23 S Sand Palm Rd · Freeport, FL 32439

$215,000

3 bd · 2.5 ba · 1,454 sqft · Townhouse · 131 Days on market

Built 2008 Est $225k · at est. $125/mo HOA · 6% of rent

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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).

• Cash flow +11.8/30.0
• ARV discount +9.6/15.0
• Schools +5.2/10.0
• 1% rule +4.1/10.0
• DSCR +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated 3 bedroom 2 and 1/5 bath 1,529 sf townhouse in the Verandas at Freeport. Featuring open living, granite counter tops and new appliances. Convenient half bath on the first floor living and new laminate wood flooring through out. All new neutral tone paint makes this unit move-in ready. Covered back porch and 1 car Garage with storage closet completes the out door space. Beautiful Community pool. Located in close proximity to Freeport Schools.

Key facts

• Double vanity
• Large soaking tub
• Community pool

Tags

• LARGE WALK IN CLOSET
• DOUBLE VANITY
• LARGE SOAKING TUB
• COMMUNITY POOL
• PICKLEBALL
• BASKETBALL COURTS

Property features AI

Finance

• HOA & community: Homeowners association present; HOA covers ground maintenance, management, recreational facilities and trash; Community amenities include pool, playground and pickleball

Exterior

• Parking: Attached garage with garage door opener (1 garage space); 1 assigned parking space
• Utilities: Electric service; Public water; Public sewer
• Home design: Townhome; 2 stories; Built in 2008; Zoned for multi-family/residential; Located in the Verandas of Freeport community
• Construction: Built in 2008
• Exterior features: Covered patio; Rain gutters; Community pool; Playground; Dumpster; Pickleball courts

Interior

• Kitchen: Dishwasher; Disposal; Microwave
• Bedrooms: 3 bedrooms (master bedroom located on the second floor)
• Flooring: Vinyl
• Bathrooms: 3 bathrooms total — 2 full, 1 half; Master bath with cultured marble, double vanity, garden tub and separate shower
• Heating & cooling: Central air; Ceiling fans
• Interior features: Crown molding; Kitchen island; Freshly painted; Pantry; Washer/dryer hookup; Window treatments
• Laundry & utility: Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $215k.

Deal economics

• At list price, monthly cash flow is $-60 ($-714/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (8.7% below list).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 3.0% in Freeport — 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 68/100 on livability (#520 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: health & safety C-, amenities F, commute F.
• Walton (rural): math 62% / reading 61% proficiency, ranked #10 of 73 in FL (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Freeport Elementary School (math 50% / reading 57%, grade C, #949 of 2,144 statewide, top 45%, 1,123 students, 55% FRL); Emerald Coast Middle School (math 70% / reading 65%, grade A-, #77 of 571 statewide, top 14%, 868 students, 24% FRL); Freeport Senior High School (math 47% / reading 62%, grade C-, #138 of 667 statewide, top 21%, 557 students, 43% FRL).
• Market conditions: Rents rising (+1.4%/yr); 1020 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,883 units permitted in Walton County in 2024 (1,322 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 $6k of value loss. Plan a longer hold.
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask is 11844% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,200 (12.0% 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 131 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.91% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.19%
• DSCR: 0.95
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $225,370
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 S Sand Palm Rd	0.00mi	3/2.5	1,454 (0%)	1mo	$210,000	$144	99
17 S Sand Palm Rd	0.01mi	3/2.5	1,426 (-2%)	1mo	$218,500	$153	96
16 S Sand Palm Rd	0.02mi	3/2.5	1,426 (-2%)	1mo	$210,000	$147	95
22 N Sand Palm Rd #15	0.04mi	3/2.5	1,529 (+5%)	1mo	$220,000	$144	88
220 Date Palm Ln #220	0.27mi	3/2.5	1,471 (+1%)	1mo	$205,000	$139	85
113 Date Palm Ln	0.17mi	3/2.5	1,484 (+2%)	6mo	$260,000	$175	84
43 N Sand Palm Rd	0.07mi	3/2.5	1,396 (-4%)	9mo	$234,000	$168	83
392 N Sand Palm Rd	0.27mi	3/2.5	1,426 (-2%)	2mo	$230,000	$161	82
304 Date Palm Ln	0.24mi	3/2.5	1,512 (+4%)	1mo	$234,900	$155	81
304 Date Palm Ln Unit Horizon	0.24mi	3/2.5	1,512 (+4%)	1mo	$234,900	$155	81
320 N Sand Palm	0.28mi	3/2.0	1,396 (-4%)	2mo	$210,000	$150	76
179 N Sand Palm Rd #179	0.14mi	3/2.5	1,336 (-8%)	12mo	$234,500	$176	70

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 · 1.4% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.31×
• Total profit: $-41,635
• Equity at exit: $32,057

10-year hold

• IRR: -17.3%
• Equity multiple: 0.12×
• Total profit: $-53,069
• Equity at exit: $18,589

Cash invested: $60,200 (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 32439

• Home prices YoY: -4.2%
• Rents YoY: 1.4%
• Active inventory: 1020
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,964 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$125
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $-60

Break-even live

Break-even rent $2,039

Max offer price $206,388

Occupancy floor 98%

Sensitivity live

Price	-10% $89	-5% $15	+0% $-60	+5% $-134	+10% $-208
Rent	-10% $-215	-5% $-137	+0% $-60	+5% $18	+10% $96
Rate	-1.0pp $49	-0.5pp $-5	base $-60	+0.5pp $-115	+1.0pp $-172

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
76 N Sand Palm Rd Freeport, FL	2.0	3.0	1128	$1,450	$1.29	23d	1	0.10mi
15284 U.S. 331 Business Freeport, FL	2.0	3.0	1106	$1,400	$1.27	23d	1	0.13mi
147 N Sand Palm Rd Freeport, FL	3.0	2.5	1471	$1,595	$1.08	23d	1	0.13mi
15031 U.S. 331 Business Unit 117 Freeport, FL	3.0	2.0	1007	$1,700	$1.69	23d	1	0.16mi
15031 U.S. 331 Business Unit 104 Freeport, FL	3.0	2.0	1007	$1,800	$1.79	23d	1	0.16mi
151 Date Palm Ln Freeport, FL	3.0	2.5	1484	$1,775	$1.20	15d	1	0.20mi
246 N Sand Palm Rd Freeport, FL	3.0	2.5	1471	$1,650	$1.12	23d	1	0.22mi
259 N Sand Palm Rd Freeport, FL	3.0	2.5	1336	$1,600	$1.20	23d	1	0.22mi
156 Date Palm Ln Freeport, FL	3.0	2.5	1432	$2,300	$1.61	23d	1	0.23mi
15 Oakfield Dr Freeport, FL	3.0	2.0	1531	$2,350	$1.53	15d	1	0.46mi
70 Jakes Way Freeport, FL	3.0	2.0	1500	$2,100	$1.40	23d	1	0.79mi
832 Whispering Creek Ave Freeport, FL	4.0	2.0	1398	$2,175	$1.56	23d	1	0.83mi
255 N Jackson St Freeport, FL	3.0	2.0	1456	$2,100	$1.44	23d	1	0.89mi
266 Emr AVE Freeport, FL	1.0–2.0	1.0–2.0	909	$985	$1.08	15d	5	0.91mi
3495 Sanctuary WAY Melbourne, FL	1.0–3.0	1.0–2.0	1002	$2,412	$2.41	15d	38	0.91mi
178 Whispering Creek Ave Freeport, FL	3.0	2.0	1706	$2,550	$1.49	23d	1	0.98mi
2 Polk St Freeport, FL	3.0	2.0	1155	$1,550	$1.34	23d	1	1.11mi
245 Pine St Freeport, FL	3.0	2.0	1368	$2,000	$1.46	23d	1	1.26mi
51 S Main Deck Dr Freeport, FL	3.0	2.5	1500	$2,095	$1.40	23d	1	1.41mi
47 S Main Deck Dr Unit 1 Freeport, FL	3.0	2.5	1459	$2,000	$1.37	23d	1	1.41mi
41 S Main Deck Dr Unit 1 Freeport, FL	3.0	2.5	1500	$2,195	$1.46	23d	1	1.42mi
532 Marquis Way Freeport, FL	3.0	2.0	1807	$2,950	$1.63	23d	1	1.45mi

HOA detail

• Monthly dues: $125 · $1,500/yr
• Likely covers: pool

Listing history 14 events

1. 2026-05-05
   historical $1,700
2. 2026-04-28
   status Pending
3. 2026-04-13
   price $215,000
4. 2026-04-09
   price $1,700
5. 2026-04-02
   listed $1,800
6. 2026-04-02
   historical $1,800
7. 2026-03-18
   listed $1,800
8. 2026-02-13
   status Active
9. 2025-08-21
   historical $1,800
10. 2025-07-30
    listed $1,800
11. 2025-07-28
    listed $240,000 Active
12. 2021-01-28
    soldstatus $195,000 Sold 465-char remark

    Show marketing remark (465 chars)

    Beautifully updated 3 bedroom 2 and 1/5 bath 1,529 sf townhouse in the Verandas at Freeport. Featuring open living, granite counter tops and new appliances. Convenient half bath on the first floor living and new laminate wood flooring through out. All new neutral tone paint makes this unit move-in ready. Covered back porch and 1 car Garage with storage closet completes the out door space. Beautiful Community pool. Located in close proximity to Freeport Schools.

13. 2021-01-22
    status Pending 465-char remark

    Show marketing remark (465 chars)

    Beautifully updated 3 bedroom 2 and 1/5 bath 1,529 sf townhouse in the Verandas at Freeport. Featuring open living, granite counter tops and new appliances. Convenient half bath on the first floor living and new laminate wood flooring through out. All new neutral tone paint makes this unit move-in ready. Covered back porch and 1 car Garage with storage closet completes the out door space. Beautiful Community pool. Located in close proximity to Freeport Schools.

14. 2021-01-18
    listed $199,900 Active 465-char remark

    Show marketing remark (465 chars)

    Beautifully updated 3 bedroom 2 and 1/5 bath 1,529 sf townhouse in the Verandas at Freeport. Featuring open living, granite counter tops and new appliances. Convenient half bath on the first floor living and new laminate wood flooring through out. All new neutral tone paint makes this unit move-in ready. Covered back porch and 1 car Garage with storage closet completes the out door space. Beautiful Community pool. Located in close proximity to Freeport Schools.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,564
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − HOA: −$1,500
• − Depreciation: −$6,255
• Taxable loss: −$4,304
• Est. tax savings @ 24.0%: +$1,033
• After-tax cash flow: $319/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: Walton
• NCES district ID: 1201980
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 61% ▼ -2.00%
• Median HH income: $46,794
• Composite: 52.03/100
• National rank: #1634
• State rank: #10 of 73 in FL

Livability — Freeport

• Score: 68/100
• State rank: #520
• US rank: #9579

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, FL
• County: Walton County · 70,839 people
• City population: 15,328
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 15,328
• Household income: $83,227
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 172.0

Population outlook (Walton County) Hauer SSP2

• Today (2025): 80,014 people
• By 2030: 88,120 · +10.1%
• By 2040: 103,537 · +29.4%
• By 2050: 117,034 · +46.3%
• By 2075: 143,901 · +79.8%
• By 2100: 155,138 · +93.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 8% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 1%
• Common ancestry: Slovak 3% Italian 3% Serbian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 13% Other Indo-European 1%

Political lean MEDSL · Walton

• 2024 margin: Solid R (+57.8) · D 20.7% · R 78.6%
• 2008→2024 swing: -12.0pp toward R · 2008: -45.8pp · 2024: -57.8pp
• All cycles: 2024: R+57.8 2020: R+51.7 2016: R+56.1 2012: R+52.0 2008: R+45.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.18%
• Current HPI: 350.4692
• Rent YoY: ▲ 1.40%
• 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

-99.1% since first listed

14 events — show timeline

• 2026-05-05 Rental Removed $1,700 ECAR
• 2026-04-28 Pending — ECAR
• 2026-04-13 Price Changed $215,000 ECAR
• 2026-04-09 Price Changed $1,700 ECAR
• 2026-04-02 Listed for Rent $1,800 ECAR
• 2026-04-02 Rental Removed $1,800 ECAR
• 2026-03-18 Listed for Rent $1,800 ECAR
• 2026-02-13 Relisted — ECAR
• 2025-08-21 Rental Removed $1,800 ECAR
• 2025-07-30 Listed for Rent $1,800 ECAR
• 2025-07-28 Listed $240,000 ECAR
• 2021-01-28 Sold (MLS) $195,000 ECAR
• 2021-01-22 Pending — ECAR
• 2021-01-18 Listed $199,900 ECAR