128 Mikaela Ave · DeFuniak Springs, FL 32433

$255,000

4 bd · 2.0 ba · 1,384 sqft · SingleFamily public records · 34 Days on market

Built 2022 7,497 sqft lot Est $256k · at est. $50/mo HOA · 3% 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).

• Cash flow +10.3/30.0
• Appreciation +10.0/10.0
• ARV discount +7.7/15.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• DSCR +3.0/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Prepare to be impressed by this DELIGHTFUL New home in the Pinehurst Estates Community! The desirable Carlisle Plan features an open living room that flows into a well-appointed kitchen. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Steel Appliances (Includes, Range with Microwave, and Dishwasher). The primary suite has a private bath with dual vanity sinks and a roomy walk-in closet. This desirable plan also comes complete with a 2-car garage.

Key facts

• Double sinks
• Walk in closet
• 7,497 sq ft lot

Tags

• STAINLESS STEEL APPLIANCES
• WALK IN CLOSET
• DOUBLE SINKS

Property features AI

Exterior

• Parking: Attached garage with 2 spaces; Garage parking
• Utilities: Electric service; Public water; Public sewer
• Home design: A-Frame architectural style; Single-story home; Built in 2022
• Construction: Built in 2022
• Exterior features: No pool; Lot about 49 x 153; Located in Pinehurst Estates I subdivision; Zoned for single-family residential

Interior

• Kitchen: First-floor kitchen
• Bedrooms: Four bedrooms, including a first-floor primary suite; Bedroom sizes vary (examples: 13 x 12 for primary; other bedrooms approximately 11 x 10 and 10 x 11)
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Electric heat controls
• Interior features: First-floor living areas; Six total rooms
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $-139 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (24.1% below list).
• Recommended offer: $194k (24.1% 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); 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: 422 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 44% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $26k 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 ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,569 (24.1% 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 34 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.76% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.33%
• DSCR: 0.90
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $256,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
81 Spooner St	0.25mi	3/2.0 (-1)	1,295 (-6%)	1mo	$245,000	$189	72
1155 N 20th St. St	0.37mi	3/1.5 (-1)	1,400 (+1%)	6mo	$225,000	$161	68
752 Magnolia Lake Dr	0.50mi	3/2.0 (-1)	1,416 (+2%)	2mo	$356,950	$252	66
329 Timber Wind Dr	0.42mi	3/2.0 (-1)	1,304 (-6%)	11mo	$225,000	$173	56
225 Hunters Rdg Dr	0.60mi	4/2.0	1,434 (+4%)	12mo	$273,000	$190	56
145 Timber Wind Dr	0.56mi	3/2.0 (-1)	1,233 (-11%)	2mo	$200,000	$162	50
481 Timber Wind Dr	0.55mi	3/2.0 (-1)	1,240 (-10%)	3mo	$250,000	$202	50
480 Timber Wind Dr	0.51mi	3/2.0 (-1)	1,218 (-12%)	2mo	$225,000	$185	49
140 Orson Dr	0.69mi	4/1.0	1,456 (+5%)	15mo	$227,000	$156	42
237 WALTON Rd	0.54mi	4/2.0	1,520 (+10%)	19mo	$259,000	$170	42
179 Timber Wind Dr	0.53mi	3/2.0 (-1)	1,179 (-15%)	12mo	$210,000	$178	36
97 Timber Wind Dr	0.60mi	3/2.0 (-1)	1,182 (-15%)	12mo	$225,000	$190	33

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: 22.6%
• Equity multiple: 2.82×
• Total profit: $130,015
• Equity at exit: $229,724

10-year hold

• IRR: 20.2%
• Equity multiple: 6.46×
• Total profit: $389,764
• Equity at exit: $495,409

Cash invested: $71,400 (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: 422
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,936 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$174 /mo · $2,093/yr
• Insurance: −$106
• HOA: −$50
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $-139

Break-even live

Break-even rent $2,111

Max offer price $230,492

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51 Yearling Ct Defuniak Springs, FL	3.0	2.0	1397	$1,895	$1.36	21d	1	0.41mi
51 Yearling Ct Defuniak Springs, FL	3.0	2.0	1397	$1,750	$1.25	13d	1	0.41mi
594 Hunters Ridge Rd Defuniak Springs, FL	3.0	2.0	1654	$1,950	$1.18	13d	1	0.54mi

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 17 events

1. 2026-06-08
   days on market $255,000 Active 34 DOM
2. 2026-06-07
   days on market $255,000 Active 33 DOM
3. 2026-06-05
   days on market $255,000 Active 30 DOM
4. 2026-06-03
   days on market $255,000 Active 29 DOM
5. 2026-06-03
   days on market $255,000 Active 28 DOM
6. 2026-06-01
   days on market $255,000 Active 27 DOM
7. 2026-05-31
   days on market $255,000 Active 26 DOM
8. 2026-05-30
   days on market $255,000 Active 25 DOM
9. 2026-05-05
   listed $260,000 Active
10. 2026-04-16
    soldstatus $260,000
11. 2022-04-21
    soldstatus $248,990 Sold 484-char remark

    Show marketing remark (484 chars)

    Prepare to be impressed by this DELIGHTFUL New home in the Pinehurst Estates Community! The desirable Carlisle Plan features an open living room that flows into a well-appointed kitchen. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Steel Appliances (Includes, Range with Microwave, and Dishwasher). The primary suite has a private bath with dual vanity sinks and a roomy walk-in closet. This desirable plan also comes complete with a 2-car garage.

12. 2022-04-21
    soldstatus $248,990 Sold 484-char remark

    Show marketing remark (484 chars)

    Prepare to be impressed by this DELIGHTFUL New home in the Pinehurst Estates Community! The desirable Carlisle Plan features an open living room that flows into a well-appointed kitchen. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Steel Appliances (Includes, Range with Microwave, and Dishwasher). The primary suite has a private bath with dual vanity sinks and a roomy walk-in closet. This desirable plan also comes complete with a 2-car garage.

13. 2021-12-31
    status Pending 484-char remark

    Show marketing remark (484 chars)

    Prepare to be impressed by this DELIGHTFUL New home in the Pinehurst Estates Community! The desirable Carlisle Plan features an open living room that flows into a well-appointed kitchen. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Steel Appliances (Includes, Range with Microwave, and Dishwasher). The primary suite has a private bath with dual vanity sinks and a roomy walk-in closet. This desirable plan also comes complete with a 2-car garage.

14. 2021-12-30
    historical 484-char remark

    Show marketing remark (484 chars)

    Prepare to be impressed by this DELIGHTFUL New home in the Pinehurst Estates Community! The desirable Carlisle Plan features an open living room that flows into a well-appointed kitchen. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Steel Appliances (Includes, Range with Microwave, and Dishwasher). The primary suite has a private bath with dual vanity sinks and a roomy walk-in closet. This desirable plan also comes complete with a 2-car garage.

15. 2021-12-29
    price $248,990 484-char remark

    Show marketing remark (484 chars)

    Prepare to be impressed by this DELIGHTFUL New home in the Pinehurst Estates Community! The desirable Carlisle Plan features an open living room that flows into a well-appointed kitchen. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Steel Appliances (Includes, Range with Microwave, and Dishwasher). The primary suite has a private bath with dual vanity sinks and a roomy walk-in closet. This desirable plan also comes complete with a 2-car garage.

16. 2021-12-23
    listed $245,990 Active 484-char remark

    Show marketing remark (484 chars)

    Prepare to be impressed by this DELIGHTFUL New home in the Pinehurst Estates Community! The desirable Carlisle Plan features an open living room that flows into a well-appointed kitchen. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Steel Appliances (Includes, Range with Microwave, and Dishwasher). The primary suite has a private bath with dual vanity sinks and a roomy walk-in closet. This desirable plan also comes complete with a 2-car garage.

17. 2021-12-23
    listed $248,990 484-char remark

    Show marketing remark (484 chars)

    Prepare to be impressed by this DELIGHTFUL New home in the Pinehurst Estates Community! The desirable Carlisle Plan features an open living room that flows into a well-appointed kitchen. The Kitchen features gorgeous cabinets, granite countertops, and Stainless-Steel Steel Appliances (Includes, Range with Microwave, and Dishwasher). The primary suite has a private bath with dual vanity sinks and a roomy walk-in closet. This desirable plan also comes complete with a 2-car garage.

ⓘ 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: $2,093 · $174/mo
• Projected year-2 tax: $2,116 · $176/mo
• Expected delta: +$23/yr (+$2/mo · 1.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 20 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: $23,228
• − Mortgage interest: −$14,284
• − Property taxes: −$2,093
• − Insurance: −$1,275
• − Repairs & maintenance: −$1,858
• − Management: −$1,858
• − HOA: −$600
• − Depreciation: −$7,418
• Taxable loss: −$6,159
• Est. tax savings @ 24.0%: +$1,478
• After-tax cash flow: $-187/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

• Census place: DeFuniak Springs, FL
• 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

+4.4% since first listed

9 events — show timeline

• 2026-05-05 Listed $260,000 ECAR
• 2026-04-16 Sold (Public Records) $260,000 Public Records
• 2022-04-21 Sold (MLS) $248,990 ECAR
• 2022-04-21 Sold (MLS) $248,990 NAMLS
• 2021-12-31 Pending — ECAR
• 2021-12-30 Listing Removed — NAMLS
• 2021-12-29 Price Changed $248,990 ECAR
• 2021-12-23 Listed $245,990 ECAR
• 2021-12-23 Listed $248,990 NAMLS

Property tax history

+67.9%/yr

Latest (2025): $2,093 · -28.6% YoY. Source: county tax records.