209 W Miracle Strip Pkwy Unit A303 · Mary Esther, FL 32569

$119,900

2 bd · 1.0 ba · 965 sqft · Condo public records · 28 Days on market

Built 1974 $860/mo HOA · 51% 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).

• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.5/5.0
• Cash flow +3.9/30.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to The Cedars, a quaint community in the heart of Fort Walton Beach, Florida. This beautifully maintained 2-bedroom, 1-bath condo offers the perfect blend of comfort and convenience, ideal for a beach getaway or a year-round residence. Inside this condo, you'll find knockdown textured ceilings, sleek quartz countertops, and an undermount deep stainless steel sink, perfectly paired with white cabinets and stainless steel appliances. The flooring throughout the condo features a harmonious blend of neutral-toned LVP, tile, and carpet, creating a warm and inviting atmosphere. Amenities include an on-site laundromat, a meeting room for social gatherings or small events, a sparkling pool overlooking the Local attractions in Fort Walton Beach include downtown Fort Walton Beach, Indian Temple Mound Museum, Fort Walton Beach Landing Park and many wonderful restaurants. Attractions on Okaloosa Island include the pristine white-sand beaches of Okaloosa Island, Gulfarium Marine Adventure Park, and the Boardwalk. Don't miss out on this incredible opportunity - Schedule your tour of this charming Fort Walton Beach condo today!

Key facts

• Community pool
• Private balcony
• Dock access

Tags

• PRIVATE BALCONY
• COMMUNITY POOL
• PRIVATE BEACH AREA
• DOCK ACCESS
• TRANQUIL COURTYARD SPACES
• ON-SITE LAUNDRY FACILITY

Property features AI

Finance

• Other: Subdivision: CEDARS CONDO; Short-term rentals allowed
• Financial info: Tax information provided separately (financial details excluded per instructions)
• HOA & community: Association present; Association fees cover grounds maintenance, building maintenance, insurance, management, recreational facilities, sewer, trash and water; Community amenities allow pets and short-term rentals

Exterior

• Parking: Parking details not provided
• Security: No specific security features listed
• Utilities: Electric service; Public water; Public sewer; Electric water heater
• Home design: Condo unit in a 3-story building; Unit located on the third level; Built in 1974
• Construction: Concrete construction
• Exterior features: Balcony; Community pool; Waterfront access; BBQ area; Community room; Dock; Dumpster

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms (both on the third level)
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fans; Electric heat control
• Interior features: Furnished; Vinyl and carpet flooring; Five total rooms
• Laundry & utility: Community laundry (listed in community features)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $-341 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $60k (50.2% below list).
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $60k (50.2% below list) — sets the bar for cash-flow.
• Cap rate 2.9% vs local median 4.4% in Mary Esther — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 89/100 on livability (#2 in FL, #137 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+.
• 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: Annette P. Edwins Elementary School (math 47% / reading 42%, grade F, #1,288 of 2,144 statewide, top 62%, 453 students, 80% FRL); Fort Walton Beach High School (math 54% / reading 58%, grade C, #131 of 667 statewide, top 20%, 1,620 students, 42% FRL) — zoned schools average 61% FRL vs 36% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.5%/yr); 178 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $829 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 28 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 24y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 51% of rent.

Recommended offer $59,657 (50.2% 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. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.41% ✓
• Cap rate: 2.88%
• Cash-on-cash: -12.19%
• DSCR: 0.46
• GRM: 5.9

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: -47.3%
• Equity multiple: -0.36×
• Total profit: $-45,571
• Equity at exit: $17,877

10-year hold

• IRR: —
• Equity multiple: -1.52×
• Total profit: $-84,632
• Equity at exit: $10,367

Cash invested: $33,572 (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 32569

• Home prices YoY: -26.5%
• Rents YoY: -0.5%
• Active inventory: 178
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,697 high
• Mortgage (P&I): −$629
• Tax from tax record: −$143 /mo · $1,711/yr
• Insurance: −$50
• HOA: −$860
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $-341

Break-even live

Break-even rent $2,128

Max offer price $59,657

Occupancy floor —

Sensitivity live

Price	-10% $-273	-5% $-307	+0% $-341	+5% $-375	+10% $-409
Rent	-10% $-475	-5% $-408	+0% $-341	+5% $-274	+10% $-207
Rate	-1.0pp $-281	-0.5pp $-311	base $-341	+0.5pp $-372	+1.0pp $-404

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
209 W Miracle Strip Pkwy Unit A203 Mary Esther, FL	2.0	1.0	900	$1,350	$1.50	22d	1	0.01mi
280 Anderson Dr Mary Esther, FL	3.0	1.0	1066	$1,695	$1.59	45d	1	0.29mi
200 Page Bacon Rd Mary Esther, FL	1.0–3.0	1.0–2.0	1030	$2,208	$2.14	15d	18	0.81mi
413 Sea Rover Ln NW Unit F Fort Walton Beach, FL	2.0	1.5	1035	$1,600	$1.55	22d	1	1.48mi
413 Sea Rover Ln NW Unit F Fort Walton Beach, FL	2.0	1.5	1035	$1,600	$1.55	15d	1	1.48mi

HOA detail condo

• Monthly dues: $860 · $10,320/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 36 events

1. 2026-06-05
   status $119,900 Pending 28 DOM
2. 2026-06-02
   days on market $119,900 Active 28 DOM
3. 2026-06-01
   days on market $119,900 Active 27 DOM
4. 2026-05-31
   days on market $119,900 Active 26 DOM
5. 2026-05-30
   days on market $119,900 Active 25 DOM
6. 2026-05-04
   listed $129,900 Active 1164-char remark
7. 2025-06-16
   soldstatus $102,777 Sold 1139-char remark

   Show marketing remark (1139 chars)

   Welcome to The Cedars, a quaint community in the heart of Fort Walton Beach, Florida. This beautifully maintained 2-bedroom, 1-bath condo offers the perfect blend of comfort and convenience, ideal for a beach getaway or a year-round residence. Inside this condo, you'll find knockdown textured ceilings, sleek quartz countertops, and an undermount deep stainless steel sink, perfectly paired with white cabinets and stainless steel appliances. The flooring throughout the condo features a harmonious blend of neutral-toned LVP, tile, and carpet, creating a warm and inviting atmosphere. Amenities include an on-site laundromat, a meeting room for social gatherings or small events, a sparkling pool overlooking the Local attractions in Fort Walton Beach include downtown Fort Walton Beach, Indian Temple Mound Museum, Fort Walton Beach Landing Park and many wonderful restaurants. Attractions on Okaloosa Island include the pristine white-sand beaches of Okaloosa Island, Gulfarium Marine Adventure Park, and the Boardwalk. Don't miss out on this incredible opportunity - Schedule your tour of this charming Fort Walton Beach condo today!

8. 2025-06-16
   soldstatus $102,777

   Show marketing remark (1139 chars)

   Welcome to The Cedars, a quaint community in the heart of Fort Walton Beach, Florida. This beautifully maintained 2-bedroom, 1-bath condo offers the perfect blend of comfort and convenience, ideal for a beach getaway or a year-round residence. Inside this condo, you'll find knockdown textured ceilings, sleek quartz countertops, and an undermount deep stainless steel sink, perfectly paired with white cabinets and stainless steel appliances. The flooring throughout the condo features a harmonious blend of neutral-toned LVP, tile, and carpet, creating a warm and inviting atmosphere. Amenities include an on-site laundromat, a meeting room for social gatherings or small events, a sparkling pool overlooking the Local attractions in Fort Walton Beach include downtown Fort Walton Beach, Indian Temple Mound Museum, Fort Walton Beach Landing Park and many wonderful restaurants. Attractions on Okaloosa Island include the pristine white-sand beaches of Okaloosa Island, Gulfarium Marine Adventure Park, and the Boardwalk. Don't miss out on this incredible opportunity - Schedule your tour of this charming Fort Walton Beach condo today!

9. 2025-04-04
   price $114,400 1139-char remark

   Show marketing remark (1139 chars)

   Welcome to The Cedars, a quaint community in the heart of Fort Walton Beach, Florida. This beautifully maintained 2-bedroom, 1-bath condo offers the perfect blend of comfort and convenience, ideal for a beach getaway or a year-round residence. Inside this condo, you'll find knockdown textured ceilings, sleek quartz countertops, and an undermount deep stainless steel sink, perfectly paired with white cabinets and stainless steel appliances. The flooring throughout the condo features a harmonious blend of neutral-toned LVP, tile, and carpet, creating a warm and inviting atmosphere. Amenities include an on-site laundromat, a meeting room for social gatherings or small events, a sparkling pool overlooking the Local attractions in Fort Walton Beach include downtown Fort Walton Beach, Indian Temple Mound Museum, Fort Walton Beach Landing Park and many wonderful restaurants. Attractions on Okaloosa Island include the pristine white-sand beaches of Okaloosa Island, Gulfarium Marine Adventure Park, and the Boardwalk. Don't miss out on this incredible opportunity - Schedule your tour of this charming Fort Walton Beach condo today!

10. 2025-02-28
    price $129,900 1139-char remark

    Show marketing remark (1139 chars)

    Welcome to The Cedars, a quaint community in the heart of Fort Walton Beach, Florida. This beautifully maintained 2-bedroom, 1-bath condo offers the perfect blend of comfort and convenience, ideal for a beach getaway or a year-round residence. Inside this condo, you'll find knockdown textured ceilings, sleek quartz countertops, and an undermount deep stainless steel sink, perfectly paired with white cabinets and stainless steel appliances. The flooring throughout the condo features a harmonious blend of neutral-toned LVP, tile, and carpet, creating a warm and inviting atmosphere. Amenities include an on-site laundromat, a meeting room for social gatherings or small events, a sparkling pool overlooking the Local attractions in Fort Walton Beach include downtown Fort Walton Beach, Indian Temple Mound Museum, Fort Walton Beach Landing Park and many wonderful restaurants. Attractions on Okaloosa Island include the pristine white-sand beaches of Okaloosa Island, Gulfarium Marine Adventure Park, and the Boardwalk. Don't miss out on this incredible opportunity - Schedule your tour of this charming Fort Walton Beach condo today!

11. 2025-02-03
    price $139,900 1139-char remark

    Show marketing remark (1139 chars)

    Welcome to The Cedars, a quaint community in the heart of Fort Walton Beach, Florida. This beautifully maintained 2-bedroom, 1-bath condo offers the perfect blend of comfort and convenience, ideal for a beach getaway or a year-round residence. Inside this condo, you'll find knockdown textured ceilings, sleek quartz countertops, and an undermount deep stainless steel sink, perfectly paired with white cabinets and stainless steel appliances. The flooring throughout the condo features a harmonious blend of neutral-toned LVP, tile, and carpet, creating a warm and inviting atmosphere. Amenities include an on-site laundromat, a meeting room for social gatherings or small events, a sparkling pool overlooking the Local attractions in Fort Walton Beach include downtown Fort Walton Beach, Indian Temple Mound Museum, Fort Walton Beach Landing Park and many wonderful restaurants. Attractions on Okaloosa Island include the pristine white-sand beaches of Okaloosa Island, Gulfarium Marine Adventure Park, and the Boardwalk. Don't miss out on this incredible opportunity - Schedule your tour of this charming Fort Walton Beach condo today!

12. 2025-01-23
    listed $150,000 Active 1139-char remark

    Show marketing remark (1139 chars)

    Welcome to The Cedars, a quaint community in the heart of Fort Walton Beach, Florida. This beautifully maintained 2-bedroom, 1-bath condo offers the perfect blend of comfort and convenience, ideal for a beach getaway or a year-round residence. Inside this condo, you'll find knockdown textured ceilings, sleek quartz countertops, and an undermount deep stainless steel sink, perfectly paired with white cabinets and stainless steel appliances. The flooring throughout the condo features a harmonious blend of neutral-toned LVP, tile, and carpet, creating a warm and inviting atmosphere. Amenities include an on-site laundromat, a meeting room for social gatherings or small events, a sparkling pool overlooking the Local attractions in Fort Walton Beach include downtown Fort Walton Beach, Indian Temple Mound Museum, Fort Walton Beach Landing Park and many wonderful restaurants. Attractions on Okaloosa Island include the pristine white-sand beaches of Okaloosa Island, Gulfarium Marine Adventure Park, and the Boardwalk. Don't miss out on this incredible opportunity - Schedule your tour of this charming Fort Walton Beach condo today!

13. 2024-09-16
    price $150,000
14. 2024-08-21
    historical $1,600
15. 2024-08-11
    price $159,900
16. 2024-08-07
    listed $1,600
17. 2024-07-18
    price $169,000
18. 2024-07-09
    price $179,900
19. 2024-06-07
    listed $184,900 Active
20. 2022-02-24
    soldstatus $195,000
21. 2022-02-18
    soldstatus $195,000
22. 2021-09-20
    listed $199,000
23. 2019-08-06
    soldstatus $118,000
24. 2019-07-29
    soldstatus $118,000
25. 2019-07-29
    soldstatus $118,000
26. 2019-05-10
    listed $121,900
27. 2019-04-12
    soldstatus $65,000
28. 2019-04-10
    soldstatus $65,000
29. 2019-04-10
    soldstatus $65,000
30. 2019-03-29
    listed $65,000
31. 2002-08-27
    soldstatus $47,500
32. 2002-08-26
    soldstatus $47,500
33. 2002-08-26
    soldstatus $47,500
34. 2002-02-20
    listed $51,900
35. 2002-02-20
    listed $51,900
36. 1995-03-23
    soldstatus $30,000

ⓘ 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: $1,711 · $143/mo
• Projected year-2 tax: $1,711 · $143/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $20,358
• − Mortgage interest: −$6,716
• − Property taxes: −$1,711
• − Insurance: −$600
• − Repairs & maintenance: −$1,629
• − Management: −$1,629
• − HOA: −$10,320
• − Depreciation: −$3,488
• Taxable loss: −$5,733
• Est. tax savings @ 24.0%: +$1,376
• After-tax cash flow: $-2,716/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 — Mary Esther

• Score: 89/100
• State rank: #2
• US rank: #137

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mary Esther, FL
• County: Okaloosa County · 194,352 people
• City population: 12,063
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 12,063
• Household income: $77,718
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 416.0

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 0.58)
• Race & ethnicity: White 63% Two or more races 12% Black 12% Hispanic / Latino 9% Asian 8%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 5% Romanian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, South Korea, China
• Languages at home: 89% English-only · Other Indo-European 4% Spanish 3% 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: ▼ -97.13%
• Current HPI: 269.266
• Rent YoY: ▼ -0.45%
• 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

+273.3% since first listed

34 events — show timeline

• 2026-06-16 Sold (MLS) $112,000 ECAR
• 2026-06-03 Pending — ECAR
• 2026-05-20 Price Changed $119,900 ECAR
• 2026-05-04 Listed $129,900 ECAR
• 2025-06-16 Sold (Public Records) $102,777 Public Records
• 2025-06-16 Sold (MLS) $102,777 ECAR
• 2025-04-04 Price Changed $114,400 ECAR
• 2025-02-28 Price Changed $129,900 ECAR
• 2025-02-03 Price Changed $139,900 ECAR
• 2025-01-23 Listed $150,000 ECAR
• 2024-09-16 Price Changed $150,000 ECAR
• 2024-08-21 Rental Removed $1,600 BUILDIUM
• 2024-08-11 Price Changed $159,900 ECAR
• 2024-08-07 Listed for Rent $1,600 BUILDIUM
• 2024-07-18 Price Changed $169,000 ECAR
• 2024-07-09 Price Changed $179,900 ECAR
• 2024-06-07 Listed $184,900 ECAR
• 2022-02-24 Sold (Public Records) $195,000 Public Records
• 2022-02-18 Sold (MLS) $195,000 NAMLS
• 2021-09-20 Listed $199,000 NAMLS
• 2019-08-06 Sold (Public Records) $118,000 Public Records
• 2019-07-29 Sold (MLS) $118,000 NAMLS
• 2019-07-29 Sold (MLS) $118,000 ECAR
• 2019-05-10 Listed $121,900 NAMLS
• 2019-04-12 Sold (Public Records) $65,000 Public Records
• 2019-04-10 Sold (MLS) $65,000 NAMLS
• 2019-04-10 Sold (MLS) $65,000 ECAR
• 2019-03-29 Listed $65,000 NAMLS
• 2002-08-27 Sold (Public Records) $47,500 Public Records
• 2002-08-26 Sold (MLS) $47,500 NAMLS
• 2002-08-26 Sold (MLS) $47,500 ECAR
• 2002-02-20 Listed $51,900 NAMLS
• 2002-02-20 Listed $51,900 ECAR
• 1995-03-23 Sold (Public Records) $30,000 Public Records

Property tax history

+10.8%/yr

Latest (2025): $1,711 · -14.3% YoY. Source: county tax records.