5437 Bayleaf Dr · Crestview, FL 32539

$179,900

2 bd · 2.0 ba · 966 sqft · Land · 252 Days on market

Built 2025 6,098 sqft lot $186/sqft · 18% below area Est $220k · 18% under ↓ 10% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +13.6/30.0
• Schools +5.2/10.0
• DSCR +4.1/10.0
• 1% rule +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Seller is offering up to $3,000 in buyer incentives, which may be applied toward closing costs or divided between closing costs and a builder package that can include blinds, washer and dryer, refrigerator, irrigation, or a fence (restrictions apply), Discover the perfect blend of comfort and sophistication in this stunning patio home. Featuring 2 bedrooms and 2 bathrooms, this residence is thoughtfully designed to be a relaxing haven with a touch of modern elegance. From the moment you enter, you'll be captivated by the sleek luxury vinyl plank (LVP) flooring that flows seamlessly throughout, setting the tone for the home's contemporary style. The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the attention to detail in every corner. Holley Grove offers fiber internet ensuring lightning-fast connectivity for work or leisure. With no HOA fees you'll enjoy the freedom to personalize your living space to suit your lifestyle. Don't miss your chance to own this home in the heart of Holley Grove. Call today to schedule your private tour. Images are for illustrative purposes only and depict a similar completed home. Actual construction details, including colors, materials, and front elevation, may vary and are subject to change without notice.

Key facts

• Fiber internet
• No hoa fees
• Under mount sink

Tags

• LUXURY VINYL PLANK FLOORING
• QUARTZ OR GRANITE COUNTERTOPS
• UNDER MOUNT SINK
• STAINLESS STEEL APPLIANCES
• FIBER INTERNET
• NO HOA FEES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $180k.

Deal economics

• At list price, monthly cash flow is $10 ($124/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (11.8% below list).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% vs local median 4.4% in Crestview — 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 75/100 on livability (#252 in FL, #3,858 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute 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 flat; 521 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $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 252 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $158,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% 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. Schools are B-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?
5. 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.
6. 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.
7. 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: 0.88% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.25%
• DSCR: 1.01
• GRM: 9.4

CMA / ARV

• ARV (median comp): $219,923
• List price: $179,900
• Delta: -18.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.35×
• Total profit: $-32,939
• Equity at exit: $26,824

10-year hold

• IRR: -19.3%
• Equity multiple: 0.11×
• Total profit: $-45,051
• Equity at exit: $15,554

Cash invested: $50,372 (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 32539

• Home prices YoY: -17.8%
• Rents YoY: 0.1%
• Active inventory: 521
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,587 medium
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $10

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 94%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5654 Falcon Way Crestview, FL	2.0	1.0	966	$1,560	$1.61	43d	1	0.80mi

Listing history 22 events

1. 2026-06-18
   days on market $179,900 Active 252 DOM
2. 2026-06-17
   days on market $179,900 Active 251 DOM
3. 2026-06-16
   days on market $179,900 Active 250 DOM
4. 2026-06-15
   days on market $179,900 Active 249 DOM
5. 2026-06-14
   days on market $179,900 Active 247 DOM
6. 2026-06-13
   days on market $179,900 Active 246 DOM
7. 2026-06-10
   days on market $179,900 Active 244 DOM
8. 2026-06-09
   days on market $179,900 Active 243 DOM
9. 2026-06-08
   days on market $179,900 Active 242 DOM
10. 2026-06-07
    days on market $179,900 Active 241 DOM
11. 2026-06-05
    days on market $179,900 Active 238 DOM
12. 2026-06-02
    days on market $179,900 Active 236 DOM
13. 2026-06-01
    days on market $179,900 Active 235 DOM
14. 2026-05-31
    days on market $179,900 Active 234 DOM
15. 2026-05-30
    days on market $179,900 Active 233 DOM
16. 2026-05-12
    price $179,900 1494-char remark

    Show marketing remark (1494 chars)

    Seller is offering up to $3,000 in buyer incentives, which may be applied toward closing costs or divided between closing costs and a builder package that can include blinds, washer and dryer, refrigerator, irrigation, or a fence (restrictions apply), Discover the perfect blend of comfort and sophistication in this stunning patio home. Featuring 2 bedrooms and 2 bathrooms, this residence is thoughtfully designed to be a relaxing haven with a touch of modern elegance. From the moment you enter, you'll be captivated by the sleek luxury vinyl plank (LVP) flooring that flows seamlessly throughout, setting the tone for the home's contemporary style. The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the attention to detail in every corner. Holley Grove offers fiber internet ensuring lightning-fast connectivity for work or leisure. With no HOA fees you'll enjoy the freedom to personalize your living space to suit your lifestyle. Don't miss your chance to own this home in the heart of Holley Grove. Call today to schedule your private tour. Images are for illustrative purposes only and depict a similar completed home. Actual construction details, including colors, materials, and front elevation, may vary and are subject to change without notice.

17. 2026-04-28
    status Active 1494-char remark

    Show marketing remark (1494 chars)

    Seller is offering up to $3,000 in buyer incentives, which may be applied toward closing costs or divided between closing costs and a builder package that can include blinds, washer and dryer, refrigerator, irrigation, or a fence (restrictions apply), Discover the perfect blend of comfort and sophistication in this stunning patio home. Featuring 2 bedrooms and 2 bathrooms, this residence is thoughtfully designed to be a relaxing haven with a touch of modern elegance. From the moment you enter, you'll be captivated by the sleek luxury vinyl plank (LVP) flooring that flows seamlessly throughout, setting the tone for the home's contemporary style. The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the attention to detail in every corner. Holley Grove offers fiber internet ensuring lightning-fast connectivity for work or leisure. With no HOA fees you'll enjoy the freedom to personalize your living space to suit your lifestyle. Don't miss your chance to own this home in the heart of Holley Grove. Call today to schedule your private tour. Images are for illustrative purposes only and depict a similar completed home. Actual construction details, including colors, materials, and front elevation, may vary and are subject to change without notice.

18. 2026-04-20
    status Pending 1494-char remark

    Show marketing remark (1494 chars)

    Seller is offering up to $3,000 in buyer incentives, which may be applied toward closing costs or divided between closing costs and a builder package that can include blinds, washer and dryer, refrigerator, irrigation, or a fence (restrictions apply), Discover the perfect blend of comfort and sophistication in this stunning patio home. Featuring 2 bedrooms and 2 bathrooms, this residence is thoughtfully designed to be a relaxing haven with a touch of modern elegance. From the moment you enter, you'll be captivated by the sleek luxury vinyl plank (LVP) flooring that flows seamlessly throughout, setting the tone for the home's contemporary style. The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the attention to detail in every corner. Holley Grove offers fiber internet ensuring lightning-fast connectivity for work or leisure. With no HOA fees you'll enjoy the freedom to personalize your living space to suit your lifestyle. Don't miss your chance to own this home in the heart of Holley Grove. Call today to schedule your private tour. Images are for illustrative purposes only and depict a similar completed home. Actual construction details, including colors, materials, and front elevation, may vary and are subject to change without notice.

19. 2026-03-22
    price $189,900 1494-char remark

    Show marketing remark (1494 chars)

    Seller is offering up to $3,000 in buyer incentives, which may be applied toward closing costs or divided between closing costs and a builder package that can include blinds, washer and dryer, refrigerator, irrigation, or a fence (restrictions apply), Discover the perfect blend of comfort and sophistication in this stunning patio home. Featuring 2 bedrooms and 2 bathrooms, this residence is thoughtfully designed to be a relaxing haven with a touch of modern elegance. From the moment you enter, you'll be captivated by the sleek luxury vinyl plank (LVP) flooring that flows seamlessly throughout, setting the tone for the home's contemporary style. The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the attention to detail in every corner. Holley Grove offers fiber internet ensuring lightning-fast connectivity for work or leisure. With no HOA fees you'll enjoy the freedom to personalize your living space to suit your lifestyle. Don't miss your chance to own this home in the heart of Holley Grove. Call today to schedule your private tour. Images are for illustrative purposes only and depict a similar completed home. Actual construction details, including colors, materials, and front elevation, may vary and are subject to change without notice.

20. 2026-02-22
    price $199,900 1494-char remark

    Show marketing remark (1494 chars)

    Seller is offering up to $3,000 in buyer incentives, which may be applied toward closing costs or divided between closing costs and a builder package that can include blinds, washer and dryer, refrigerator, irrigation, or a fence (restrictions apply), Discover the perfect blend of comfort and sophistication in this stunning patio home. Featuring 2 bedrooms and 2 bathrooms, this residence is thoughtfully designed to be a relaxing haven with a touch of modern elegance. From the moment you enter, you'll be captivated by the sleek luxury vinyl plank (LVP) flooring that flows seamlessly throughout, setting the tone for the home's contemporary style. The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the attention to detail in every corner. Holley Grove offers fiber internet ensuring lightning-fast connectivity for work or leisure. With no HOA fees you'll enjoy the freedom to personalize your living space to suit your lifestyle. Don't miss your chance to own this home in the heart of Holley Grove. Call today to schedule your private tour. Images are for illustrative purposes only and depict a similar completed home. Actual construction details, including colors, materials, and front elevation, may vary and are subject to change without notice.

21. 2026-01-20
    price $189,900 1494-char remark

    Show marketing remark (1494 chars)

    Seller is offering up to $3,000 in buyer incentives, which may be applied toward closing costs or divided between closing costs and a builder package that can include blinds, washer and dryer, refrigerator, irrigation, or a fence (restrictions apply), Discover the perfect blend of comfort and sophistication in this stunning patio home. Featuring 2 bedrooms and 2 bathrooms, this residence is thoughtfully designed to be a relaxing haven with a touch of modern elegance. From the moment you enter, you'll be captivated by the sleek luxury vinyl plank (LVP) flooring that flows seamlessly throughout, setting the tone for the home's contemporary style. The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the attention to detail in every corner. Holley Grove offers fiber internet ensuring lightning-fast connectivity for work or leisure. With no HOA fees you'll enjoy the freedom to personalize your living space to suit your lifestyle. Don't miss your chance to own this home in the heart of Holley Grove. Call today to schedule your private tour. Images are for illustrative purposes only and depict a similar completed home. Actual construction details, including colors, materials, and front elevation, may vary and are subject to change without notice.

22. 2025-09-30
    listed $199,900 Active 1494-char remark

    Show marketing remark (1494 chars)

    Seller is offering up to $3,000 in buyer incentives, which may be applied toward closing costs or divided between closing costs and a builder package that can include blinds, washer and dryer, refrigerator, irrigation, or a fence (restrictions apply), Discover the perfect blend of comfort and sophistication in this stunning patio home. Featuring 2 bedrooms and 2 bathrooms, this residence is thoughtfully designed to be a relaxing haven with a touch of modern elegance. From the moment you enter, you'll be captivated by the sleek luxury vinyl plank (LVP) flooring that flows seamlessly throughout, setting the tone for the home's contemporary style. The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the The kitchen offers quartz countertops, an under mount sink, and stainless steel appliances. Sunlight pours into the open spaces, highlighting the attention to detail in every corner. Holley Grove offers fiber internet ensuring lightning-fast connectivity for work or leisure. With no HOA fees you'll enjoy the freedom to personalize your living space to suit your lifestyle. Don't miss your chance to own this home in the heart of Holley Grove. Call today to schedule your private tour. Images are for illustrative purposes only and depict a similar completed home. Actual construction details, including colors, materials, and front elevation, may vary and are subject to change without notice.

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

Taxation est. · year 1

• Rental income: $19,042
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$1,523
• − Management: −$1,523
• − Depreciation: −$5,233
• Taxable loss: −$2,914
• Est. tax savings @ 24.0%: +$699
• After-tax cash flow: $823/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 — Crestview

• Score: 75/100
• State rank: #252
• US rank: #3858

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Okaloosa County · 194,352 people
• City population: 58,889
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 33,290
• Household income: $74,369
• Rent vs Own: 21.7% rent · 78.3% own
• Severe rent burden: 371.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Iranian 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -56.52%
• Current HPI: 261.1557
• Rent YoY: ▲ 0.12%
• 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

-10.0% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $179,900 ECAR
• 2026-04-28 Relisted — ECAR
• 2026-04-20 Pending — ECAR
• 2026-03-22 Price Changed $189,900 ECAR
• 2026-02-22 Price Changed $199,900 ECAR
• 2026-01-20 Price Changed $189,900 ECAR
• 2025-09-30 Listed $199,900 ECAR