355 W First Ave · Crestview, FL 32536

$175,000

3 bd · 2.0 ba · 1,493 sqft · SingleFamily public records · 7 Days on market

Built 1952 0.78 ac lot $117/sqft · 21% below area Est $240k · 27% under

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Why this score? — see what drove the B 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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +5.8/10.0
• Schools +5.2/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Opportunity in the Heart of Crestview! Situated on a generous 3/4 acre lot, this home offers space, flexibility, and strong potential for the right buyer. Being sold as-is, the seller has priced the property with consideration for the age of the home's major components--making this an ideal option for cash buyers or investors looking to add to their portfolio. Inside, you'll find a move-in ready layout suitable for a tenant, featuring both a living room and a spacious 18x13 family room--perfect for a second living area, home office, or craft space. There's also a cozy Florida Room, ideal for curling up with a good book or enjoying a quiet retreat. Outdoors, the expansive lot provi

Key facts

• Generous lot
• Florida room
• 0.78 acre lot

Tags

• GENEROUS LOT
• FLORIDA ROOM
• 4 INCH DEEP WELL PUMP
• CHAIN LINK FENCED BACKYARD
• CENTRAL CRESTVIEW LOCATION

Property features AI

Finance

• Other: Zoned City, Residential Single Family
• Financial info: No investor or income/expense details provided
• HOA & community: Located in the Ferdon Addn to Crestview subdivision

Exterior

• Parking: Detached or on-site parking not specified
• Security: No specific security features listed
• Utilities: Electric service; Natural gas; Private well water; Public sewer; TV cable available
• Home design: Ranch-style single-story home; 1 story; Built in 1952
• Construction: Frame and brick construction with vinyl siding; Off-grade foundation; Metal roof
• Exterior features: Private yard; Yard building; Rain gutters; Porch; Chain link fencing; Interior, level lot with survey available; City street frontage; paved road access

Interior

• Kitchen: Kitchen on the first level
• Bedrooms: 3 bedrooms (all on the first level)
• Flooring: Laminate; Tile; Carpet
• Bathrooms: 2 full bathrooms (on the first level)
• Heating & cooling: Central air; Ceiling fans; Natural gas heating
• Interior features: Washer/Dryer hookup; Double-pane windows; 11 total rooms
• Laundry & utility: Utility room on the first level (approx. 9' x 7')

🏷️ Possibly a rental listed for sale. The $175,000 price doesn't fit this home's estimated sale value (~$239,529) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 9.4% 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.
• Zoned schools: Northwood Elementary School (math 63% / reading 56%, grade B-, #690 of 2,144 statewide, top 34%, 828 students, 63% FRL); Crestview High School (math 49% / reading 54%, grade D+, #167 of 667 statewide, top 25%, 2,315 students, 42% FRL) — zoned schools average 53% FRL vs 36% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.2%/yr); 351 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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 $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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1952 — 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 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?
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: 1.08% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.15%
• DSCR: 1.50
• GRM: 7.7

CMA / ARV

• ARV (median comp): $239,529
• List price: $175,000
• Delta: -26.94%
• 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
355 W First Ave	0.00mi	3/2.0	1,615 (+8%)	0mo	$160,000	$99	86
215 Seminole Trl	0.37mi	3/2.0	1,435 (-4%)	3mo	$105,000	$73	74
287 Lindberg St	0.32mi	3/2.0	1,476 (-1%)	16mo	$258,000	$175	70
294 Holland St	0.28mi	4/2.0 (+1)	1,392 (-7%)	6mo	$274,900	$197	66
280 Anderson St	0.42mi	3/2.0	1,540 (+3%)	16mo	$167,000	$108	62
434 Panama Dr	0.53mi	3/1.5	1,548 (+4%)	13mo	$198,000	$128	56
253 E Hickory Ave	0.54mi	3/1.5	1,534 (+3%)	16mo	$160,000	$104	54
128 Salvadore Dr	0.60mi	4/1.5 (+1)	1,350 (-10%)	0mo	$235,000	$174	49
1053 Anderson St	0.72mi	4/2.0 (+1)	1,444 (-3%)	9mo	$275,300	$191	48
131 Adkinson Dr	0.43mi	4/1.0 (+1)	1,332 (-11%)	8mo	$110,000	$83	46
308 Lakeview Dr	0.61mi	3/2.0	1,319 (-12%)	12mo	$194,500	$147	42
441 Panagra Ln	0.66mi	4/2.0 (+1)	1,304 (-13%)	3mo	$254,500	$195	40

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 · 1.17% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-2,870
• Equity at exit: $26,093

10-year hold

• IRR: 6.2%
• Equity multiple: 1.43×
• Total profit: $20,981
• Equity at exit: $15,131

Cash invested: $49,000 (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 32536

• Home prices YoY: -16.2%
• Rents YoY: 1.2%
• Active inventory: 351
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,892 high
• Mortgage (P&I): −$918
• Tax from tax record: −$49 /mo · $590/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $455

Break-even live

Break-even rent $1,316

Max offer price $175,000

Occupancy floor 71%

Sensitivity live

Price	-10% $554	-5% $505	+0% $455	+5% $406	+10% $356
Rent	-10% $306	-5% $380	+0% $455	+5% $530	+10% $605
Rate	-1.0pp $543	-0.5pp $500	base $455	+0.5pp $410	+1.0pp $364

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
197 W 1st Ave Crestview, FL	3.0	2.0	1547	$2,395	$1.55	23d	1	0.10mi
720 Arbor Lake Dr Crestview, FL	2.0	2.5	1100	$1,375	$1.25	23d	1	0.40mi
720 Arbor Lake Dr Crestview, FL	2.0	2.5	1100	$1,400	$1.27	45d	1	0.40mi
800 Spring Creek Blvd Crestview, FL	1.0–3.0	1.0–2.0	1009	$1,900	$1.88	15d	28	0.42mi
830 Arbor Lake Dr Crestview, FL	2.0	2.5	1200	$1,400	$1.17	15d	1	0.42mi
131 Adkinson Dr Crestview, FL	4.0	1.0	1332	$1,750	$1.31	15d	1	0.42mi
408 Arbor Lake Dr Crestview, FL	3.0	2.5	1755	$1,900	$1.08	15d	1	0.46mi
132 Cabana Way Crestview, FL	3.0	2.0	1408	$1,750	$1.24	15d	1	0.47mi
498 North Ave E Unit A Crestview, FL	2.0	2.0	1081	$1,450	$1.34	45d	1	0.50mi
326 Dixie St Crestview, FL	3.0	1.0	1386	$1,400	$1.01	45d	1	0.61mi
178 Cabana Way Crestview, FL	4.0	2.0	1284	$1,800	$1.40	45d	1	0.61mi
156 Cabana Way Crestview, FL	4.0	2.0	1244	$1,800	$1.45	45d	1	0.65mi
168 Cabana Way Crestview, FL	3.0	2.0	1100	$1,700	$1.55	23d	1	0.67mi
398 N Spring St Crestview, FL	2.0	1.0	1200	$1,300	$1.08	45d	1	0.68mi
816 W Walnut Ave Crestview, FL	3.0	2.0	1297	$1,595	$1.23	45d	1	0.96mi
401 S Booker St Crestview, FL	3.0	1.5	1040	$1,225	$1.18	45d	1	1.11mi
503 W Griffith Ave Crestview, FL	3.0	1.0	962	$1,395	$1.45	45d	1	1.11mi
812 Carlton St Crestview, FL	3.0	2.5	1393	$1,495	$1.07	23d	1	1.14mi
205 Powell Dr Crestview, FL	3.0	1.5	1008	$1,400	$1.39	45d	1	1.40mi

Listing history 4 events

1. 2026-05-08
   status Pending 1187-char remark
2. 2026-05-01
   listed $175,000 Active 1187-char remark
3. 1997-03-10
   soldstatus $57,000
4. 1988-06-01
   soldstatus $39,000

ⓘ 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: $590 · $49/mo
• Projected year-2 tax: $1,452 · $121/mo
• Expected delta: +$862/yr (+$72/mo · 146.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 21 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,707
• − Mortgage interest: −$9,803
• − Property taxes: −$590
• − Insurance: −$875
• − Repairs & maintenance: −$1,817
• − Management: −$1,817
• − Depreciation: −$5,091
• Taxable income: $2,715
• Est. tax owed @ 24.0%: −$652
• After-tax cash flow: $4,809/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

• Census place: Crestview, FL
• County: Okaloosa County · 194,352 people
• City population: 58,889
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 25,599
• Household income: $78,119
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 634.0

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 0.56)
• Race & ethnicity: White 64% Black 16% Hispanic / Latino 12% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 1%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 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: ▼ -51.48%
• Current HPI: 265.9926
• Rent YoY: ▲ 1.17%
• 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

+310.3% since first listed

5 events — show timeline

• 2026-06-10 Sold (MLS) $160,000 ECAR
• 2026-05-08 Pending — ECAR
• 2026-05-01 Listed $175,000 ECAR
• 1997-03-10 Sold (Public Records) $57,000 Public Records
• 1988-06-01 Sold (Public Records) $39,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $590 · +4.4% YoY. Source: county tax records.