5540 Waldo · Crestview, FL 32539

$109,000

2 bd · 3.0 ba · 1,152 sqft · Manufactured public records · 11 Days on market

Built 2000 3.61 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 5540 Waldo Rd in Crestview, FL--a unique opportunity offering space, versatility, and investment potential. Situated on approximately 4 acres, this property provides the perfect blend of privacy and functionality, for homeowners, investors, or those seeking a multi-generational living setup. The main residence features comfortable living with plenty of room to make it your own, while the additional mobile home on the property opens the door to multiple possibilities--whether for rental income, guest accommodations, or extended family use. With ample land, there's plenty of space for outdoor activities, storage, or future improvements. Enjoy the peace and quiet of a more rural set

Key facts

• 3.61-acre lot
• Two mobile homes
• Multiple dwellings

Tags

• 3.61-ACRE LOT
• TWO MOBILE HOMES
• MULTIPLE DWELLINGS

Property features AI

Finance

• Other: Listed as active with an exclusive right of sale agreement; Located in Okaloosa County (Crestview area); Approximate building area recorded as 1,152 (per county records)
• Financial info: Seller will consider conventional or other financing

Exterior

• Home design: Residential mobile home; Construction complete; Zoned for agriculture
• Construction: Built in 2000
• Exterior features: Approximately 3.61-acre wooded, irregular lot; Lot dimensions about 396 x 396

Interior

• Kitchen: Refrigerator; Electric stove/oven
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Single-story layout

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath manufactured listed at $109k.

Deal economics

• At list price, monthly cash flow is $656 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Cap rate 13.5% 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); Davidson Middle School (math 59% / reading 56%, grade B, #157 of 571 statewide, top 28%, 1,149 students, 55% 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 flat; 526 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 $754 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $15k; list at $109k implies a 627% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major 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 $109,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.56% ✓
• Cap rate: 13.51%
• Cash-on-cash: 25.78%
• DSCR: 2.15
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $47,232
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5629 Highway 393	0.75mi	3/2.0 (+1)	1,216 (+6%)	1mo	$50,000	$41	46

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 · 0.12% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 1.63×
• Total profit: $19,304
• Equity at exit: $16,252

10-year hold

• IRR: 22.8%
• Equity multiple: 2.70×
• Total profit: $51,992
• Equity at exit: $9,424

Cash invested: $30,520 (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: 526
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,699 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$69 /mo · $833/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $656

Break-even live

Break-even rent $869

Max offer price $109,000

Occupancy floor 56%

Sensitivity live

Price	-10% $717	-5% $687	+0% $656	+5% $625	+10% $594
Rent	-10% $522	-5% $589	+0% $656	+5% $723	+10% $790
Rate	-1.0pp $711	-0.5pp $684	base $656	+0.5pp $628	+1.0pp $599

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5312 Kervin Rd Crestview, FL	3.0	2.0	1210	$1,750	$1.45	14d	1	1.23mi

Listing history 13 events

1. 2026-06-21
   days on market $109,000 Active 11 DOM
2. 2026-06-18
   days on market $109,000 Active 8 DOM
3. 2026-06-17
   days on market $109,000 Active 7 DOM
4. 2026-06-16
   days on market $109,000 Active 6 DOM
5. 2026-06-15
   days on market $109,000 Active 5 DOM
6. 2026-06-14
   days on market $109,000 Active 3 DOM
7. 2026-06-13
   days on marketlisting id $109,000 Active 2 DOM
8. 2026-06-02
   days on market $109,000 Active 14 DOM
9. 2026-06-01
   days on market $109,000 Active 13 DOM
10. 2026-05-31
    days on market $109,000 Active 12 DOM
11. 2026-05-30
    days on market $109,000 Active 11 DOM
12. 2026-05-19
    listed $109,000 Active
13. 2005-09-27
    soldstatus $15,000

ⓘ 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: $833 · $69/mo
• Projected year-2 tax: $905 · $75/mo
• Expected delta: +$72/yr (+$6/mo · 8.6%)

ⓘ 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 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°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: $20,388
• − Mortgage interest: −$6,106
• − Property taxes: −$833
• − Insurance: −$545
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − Depreciation: −$3,171
• Taxable income: $6,472
• Est. tax owed @ 24.0%: −$1,553
• After-tax cash flow: $6,316/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

+626.7% since first listed

2 events — show timeline

• 2026-05-19 Listed $109,000 NAMLS
• 2005-09-27 Sold (Public Records) $15,000 Public Records

Property tax history

+8.9%/yr

Latest (2025): $833 · +10.0% YoY. Source: county tax records.