251 Mattie M Kelly Blvd #203 · Destin, FL 32541

$185,000

2 bd · 2.0 ba · 1,051 sqft · Condo public records · 51 Days on market

Built 2005 $176/sqft · 15% below area Est $217k · 15% under $806/mo HOA · 39% of rent ↓ 31% since listing

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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).

• ARV discount +14.2/15.0
• 1% rule +6.1/10.0
• Schools +5.2/10.0
• Cash flow +5.1/30.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

REDUCED $25,000!! Skip the Highway 98 traffic and start living! Positioned just 5 minutes from the beach and the new Publix via back roads. This move-in ready 2-bed, 2-bath condo offers a quiet escape in an intimate 18-unit building with rare elevator access. Ideal for military (16 miles to Eglin/Hurlburt), first-time buyers, or investors maximizing long-term rentals. Inside, enjoy an airy open plan with a tray ceiling, charming window alcove, and new carpet. The kitchen boasts fresh granite, stainless appliances, and a breakfast bar. Big-ticket peace of mind comes from PEX plumbing recently installed! Primary ensuite provides privacy and includes a built-in vanity/desk. In-unit laundry,

Key facts

• Pex plumbing
• New carpet
• Stainless appliances

Tags

• ELEVATOR ACCESS
• NEW CARPET
• FRESH GRANITE
• STAINLESS APPLIANCES
• BREAKFAST BAR
• PEX PLUMBING

Property features AI

Finance

• Other: Building contains 18 units
• Financial info: Tax information provided separately
• HOA & community: Has an association; Association covers grounds maintenance, insurance, management, sewer, trash and water; Fees may include accounting and ground keeping

Exterior

• Parking: Parking details not provided
• Security: No specific security features listed
• Utilities: Electric service; Public water; Public sewer
• Home design: Condo unit in a 3-story building; Single-story unit; Built in 2005; Part of the OLD BAY CONDO community
• Construction: Building area recorded at 1,051 total square feet; Architectural style: N/A
• Exterior features: No pool; Dumpster on site; Elevators; Pets allowed

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Breakfast bar
• Bedrooms: 2 bedrooms (both on the first level)
• Flooring: Tile; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fans; Electric heat control
• Interior features: Breakfast bar; Tray ceilings; Recessed lighting; Washer/dryer hookup; Window bay
• Laundry & utility: Washer; Dryer; Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-429 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (41.0% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $109k (41.0% below list) — sets the bar for cash-flow.
• Cap rate 3.5% vs local median 0.9% 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); 918 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 41% 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 $1k of loan paydown is wiped out by about $6k 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 51 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y ago; this cycle's ask has dropped $25k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.

Recommended offer $109,186 (41.0% 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 51 days. Have you received any prior offers? Is the seller open to a 41% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 3.51%
• Cash-on-cash: -9.94%
• DSCR: 0.56
• GRM: 7.5

CMA / ARV

• ARV (median comp): $217,182
• List price: $185,000
• Delta: -14.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -32.3%
• Equity multiple: -0.07×
• Total profit: $-55,393
• Equity at exit: $27,584

10-year hold

• IRR: -30.0%
• Equity multiple: -0.46×
• Total profit: $-75,496
• Equity at exit: $15,995

Cash invested: $51,800 (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 32541

• Rents YoY: 3.7%
• Active inventory: 918
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,052 high
• Mortgage (P&I): −$970
• Tax from tax record: −$197 /mo · $2,369/yr
• Insurance: −$77
• HOA: −$806
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $-429

Break-even live

Break-even rent $2,596

Max offer price $109,186

Occupancy floor —

Sensitivity live

Price	-10% $-324	-5% $-377	+0% $-429	+5% $-482	+10% $-534
Rent	-10% $-591	-5% $-510	+0% $-429	+5% $-348	+10% $-267
Rate	-1.0pp $-336	-0.5pp $-382	base $-429	+0.5pp $-477	+1.0pp $-526

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 S Mattie M Kelly Blvd Destin, FL	1.0–3.0	1.0–2.0	1074	$2,198	$2.05	15d	24	0.13mi
1014 Airport Rd #138 Destin, FL	3.0	2.5	1440	$2,300	$1.60	45d	1	0.22mi
1209 Quail Lake Blvd Destin, FL	2.0	2.5	1404	$2,000	$1.42	15d	1	0.24mi
1150 Airport Rd #145 Destin, FL	3.0	2.5	1440	$2,200	$1.53	23d	1	0.31mi
986 Airport Rd Unit B Destin, FL	1.0	1.0	920	$1,700	$1.85	45d	1	0.37mi
2 Court Dr Destin, FL	2.0	2.5	1216	$2,000	$1.64	23d	1	0.43mi
27 Court Dr Destin, FL	2.0	2.5	1216	$2,300	$1.89	45d	1	0.55mi
2004-2098 Palm St Destin, FL	1.0–3.0	1.0–2.0	1061	$2,504	$2.36	15d	22	0.71mi
4080 Dancing Cloud Ct #237 Destin, FL	1.0	1.0	700	$2,000	$2.86	45d	1	0.73mi
4030 Dancing Cloud Ct #346 Destin, FL	1.0	1.0	920	$1,650	$1.79	23d	1	0.73mi
4070 Dancing Cloud Ct #171 Destin, FL	1.0	1.0	745	$1,575	$2.11	15d	1	0.75mi
4040 Dancing Cloud Ct #321 Destin, FL	1.0	1.0	920	$1,550	$1.68	23d	1	0.80mi
4040 Dancing Cloud Ct #321 Destin, FL	1.0	1.0	920	$1,550	$1.68	15d	1	0.80mi
4040 Dancing Cloud Ct Destin, FL	1.0	1.0	945	$1,600	$1.69	45d	1	0.80mi
150 Bent Arrow Dr #36 Destin, FL	3.0	2.5	1452	$2,100	$1.45	15d	1	0.91mi
150 Bent Arrow Dr #36 Destin, FL	3.0	2.5	1452	$2,100	$1.45	23d	1	0.91mi
734 Legion Dr #70 Destin, FL	2.0	2.0	1180	$2,099	$1.78	45d	1	0.92mi
4203 Indian Bayou Trl Unit 1447163P Destin, FL	1.0	2.0	968	$2,303	$2.38	15d	1	0.94mi
150 Bent Arrow Dr Destin, FL	3.0	2.5	1440	$2,250	$1.56	45d	1	1.00mi
22 Moreno Point Rd Unit 1285898P Destin, FL	2.0	2.5	1065	$3,068	$2.88	15d	1	1.07mi
22 Moreno Point Rd #12 Destin, FL	3.0	2.5	1236	$3,295	$2.67	45d	1	1.07mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,800	$2.12	45d	1	1.09mi
710 Legion Dr Unit D2 Destin, FL	2.0	1.0	850	$1,750	$2.06	15d	1	1.09mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,600	$1.78	45d	1	1.13mi
710 Legion Dr Unit O2 Destin, FL	2.0	1.0	898	$1,450	$1.61	23d	1	1.13mi
204 Ann Cir Unit C Destin, FL	2.0	1.0	1000	$1,550	$1.55	45d	1	1.13mi
47 Pine Ridge Trce Destin, FL	3.0	2.0	1188	$2,900	$2.44	15d	1	1.16mi
132 Bayou Dr Destin, FL	2.0	1.5	1161	$2,200	$1.89	45d	1	1.20mi
37 Log Pl Destin, FL	2.0	1.5	1261	$1,750	$1.39	23d	1	1.21mi
4131 Commons Dr W Destin, FL	2.0	1.0–2.0	907	$2,040	$2.25	15d	14	1.36mi
4131 Commons Dr W Destin, FL	2.0	1.0–2.0	907	$1,990	$2.19	45d	16	1.36mi
4211 Commons Dr W Destin, FL	1.0–3.0	1.0–3.0	1256	$2,232	$1.78	15d	22	1.45mi

HOA detail condo

• Monthly dues: $806 · $9,672/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-21
   days on market $185,000 Active 51 DOM
2. 2026-06-18
   days on market $185,000 Active 48 DOM
3. 2026-06-17
   days on market $185,000 Active 47 DOM
4. 2026-06-16
   days on market $185,000 Active 46 DOM
5. 2026-06-15
   days on market $185,000 Active 45 DOM
6. 2026-06-14
   days on market $185,000 Active 43 DOM
7. 2026-06-13
   pricedays on market $185,000 Active 42 DOM
8. 2026-06-10
   days on market $210,000 Active 40 DOM
9. 2026-06-09
   days on market $210,000 Active 39 DOM
10. 2026-06-08
    days on market $210,000 Active 38 DOM
11. 2026-06-07
    days on market $210,000 Active 37 DOM
12. 2026-06-05
    days on market $210,000 Active 34 DOM
13. 2026-06-02
    days on market $210,000 Active 32 DOM
14. 2026-06-01
    days on market $210,000 Active 31 DOM
15. 2026-05-31
    days on market $210,000 Active 30 DOM
16. 2026-05-30
    days on market $210,000 Active 29 DOM
17. 2026-04-23
    listed $210,000 Active 788-char remark
18. 2025-09-20
    price $190,000
19. 2025-07-24
    price $200,000
20. 2025-06-23
    price $210,000
21. 2025-06-04
    listed $220,000 Active
22. 2024-11-25
    price $230,000
23. 2024-10-24
    price $243,000
24. 2024-10-10
    listed $250,000 Active
25. 2023-12-26
    soldstatus $200,000
26. 2023-12-22
    soldstatus $200,000 Sold
27. 2023-12-14
    status Pending
28. 2023-12-10
    status Active
29. 2023-11-30
    status Pending
30. 2023-10-24
    price $215,000
31. 2023-10-24
    status Active
32. 2023-03-15
    listed $250,000 Active
33. 2015-08-20
    soldstatus $121,000
34. 2015-08-14
    soldstatus $121,000
35. 2015-08-14
    soldstatus $121,000
36. 2014-04-18
    listed $149,000
37. 2005-08-12
    listed $268,900

ⓘ 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: $2,369 · $197/mo
• Projected year-2 tax: $2,369 · $197/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $24,630
• − Mortgage interest: −$10,363
• − Property taxes: −$2,369
• − Insurance: −$925
• − Repairs & maintenance: −$1,970
• − Management: −$1,970
• − HOA: −$9,672
• − Depreciation: −$5,382
• Taxable loss: −$8,021
• Est. tax savings @ 24.0%: +$1,925
• After-tax cash flow: $-3,225/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 — 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 · 194,352 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: 554.0

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 (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 7% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 14% · Canada
• 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
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-31.2% since first listed

22 events — show timeline

• 2026-06-11 Price Changed $185,000 ECAR
• 2026-04-23 Listed $210,000 ECAR
• 2025-09-20 Price Changed $190,000 ECAR
• 2025-07-24 Price Changed $200,000 ECAR
• 2025-06-23 Price Changed $210,000 ECAR
• 2025-06-04 Listed $220,000 ECAR
• 2024-11-25 Price Changed $230,000 ECAR
• 2024-10-24 Price Changed $243,000 ECAR
• 2024-10-10 Listed $250,000 ECAR
• 2023-12-26 Sold (Public Records) $200,000 Public Records
• 2023-12-22 Sold (MLS) $200,000 ECAR
• 2023-12-14 Pending — ECAR
• 2023-12-10 Relisted — ECAR
• 2023-11-30 Pending — ECAR
• 2023-10-24 Price Changed $215,000 ECAR
• 2023-10-24 Relisted — ECAR
• 2023-03-15 Listed $250,000 ECAR
• 2015-08-20 Sold (Public Records) $121,000 Public Records
• 2015-08-14 Sold (MLS) $121,000 NAMLS
• 2015-08-14 Sold (MLS) $121,000 ECAR
• 2014-04-18 Listed $149,000 NAMLS
• 2005-08-12 Listed $268,900 ECAR

Property tax history

+7.3%/yr

Latest (2025): $2,369 · +5.2% YoY. Source: county tax records.