281 Pipers Landing Rd · DeFuniak Springs, FL 32433

$105,000

2 bd · 2.0 ba · 1,164 sqft · Manufactured public records · 200 Days on market

Built 1989 0.69 ac lot Est $156k · 33% under

---

Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.0/10.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Prime Double Lot Across from Kings Lake - Build Two Homes or Your Dream Retreat! Rare opportunity in DeFuniak Springs! This spacious double lot sits directly across the street from beautiful Kings Lake, offering serene views and endless potential. The existing mobile home is considered a teardown, making this a true land-value sale. With enough room to build two separate homes, this property is ideal for investors seeking strong resale potential or for a buyer wanting to design a custom dream home overlooking the water. Enjoy peaceful surroundings and the freedom to create what you imagine. Opportunities like this don't come often—secure this versatile double lot in a growing area today!

Key facts

• Custom dream home
• Build two homes
• Serene views

Tags

• DOUBLE LOT
• ACROSS FROM KINGS LAKE
• SERENE VIEWS
• BUILD TWO HOMES
• CUSTOM DREAM HOME
• PEACEFUL SURROUNDINGS

Property features AI

Finance

• HOA & community: Subdivision: PIPERS LANDING UNIT 2

Exterior

• Utilities: Community water; Septic tank; Electric service; Phone service
• Home design: Mobile Home style; Single-story; Entry level on the first floor
• Construction: Built in 1989; Aluminum siding with aluminum trim
• Exterior features: Fenced lot (fully fenced); Screened porch; Level, interior lot with wooded areas; Within 1/2 mile to water; Lake view; Road frontage on a county road (paved)

Interior

• Kitchen: Kitchen located on the first floor
• Bedrooms: 2 bedrooms (master bedroom on the first floor)
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms; Master bathroom with garden tub
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Bookcases; Split bedroom layout; Unfurnished
• Laundry & utility: Heat control electric

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $105k.

Deal economics

• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 4.8% in DeFuniak Springs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($726 loan paydown + $10k appreciation (10.0% local appreciation)).
• Walton County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 200 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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.
• Current owner paid $53k; list at $105k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 200 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 1.40% ✓
• Cap rate: 11.25%
• Cash-on-cash: 17.70%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $155,976
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
182 Gator Run	0.24mi	3/1.0 (+1)	1,128 (-3%)	3mo	$130,000	$115	72
229 Kings Lake Blvd	0.46mi	3/2.0 (+1)	1,216 (+4%)	8mo	$174,000	$143	60
30 Seminole Ter	0.25mi	3/2.0 (+1)	1,080 (-7%)	18mo	$145,000	$134	56
2150 Caswell Rd	0.73mi	3/2.0 (+1)	1,170 (+0%)	9mo	$145,000	$124	53

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: 37.4%
• Equity multiple: 3.89×
• Total profit: $84,831
• Equity at exit: $94,592

10-year hold

• IRR: 32.2%
• Equity multiple: 8.76×
• Total profit: $228,134
• Equity at exit: $203,992

Cash invested: $29,400 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,468 medium
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $434

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 65%

Sensitivity live

Price	-10% $506	-5% $470	+0% $434	+5% $397	+10% $361
Rent	-10% $318	-5% $376	+0% $434	+5% $492	+10% $550
Rate	-1.0pp $487	-0.5pp $460	base $434	+0.5pp $406	+1.0pp $379

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $105,000 Active 200 DOM
2. 2026-06-17
   days on market $105,000 Active 199 DOM
3. 2026-06-16
   days on market $105,000 Active 198 DOM
4. 2026-06-15
   days on market $105,000 Active 197 DOM
5. 2026-06-14
   days on market $105,000 Active 195 DOM
6. 2026-06-13
   days on market $105,000 Active 194 DOM
7. 2026-06-10
   days on market $105,000 Active 192 DOM
8. 2026-06-09
   days on market $105,000 Active 191 DOM
9. 2026-06-08
   days on market $105,000 Active 190 DOM
10. 2026-06-07
    days on market $105,000 Active 189 DOM
11. 2026-06-05
    days on market $105,000 Active 186 DOM
12. 2026-06-03
    days on market $105,000 Active 185 DOM
13. 2026-06-03
    days on marketlisting id $105,000 Active 184 DOM
14. 2026-06-01
    days on market $105,000 Active 183 DOM
15. 2026-05-31
    days on market $105,000 Active 182 DOM
16. 2026-05-30
    days on market $105,000 Active 181 DOM
17. 2025-11-30
    listed $105,000 Active 702-char remark

    Show marketing remark (702 chars)

    Prime Double Lot Across from Kings Lake - Build Two Homes or Your Dream Retreat! Rare opportunity in DeFuniak Springs! This spacious double lot sits directly across the street from beautiful Kings Lake, offering serene views and endless potential. The existing mobile home is considered a teardown, making this a true land-value sale. With enough room to build two separate homes, this property is ideal for investors seeking strong resale potential or for a buyer wanting to design a custom dream home overlooking the water. Enjoy peaceful surroundings and the freedom to create what you imagine. Opportunities like this don't come often—secure this versatile double lot in a growing area today!

18. 2025-11-30
    listed $105,000 Active

    Show marketing remark (702 chars)

    Prime Double Lot Across from Kings Lake - Build Two Homes or Your Dream Retreat! Rare opportunity in DeFuniak Springs! This spacious double lot sits directly across the street from beautiful Kings Lake, offering serene views and endless potential. The existing mobile home is considered a teardown, making this a true land-value sale. With enough room to build two separate homes, this property is ideal for investors seeking strong resale potential or for a buyer wanting to design a custom dream home overlooking the water. Enjoy peaceful surroundings and the freedom to create what you imagine. Opportunities like this don't come often—secure this versatile double lot in a growing area today!

19. 2005-12-13
    soldstatus $52,700
20. 2005-12-09
    soldstatus $52,700 137-char remark

    Show marketing remark (137 chars)

    Mobile home on 2 lots being sold ''AS IS'' and Priced Accordingly!!!!!!! Approximately 2/3 of an acre across the street from King's Lake.

21. 2005-12-09
    soldstatus $52,700 137-char remark

    Show marketing remark (137 chars)

    Mobile home on 2 lots being sold ''AS IS'' and Priced Accordingly!!!!!!! Approximately 2/3 of an acre across the street from King's Lake.

22. 2005-09-26
    listed $52,700 137-char remark

    Show marketing remark (137 chars)

    Mobile home on 2 lots being sold ''AS IS'' and Priced Accordingly!!!!!!! Approximately 2/3 of an acre across the street from King's Lake.

23. 2005-09-26
    listed $52,700 137-char remark

    Show marketing remark (137 chars)

    Mobile home on 2 lots being sold ''AS IS'' and Priced Accordingly!!!!!!! Approximately 2/3 of an acre across the street from King's Lake.

24. 1994-09-02
    soldstatus $32,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 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: $17,610
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,409
• − Management: −$1,409
• − Depreciation: −$3,055
• Taxable income: $3,756
• Est. tax owed @ 24.0%: −$902
• After-tax cash flow: $4,303/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

+228.1% since first listed

8 events — show timeline

• 2025-11-30 Listed $105,000 ECAR
• 2025-11-30 Listed $105,000 ECAR
• 2005-12-13 Sold (Public Records) $52,700 Public Records
• 2005-12-09 Sold (MLS) $52,700 ECAR
• 2005-12-09 Sold (MLS) $52,700 NAMLS
• 2005-09-26 Listed $52,700 ECAR
• 2005-09-26 Listed $52,700 NAMLS
• 1994-09-02 Sold (Public Records) $32,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $124 · +5.6% YoY. Source: county tax records.