504 Manchester Rd · Ocean City, FL 32547

$280,000

5 bd · 4.0 ba · 2,624 sqft · SingleFamily public records · 1 Days on market

Built 1960 8,712 sqft lot

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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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• 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 MLS

Looking for a conveniently located, spacious pool home with a versatile floor plan? Then check out this updated, five bedroom home with in-ground, gunite swimming pool, loads of storage and parking galore! Inside you will find an updated kitchen, two living spaces, large dining area, two master suites (one upstairs and one downstairs), three additional bedrooms (the one upstairs is perfect for an office), three full baths and one half bath. The laundry area comes complete with newer washer/dryer and room for a second fridge if desired. The oversized garage has plenty of space to park two cars plus room for a home gym - it's deep! Natural gas features include the stove/oven and hot water heater. Custom kitchen cabinets, solid surface countertops and so much more. Come see today!

Key facts

• Centrally located
• Two story
• Rare layout

Tags

• TWO STORY
• RARE LAYOUT
• COMPLETE MASTER SUITES
• FULLY FENCED BACKYARD
• IN GROUND GUNITE POOL
• CENTRALLY LOCATED

Property features AI

Finance

• HOA & community: Subdivision: 3RD ADD GARNIER BCH

Exterior

• Parking: Attached 2-car garage
• Utilities: Electric service; Natural gas; Public water; Public sewer
• Home design: Ranch architectural style; 2-story home; Built in 1960; Interior lot on a paved road (lot dimensions approx. 80 x 110)
• Construction: Frame construction with vinyl siding and trim; Metal roof
• Exterior features: Private yard; Privacy fencing; Open patio; Porch; In-ground private pool (gunite/concrete)

Interior

• Kitchen: Kitchen on the first floor; Kitchen island; Breakfast bar; Pantry; Dishwasher
• Bedrooms: 4 bedrooms; Primary bedroom located on the second floor with walk-in closet
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 4 bathrooms total — 3 full baths and 1 half bath; Primary bathroom with double vanity, garden tub, and tile
• Heating & cooling: Central air conditioning; Ceiling fans; Natural gas heating
• Interior features: Breakfast bar; Kitchen island; Recessed lighting; Track lighting; Pantry; Painted woodwork
• Laundry & utility: Dedicated laundry room on the first floor; Tankless water heater

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $763 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Cap rate 9.6% 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: Wright Elementary School (math 48% / reading 49%, grade D, #1,152 of 2,144 statewide, top 55%, 635 students, 73% 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 62% FRL vs 36% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 47% at this address vs 60% district-wide (-13 pts) — the specific schools serving this property underperform the Okaloosa average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.1%/yr); 224 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• At $3,325/mo this rent would consume 56% of the median local household income ($71k/yr) (locally 1203% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 22y 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.

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 $280,000

Questions for the listing agent

1. Built in 1960 — 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: 1.19% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.68%
• DSCR: 1.52
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $585,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
917 Pocahontas Dr	0.34mi	5/3.0	2,694 (+3%)	4mo	$757,400	$281	72
2374 Ellison Way	0.41mi	5/3.0	2,559 (-2%)	3mo	$570,000	$223	70
511 Trenton St	0.15mi	4/3.0 (-1)	2,392 (-9%)	2mo	$559,300	$234	68
613 Mayflower Ave	0.51mi	5/3.0	2,554 (-3%)	10mo	$350,000	$137	59
706 Mary Ave	0.29mi	5/2.0	2,883 (+10%)	6mo	$245,000	$85	57
2331 Cummings Dr	0.48mi	4/3.0 (-1)	2,532 (-4%)	9mo	$510,000	$201	55
238 NE Greenbrier Dr	0.71mi	4/4.0 (-1)	2,633 (+0%)	12mo	$610,000	$232	51
129 Newcastle Cir	0.61mi	4/3.5 (-1)	2,390 (-9%)	1mo	$425,000	$178	49
300 Plymouth Ave	0.64mi	6/3.0 (+1)	2,433 (-7%)	2mo	$530,000	$218	47
116 Priscilla Dr	0.66mi	5/3.0	2,404 (-8%)	12mo	$438,000	$182	42
709 Concord Ct	0.60mi	4/2.0 (-1)	2,302 (-12%)	0mo	$538,600	$234	39
801 Patio Rd	0.72mi	4/2.0 (-1)	2,340 (-11%)	4mo	$545,000	$233	32

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: -2.3%
• Equity multiple: 0.92×
• Total profit: $-6,487
• Equity at exit: $41,749

10-year hold

• IRR: 3.9%
• Equity multiple: 1.25×
• Total profit: $19,332
• Equity at exit: $24,209

Cash invested: $78,400 (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 32547

• Home prices YoY: -29.3%
• Rents YoY: -0.1%
• Active inventory: 224
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $3,325 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$278 /mo · $3,335/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$698
• Net cashflow: $763

Break-even live

Break-even rent $2,358

Max offer price $280,000

Occupancy floor 72%

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2394 Ellison Way Fort Walton Beach, FL	4.0	2.5	2628	$3,850	$1.46	21d	1	0.39mi
16 Chelsea Dr NW Fort Walton Beach, FL	4.0	3.0	2089	$2,895	$1.39	21d	1	0.75mi
203 Priscilla Dr Fort Walton Beach, FL	5.0	3.5	2386	$2,495	$1.05	44d	1	0.79mi
618 Country Club Ave NE Fort Walton Beach, FL	4.0	2.0	2120	$4,200	$1.98	14d	1	1.19mi
608 Manor Ct NW Fort Walton Beach, FL	4.0	2.5	2485	$2,900	$1.17	44d	1	1.19mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $280,000 Active 1 DOM

ⓘ 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: $3,335 · $278/mo
• Projected year-2 tax: $3,335 · $278/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 (shaded) · 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: $39,894
• − Mortgage interest: −$15,684
• − Property taxes: −$3,335
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,192
• − Management: −$3,192
• − Depreciation: −$8,145
• Taxable income: $4,946
• Est. tax owed @ 24.0%: −$1,187
• After-tax cash flow: $7,974/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

+139.3% since first listed

20 events — show timeline

• 2026-06-17 Listed $280,000 ECAR
• 2021-05-13 Sold (Public Records) $375,000 Public Records
• 2021-05-07 Sold (MLS) $375,000 NAMLS
• 2021-05-07 Sold (MLS) $375,000 ECAR
• 2021-03-30 Pending — ECAR
• 2021-03-25 Listed $375,000 ECAR
• 2021-03-25 Listed $375,000 NAMLS
• 2019-04-04 Sold (Public Records) $309,000 Public Records
• 2019-03-29 Sold (MLS) $309,000 NAMLS
• 2019-03-29 Sold (MLS) $309,000 ECAR
• 2019-02-06 Listed $309,000 NAMLS
• 2013-11-26 Sold (Public Records) $50,000 Public Records
• 2013-11-22 Sold (MLS) $50,000 ECAR
• 2013-11-22 Sold (MLS) $50,000 NAMLS
• 2013-07-16 Listed $79,900 NAMLS
• 2005-01-19 Sold (Public Records) $117,000 Public Records
• 2005-01-14 Sold (MLS) $117,000 NAMLS
• 2005-01-14 Sold (MLS) $117,000 ECAR
• 2004-11-04 Listed $117,000 NAMLS
• 2004-11-04 Listed $117,000 ECAR

Property tax history

+27.7%/yr

Latest (2021): $3,335 · +22.7% YoY. Source: county tax records.