Is 3857 Indian Trl #108 in Destin, FL a good investment?

CashFlowRE grades it C- with a 6.0% cap rate and $-46/mo modeled cash flow at a $218,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 3857 Indian Trl #108?

The modeled cap rate is 6.0% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,849/month, from CashFlowRE's rent model.

C- Composite 52.69

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).

ARV discount +15.0/15.0
Cash flow +12.2/30.0
Schools +7.1/10.0
Livability +4.0/5.0
Condition / age +4.0/5.0
DSCR +3.6/10.0
1% rule +3.5/10.0
Rent growth +3.4/5.0
Appreciation +0.0/10.0

$218,000

3857 Indian Trl #108 · Destin, FL 32541

1 bd · 1.5 ba · 813 sqft · Townhouse · 37 Days on market

Built 1972 Good condition $268/sqft · 22% below area Est $279k · 22% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Bayfront living--an opportunity that rarely becomes available. This beautifully updated first-floor 1-bedroom, 1.5-bath condo with a bonus room offers a turnkey opportunity in Destin, with thoughtful updates throughout and a fresh, modern feel. The condo has been fully remodeled with brand-new appliances, a new in-unit washer, new kitchen countertops, new flooring, a new bathroom vanity, and a new toilet. Located in a highly desirable bayfront setting, this first-floor residence offers the convenience of easy access with no stairs and a layout that provides more flexibility than a typical one-bedroom condo.

Key facts

Fully remodeled
New flooring
Bayfront living

What this means for you Summary

Snapshot

This is a 1-bed/1.5-bath townhouse listed at $218k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $-46 ($-548/yr) — negative.
To cash-flow at today's rent, offer at most $211k (3.0% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (15.2% below list).
Recommended offer: $185k (15.2% below list) — sets the bar for 1% rule.
Cap rate 6.0% vs local median 1.8% in Destin — 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 79/100 on livability (#158 in FL, #2,247 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
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: Destin Elementary School (math 79% / reading 70%, grade A, #230 of 2,144 statewide, top 12%, 976 students, 41% FRL); Destin High School (470 students, 11% FRL, charter).
Zoned-school proficiency averages 74% at this address vs 60% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Okaloosa average implies; a family-tenant draw the district grade alone would hide.
Market conditions: Rents rising (+3.7%/yr); 1343 active listings in the ZIP; 14 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; 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 $2k of loan paydown is wiped out by about $7k 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 37 days — a 3% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
7 sale attempts since 24y 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 $178k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $184,918 (15.2% below list)

Questions for the listing agent

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?
It's been on market 37 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Schools are A-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?
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.
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.
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: 0.85% ✗
Cap rate: 6.04%
Cash-on-cash: -0.90%
DSCR: 0.96
GRM: 9.8

CMA / ARV

ARV (median comp): $279,253
List price: $218,000
Delta: -21.93%
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
3857 Indian Trl #411	0.00mi	1/1.0	813 (0%)	22mo	$235,000	$289	80
3857 Indian Trl #314	0.00mi	2/2.0 (+1)	989 (+22%)	4mo	$295,000	$298	65
3863 Indian Trl #106	0.09mi	2/2.0 (+1)	936 (+15%)	8mo	$320,000	$342	57
3857 Indian Trl #212	0.00mi	2/2.0 (+1)	1,000 (+23%)	21mo	$275,000	$275	50
3863 Indian Trl Unit 104	0.08mi	2/2.0 (+1)	936 (+15%)	18mo	$305,000	$326	49
710 Legion Dr Unit H2	1.28mi	2/1.0 (+1)	850 (+5%)	3mo	$170,000	$200	48
710 Legion Dr Unit O4	1.19mi	2/1.0 (+1)	850 (+5%)	8mo	$222,500	$262	44
710 Legion Dr Unit O3	1.19mi	2/1.0 (+1)	850 (+5%)	12mo	$222,500	$262	41
710 Legion Dr Unit P2	1.20mi	2/1.0 (+1)	850 (+5%)	13mo	$215,000	$253	40
223 Indian Oaks Dr	1.19mi	2/1.5 (+1)	900 (+11%)	12mo	$222,000	$247	32
710 Legion Dr Unit G5	1.27mi	2/1.0 (+1)	850 (+5%)	25mo	$230,000	$271	30
1 Pine Ridge Trce	0.42mi	2/2.0 (+1)	968 (+19%)	23mo	$207,000	$214	29

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 · 3.68% rent growth · sell at horizon

5-year hold

IRR: -17.0%
Equity multiple: 0.39×
Total profit: $-36,934
Equity at exit: $32,505

10-year hold

IRR: -7.7%
Equity multiple: 0.50×
Total profit: $-30,497
Equity at exit: $18,849

Cash invested: $61,040 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 4 active
Months of supply: 24.0 mo (4%/mo absorbed)
Median asking: $228,900 ($249/sqft)
Median days on market: 186 d
This list price: 25% of active listings are priced below it
ARV vs active asking: +38.0% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32541

Rents YoY: 3.7%
Active inventory: 1343
Price-to-rent: 9.8×

Monthly cashflow live

Estimated rent: $1,849 high interval (Pro) →
Mortgage (P&I): −$1,143
Tax est. 1.5%: −$272 /mo · $3,270/yr
Insurance: −$91
HOA: −$0
Lot rent: −$0
Vacancy / Maint / Mgmt: −$388
Net cashflow: $-46

Break-even live

Break-even rent $1,907

Max offer price $211,388

Occupancy floor 97%

Sensitivity live

Price	-10% $105	-5% $30	+0% $-46	+5% $-121	+10% $-196
Rent	-10% $-192	-5% $-119	+0% $-46	+5% $27	+10% $100
Rate	-1.0pp $64	-0.5pp $10	base $-46	+0.5pp $-102	+1.0pp $-160

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: $54,500
Closing costs: $6,540
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3857 Indian Trl Destin, FL	2.0	2.0	1004	$1,975	$1.97	18d	2	0.03mi
3857 Indian Trl Unit 507 Destin, FL	2.0	2.0	1020	$2,000	$1.96	10d	1	0.03mi
176 Bayou Dr Destin, FL	2.0	2.0	1100	$2,200	$2.00	8d	1	0.39mi
811 Airport Rd Unit C Destin, FL	2.0	2.0	1000	$1,795	$1.79	10d	1	0.98mi
602 4th St Unit F Destin, FL	2.0	1.0	791	$1,500	$1.90	10d	1	0.99mi
986 Airport Rd Unit B Destin, FL	1.0	1.0	920	$1,700	$1.85	184d	1	1.08mi
710 Legion Dr Destin, FL	2.0	1.0	850	$1,900	$2.24	43d	1	1.17mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,600	$1.78	184d	1	1.18mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,450	$1.61	162d	1	1.18mi
710 Legion Dr Unit P4 Destin, FL	2.0	1.0	850	$1,900	$2.24	10d	1	1.18mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,750	$2.06	154d	1	1.21mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,800	$2.12	184d	1	1.21mi
204 Ann Cir Unit C Destin, FL	2.0	1.0	1000	$1,550	$1.55	184d	1	1.27mi
98 Palm St Destin, FL	1.0–3.0	1.0–2.0	1061	$1,778	$1.67	2d	26	1.46mi

Property features AI

Finance

HOA & community: Has associationAssociation covers grounds maintenance, insurance, management, trash, and waterCommunity features include boat launch, dock, community room, elevators, laundry, picnic area, pool, dumpster, fishing, TV cable; short-term rentals not allowed

Exterior

Utilities: Electric servicePublic waterPublic sewerTV cable
Home design: 1 story unitTotal building has 5 stories
Construction: Built in 1972
Exterior features: Covered patioIn-ground poolBay viewWaterfront property (bay/bayou)

Interior

Kitchen: Kitchen (first floor)
Bedrooms: 1 bedroom
Bathrooms: 2 bathrooms (1 full, 1 half)
Heating & cooling: Central air conditioning
Interior features: 3 total roomsLiving room on the first floorKitchen on the first floor

Listing history 50 events

2026-11-08

days on market $218,000 Active 37 DOM
2026-11-07

days on market $218,000 Active 36 DOM
2026-11-06

days on market $218,000 Active 35 DOM
2026-11-05

days on market $218,000 Active 34 DOM
2026-11-04

pricedays on market $218,000 Active 33 DOM
2026-11-02

days on market $228,900 Active 31 DOM
2026-11-01

days on market $228,900 Active 30 DOM
2026-10-31

days on market $228,900 Active 29 DOM
2026-10-30

days on market $228,900 Active 28 DOM
2026-10-29

days on market $228,900 Active 27 DOM
2026-10-28

days on market $228,900 Active 26 DOM
2026-10-27

days on market $228,900 Active 25 DOM
2026-10-26

days on market $228,900 Active 24 DOM
2026-10-25

days on market $228,900 Active 23 DOM
2026-10-24

days on market $228,900 Active 22 DOM
2026-10-23

days on market $228,900 Active 21 DOM
2026-10-22

days on market $228,900 Active 20 DOM
2026-10-21

days on market $228,900 Active 19 DOM
2026-10-20

days on market $228,900 Active 18 DOM
2026-10-19

days on market $228,900 Active 17 DOM
2026-10-18

days on market $228,900 Active 16 DOM
2026-10-17

days on market $228,900 Active 15 DOM
2026-10-16

days on market $228,900 Active 14 DOM
2026-10-15

days on market $228,900 Active 13 DOM
2026-10-14

days on market $228,900 Active 12 DOM
2026-10-13

days on market $228,900 Active 11 DOM
2026-10-12

days on market $228,900 Active 10 DOM
2026-10-11

days on market $228,900 Active 9 DOM
2026-10-10

days on market $228,900 Active 8 DOM
2026-10-09

days on market $228,900 Active 7 DOM
2026-10-08

days on market $228,900 Active 6 DOM
2026-10-07

days on market $228,900 Active 5 DOM
2026-10-06

days on market $228,900 Active 4 DOM
2026-10-05

days on market $228,900 Active 3 DOM
2026-10-04

days on market $228,900 Active 2 DOM
2026-10-03

pricedays on marketlisting id $228,900 Active 1 DOM
2026-07-21

days on market $197,000 Active 218 DOM
2026-07-18

days on market $197,000 Active 215 DOM
2026-07-16

days on market $197,000 Active 213 DOM
2026-07-16

days on market $197,000 Active 212 DOM
2026-07-14

days on market $197,000 Active 211 DOM
2026-07-13

days on market $197,000 Active 210 DOM
2026-07-12

days on market $197,000 Active 209 DOM
2026-07-11

days on market $197,000 Active 208 DOM
2026-07-10

days on market $197,000 Active 207 DOM
2026-07-09

days on market $197,000 Active 206 DOM
2026-07-08

days on market $197,000 Active 205 DOM
2026-07-07

days on market $197,000 Active 204 DOM
2026-07-06

days on market $197,000 Active 203 DOM
2026-07-05

days on market $197,000 Active 202 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $22,190
− Mortgage interest: −$12,211
− Property taxes: −$3,270
− Insurance: −$1,090
− Repairs & maintenance: −$1,775
− Management: −$1,775
− Depreciation: −$6,342
Taxable loss: −$4,273

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$1,026
After-tax cash flow: $477/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $4,065–$12,195 screening

This beautifully updated first-floor 1BR/1BA condo in Destin is fully remodeled with new appliances, counters, and flooring, and is ready for immediate enjoyment. The enclosed porch adds valuable extra living space and offers easy walk-out access to the parking area. A private storage unit is also included for added convenience. The property is in good condition with no visible repairs needed, making it an excellent investment opportunity.

Value-add opportunities

Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 71/100

Zoned Schools

Elementary Destin Elementary School A FL #230/2,144 Nat'l #2,202/41,679 Middle Destin Middle School A- FL #80/571 Nat'l #1,048/14,009 High Destin High School

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

B Composite livability gradescore 79/100

Livability — Destin

Score: 79/100
State rank: #158
US rank: #2247

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place: Destin, FL
County: Okaloosa County · 235,133 people
City population: 18,855
Metro: Crestview-Fort Walton Beach-Destin, FL
Population (ZIP): 18,855
Household income: $95,124
Rent vs Own: 31.6% rent · 68.4% own
Severe rent burden: 13% of renters

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: Predominantly White (81%)
Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 7% Black 3% Asian 2%
Hispanic origin (detail): Mexican 3%
Languages at home: 83% English-only · Spanish 7% Other Indo-European 6% Russian/Polish/Slavic 2%

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: ▼ -147.89%
Current HPI: 252.6715
Rent YoY: ▲ 3.68%
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
#159 Carrier Global Palm Beach Gardens $22.2B #376 Roper Technologies Sarasota $6.8B
Insurance	2	$17B
#348 Fidelity National Financial Jacksonville $12.1B #494 Brown & Brown Daytona Beach $4.6B
Retail	1	$60B
#71 Publix Super Markets Lakeland $60.2B
Technology Distribution	1	$58B
#73 TD Synnex Clearwater $58.5B
Homebuilding	1	$35B
#185 Lennar Miami $35.4B
Technology Manufacturing	1	$35B
#122 Jabil St. Petersburg $34.7B

Price history

+115.9% since first listed

27 events — show timeline

2026-10-02 Listed $228,900 ECAR
2026-06-08 Price Changed $197,000 ECAR
2026-05-28 Price Changed $208,000 ECAR
2026-05-15 Price Changed $219,000 ECAR
2026-05-06 Price Changed $224,000 ECAR
2026-02-24 Price Changed $229,000 ECAR
2026-02-16 Price Changed $263,900 ECAR
2026-01-28 Price Changed $265,900 ECAR
2026-01-17 Price Changed $268,900 ECAR
2025-12-15 Listed $275,000 ECAR
2025-10-24 Price Changed $275,000 ECAR
2025-10-09 Price Changed $279,000 ECAR
2025-10-02 Price Changed $285,000 ECAR
2025-09-22 Listed $289,000 ECAR
2025-09-22 Listed $289,000 ECAR
2025-05-05 Sold (MLS) $178,000 ECAR
2025-04-14 Pending — ECAR
2024-12-07 Listed $199,500 ECAR
2024-11-08 Price Changed $199,500 ECAR
2024-05-10 Price Changed $219,500 ECAR
2024-03-28 Price Changed $229,900 ECAR
2024-03-05 Price Changed $245,900 ECAR
2024-02-02 Price Changed $259,900 ECAR
2023-11-30 Price Changed $269,900 ECAR
2023-06-05 Listed $289,900 ECAR
2002-08-02 Sold (MLS) $100,000 ECAR
2002-06-06 Listed $106,000 ECAR

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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