210 Pelham Rd Unit 215B · Wright, FL 32547

$130,000

2 bd · 1.0 ba · 925 sqft · Condo public records · 32 Days on market

Built 1975 $495/mo HOA · 32% of rent

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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).

• Cash flow +9.0/30.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy 2 bedroom, 1bathroom condo situated on the second floor. Step through your dining room doors to your balcony, and enjoy charming views of the Bayou. Conveniently located off Beal Parkway, the complex is close to schools, shopping, and ideally positioned between both military bases.

Key facts

• Dock
• Tennis court
• Private balcony

Tags

• PRIVATE BALCONY
• WATERFRONT ACCESS
• COMMUNITY AMENITIES
• DOCK
• POOL
• TENNIS COURT

Property features AI

Finance

• Other: Subdivision: PIER ONE CONDO
• HOA & community: Association membership required; Association covers grounds maintenance, management, sewer, trash, and water; Community amenities include BBQ pit/grill, community room, dock, fishing, laundry, pool, and tennis courts; Short-term rentals not allowed

Exterior

• Utilities: Electric service available; Phone service available; TV cable available; Water heater: electric; Energy features include central gas AC and electric heat control
• Home design: Condo unit in a multi-story building; 2-story building (unit described as single-story); Architectural style: N/A
• Construction: Built in 1975; Brick and vinyl siding construction
• Exterior features: Open patio; Community pool; Bayou view; Waterfront property with bayou frontage

Interior

• Kitchen: Dishwasher; Range hood
• Bedrooms: 2 bedrooms (both on the first level); Primary bedroom with shower-only master bathroom
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Gas cooling
• Interior features: Split bedroom layout; Double-pane windows
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (13.8% below list).
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $112k (13.8% below list) — sets the bar for cash-flow.
• Cap rate 5.4% vs local median 4.2% in Wright — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Wright Elementary School (math 48% / reading 49%, grade D, #1,152 of 2,144 statewide, top 55%, 635 students, 73% 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 62% FRL vs 36% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 47% at this address vs 60% district-wide (-13 pts) — the specific schools serving this property underperform the Okaloosa average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.1%/yr); 232 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k 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 32 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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 $98k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $112,005 (13.8% 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 32 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.18% ✓
• Cap rate: 5.35%
• Cash-on-cash: -3.36%
• DSCR: 0.85
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -26.9%
• Equity multiple: 0.13×
• Total profit: $-31,774
• Equity at exit: $19,383

10-year hold

• IRR: -53.3%
• Equity multiple: -0.44×
• Total profit: $-52,277
• Equity at exit: $11,240

Cash invested: $36,400 (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: 232
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,535 high
• Mortgage (P&I): −$682
• Tax from tax record: −$84 /mo · $1,006/yr
• Insurance: −$54
• HOA: −$495
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $-102

Break-even live

Break-even rent $1,664

Max offer price $112,005

Occupancy floor —

Sensitivity live

Price	-10% $-28	-5% $-65	+0% $-102	+5% $-139	+10% $-175
Rent	-10% $-223	-5% $-163	+0% $-102	+5% $-41	+10% $19
Rate	-1.0pp $-36	-0.5pp $-69	base $-102	+0.5pp $-136	+1.0pp $-170

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 Pelham Rd Fort Walton Beach, FL	1.0–2.0	1.0	809	$1,500	$1.85	15d	2	0.02mi
772 Rockport Ct Unit 4 Fort Walton Beach, FL	1.0	1.0	900	$1,200	$1.33	45d	1	0.16mi
770 Rockport Ct Unit 2 Fort Walton Beach, FL	1.0	1.0	900	$1,200	$1.33	45d	1	0.18mi
607 W Sunset Blvd Unit B Fort Walton Beach, FL	2.0	1.0	840	$1,600	$1.90	22d	1	0.25mi
1863 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	45d	1	0.27mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	15d	1	0.30mi
706 Shady Lane Dr Unit D Fort Walton Beach, FL	2.0	1.0	900	$1,650	$1.83	22d	1	0.30mi
706 Shady Lane Dr Unit B Fort Walton Beach, FL	2.0	1.0	900	$1,680	$1.87	45d	1	0.30mi
706 Shady Lane Dr Unit C Fort Walton Beach, FL	2.0	1.0	900	$1,600	$1.78	15d	1	0.30mi
1855 Norwood Ct #5 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	45d	1	0.31mi
1855 Norwood Ct Fort Walton Beach, FL	2.0	2.0	960	$1,400	$1.46	45d	1	0.31mi
1851 Norwood Ct Unit 4 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	22d	1	0.33mi
1850 Norwood Ct Unit 2 Fort Walton Beach, FL	2.0	2.0	960	$1,350	$1.41	22d	1	0.34mi
805 Hayley Marie Ct Fort Walton Beach, FL	2.0	2.0	1095	$1,650	$1.51	45d	1	0.38mi
1861 Stella Ln Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	15d	5	0.44mi
337 Lewis St Unit F Fort Walton Beach, FL	2.0	1.0	864	$1,225	$1.42	45d	1	0.45mi
402 Marshall Ct NW #6 Fort Walton Beach, FL	2.0	2.0	1050	$1,500	$1.43	22d	1	0.46mi
1850 Stella Ln Unit 4-411 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	15d	1	0.46mi
1850 Stella Ln Unit 4-417 Fort Walton Beach, FL	2.0	2.0	980	$1,800	$1.84	45d	1	0.46mi
1855 Stella Ln Unit 6-617 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	15d	1	0.46mi
1851 Stella Ln Unit 5-538 Fort Walton Beach, FL	2.0	2.0	980	$1,650	$1.68	15d	1	0.46mi
405 Marshall Ct Fort Walton Beach, FL	2.0	2.0	1000	$1,495	$1.50	45d	1	0.51mi
225 Wright Pkwy NW #4 Fort Walton Beach, FL	1.0	1.0	680	$1,195	$1.76	22d	1	0.53mi
320 Clifford St Fort Walton Beach, FL	1.0	1.0	600	$1,150	$1.92	45d	1	0.56mi
881 Culp Ave Fort Walton Beach, FL	1.0	1.0	881	$1,250	$1.42	15d	1	0.79mi
1800 Tsuga Way Unit G Fort Walton Beach, FL	1.0	1.0	680	$1,300	$1.91	22d	1	0.83mi
1800 Tsuga Way Unit L Fort Walton Beach, FL	1.0	1.0	680	$1,350	$1.99	45d	1	0.83mi
2814 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	22d	1	0.91mi
2813 Bradford Pl NW Unit 2 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	15d	1	0.91mi
2812 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	22d	1	0.92mi
2809 Bradford Pl NW Unit 3 Fort Walton Beach, FL	2.0	2.0	928	$1,300	$1.40	15d	1	0.93mi
2809 Bradford Pl NW Unit 4 Fort Walton Beach, FL	2.0	2.0	928	$1,250	$1.35	45d	1	0.93mi
604 Colonial Dr Fort Walton Beach, FL	1.0–2.0	1.0–2.0	818	$1,624	$1.99	45d	1	0.97mi
44 Wright Pkwy NW Fort Walton Beach, FL	2.0	1.0	1000	$1,350	$1.35	22d	1	0.98mi
790 Navy St Fort Walton Beach, FL	2.0	1.0	900	$1,300	$1.44	15d	1	0.98mi
895 Silverwood #6 Fort Walton Beach, FL	2.0	2.0	960	$1,250	$1.30	22d	1	0.99mi
2800 Bradford Pl NW Fort Walton Beach, FL	2.0	2.0	850	$1,395	$1.64	15d	5	1.00mi
794 Navy St Fort Walton Beach, FL	2.0	1.0	840	$1,200	$1.43	22d	1	1.01mi
806 Fairview Dr Fort Walton Beach, FL	2.0	1.0	901	$1,350	$1.50	45d	1	1.06mi
517 Scott Ln Fort Walton Beach, FL	3.0	2.0	980	$1,595	$1.63	45d	1	1.09mi

HOA detail condo

• Monthly dues: $495 · $5,940/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-21
   days on market $130,000 Active 32 DOM
2. 2026-06-18
   days on market $130,000 Active 29 DOM
3. 2026-06-17
   days on market $130,000 Active 28 DOM
4. 2026-06-16
   days on market $130,000 Active 27 DOM
5. 2026-06-15
   days on market $130,000 Active 26 DOM
6. 2026-06-14
   days on market $130,000 Active 24 DOM
7. 2026-06-13
   days on market $130,000 Active 23 DOM
8. 2026-06-10
   days on market $130,000 Active 21 DOM
9. 2026-06-09
   days on market $130,000 Active 20 DOM
10. 2026-06-08
    days on market $130,000 Active 19 DOM
11. 2026-06-07
    days on market $130,000 Active 18 DOM
12. 2026-06-05
    days on market $130,000 Active 15 DOM
13. 2026-06-02
    days on market $130,000 Active 13 DOM
14. 2026-06-01
    days on market $130,000 Active 12 DOM
15. 2026-05-31
    days on market $130,000 Active 11 DOM
16. 2026-05-30
    days on market $130,000 Active 10 DOM
17. 2026-05-19
    listed $130,000 Active
18. 2024-12-30
    soldstatus $98,000
19. 2024-12-27
    soldstatus $98,000 Sold 288-char remark

    Show marketing remark (288 chars)

    Cozy 2 bedroom, 1bathroom condo situated on the second floor. Step through your dining room doors to your balcony, and enjoy charming views of the Bayou. Conveniently located off Beal Parkway, the complex is close to schools, shopping, and ideally positioned between both military bases.

20. 2024-12-04
    price $99,900 288-char remark

    Show marketing remark (288 chars)

    Cozy 2 bedroom, 1bathroom condo situated on the second floor. Step through your dining room doors to your balcony, and enjoy charming views of the Bayou. Conveniently located off Beal Parkway, the complex is close to schools, shopping, and ideally positioned between both military bases.

21. 2024-11-15
    listed $107,000 Active 288-char remark

    Show marketing remark (288 chars)

    Cozy 2 bedroom, 1bathroom condo situated on the second floor. Step through your dining room doors to your balcony, and enjoy charming views of the Bayou. Conveniently located off Beal Parkway, the complex is close to schools, shopping, and ideally positioned between both military bases.

22. 2018-03-30
    historical
23. 2017-12-14
    listed $69,900
24. 2017-12-14
    listed $69,900
25. 2014-07-24
    soldstatus $36,000
26. 2014-07-24
    soldstatus $36,000
27. 2014-04-02
    listed $43,000
28. 2013-07-29
    historical
29. 2012-07-07
    listed $38,000
30. 2012-07-07
    listed $38,000
31. 2006-12-06
    soldstatus $100,000
32. 2006-11-30
    soldstatus $100,000
33. 2006-07-01
    listed $120,000
34. 1979-06-01
    soldstatus $22,900
35. 1977-01-01
    soldstatus $19,100

ⓘ 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: $1,006 · $84/mo
• Projected year-2 tax: $1,079 · $90/mo
• Expected delta: +$73/yr (+$6/mo · 7.3%)

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

Taxation est. · year 1

• Rental income: $18,423
• − Mortgage interest: −$7,282
• − Property taxes: −$1,006
• − Insurance: −$650
• − Repairs & maintenance: −$1,474
• − Management: −$1,474
• − HOA: −$5,940
• − Depreciation: −$3,782
• Taxable loss: −$3,184
• Est. tax savings @ 24.0%: +$764
• After-tax cash flow: $-458/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

+580.6% since first listed

19 events — show timeline

• 2026-05-19 Listed $130,000 ECAR
• 2024-12-30 Sold (Public Records) $98,000 Public Records
• 2024-12-27 Sold (MLS) $98,000 ECAR
• 2024-12-04 Price Changed $99,900 ECAR
• 2024-11-15 Listed $107,000 ECAR
• 2018-03-30 Listing Removed — NAMLS
• 2017-12-14 Listed $69,900 NAMLS
• 2017-12-14 Listed $69,900 ECAR
• 2014-07-24 Sold (MLS) $36,000 ECAR
• 2014-07-24 Sold (MLS) $36,000 NAMLS
• 2014-04-02 Listed $43,000 NAMLS
• 2013-07-29 Listing Removed — NAMLS
• 2012-07-07 Listed $38,000 NAMLS
• 2012-07-07 Listed $38,000 ECAR
• 2006-12-06 Sold (Public Records) $100,000 Public Records
• 2006-11-30 Sold (MLS) $100,000 ECAR
• 2006-07-01 Listed $120,000 ECAR
• 1979-06-01 Sold (Public Records) $22,900 Public Records
• 1977-01-01 Sold (Public Records) $19,100 Public Records

Property tax history

+7.4%/yr

Latest (2025): $1,006 · +7.5% YoY. Source: county tax records.