93 days on marketSingle Family Residence▼ Price cut: $2,000 (8/4)
$344,900
5-Bedroom Home in Blackwater Reserve
5390 Martingale Dr, Milton, FL 32583
Single Family Residence in Blackwater Reserve, Milton · No CDD · Built 2026
Blackwater Reserve · Milton, FL 32583 · Santa Rosa
Listing data updated August 31, 2026 · refreshed twice daily
5Bedrooms
3Bathrooms
2,107Sq Ft
2026Year Built
$164Per Sq Ft
2-car garageNew constructionNo CDDFEMA Zone X5 bedrooms
Momentum Research: independent market analysis, flood data, insurance estimates, buyer leverage, and objective property scoring, alongside the MLS listing. Not just the listing sheet.
5% below
$/sq ft vs community
$164 here vs $172 median sold (12 mo)
Buyer leverage
Buyer advantage
93 days on market
3.1 months
Supply around this home
Seller <3 · balanced 3-6 · buyer >6
Zone X
Flood risk
Minimal hazard per FEMA; ~121 ft elevation
$1k–$2k/yr
Est. insurance · illustrative
Not a carrier quote; premiums vary widely by property. Get a real quote.
Listed at $344,900 — recent neighborhood median sale price ~$320,900 (nearby sales; deemed reliable, not an appraisal)
93 days on market
HOA $51/mo (per listing)
Momentum Research · Blackwater Reserve
Pricing & the Blackwater Reserve market
How this home is priced against recent nearby sales, and where Blackwater Reserve has been over 25 years. Momentum Research analysis of Pensacola MLS records; closed sales, deemed reliable but not guaranteed. Estimates only; see data notes.
This home’s $/sq ft vs. nearby sales
List $/sq ft against recent nearby closed sales; the community median is marked.
Price vs. size in Blackwater Reserve
Each dot is a closed sale since 2025 (111 total). This home is the gold marker.
Sale price (y) by living area in sq ft (x). Pensacola MLS closed sales.
Property timeline
This home’s history
2026BuiltPer public record
Jul 2, 2026First trackedObserved at $346,900
Aug 4, 2026Price cut$344,900
NowActiveCurrently for sale
Build year is from public record. Listing milestones reflect movewithmomentum.com’s own observations since we began tracking this listing and are not the MLS listing history; dates and prices are deemed reliable but not guaranteed.
Financing
Estimated monthly payment
$2,216/mo
Principal & interest $1,773/mo80%
Taxes $302/mo14%
Insurance $90/mo4%
HOA $51/mo2%
$2,216/mo at 20% down, 30-yr @ 6.66% · edit any field to update.
Strongest on: Flood safety (95), Insurance cost (80)
0 limited50100 exceptional
60/100 is solid, mid-pack across the objective indicators below. It reflects only those measures — not the home’s quality, condition, or desirability.
A 0-100 score built from objective property and market data: flood risk, insurance, pricing, supply, affordability, and recent sales. Higher means more measures line up in a buyer’s favor. It reflects only the factors below.
Price vs area62
This home $164/sq ft vs the community 12-month median $172/sq ft.
Affordability38
List price $344,900 vs the community median $320,900. Not a measure of personal affordability.
Flood safety95
FEMA Zone X, ~121 ft elevation. Verify the parcel with FEMA.
Insurance cost80
From FEMA Zone X and a 2026 build. Obtain a property-specific quote.
Market liquidity54
Community median 69 days on market, ~3.1 months of supply (12-month record).
Renovation upside30
From a 2026 build and $164/sq ft vs the community median $172/sq ft. Not a condition assessment.
Pricing power58
Recent sales closed at about 96.4% of original asking (~3.6% below). More room below asking generally favors buyers.
Momentum Scores are objective, rules-based indicators computed from listing facts, public records, and recent nearby sales. They are not appraisals, valuations, investment advice, or judgments about a neighborhood or who should live there. Verify independently.
🟡 Asking $164 per square foot, about 5% below the community’s $172 median. Blackwater Reserve’s 12-month median sold price per square foot is $172. Median sold price per square foot is down 5.0% year over year. Confidence: Very High · 95 closed sales in 12 monthsMLS facts: Pensacola MLS closed sales. A per-square-foot gap is context, not an appraisal; condition, lot, and view set the final number here.
0% of homes in Blackwater Reserve are owner-occupied. An estimated 100% are non-owner-occupied, including 88% held in a company or trust and 0% out-of-state owners.Why it matters: a high owner-occupied share typically means fewer rentals nearby and steadier resale demand.Source: Florida Department of Revenue 2025 assessment roll (public records), 155 homes matched. Community-level context.
Recent Blackwater Reserve sales closed near 96.4% of original asking.Why it matters: the community’s own record shows how far opening prices typically move, and how often buyers compete without financing.Momentum Research analysis of Pensacola MLS records, community-level, 12 months ending July 13, 2026. Aggregates only; deemed reliable but not guaranteed.
What’s unique here: one of only 24 active listings in Blackwater Reserve, no CDD assessment.
Updated August 31, 2026 · MLS facts carry their source; interpretation lines are Momentum Research · Data sources & freshness
Listing description
About this home
Welcome to Blackwater Reserve, a brand-new community featuring a beautiful community pool, Lazy River and Pickle Ball. The Creekside model is a spacious and desirable open concept floorplan, built-in lighting and a fabulous layout for relaxed living featuring 5 bedrooms, 3 bathrooms, 2-car garage, and the 'Smart Home Connect 'System with a variety of convenient Smart Home devices you will love. Spacious Great Room and dining area is open to the kitchen and lots of windows for natural lighting.
The well-designed open kitchen includes stainless steel appliances, a smooth-top range, built-in microwave, gorgeous quartz countertops, quiet dishwasher, corner pantry, island bar, eye-catching wood-look flooring, and plush carpet in the bedrooms. A well designed and highly desirable floorplan with many desirable amenities. Fabric Hurricane door and window protection is also included.
Enjoy this stylish contemporary, craftsman home with great curb appeal in the rapidly growing area.
Description provided by D R Horton Realty of NW Florida, LLC and reproduced from the MLS; not independently verified.
Property facts & sources
Every fact, sourced
Listing data, public records, our calculations, and what to verify — each fact shown once. Estimates and calculations shown are for general information only, are not appraisals or advice, and should be independently verified.
Listing facts MLS
List price$344,900
Bed / bath5 / 3
Living area2,107 sq ft
Year built2026
Property typeSingle Family Residence
Garage2-car
MLS #682783
Listing status93 days on market
Public records & third-party data
FEMA flood zoneZone X
Ground elevation~121 ft
Windstorm exposureLow
CountySanta Rosa
Area listings24 active · 23 under contract
Estimated first-year tax~$3,621/yr
CDD assessmentNone on record
HOA (per listing)$51/mo
Calculated estimates
Price per sq ft$164
Estimated monthly payment$2,216
Insurance (illustrative)$1k–$2k/yr
Messtimate range$341,334 – $368,725
Comparable-sales median$320,900
Buyer should verify Buyer verify
Exact HOA dues, fees, and restrictionsRoof age and conditionHVAC age and conditionA property-specific insurance quoteSurvey and lot boundariesPermit historyFlood-insurance requirementsSchool zoning (confirm with the district)Property taxes after sale (homestead reset)CDD / community assessmentsSquare footage and room dimensions
This is a deliberately dumb estimate — living area times a range of recent neighborhood $/sq ft, and nothing else. It is not an appraisal, not market value, and not a valuation of this home. Even a tight range from comparable sales can’t price a specific home — here’s why.
$341,334the mess$368,725
Actual list price: $344,900 — compare it against the range above. The Messtimate is a blind sqft estimate; the list price reflects this specific home.
A 8% spread on the same house — and that gap is exactly what an automated guess can't see:
Condition & updates — a renovated kitchen or new roof vs. dated finishes can swing value six figures; sq ft can't see it.
The lot & views — a premium golf, water, or preserve lot vs. a road-facing one: same sq ft, very different price.
Outliers skew it — one flip or distressed sale in the comps drags the whole $/sq ft up or down.
Carrying costs & concessions — CDD, HOA, insurance, and seller-paid buydowns change what a buyer actually pays.
And here's what the live market is doing — which the number above ignores entirely:
This home: 93 days on market vs. a 69-day community median
26 active listings competing, 15 under contract
≈3.1 months of supply
103 closed here in the last 12 months
For reference, this home is listed at $344,900 ($164/sq ft) — a number set with analysis a Messtimate can't do.
Want a property-specific review from a licensed agent? A Momentum Realty agent will do a real, free comparative market analysis — walking the home, the lot, the condition, and the live market. That's the difference between a Messtimate and a valuation.
Methodology: 2,107 sq ft × $162–$175/sq ft from recent nearby closed sales (public records). Estimate for general information only; not an appraisal, valuation, or offer. Updated August 31, 2026.
Keep looking
Similar homes for sale near Blackwater Reserve
Active listings nearby at a comparable size and price. Listings held by brokerages other than Momentum Realty are marked with the listing broker. Deemed reliable but not guaranteed.
Listed for $344,900Momentum Realty · on market 93 days
Public records
Building permits
Permit history not yet linkedConfirm permit history with the county building department.
Estimated ownership costs
Estimated costs & disclosures
Estimated ownership costs for general information. Confirm each with the county, your lender, and an insurer. See data & estimate notes.
Property tax (first-year est.)
~$3,621/yr
A rough first-year estimate only, applying a typical Santa Rosa rate to the list price before any exemptions. Florida bills vary substantially after reassessment, homestead and other exemptions, and local taxing districts — this is not your expected bill. Confirm with the county property appraiser.
CDD assessment
None
No CDD assessment on record for this community.
Insurance (illustrative range)
$1k–$2k/yr
An illustrative modeled range, not based on carrier underwriting and not a quote. Florida premiums vary significantly by roof age, wind-mitigation features, claims history, and carrier — a real quote can land well outside this range. Flood insurance not federally mandated (Zone X). Get a quote from a licensed insurer before relying on any figure.
HOA
$51/mo
Covers the master association & common areas. Confirm exact dues and what they include.
Environmental data
Flood zone & elevation
Sourced environmental data for the parcel. Confirm with FEMA and your insurer.
FEMA flood zone
Zone X
From the FEMA National Flood Hazard Layer. In this zone lender-required flood insurance is generally not mandated; confirm for the parcel.
Ground elevation
~121 ft
Approximate parcel elevation from USGS; confirm exact elevation with a survey.
Windstorm / insurance
Obtain a quote
This is a coastal Florida county. Premiums and coverage vary by home; obtain a quote from a licensed insurer.
Connectivity
Internet & broadband
Fiber
Check availability
AT&T Fiber covers much of NE Florida; confirm availability at the address.
Cable
Likely
Xfinity/Spectrum cable broadband is widely available.
5G Home
Backup
T-Mobile / Verizon fixed-wireless as a backup option.
Market data · public records
Recent sales activity in Blackwater Reserve
Recent comparable closed sales near this home, from public records. Summary figures are for general reference only and are not a valuation of this property. See the Blackwater Reserve neighborhood guide for more.
Comparable sales found
6
Recent nearby closings in the data set.
Community median sale price
$320,900
Canonical 12-month median closed price. Reference only.
Community median $/sq ft
$172
Canonical 12-month median $/sq ft. Reference only.
Go deeper on Blackwater Reserve
See schools, amenities, builders, HOA/CDD detail, and every active & sold home in the community — the single biggest advantage of buying here over a portal.
Recent local developments near this home, compiled from news and public sources. Provided for general information; verify details with the original source.
Jul 2026 · Development
Goldring Gulf Distributing plans expansion at Milton facility
Goldring Gulf Distributing filed plans to add 76,400 square feet to its existing 192,000 square foot beverage distribution facility in the Santa Rosa County Industrial Park in East Milton. The expansion would grow the company's footprint in Northwest Florida.
Why it matters: Enlarges an established industrial and distribution operation within the Santa Rosa County Industrial Park and expands the county's industrial base. The site is less than a mile west of Blackwater Reserve.
Circle K convenience store planned for Navarre Parkway
Plans for a Circle K convenience store with a gas canopy were submitted to Santa Rosa County in May 2026 for a site at 8510 Navarre Parkway. The proposal is under review by county development services.
Why it matters: Adds a fuel and convenience retail option along the Navarre Parkway commercial corridor and expands roadside services in the local market. The project is about 17 miles south of Blackwater Reserve, elsewhere in Santa Rosa County.
Schools currently assigned to this address in Santa Rosa County, provided as neutral factual data. Assignments can change — confirm current zoning with the school district. This is not a statement about the home's suitability for any person or family.
GRADEC
East MiltonAssigned elementary school · Santa Rosa County School District · Grade C (Florida DOE 2025-26)
KINGAssigned middle school · Santa Rosa County School District
GRADEB
MiltonAssigned high school · Santa Rosa County School District · Grade B (Florida DOE 2025-26)
Assigned schools per the MLS listing — assignments can change; confirm current zoning with the district. Browse school-zone pages →
How it stacks up
Comparable recent sales
Recent closed sales nearby, with photos, so you can compare. Sold prices are public record, deemed reliable but not guaranteed.
Sold Aug 2026
$341,900
8087 Fox Hunt Dr, Milton
5 / 3 bd/ba · 2,107 sq ft · $162/sq ft
Courtesy of D R Horton Realty of NW Florida, LLC · View details →
Sold Jul 2026
$339,900
8063 Fox Hunt Dr, Milton
5 / 3 bd/ba · 2,107 sq ft · $161/sq ft
Courtesy of D R Horton Realty of NW Florida, LLC · View details →
Sold Jul 2026
$342,900
8050 Fox Hunt Dr, Milton
5 / 3 bd/ba · 2,107 sq ft · $163/sq ft
Courtesy of D R Horton Realty of NW Florida, LLC · View details →
Sold Aug 2026
$324,900
8067 Fox Hunt Dr, Milton
4 / 2 bd/ba · 1,856 sq ft · $175/sq ft
Courtesy of D R Horton Realty of NW Florida, LLC · View details →
Sold Aug 2026
$327,090
8157 Fir Tree Dr, Milton
4 / 2 bd/ba · 1,856 sq ft · $176/sq ft
Courtesy of D R Horton Realty of NW Florida, LLC · View details →
Sold Aug 2026
$324,900
5406 Martingale Dr, Milton
4 / 2 bd/ba · 1,856 sq ft · $175/sq ft
Courtesy of D R Horton Realty of NW Florida, LLC · View details →
Community 12-month median: $172/sq ft. Shown for general reference only — this is not an appraisal or a statement of this home's value. Sold prices are public record and deemed reliable but not guaranteed.
If you rent it out
Investment snapshot
Objective rental and cash-flow estimates for a buyer weighing this as an investment. Rough figures for general information only — not a guarantee of rent, an appraisal, or investment advice. Verify independently.
Estimated rent$1,581 – $2,299/moa rough gross-rent-yield range on list price (comp-based estimate coming).
Estimated cap rate4.5%Net operating income ÷ list price; excludes financing.
Est. monthly cash flow−$683 – −$36At 25% down, 30-yr; after a 10% vacancy/maintenance/management reserve.
Before you decide
Buyer research checklist
A neutral list of items to confirm for any home. This is general guidance, not advice about this specific property.
Confirm roof age and condition during inspection.
Confirm HVAC age and condition during inspection.
Request current HOA documents before relying on dues or restrictions.
Obtain an insurance quote for this specific property.
Confirm school zoning directly with the district.
Order a survey to confirm lot boundaries.
Review permit history with the county.
Confirm whether flood insurance is required for this parcel.
Confirm square footage and room dimensions independently.
Ask the county how property taxes may change after a sale.
Nearby & commute
Approximate distances
Approximate drive times for general reference only.
City
Milton
Groceries, dining, and parks for this city — see the city guide.
Pensacola MLS, refreshed twice daily (last: August 31, 2026)
Community market stats
Pensacola MLS closed sales, as of July 13, 2026
Flood zone & elevation
FEMA flood maps + USGS elevation (Zone X shown above)
Taxes & monthly cost
Estimated from county rates; not a quote
Insurance figure
Modeled estimate; obtain a real quote before offering
Schools
2025-26 district assignments; verify with the district
Momentum Research lines are our own analysis of Pensacola MLS records; MLS data is deemed reliable but not guaranteed. Estimates are informational, not appraisals or advice. Methodology: how Momentum scores are computed.
Answered before you ask
Frequently asked questions
Why might my property taxes differ from the current owner's?
Florida's Save Our Homes rule caps annual assessment increases for homesteaded owners, and the assessment can be re-set after a sale. As a result a new owner's bill may differ from the seller's. Any tax figure shown here is an estimate, not the actual bill — confirm with the county property appraiser and tax collector.
Where does the flood-zone information come from?
The flood designation shown (Zone X) comes from the FEMA flood map and is provided for general information. Confirm the parcel's status with FEMA and your insurer.
Can I rely on the figures on this page?
No. Estimated taxes, insurance, payments, and any market or comparable-sales summary are opinions and estimates for general information only and should not be relied upon. Verify all information independently before making any decision.
Ready when you are
See 5390 Martingale Dr in person
Private tours available 7 days a week, in person or by live video walkthrough. Request a tour or send a question and a licensed Momentum Realty agent will follow up.
Opinion & estimate — do not rely on this page. Any figure on this page that is not a verbatim fact from the listing or a public record — including estimated property taxes, insurance, CDD/HOA amounts, mortgage payments, comparable-sales summaries, and market statistics — is an opinion and estimate provided for general informational purposes only. These figures may be inaccurate or out of date, are not appraisals, valuations, or financial, legal, tax, or investment advice, and should not be relied upon. Do not make any purchase, offer, financing, or other decision based on this page. Independently verify everything — price, square footage, lot size, year built, taxes, CDD/HOA, flood status, school assignments, permits, and community rules — with the listing broker, the county, your lender, a licensed inspector, an insurer, and your own advisors before acting.
Estimate methodology. Tax estimates apply a typical county millage rate to the list price and will differ from the actual assessed bill. Cost and market figures are derived from available data and simple calculations, not a professional appraisal. We make no representation that any estimate reflects fair market value.
Equal Housing Opportunity. Content on this page is compiled from public records, MLS data, and automated sources and may contain errors or be out of date. It is general information only, not a representation about any specific property, community, builder, or association. Verify information independently before relying on it. Momentum Realty supports the Fair Housing Act and does not discriminate on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. Information about schools, distances, and amenities is provided as neutral factual data to help you research the property and is not a statement about who should or should not live here or the suitability of the home or neighborhood for any person or group. School data may change — confirm current assignments with the school district.
Found an error? If you are the owner, listing agent, or a party to this property and believe any information is inaccurate, email and we will review and correct or remove it promptly.
Automated content. Some summaries, distances, and estimates on this page are generated automatically from public and proprietary data sources and may contain errors or omissions. We strive for accuracy but cannot guarantee the completeness or accuracy of any information. Verify anything important independently.
No warranty; measurements & photos. No guarantee, warranty, or representation of any kind is made regarding the completeness or accuracy of any information, descriptions, or measurements on this page — including square-footage measurements and property condition — all of which should be independently verified through appropriate means, including in-person inspection and public records. Photographs may be virtually staged or digitally enhanced and may not reflect actual property conditions. Momentum Realty and its agents expressly disclaim any liability in connection with the information provided.
Sold price and details are from public records and the MLS, deemed reliable but not guaranteed. Shown for comparison only — not an appraisal or a statement of this home's value.
