232 Medley Street
About This Property
Designed for comfort and peace of mind, the property includes a whole-house indoor and outdoor surge protection system, a 24kW Generac standby generator, upgraded smart security system with video doorbell, smart lock system at the garage entry, and in-ceiling speakers wired in the kitchen, dining area, and primary suite for whole-home audio.
Natural light has been enhanced by replacing the family room's smaller windows with larger windows, further brightening the living space. New ceiling fans have been installed throughout, including on the back patio.
Outdoor living has been thoughtfully re-engineered and renovated with upgraded footers, new posts, TimberTech decking, and new screens -- creating a durable and inviting retreat. The entire exterior was freshly painted in October 2025, with most of the interior repainted in December 2025 for a crisp, modern finish.
Additional improvements include added attic insulation above the garage, a new gutter system with pop-up drains, new sod and professional landscaping redesign, a new irrigation system, and a repainted garage with a new epoxy floor.
Every major upgrade has already been completed, leaving no projects to tackle and no deferred maintenance to worry about. This home offers the rare opportunity to step into a fully optimized property where comfort, style, and functionality are already in place.
WaterSound Origins is a thoughtfully designed 1,400-acre master-planned community where short-term rentals are not allowed, ensuring a more peaceful residential atmosphere. Residents enjoy access to the Village Commons resort-style pool and fitness center, the Origins Golf Course, tennis and pickleball courts, scenic nature trails, and a private dock on Lake Powell. The nearby Watersound Town Center features Publix along with a variety of shops and dining options. Just two miles south are the white-sand Gulf beaches and the charming coastal communities of Rosemary Beach, Alys Beach, and Seaside along Scenic 30A.
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Cap Rate Calculator
What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Aug 21, 2026 | Sold | ||
| Sold | |||
| Jul 30, 2026 | In contract | - | |
| In contract | |||
| Jun 6, 2026 | Price Decreased |
$949,900
↓ $49K
(4.9%) | |
| Price Decreased | |||
| May 1, 2026 | Price Decreased |
$999,000
↓ $26K
(2.5%) | |
| Price Decreased | |||
| Feb 19, 2026 | Listed by Compass | $1,024,900 | |
| Listed by Compass | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017