940 Central Ave Unit 05 · Wright, FL 32547

$169,000

3 bd · 2.0 ba · 1,388 sqft · Townhouse public records · 3 Days on market

Built 1983 Est $255k · 34% 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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.0/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Conveniently located to Eglin AFB, Hurlburt Field and shopping this townhome is a great buy! Step into the open floor plan with laminate flooring in the great room anchored by a brick fireplace. This 3/2 unit features warm wood cabinets, stainless appliances and tile flooring in the kitchen. The primary bedroom with adjoining bath and laundry room are also on the main level. Upstairs are two additional bedrooms as well as a second full bath. A fully fenced backyard offers privacy. The HVAC and hot water heater are 2021 and roof is 2015. Don't miss this opportunity! Call to schedule your showing today.

Key facts

• Open floor plan
• Laminate flooring
• Brick fireplace

Tags

• OPEN FLOOR PLAN
• LAMINATE FLOORING
• BRICK FIREPLACE
• WARM WOOD CABINETS
• STAINLESS APPLIANCES
• TILE FLOORING

Property features AI

Finance

• HOA & community: Subdivision: BELL-BROOK ESTATES

Exterior

• Parking: 2 driveway parking spaces
• Utilities: Electric service; Public water; Public sewer
• Home design: Townhome; 2 stories; Entry level rooms on the first floor
• Construction: Built in 1983; Vinyl siding; Shingle roof; Slab foundation
• Exterior features: Interior, level lot

Interior

• Kitchen: Kitchen on the first floor; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms; Primary bedroom on the first floor; Additional bedrooms located on the second floor
• Flooring: Laminate flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Fireplace; Window treatments
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $169k.

Deal economics

• At list price, monthly cash flow is $357 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Cap rate 8.8% 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: 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.
• Zoned schools: Kenwood Elementary School (math 68% / reading 64%, grade B+, #492 of 2,144 statewide, top 23%, 545 students, 58% FRL); Choctawhatchee Senior High School (math 42% / reading 50%, grade D-, #220 of 667 statewide, top 33%, 1,677 students, 52% FRL) — zoned schools average 55% FRL vs 36% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.1%/yr); 224 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• This rent runs 32% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

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 $169,000

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 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?
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: 1.10% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.05%
• DSCR: 1.40
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $255,392
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 NW Parkview Rd Unit A	0.33mi	3/2.0	1,450 (+4%)	6mo	$260,000	$179	72
947 Ashley Ln Unit D	0.11mi	2/2.5 (-1)	1,483 (+7%)	10mo	$140,000	$94	68
940 Central Ave #18	0.00mi	2/2.5 (-1)	1,592 (+15%)	2mo	$245,000	$154	67
518 NW Parkview Rd Unit B	0.33mi	3/2.0	1,450 (+4%)	15mo	$295,000	$203	65
1100 Crosswinds Lndg Unit 19	0.51mi	2/2.0 (-1)	1,330 (-4%)	4mo	$290,000	$218	61
400 Rhonda Kay Court St #4	0.35mi	3/1.5	1,256 (-10%)	8mo	$236,900	$189	59
901 Tokalon Ct #3	0.41mi	2/2.5 (-1)	1,344 (-3%)	13mo	$228,000	$170	58
2112 Pomegranate Ct	0.64mi	3/2.5	1,449 (+4%)	5mo	$285,000	$197	56
1942 Woodcrest Rdg #2	0.48mi	2/2.0 (-1)	1,516 (+9%)	2mo	$330,000	$218	55
208 Cloverdale Blvd Unit 8	0.61mi	2/1.5 (-1)	1,280 (-8%)	1mo	$230,000	$180	51
214 Cloverdale Blvd Unit A	0.68mi	2/1.5 (-1)	1,330 (-4%)	7mo	$235,000	$177	48
309 Olympia Ct	0.37mi	2/1.5 (-1)	1,197 (-14%)	12mo	$220,000	$184	42

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: -5.9%
• Equity multiple: 0.79×
• Total profit: $-10,115
• Equity at exit: $25,198

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-623
• Equity at exit: $14,612

Cash invested: $47,320 (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: 224
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,858 high
• Mortgage (P&I): −$886
• Tax from tax record: −$155 /mo · $1,857/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $357

Break-even live

Break-even rent $1,407

Max offer price $169,000

Occupancy floor 76%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
940 Central Ave #16 Fort Walton Beach, FL	3.0	2.0	1320	$1,800	$1.36	14d	1	0.02mi
508 Parkview Rd NW Fort Walton Beach, FL	2.0	2.0	1250	$1,575	$1.26	44d	1	0.26mi
422 Bear Rd Unit A Fort Walton Beach, FL	2.0	1.5	1175	$1,600	$1.36	14d	1	0.32mi
400 Rhonda Kay Ct #66 Fort Walton Beach, FL	3.0	1.5	1256	$1,650	$1.31	44d	1	0.37mi
104 Hydac Rd Unit B Fort Walton Beach, FL	2.0	1.5	1144	$1,650	$1.44	21d	1	0.50mi
2100 Pomegranate Ct Fort Walton Beach, FL	3.0	2.5	1743	$2,025	$1.16	21d	1	0.62mi
833 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,895	$1.26	44d	1	0.62mi
831 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,895	$1.26	44d	1	0.62mi
829 Jonleen Dr Fort Walton Beach, FL	3.0	2.5	1500	$1,995	$1.33	44d	1	0.63mi
800 Denton Blvd NW Fort Walton Beach, FL	2.0	1.0	1000	$1,600	$1.60	14d	1	0.66mi
790 Navy St Fort Walton Beach, FL	2.0	1.0	900	$1,300	$1.44	14d	1	0.67mi
216 Cloverdale Blvd Unit C Fort Walton Beach, FL	2.0	1.5	1224	$1,700	$1.39	44d	1	0.69mi
309 Union St Fort Walton Beach, FL	3.0	2.0	1602	$2,100	$1.31	14d	1	0.73mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	44d	1	0.74mi
1504 E Ponderosa Rd Fort Walton Beach, FL	3.0	2.0	1000	$1,650	$1.65	21d	1	0.76mi
585 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,550	$1.30	44d	1	0.80mi
589 Bob Sikes Blvd Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	44d	1	0.80mi
2415 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1250	$1,700	$1.36	44d	1	0.85mi
1329 White Blossom Ln Fort Walton Beach, FL	3.0	2.5	1735	$1,900	$1.10	14d	1	0.85mi
1839 Sod Dr Fort Walton Beach, FL	3.0	2.0	1425	$1,925	$1.35	21d	1	0.86mi
2400 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	21d	1	0.87mi
2404 Suwanee Ln Fort Walton Beach, FL	2.0	1.5	1242	$1,700	$1.37	21d	1	0.87mi
713 Trowbridge Ave Fort Walton Beach, FL	3.0	2.0	1550	$2,350	$1.52	14d	1	0.88mi
696 Tyner St #41 Fort Walton Beach, FL	2.0	1.5	960	$1,550	$1.61	14d	1	0.88mi
615 Bob Sikes Blvd #5 Fort Walton Beach, FL	2.0	1.5	1190	$1,450	$1.22	44d	1	0.89mi
615 Bob Sikes Blvd #7 Fort Walton Beach, FL	2.0	1.0	1190	$1,500	$1.26	14d	1	0.89mi
2800 Bradford Pl NW Fort Walton Beach, FL	2.0	2.0	850	$1,395	$1.64	14d	5	0.90mi
2809 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	44d	1	0.91mi
1128 Sweetbriar Station Fort Walton Beach, FL	3.0	2.0	1150	$1,850	$1.61	21d	1	0.91mi
2809 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	14d	1	0.91mi
1004 McLaren Cir Fort Walton Beach, FL	3.0	2.5	1537	$2,500	$1.63	44d	1	0.93mi
2813 Bradford Pl NW Unit 2 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	14d	1	0.93mi
2812 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	21d	1	0.94mi
2814 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	21d	1	0.95mi
905 Piedmont Pl Fort Walton Beach, FL	3.0	2.0	1303	$1,695	$1.30	44d	1	0.96mi
964 Southern Oaks Ct Fort Walton Beach, FL	3.0	2.0	1315	$2,000	$1.52	44d	1	0.99mi
1008 Pineview Blvd Unit D Fort Walton Beach, FL	2.0	2.0	1200	$1,650	$1.38	21d	1	1.00mi
500 Liberty Ln NW Fort Walton Beach, FL	1.0–3.0	1.0–2.0	967	$2,883	$2.98	14d	14	1.01mi
913 Landry St #5 Fort Walton Beach, FL	2.0	1.0	884	$1,200	$1.36	21d	1	1.02mi
977 Scenic Oak Ln Fort Walton Beach, FL	2.0	2.5	1248	$1,650	$1.32	44d	1	1.04mi

Listing history 3 events

1. 2026-06-07
   days on market $169,000 Active 3 DOM
2. 2026-06-05
   remarks 608-char remark
3. 2026-06-05
   listed $169,000 Active 1 DOM

ⓘ 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: $1,857 · $155/mo
• Projected year-2 tax: $1,857 · $155/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $22,302
• − Mortgage interest: −$9,467
• − Property taxes: −$1,857
• − Insurance: −$845
• − Repairs & maintenance: −$1,784
• − Management: −$1,784
• − Depreciation: −$4,916
• Taxable income: $1,649
• Est. tax owed @ 24.0%: −$396
• After-tax cash flow: $3,886/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

+11357.6% since first listed

4 events — show timeline

• 2026-06-04 Listed $169,000 ECAR
• 2025-05-24 Rental Removed $1,475 APPFOLIO
• 2025-04-16 Listed for Rent $1,475 APPFOLIO
• 2022-12-15 Rental Removed — RENT.

Property tax history

+8.1%/yr

Latest (2025): $1,857 · +3.7% YoY. Source: county tax records.