26 W Lockwood Way · DeFuniak Springs, FL 32435

$249,000

4 bd · 2.0 ba · 1,620 sqft · SingleFamily public records · 55 Days on market

Built 2022 0.25 ac lot Est $253k · at est. ↓ 2% since listing

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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 +10.9/30.0
• Appreciation +10.0/10.0
• ARV discount +8.2/15.0
• Schools +5.2/10.0
• DSCR +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0

Listing remarks MLS

Come check out this BEAUTIFUL NEW Single-Story Home in the Sawmill Court Community! The desirable Covington Plan boasts an open design encompassing the Living, Dining, and Kitchen spaces. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Appliances (Includes, Range with Microwave hood, and Dishwasher). Additionally, the primary suite has a private bath with dual vanity sinks and a walk-in closet. This home also includes 3 more bedrooms and a full secondary bath. Dupont

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 2022

Property features AI

Finance

• HOA & community: Subdivision: Sawmill Court

Exterior

• Parking: 2-car garage; Garage parking
• Utilities: Electric service; Public water; Septic tank; Underground utilities
• Home design: Traditional-style single-story home; Built in 2022; Facing/entry level: first floor
• Construction: Vinyl siding; Composite shingle roof; Slab foundation
• Exterior features: Open deck; Open porch; Covered porch

Interior

• Kitchen: Kitchen located on the first floor; Kitchen island; Dishwasher; Microwave
• Bedrooms: 4 bedrooms; Primary bedroom located on the first floor
• Bathrooms: 2 full bathrooms; Primary bathroom with double vanity and shower (no tub)
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Kitchen island; Washer/dryer hookup; 12 total rooms
• Laundry & utility: Washer/dryer hookup; Electric water heater; Utility room on the first floor

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (27.7% below list).
• Recommended offer: $180k (27.7% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.8% in DeFuniak Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 64/100 on livability (#694 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D, amenities F.
• Walton (rural): math 62% / reading 61% proficiency, ranked #10 of 73 in FL (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: West Defuniak Elementary School (math 67% / reading 57%, grade B, #608 of 2,144 statewide, top 29%, 669 students, 69% FRL); Walton High School (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 856 students, 65% FRL) — zoned schools average 67% FRL vs 48% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 122 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $40k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $179,985 (27.7% 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 55 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
7. 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.
8. 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.
9. 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: 0.72% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.87%
• DSCR: 0.92
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $252,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 W Lockwood Way	0.01mi	4/2.0	1,776 (+10%)	6mo	$275,000	$155	78
228 E Lockwood Way	0.14mi	4/2.0	1,781 (+10%)	0mo	$278,000	$156	77
957 Graysen Ln	0.21mi	4/2.0	1,607 (-1%)	16mo	$266,990	$166	76
1583 S Co Hwy 183	0.25mi	4/2.0	1,536 (-5%)	7mo	$244,900	$159	74
89 E Lockwood Way	0.11mi	4/3.0	1,567 (-3%)	15mo	$220,000	$140	73
160 Sue Ln	0.12mi	3/2.0 (-1)	1,524 (-6%)	9mo	$231,750	$152	72
468 Graysen Ln	0.09mi	4/2.0	1,776 (+10%)	15mo	$295,000	$166	67
250 E Lockwood Way	0.12mi	4/2.0	1,776 (+10%)	14mo	$259,900	$146	67
995 Graysen Ln	0.18mi	4/2.0	1,776 (+10%)	17mo	$275,990	$155	62
808 Graysen Ln	0.23mi	4/2.0	1,440 (-11%)	16mo	$225,000	$156	57
981 Graysen Ln	0.19mi	4/2.0	1,398 (-14%)	16mo	$253,990	$182	55
879 Graysen Ln	0.28mi	4/2.0	1,398 (-14%)	16mo	$249,990	$179	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 2.84×
• Total profit: $128,596
• Equity at exit: $224,319

10-year hold

• IRR: 20.5%
• Equity multiple: 6.51×
• Total profit: $383,963
• Equity at exit: $483,752

Cash invested: $69,720 (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 32435

• Home prices YoY: 4.0%
• Active inventory: 122
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$121 /mo · $1,453/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-109

Break-even live

Break-even rent $1,937

Max offer price $229,790

Occupancy floor —

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $249,000 Active 55 DOM
2. 2026-06-17
   days on market $249,000 Active 54 DOM
3. 2026-06-16
   days on market $249,000 Active 53 DOM
4. 2026-06-15
   days on market $249,000 Active 52 DOM
5. 2026-06-14
   days on market $249,000 Active 50 DOM
6. 2026-06-13
   days on market $249,000 Active 49 DOM
7. 2026-06-10
   days on market $249,000 Active 47 DOM
8. 2026-06-09
   days on market $249,000 Active 46 DOM
9. 2026-06-08
   days on market $249,000 Active 45 DOM
10. 2026-06-07
    days on market $249,000 Active 44 DOM
11. 2026-06-05
    days on market $249,000 Active 41 DOM
12. 2026-06-03
    days on market $249,000 Active 40 DOM
13. 2026-06-03
    days on market $249,000 Active 39 DOM
14. 2026-06-01
    days on market $249,000 Active 38 DOM
15. 2026-05-31
    days on market $249,000 Active 37 DOM
16. 2026-05-30
    days on market $249,000 Active 36 DOM
17. 2026-05-19
    price $249,000
18. 2026-05-01
    price $259,000
19. 2026-04-24
    listed $289,000 Active
20. 2022-07-29
    soldstatus $239,990 Sold 506-char remark

    Show marketing remark (506 chars)

    Come check out this BEAUTIFUL NEW Single-Story Home in the Sawmill Court Community! The desirable Covington Plan boasts an open design encompassing the Living, Dining, and Kitchen spaces. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Appliances (Includes, Range with Microwave hood, and Dishwasher). Additionally, the primary suite has a private bath with dual vanity sinks and a walk-in closet. This home also includes 3 more bedrooms and a full secondary bath. Dupont

21. 2022-01-20
    status Pending 506-char remark

    Show marketing remark (506 chars)

    Come check out this BEAUTIFUL NEW Single-Story Home in the Sawmill Court Community! The desirable Covington Plan boasts an open design encompassing the Living, Dining, and Kitchen spaces. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Appliances (Includes, Range with Microwave hood, and Dishwasher). Additionally, the primary suite has a private bath with dual vanity sinks and a walk-in closet. This home also includes 3 more bedrooms and a full secondary bath. Dupont

22. 2022-01-18
    price $246,990 506-char remark

    Show marketing remark (506 chars)

    Come check out this BEAUTIFUL NEW Single-Story Home in the Sawmill Court Community! The desirable Covington Plan boasts an open design encompassing the Living, Dining, and Kitchen spaces. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Appliances (Includes, Range with Microwave hood, and Dishwasher). Additionally, the primary suite has a private bath with dual vanity sinks and a walk-in closet. This home also includes 3 more bedrooms and a full secondary bath. Dupont

23. 2022-01-13
    price $239,990 506-char remark

    Show marketing remark (506 chars)

    Come check out this BEAUTIFUL NEW Single-Story Home in the Sawmill Court Community! The desirable Covington Plan boasts an open design encompassing the Living, Dining, and Kitchen spaces. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Appliances (Includes, Range with Microwave hood, and Dishwasher). Additionally, the primary suite has a private bath with dual vanity sinks and a walk-in closet. This home also includes 3 more bedrooms and a full secondary bath. Dupont

24. 2021-12-23
    listed $237,990 Active 506-char remark

    Show marketing remark (506 chars)

    Come check out this BEAUTIFUL NEW Single-Story Home in the Sawmill Court Community! The desirable Covington Plan boasts an open design encompassing the Living, Dining, and Kitchen spaces. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Appliances (Includes, Range with Microwave hood, and Dishwasher). Additionally, the primary suite has a private bath with dual vanity sinks and a walk-in closet. This home also includes 3 more bedrooms and a full secondary bath. Dupont

25. 2021-07-19
    soldstatus $621,000
26. 2019-09-25
    soldstatus $255,071

ⓘ 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: $1,453 · $121/mo
• Projected year-2 tax: $2,067 · $172/mo
• Expected delta: +$614/yr (+$51/mo · 42.2%)

ⓘ 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 7/10 Severe
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,598
• − Mortgage interest: −$13,948
• − Property taxes: −$1,453
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$7,244
• Taxable loss: −$5,747
• Est. tax savings @ 24.0%: +$1,379
• After-tax cash flow: $74/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: Walton
• NCES district ID: 1201980
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 61% ▼ -2.00%
• Median HH income: $46,794
• Composite: 52.03/100
• National rank: #1634
• State rank: #10 of 73 in FL

Livability — DeFuniak Springs

• Score: 64/100
• State rank: #694
• US rank: #14475

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 19,746
• Population (ZIP): 6,359

Population outlook (Walton County) Hauer SSP2

• Today (2025): 80,014 people
• By 2030: 88,120 · +10.1%
• By 2040: 103,537 · +29.4%
• By 2050: 117,034 · +46.3%
• By 2075: 143,901 · +79.8%
• By 2100: 155,138 · +93.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Slovak 5% Scottish 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Walton

• 2024 margin: Solid R (+57.8) · D 20.7% · R 78.6%
• 2008→2024 swing: -12.0pp toward R · 2008: -45.8pp · 2024: -57.8pp
• All cycles: 2024: R+57.8 2020: R+51.7 2016: R+56.1 2012: R+52.0 2008: R+45.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.25%
• Current HPI: 314.8146
• Rent YoY: —
• Metro: —
• 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

-2.4% since first listed

10 events — show timeline

• 2026-05-19 Price Changed $249,000 ECAR
• 2026-05-01 Price Changed $259,000 ECAR
• 2026-04-24 Listed $289,000 ECAR
• 2022-07-29 Sold (MLS) $239,990 ECAR
• 2022-01-20 Pending — ECAR
• 2022-01-18 Price Changed $246,990 ECAR
• 2022-01-13 Price Changed $239,990 ECAR
• 2021-12-23 Listed $237,990 ECAR
• 2021-07-19 Sold (Public Records) $621,000 Public Records
• 2019-09-25 Sold (Public Records) $255,071 Public Records

Property tax history

+60.9%/yr

Latest (2025): $1,453 · -0.5% YoY. Source: county tax records.