904 Tokalon Ct · Wright, FL 32547

$185,000

2 bd · 3.0 ba · 1,064 sqft · Townhouse public records · 356 Days on market

Built 1983 2,613 sqft lot $174/sqft · 16% below area Est $221k · 16% under

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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).

• Cash flow +17.7/30.0
• ARV discount +14.8/15.0
• DSCR +5.5/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained 2-bedroom, 2.5-bath townhome that perfectly balances comfort and privacy. Each spacious bedroom features its own ensuite bathroom with walking closet—ideal for roommates, guests, or a private retreat. The main floor includes a convenient half bath for guests, while the open living and dining areas offer a warm and functional flow. Enjoy the benefits of NO HOA fees and the convenience of an attached 1-car garage. Step outside into your fully fenced backyard, complete with a vegetable garden—perfect for those who love to grow their own fresh produce or simply enjoy some outdoor relaxation. Conveniently located between Hurlburt Field and Eglin AFB. AC 2022, Roof 2019.

Key facts

• Attached garage
• Walking closet
• No hoa fees

Tags

• ENSUITE BATHROOM
• WALKING CLOSET
• FULLY FENCED BACKYARD
• VEGETABLE GARDEN
• ATTACHED GARAGE
• NO HOA FEES

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath townhouse listed at $185k.

Deal economics

• At list price, monthly cash flow is $150 ($2k/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 $160k (13.7% below list).
• Recommended offer: $160k (13.7% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 4.2% in Wright — 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 80/100 on livability (#117 in FL, #1,790 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities 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 soft (-0.1%/yr); 231 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 356 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; list at $185k implies a 85% 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; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,703 (13.7% below list)

Questions for the listing agent

1. It's been on market 356 days. Have you received any prior offers? Is the seller open to a 14% 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.86% ✗
• Cap rate: 7.27%
• Cash-on-cash: 3.48%
• DSCR: 1.15
• GRM: 9.7

CMA / ARV

• ARV (median comp): $220,857
• List price: $185,000
• Delta: -16.24%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 Olympia Ct	0.08mi	2/2.5	1,084 (+2%)	12mo	$225,000	$208	82
990 Rockport Dr	0.06mi	2/2.0	1,000 (-6%)	2mo	$185,000	$185	81
1010 Rockport Dr	0.03mi	2/2.5	1,128 (+6%)	17mo	$220,000	$195	72
309 Olympia Ct	0.10mi	2/1.5	1,197 (+12%)	12mo	$220,000	$184	58
818 Roy St Unit B	0.61mi	2/2.0	1,092 (+3%)	10mo	$220,000	$201	55
818 Roy St Unit A	0.61mi	2/2.0	1,092 (+3%)	10mo	$220,000	$201	55
940 Central Ave Unit 13	0.40mi	2/2.0	1,120 (+5%)	22mo	$196,000	$175	50
307 Olympia Ct	0.10mi	2/1.5	1,197 (+12%)	23mo	$234,000	$195	50
532 NW Parkview Rd Unit 9	0.27mi	2/2.5	1,200 (+13%)	22mo	$180,000	$150	46
696 Tyner St #7	0.65mi	2/1.5	960 (-10%)	10mo	$147,000	$153	39
104 Hydac Rd Unit B	0.61mi	2/1.5	1,144 (+8%)	17mo	$225,000	$197	39

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.51×
• Total profit: $-25,167
• Equity at exit: $27,584

10-year hold

• IRR: -10.1%
• Equity multiple: 0.46×
• Total profit: $-28,000
• 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 32547

• Home prices YoY: -29.3%
• Rents YoY: -0.1%
• Active inventory: 231
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,597 high
• Mortgage (P&I): −$970
• Tax from tax record: −$64 /mo · $770/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $150

Break-even live

Break-even rent $1,407

Max offer price $185,000

Occupancy floor 86%

Sensitivity live

Price	-10% $255	-5% $203	+0% $150	+5% $98	+10% $46
Rent	-10% $24	-5% $87	+0% $150	+5% $213	+10% $276
Rate	-1.0pp $243	-0.5pp $197	base $150	+0.5pp $102	+1.0pp $54

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 Rockport Dr Fort Walton Beach, FL	2.0	2.0	864	$1,500	$1.74	22d	1	0.06mi
400 Rhonda Kay Ct #66 Fort Walton Beach, FL	3.0	1.5	1256	$1,650	$1.31	45d	1	0.08mi
433 Bear Rd Unit B Fort Walton Beach, FL	2.0	1.0	782	$1,200	$1.53	45d	1	0.25mi
422 Bear Rd Unit A Fort Walton Beach, FL	2.0	1.5	1175	$1,600	$1.36	15d	1	0.29mi
943 Central Ave Unit C Fort Walton Beach, FL	1.0	1.0	750	$1,200	$1.60	45d	1	0.37mi
508 Parkview Rd NW Fort Walton Beach, FL	2.0	2.0	1250	$1,575	$1.26	45d	1	0.37mi
800 Denton Blvd NW Fort Walton Beach, FL	2.0	1.0	1000	$1,600	$1.60	15d	1	0.42mi
940 Central Ave #16 Fort Walton Beach, FL	3.0	2.0	1320	$1,800	$1.36	15d	1	0.42mi
585 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,550	$1.30	45d	1	0.48mi
589 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	45d	1	0.48mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	45d	1	0.52mi
615 Bob Sikes Blvd #5 Fort Walton Beach, FL	2.0	1.5	1190	$1,450	$1.22	45d	1	0.52mi
615 Bob Sikes Blvd #7 Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	15d	1	0.52mi
794 Navy St Fort Walton Beach, FL	2.0	1.0	840	$1,200	$1.43	22d	1	0.53mi
709 Greenwood St Fort Walton Beach, FL	2.0	1.0	800	$1,200	$1.50	15d	1	0.54mi
709 Greenwood St Unit B Fort Walton Beach, FL	2.0	1.0	800	$1,200	$1.50	22d	1	0.54mi
790 Navy St Fort Walton Beach, FL	2.0	1.0	900	$1,300	$1.44	15d	1	0.56mi
104 Hydac Rd Unit B Fort Walton Beach, FL	2.0	1.5	1144	$1,650	$1.44	22d	1	0.61mi
696 Tyner St #41 Fort Walton Beach, FL	2.0	1.5	960	$1,550	$1.61	15d	1	0.62mi
2415 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1250	$1,700	$1.36	45d	1	0.71mi
2404 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	22d	1	0.73mi
2400 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	22d	1	0.73mi
321 Woodrow St NE Fort Walton Beach, FL	1.0–3.0	1.0–2.0	1017	$1,488	$1.46	15d	6	0.73mi
831 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,895	$1.26	45d	1	0.77mi
829 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,995	$1.33	45d	1	0.77mi
833 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,895	$1.26	45d	1	0.77mi
936-938 Barrow St Fort Walton Beach, FL	1.0	1.0	800	$1,200	$1.50	45d	1	0.83mi
940 Barrow St Unit 7 Fort Walton Beach, FL	1.0	1.0	800	$1,200	$1.50	45d	1	0.83mi
1500 Lewis Turner Blvd Fort Walton Beach, FL	1.0	1.0	718	$1,695	$2.36	45d	1	0.84mi
106 Valencia Dr Fort Walton Beach, FL	3.0	1.5	1320	$1,450	$1.10	22d	1	0.84mi
936 Barrow St Unit 5 Fort Walton Beach, FL	2.0	2.0	1020	$1,500	$1.47	45d	1	0.84mi
604 Colonial Dr Fort Walton Beach, FL	1.0–2.0	1.0–2.0	818	$1,624	$1.99	45d	1	0.86mi
914 Barrow St Unit 1 Fort Walton Beach, FL	1.0	1.0	800	$1,300	$1.62	15d	1	0.87mi
912 Barrow St Unit 10 Fort Walton Beach, FL	1.0	1.0	800	$1,300	$1.62	15d	1	0.88mi
910 Barrow St Unit 7 Fort Walton Beach, FL	2.0	2.0	1020	$1,500	$1.47	15d	1	0.89mi
1102 Tiki Too Ave Fort Walton Beach, FL	2.0	2.5	1141	$1,600	$1.40	45d	1	0.89mi
712 Newport Dr Fort Walton Beach, FL	3.0	1.0	1100	$1,650	$1.50	45d	1	0.90mi
935 Tanager Rd Unit C Fort Walton Beach, FL	2.0	1.0	797	$1,200	$1.51	45d	1	0.92mi
830 Cardinal St Fort Walton Beach, FL	2.0	1.0	700	$1,250	$1.79	45d	1	1.03mi
1504 E Ponderosa Rd Fort Walton Beach, FL	3.0	2.0	1000	$1,650	$1.65	22d	1	1.03mi

Listing history 19 events

1. 2026-06-10
   days on market $185,000 Active 356 DOM
2. 2026-06-09
   days on market $185,000 Active 355 DOM
3. 2026-06-08
   days on market $185,000 Active 354 DOM
4. 2026-06-07
   days on market $185,000 Active 353 DOM
5. 2026-06-05
   days on market $185,000 Active 350 DOM
6. 2026-06-02
   days on market $185,000 Active 348 DOM
7. 2026-06-01
   days on market $185,000 Active 347 DOM
8. 2026-05-31
   days on market $185,000 Active 346 DOM
9. 2026-05-30
   days on market $185,000 Active 345 DOM
10. 2025-11-11
    price $185,000 717-char remark

    Show marketing remark (717 chars)

    Welcome to this well-maintained 2-bedroom, 2.5-bath townhome that perfectly balances comfort and privacy. Each spacious bedroom features its own ensuite bathroom with walking closet—ideal for roommates, guests, or a private retreat. The main floor includes a convenient half bath for guests, while the open living and dining areas offer a warm and functional flow. Enjoy the benefits of NO HOA fees and the convenience of an attached 1-car garage. Step outside into your fully fenced backyard, complete with a vegetable garden—perfect for those who love to grow their own fresh produce or simply enjoy some outdoor relaxation. Conveniently located between Hurlburt Field and Eglin AFB. AC 2022, Roof 2019.

11. 2025-08-25
    price $175,000 717-char remark

    Show marketing remark (717 chars)

    Welcome to this well-maintained 2-bedroom, 2.5-bath townhome that perfectly balances comfort and privacy. Each spacious bedroom features its own ensuite bathroom with walking closet—ideal for roommates, guests, or a private retreat. The main floor includes a convenient half bath for guests, while the open living and dining areas offer a warm and functional flow. Enjoy the benefits of NO HOA fees and the convenience of an attached 1-car garage. Step outside into your fully fenced backyard, complete with a vegetable garden—perfect for those who love to grow their own fresh produce or simply enjoy some outdoor relaxation. Conveniently located between Hurlburt Field and Eglin AFB. AC 2022, Roof 2019.

12. 2025-07-29
    price $185,000 717-char remark

    Show marketing remark (717 chars)

    Welcome to this well-maintained 2-bedroom, 2.5-bath townhome that perfectly balances comfort and privacy. Each spacious bedroom features its own ensuite bathroom with walking closet—ideal for roommates, guests, or a private retreat. The main floor includes a convenient half bath for guests, while the open living and dining areas offer a warm and functional flow. Enjoy the benefits of NO HOA fees and the convenience of an attached 1-car garage. Step outside into your fully fenced backyard, complete with a vegetable garden—perfect for those who love to grow their own fresh produce or simply enjoy some outdoor relaxation. Conveniently located between Hurlburt Field and Eglin AFB. AC 2022, Roof 2019.

13. 2025-06-19
    listed $189,900 Active 717-char remark

    Show marketing remark (717 chars)

    Welcome to this well-maintained 2-bedroom, 2.5-bath townhome that perfectly balances comfort and privacy. Each spacious bedroom features its own ensuite bathroom with walking closet—ideal for roommates, guests, or a private retreat. The main floor includes a convenient half bath for guests, while the open living and dining areas offer a warm and functional flow. Enjoy the benefits of NO HOA fees and the convenience of an attached 1-car garage. Step outside into your fully fenced backyard, complete with a vegetable garden—perfect for those who love to grow their own fresh produce or simply enjoy some outdoor relaxation. Conveniently located between Hurlburt Field and Eglin AFB. AC 2022, Roof 2019.

14. 2019-03-20
    soldstatus $99,900
15. 2019-03-15
    soldstatus $99,900 458-char remark

    Show marketing remark (458 chars)

    Calling all investors! This diamond in the rough will make a great rental property and is conveniently located near both bases, schools and hospital. Both bedrooms have full bathrooms and walk-in closets. Large privacy fenced backyard features covered patio. Washer/Dryer connections in single car garage. Units in this complex rent for $950 and up. 1-year home warranty provided at closing to give you peace of mind. Call to schedule your appointment today.

16. 2019-03-15
    soldstatus $99,900 458-char remark

    Show marketing remark (458 chars)

    Calling all investors! This diamond in the rough will make a great rental property and is conveniently located near both bases, schools and hospital. Both bedrooms have full bathrooms and walk-in closets. Large privacy fenced backyard features covered patio. Washer/Dryer connections in single car garage. Units in this complex rent for $950 and up. 1-year home warranty provided at closing to give you peace of mind. Call to schedule your appointment today.

17. 2018-12-18
    listed $99,900 458-char remark

    Show marketing remark (458 chars)

    Calling all investors! This diamond in the rough will make a great rental property and is conveniently located near both bases, schools and hospital. Both bedrooms have full bathrooms and walk-in closets. Large privacy fenced backyard features covered patio. Washer/Dryer connections in single car garage. Units in this complex rent for $950 and up. 1-year home warranty provided at closing to give you peace of mind. Call to schedule your appointment today.

18. 2014-08-22
    soldstatus $76,000
19. 1983-11-01
    soldstatus $44,500

ⓘ 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: $770 · $64/mo
• Projected year-2 tax: $1,536 · $128/mo
• Expected delta: +$766/yr (+$64/mo · 99.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 23 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,164
• − Mortgage interest: −$10,363
• − Property taxes: −$770
• − Insurance: −$925
• − Repairs & maintenance: −$1,533
• − Management: −$1,533
• − Depreciation: −$5,382
• Taxable loss: −$1,342
• Est. tax savings @ 24.0%: +$322
• After-tax cash flow: $2,125/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 — Wright

• Score: 80/100
• State rank: #117
• US rank: #1790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wright, FL
• County: Okaloosa County · 194,352 people
• City population: 35,522
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 35,527
• Household income: $70,711
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1203.0

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 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 14% Black 11% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 15% · Canada, Vietnam, Jamaica
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 1% Vietnamese 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: ▼ -111.28%
• Current HPI: 268.6497
• Rent YoY: ▼ -0.13%
• 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

+315.7% since first listed

10 events — show timeline

• 2025-11-11 Price Changed $185,000 ECAR
• 2025-08-25 Price Changed $175,000 ECAR
• 2025-07-29 Price Changed $185,000 ECAR
• 2025-06-19 Listed $189,900 ECAR
• 2019-03-20 Sold (Public Records) $99,900 Public Records
• 2019-03-15 Sold (MLS) $99,900 NAMLS
• 2019-03-15 Sold (MLS) $99,900 ECAR
• 2018-12-18 Listed $99,900 NAMLS
• 2014-08-22 Sold (Public Records) $76,000 Public Records
• 1983-11-01 Sold (Public Records) $44,500 Public Records

Property tax history

+7.6%/yr

Latest (2025): $770 · +4.0% YoY. Source: county tax records.