507 Stewart Dr · DeFuniak Springs, FL 32433

$350,000

5 bd · 3.0 ba · 2,190 sqft · Manufactured public records · 16 Days on market

Built 2021 5.84 ac lot

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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).

• Appreciation +10.0/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• 1% rule +1.1/10.0

Listing remarks

HIGH & DRY / Flood Zone X / Zillow's Flood Zone Info below is INCORRECT. Secluded paradise at the end of a private, gated, crushed concrete drive, where 5.84 ac. of Florida wilderness meets a meticulously maintained homestead designed for true self-sufficiency. This is more than a home; it's a private ecosystem featuring fruit trees and 1,261' of a KINGS LAKE FED CLEAR CREEK. The creek and orchard are a homesteader's dream. There's a massive variety of mature fruit and nut trees including Asian Plum, Guava, Fig, Peach, Cherry, Pear, Citrus, and more. Complemented by raised garden beds, a greenhouse, and a pro composting system plus extras. Features maintained ATV riding trails with ju

Key facts

• Atv riding trails
• Raised garden beds
• Greenhouse

Tags

• PRIVATE GATED DRIVE
• FRUIT TREES
• RAISED GARDEN BEDS
• GREENHOUSE
• PRO COMPOSTING SYSTEM
• ATV RIDING TRAILS

Property features AI

Finance

• Other: Property listed with Team Walton Real Estate Professionals
• HOA & community: Community allows short-term rentals; Community features include exercise room, fishing, game room, golf, greenhouse, laundry, picnic area, playground, separate storage, waterfront access, and project space; Pets allowed

Exterior

• Parking: Driveway with about 10 spaces
• Security: Smoke detector(s)
• Utilities: Electric service; Private well; Septic tank
• Home design: Manufactured home; Single-story; Built in 2021; Approximate lot dimensions 200 x 1200; Fronting a paved road
• Construction: Shake roof; Pitched roof; Vinyl siding
• Exterior features: Separate building with rentable space / separate living area; Yard building; Deck (open); Patio (open); Porch (open); Greenhouse; Workshop; Partially fenced lot with privacy fencing; Wooded areas on the property; Within 1/2 mile to water; Aerials/topo available; Cleared areas; Dead-end road access; Survey available; Creek/stream on the property (waterfront)

Interior

• Kitchen: Cooktop; Microwave; Refrigerator; Freezer; Kitchen island; Pantry
• Bedrooms: 5 bedrooms (master on the first floor)
• Flooring: Laminate flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: In-law floorplan; Kitchen island; Pantry; Washer/dryer hookup; Double pane windows; Window bay; Doors included in energy-efficient features; Smoke detector(s)
• Laundry & utility: Laundry room on the first floor; Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath manufactured listed at $350k.

Deal economics

• At list price, monthly cash flow is $-537 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (27.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (39.0% below list).
• Recommended offer: $214k (39.0% below list) — sets the bar for 1% rule.

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); Emerald Coast Middle School (math 70% / reading 65%, grade A-, #77 of 571 statewide, top 14%, 868 students, 24% FRL); Walton High School (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 856 students, 65% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 423 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• At $2,136/mo this rent would consume 49% of the median local household income ($52k/yr) (locally 356% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $35k 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 ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,588 (39.0% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.61% ✗
• Cap rate: 4.88%
• Cash-on-cash: -5.04%
• DSCR: 0.78
• GRM: 13.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 19.6%
• Equity multiple: 2.60×
• Total profit: $156,350
• Equity at exit: $315,308

10-year hold

• IRR: 18.0%
• Equity multiple: 5.97×
• Total profit: $487,131
• Equity at exit: $679,973

Cash invested: $98,000 (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 32433

• Home prices YoY: 4.2%
• Active inventory: 423
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,136 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$118 /mo · $1,411/yr
• Insurance: −$146
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $-537

Break-even live

Break-even rent $2,815

Max offer price $255,192

Occupancy floor —

Sensitivity live

Price	-10% $-339	-5% $-438	+0% $-537	+5% $-636	+10% $-735
Rent	-10% $-705	-5% $-621	+0% $-537	+5% $-452	+10% $-368
Rate	-1.0pp $-360	-0.5pp $-448	base $-537	+0.5pp $-627	+1.0pp $-720

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $350,000 Active 16 DOM
2. 2026-06-18
   days on market $350,000 Active 13 DOM
3. 2026-06-17
   days on market $350,000 Active 12 DOM
4. 2026-06-16
   days on market $350,000 Active 11 DOM
5. 2026-06-15
   days on market $350,000 Active 10 DOM
6. 2026-06-14
   days on market $350,000 Active 8 DOM
7. 2026-06-13
   days on market $350,000 Active 7 DOM
8. 2026-06-10
   days on market $350,000 Active 5 DOM
9. 2026-06-09
   days on market $350,000 Active 4 DOM
10. 2026-06-08
    days on market $350,000 Active 3 DOM
11. 2026-06-07
    pricedays on marketlisting id $350,000 Active 2 DOM
12. 2026-02-10
    listed $450,045 Active

ⓘ 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: $1,411 · $118/mo
• Projected year-2 tax: $2,905 · $242/mo
• Expected delta: +$1,494/yr (+$125/mo · 105.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone A · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 19 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: $25,631
• − Mortgage interest: −$19,605
• − Property taxes: −$1,411
• − Insurance: −$3,252
• − Repairs & maintenance: −$2,050
• − Management: −$2,050
• − Depreciation: −$10,182
• Taxable loss: −$12,921
• Est. tax savings @ 24.0%: +$3,101
• After-tax cash flow: $-3,339/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

• County: Walton County · 70,839 people
• City population: 19,746
• Metro: Crestview-Fort Walton Beach-Destin, FL
• Population (ZIP): 19,746
• Household income: $52,199
• Rent vs Own: 25.4% rent · 74.6% own
• Severe rent burden: 356.0

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 (75%)
• Race & ethnicity: White 75% Black 10% Hispanic / Latino 8% Two or more races 7% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% French/Haitian/Cajun 1%

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: ▲ 14.77%
• Current HPI: 367.046
• Rent YoY: —
• 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

1 event — show timeline

• 2026-02-10 Listed $450,045 ECAR

Property tax history

+31.0%/yr

Latest (2025): $1,411 · +6.1% YoY. Source: county tax records.