional storage space on the back patio. Plus, all assessment fees have already been paid, covering upcoming exterior renovations--adding even more value and peace of mind.

ⓘ 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: $2,187 · $182/mo
• Projected year-2 tax: $2,187 · $182/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: $21,210
• − Mortgage interest: −$9,803
• − Property taxes: −$2,187
• − Insurance: −$875
• − Repairs & maintenance: −$1,697
• − Management: −$1,697
• − HOA: −$6,744
• − Depreciation: −$5,091
• Taxable loss: −$6,883
• Est. tax savings @ 24.0%: +$1,652
• After-tax cash flow: $-2,411/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

3 events — show timeline

• 2026-05-01 Relisted — NAMLS
• 2026-04-18 Pending — NAMLS
• 2026-03-28 Listed $175,000 NAMLS

Property tax history

+9.6%/yr

Latest (2025): $2,187 · +4.3% YoY. Source: county tax records.