477 Aleta Ave · Hurlburt Field, FL 32569

$155,000

3 bd · 2.0 ba · 1,217 sqft · SingleFamily public records · 98 Days on market

Built 1986 6,969 sqft lot $127/sqft · 48% below area Est $297k · 48% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +5.2/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This brick home is competitively priced and located just 1.5 miles west of Hurlburt Field, making it an excellent option for rental income or a value-add project. The home offers an open floor plan with the living area flowing into the dining space and kitchen, along with a convenient breakfast bar for casual dining. The property features three bedrooms, one and a half bathrooms, plus a bonus room that is currently being used as a bedroom. The bonus room is located off the kitchen, leads to the fenced backyard, and is not included in the heated and cool

Key facts

• Open floor plan
• Bonus room
• Fenced backyard

Tags

• OPEN FLOOR PLAN
• BREAKFAST BAR
• FENCED BACKYARD
• BONUS ROOM
• PROXIMITY TO HURLBURT FIELD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $141k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 4.6% in Hurlburt Field — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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 soft (-0.5%/yr); 175 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,268 units permitted in Okaloosa County in 2024 (175 in 5+ unit buildings).
• This rent runs 33% of the median local income ($78k/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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 26y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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. 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: 1.37% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.73%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (median comp): $296,586
• List price: $155,000
• Delta: -47.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 Paschel Ave	0.11mi	3/2.0	1,240 (+2%)	0mo	$315,000	$254	92
207 Green Dr	0.17mi	3/2.0	1,285 (+6%)	6mo	$312,500	$243	78
478 Asa Marie Ct	0.10mi	3/2.0	1,110 (-9%)	8mo	$280,000	$252	74
1022 Quail Hollow Dr	0.31mi	3/2.0	1,336 (+10%)	4mo	$320,000	$240	66
2 S Lake Ave	0.14mi	3/1.5	1,040 (-14%)	5mo	$240,000	$231	63
1012 Quail Hollow Dr	0.29mi	3/2.0	1,333 (+10%)	10mo	$340,000	$255	62
449 Sandy Ridge Cir	0.32mi	3/2.0	1,345 (+10%)	9mo	$310,000	$230	60
366 Brookwood Blvd	0.38mi	3/2.0	1,386 (+14%)	5mo	$320,000	$231	55
26 Stowe Rd	0.72mi	3/2.0	1,262 (+4%)	8mo	$308,000	$244	54
402 Celeste Ct	0.55mi	3/2.0	1,382 (+14%)	7mo	$275,000	$199	46
17 Stowe Rd	0.74mi	3/2.0	1,298 (+7%)	11mo	$280,000	$216	45
1502 Tommy Ln	0.67mi	3/2.0	1,344 (+10%)	9mo	$307,000	$228	44

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: 4.5%
• Equity multiple: 1.17×
• Total profit: $7,224
• Equity at exit: $23,111

10-year hold

• IRR: 10.9%
• Equity multiple: 1.74×
• Total profit: $31,984
• Equity at exit: $13,402

Cash invested: $43,400 (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 32569

• Home prices YoY: -26.5%
• Rents YoY: -0.5%
• Active inventory: 175
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,124 high
• Mortgage (P&I): −$813
• Tax from tax record: −$196 /mo · $2,350/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $605

Break-even live

Break-even rent $1,359

Max offer price $155,000

Occupancy floor 67%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
427 Bristol Cove Rd Mary Esther, FL	3.0	2.0	1382	$2,000	$1.45	43d	1	0.23mi
427 Bristol Cove Rd Mary Esther, FL	3.0	2.0	1382	$1,850	$1.34	13d	1	0.23mi
46 Kathleen Dr Mary Esther, FL	3.0	2.0	1448	$2,200	$1.52	21d	1	0.61mi
20 Stowe Rd Mary Esther, FL	3.0	2.0	1316	$2,000	$1.52	21d	1	0.73mi
806 Boulevard de Lorleans Mary Esther, FL	3.0	2.0	1125	$1,700	$1.51	43d	1	1.08mi
806 Boulevard de Lorleans Mary Esther, FL	3.0	2.0	1125	$1,700	$1.51	21d	1	1.08mi
324 Michael Cir Mary Esther, FL	2.0	1.0	1000	$1,350	$1.35	43d	1	1.33mi
116 Dolphin Rd Mary Esther, FL	3.0	2.0	1434	$1,775	$1.24	43d	1	1.39mi
208 Squirrel Haven Rd Unit A Mary Esther, FL	2.0	1.0	1100	$1,200	$1.09	43d	1	1.43mi

Listing history 33 events

1. 2026-06-16
   status $155,000 Pending 98 DOM
2. 2026-06-16
   days on market $155,000 Active 98 DOM
3. 2026-06-15
   days on market $155,000 Active 97 DOM
4. 2026-06-14
   days on market $155,000 Active 95 DOM
5. 2026-06-13
   days on market $155,000 Active 94 DOM
6. 2026-06-10
   days on market $155,000 Active 92 DOM
7. 2026-06-09
   days on market $155,000 Active 91 DOM
8. 2026-06-08
   days on market $155,000 Active 90 DOM
9. 2026-06-07
   days on market $155,000 Active 89 DOM
10. 2026-06-05
    days on market $155,000 Active 86 DOM
11. 2026-06-02
    days on market $155,000 Active 84 DOM
12. 2026-06-01
    days on market $155,000 Active 83 DOM
13. 2026-05-31
    days on market $155,000 Active 82 DOM
14. 2026-05-30
    days on market $155,000 Active 81 DOM
15. 2026-04-30
    price $155,000 559-char remark

    Show marketing remark (559 chars)

    This brick home is competitively priced and located just 1.5 miles west of Hurlburt Field, making it an excellent option for rental income or a value-add project. The home offers an open floor plan with the living area flowing into the dining space and kitchen, along with a convenient breakfast bar for casual dining. The property features three bedrooms, one and a half bathrooms, plus a bonus room that is currently being used as a bedroom. The bonus room is located off the kitchen, leads to the fenced backyard, and is not included in the heated and cool

16. 2026-03-08
    listed $175,000 Active 559-char remark

    Show marketing remark (559 chars)

    This brick home is competitively priced and located just 1.5 miles west of Hurlburt Field, making it an excellent option for rental income or a value-add project. The home offers an open floor plan with the living area flowing into the dining space and kitchen, along with a convenient breakfast bar for casual dining. The property features three bedrooms, one and a half bathrooms, plus a bonus room that is currently being used as a bedroom. The bonus room is located off the kitchen, leads to the fenced backyard, and is not included in the heated and cool

17. 2019-12-11
    soldstatus $162,000 571-char remark

    Show marketing remark (571 chars)

    BACK ON THE MARKET! Repairs have all been completed. Terrific price on Brick home located 1.5 miles west of Hurlburt Field. Open floor plan with living area open to dining area and kitchen. Enjoy a snack or meal at breakfast bar. Three bedrooms with 1.5 baths plus bonus room! Bonus room is currently being used as a bedroom and is located off the kitchen (and not included in the heated and cooled square footage). Bonus room leads to fenced back yard. Home has potential to be a primary residence, or investment property. Buyer to verify all information and dimensions.

18. 2019-12-11
    soldstatus $162,000 571-char remark

    Show marketing remark (571 chars)

    BACK ON THE MARKET! Repairs have all been completed. Terrific price on Brick home located 1.5 miles west of Hurlburt Field. Open floor plan with living area open to dining area and kitchen. Enjoy a snack or meal at breakfast bar. Three bedrooms with 1.5 baths plus bonus room! Bonus room is currently being used as a bedroom and is located off the kitchen (and not included in the heated and cooled square footage). Bonus room leads to fenced back yard. Home has potential to be a primary residence, or investment property. Buyer to verify all information and dimensions.

19. 2019-04-29
    listed $164,900 571-char remark

    Show marketing remark (571 chars)

    BACK ON THE MARKET! Repairs have all been completed. Terrific price on Brick home located 1.5 miles west of Hurlburt Field. Open floor plan with living area open to dining area and kitchen. Enjoy a snack or meal at breakfast bar. Three bedrooms with 1.5 baths plus bonus room! Bonus room is currently being used as a bedroom and is located off the kitchen (and not included in the heated and cooled square footage). Bonus room leads to fenced back yard. Home has potential to be a primary residence, or investment property. Buyer to verify all information and dimensions.

20. 2010-12-31
    historical
21. 2010-07-29
    listed $98,000
22. 2010-07-29
    listed $98,000
23. 2007-11-19
    historical
24. 2007-09-23
    listed $155,900
25. 2007-09-23
    listed $159,900
26. 2007-05-19
    listed $177,000
27. 2007-05-19
    listed $177,000
28. 2001-01-29
    soldstatus $74,000
29. 2001-01-26
    soldstatus $74,000
30. 2001-01-26
    soldstatus $74,000
31. 2000-12-27
    listed $74,900
32. 2000-12-27
    listed $74,900
33. 1995-07-01
    soldstatus $60,000

ⓘ 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: $2,350 · $196/mo
• Projected year-2 tax: $2,350 · $196/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 23 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: $25,493
• − Mortgage interest: −$8,682
• − Property taxes: −$2,350
• − Insurance: −$775
• − Repairs & maintenance: −$2,039
• − Management: −$2,039
• − Depreciation: −$4,509
• Taxable income: $5,097
• Est. tax owed @ 24.0%: −$1,223
• After-tax cash flow: $6,037/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 — Hurlburt Field

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Okaloosa County · 194,352 people
• City population: 2,344
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 12,063
• Household income: $77,718
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 416.0

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 0.58)
• Race & ethnicity: White 63% Two or more races 12% Black 12% Hispanic / Latino 9% Asian 8%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 5% Romanian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, South Korea, China
• Languages at home: 89% English-only · Other Indo-European 4% Spanish 3% 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: ▼ -97.13%
• Current HPI: 269.266
• Rent YoY: ▼ -0.45%
• 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

+158.3% since first listed

19 events — show timeline

• 2026-04-30 Price Changed $155,000 ECAR
• 2026-03-08 Listed $175,000 ECAR
• 2019-12-11 Sold (MLS) $162,000 NAMLS
• 2019-12-11 Sold (MLS) $162,000 ECAR
• 2019-04-29 Listed $164,900 NAMLS
• 2010-12-31 Listing Removed — NAMLS
• 2010-07-29 Listed $98,000 NAMLS
• 2010-07-29 Listed $98,000 ECAR
• 2007-11-19 Listing Removed — NAMLS
• 2007-09-23 Listed $159,900 ECAR
• 2007-09-23 Listed $155,900 ECAR
• 2007-05-19 Listed $177,000 NAMLS
• 2007-05-19 Listed $177,000 ECAR
• 2001-01-29 Sold (Public Records) $74,000 Public Records
• 2001-01-26 Sold (MLS) $74,000 ECAR
• 2001-01-26 Sold (MLS) $74,000 NAMLS
• 2000-12-27 Listed $74,900 ECAR
• 2000-12-27 Listed $74,900 NAMLS
• 1995-07-01 Sold (Public Records) $60,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $2,350 · +5.4% YoY. Source: county tax records.