321 Iris Ln · DeFuniak Springs, FL 32433

$223,999

3 bd · 2.0 ba · 1,193 sqft · SingleFamily · 23 Days on market

Built 2025 Poor condition Est $215k · at est.

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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 +10.0/30.0
• Appreciation +10.0/10.0
• ARV discount +5.6/15.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Listing remarks MLS

The BIRCH features an open living/kitchen/dining area. In the kitchen you will find granite counter tops, shaker style cabinet doors, walk in pantry, appliance package featuring stainless steel range, dishwasher and microwave and breakfast bar. The master suite features a large walk in closet and master bath includes fiberglass tub/shower combo, single vanity with granite countertops. The additional bath include granite counter tops and tub/shower combo. This home also includes programmable thermostat, security system and Taexx pest control system. PHOTOS NOT ACTUAL HOME. COLORS/SELECTIONS VARY

Key facts

• Brand new condition
• Privacy fence
• Built 2025

Tags

• PRIVACY FENCE
• BRAND NEW CONDITION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $224k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (20.1% below list).
• Recommended offer: $179k (20.1% 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-, schools D+, crime D.
• 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.
• Market conditions: 422 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 41% 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 $24k of equity ($2k loan paydown + $22k 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 ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $178,871 (20.1% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 0.80% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.58%
• DSCR: 0.89
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $214,740
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
224 E Iris Ln	0.10mi	3/2.0	1,165 (-2%)	1mo	$209,000	$179	91
344 Marigold Ave	0.04mi	3/2.0	1,200 (+1%)	10mo	$229,000	$191	89
390 E Iris Ln	0.08mi	3/2.0	1,114 (-7%)	9mo	$199,990	$180	78
135 E Tiger Lily Ln	0.31mi	3/2.0	1,114 (-7%)	2mo	$179,888	$161	73
470 E Marigold East Ave	0.11mi	3/2.0	1,363 (+14%)	2mo	$251,000	$184	70
624 Tiger Lily Ln	0.25mi	3/2.0	1,114 (-7%)	9mo	$199,990	$180	70
969 Walden Rd	0.52mi	2/2.0 (-1)	1,152 (-3%)	8mo	$200,990	$174	59
111 Girl Scout Rd	0.61mi	3/2.0	1,114 (-7%)	2mo	$199,990	$180	58
1623 Trout Dr	0.73mi	3/2.0	1,114 (-7%)	1mo	$179,888	$161	54
94 W Oleander Ave	0.48mi	3/2.0	1,363 (+14%)	6mo	$274,900	$202	49
43 E Crocus Ave	0.56mi	3/2.0	1,363 (+14%)	2mo	$262,000	$192	49
114 W May Lilly Ct	0.70mi	3/1.0	1,028 (-14%)	5mo	$169,000	$164	36

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: 22.4%
• Equity multiple: 2.81×
• Total profit: $113,429
• Equity at exit: $201,796

10-year hold

• IRR: 20.1%
• Equity multiple: 6.43×
• Total profit: $340,842
• Equity at exit: $435,181

Cash invested: $62,720 (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 32433

• Home prices YoY: 4.2%
• Active inventory: 422
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,789 medium
• Mortgage (P&I): −$1,175
• Tax est. 1.5%: −$280 /mo · $3,360/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $-135

Break-even live

Break-even rent $1,960

Max offer price $204,475

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: $56,000
• Closing costs: $6,720
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135 Tiger Lily Ln Defuniak Springs, FL	3.0	2.0	1114	$1,795	$1.61	13d	1	0.34mi
71 Lafavre Ln Defuniak Springs, FL	2.0	1.0	806	$1,650	$2.05	21d	1	0.35mi
150 Hibiscus Ave Defuniak Springs, FL	3.0	2.0	1256	$1,950	$1.55	21d	1	0.63mi

Listing history 25 events

1. 2026-06-18
   days on market $223,999 Active 23 DOM
2. 2026-06-17
   days on market $223,999 Active 22 DOM
3. 2026-06-16
   days on market $223,999 Active 21 DOM
4. 2026-06-15
   days on market $223,999 Active 20 DOM
5. 2026-06-14
   days on market $223,999 Active 18 DOM
6. 2026-06-13
   days on market $223,999 Active 17 DOM
7. 2026-06-10
   days on market $223,999 Active 15 DOM
8. 2026-06-09
   days on market $223,999 Active 14 DOM
9. 2026-06-08
   days on market $223,999 Active 13 DOM
10. 2026-06-07
    days on market $223,999 Active 12 DOM
11. 2026-06-05
    days on market $223,999 Active 9 DOM
12. 2026-06-03
    days on market $223,999 Active 8 DOM
13. 2026-06-03
    days on market $223,999 Active 7 DOM
14. 2026-06-01
    days on market $223,999 Active 6 DOM
15. 2026-05-31
    days on market $223,999 Active 5 DOM
16. 2026-05-30
    days on market $223,999 Active 4 DOM
17. 2026-05-26
    listed $223,999 Active
18. 2025-08-14
    soldstatus $220,500 Sold 602-char remark

    Show marketing remark (602 chars)

    The BIRCH features an open living/kitchen/dining area. In the kitchen you will find granite counter tops, shaker style cabinet doors, walk in pantry, appliance package featuring stainless steel range, dishwasher and microwave and breakfast bar. The master suite features a large walk in closet and master bath includes fiberglass tub/shower combo, single vanity with granite countertops. The additional bath include granite counter tops and tub/shower combo. This home also includes programmable thermostat, security system and Taexx pest control system. PHOTOS NOT ACTUAL HOME. COLORS/SELECTIONS VARY

19. 2025-08-05
    status Pending 602-char remark

    Show marketing remark (602 chars)

    The BIRCH features an open living/kitchen/dining area. In the kitchen you will find granite counter tops, shaker style cabinet doors, walk in pantry, appliance package featuring stainless steel range, dishwasher and microwave and breakfast bar. The master suite features a large walk in closet and master bath includes fiberglass tub/shower combo, single vanity with granite countertops. The additional bath include granite counter tops and tub/shower combo. This home also includes programmable thermostat, security system and Taexx pest control system. PHOTOS NOT ACTUAL HOME. COLORS/SELECTIONS VARY

20. 2025-05-29
    status Active 602-char remark

    Show marketing remark (602 chars)

    The BIRCH features an open living/kitchen/dining area. In the kitchen you will find granite counter tops, shaker style cabinet doors, walk in pantry, appliance package featuring stainless steel range, dishwasher and microwave and breakfast bar. The master suite features a large walk in closet and master bath includes fiberglass tub/shower combo, single vanity with granite countertops. The additional bath include granite counter tops and tub/shower combo. This home also includes programmable thermostat, security system and Taexx pest control system. PHOTOS NOT ACTUAL HOME. COLORS/SELECTIONS VARY

21. 2025-05-15
    price $219,000 602-char remark

    Show marketing remark (602 chars)

    The BIRCH features an open living/kitchen/dining area. In the kitchen you will find granite counter tops, shaker style cabinet doors, walk in pantry, appliance package featuring stainless steel range, dishwasher and microwave and breakfast bar. The master suite features a large walk in closet and master bath includes fiberglass tub/shower combo, single vanity with granite countertops. The additional bath include granite counter tops and tub/shower combo. This home also includes programmable thermostat, security system and Taexx pest control system. PHOTOS NOT ACTUAL HOME. COLORS/SELECTIONS VARY

22. 2024-12-10
    price $224,000
23. 2024-09-20
    price $229,000
24. 2024-05-24
    price $246,627
25. 2024-05-16
    listed $224,000 Active 602-char remark

    Show marketing remark (602 chars)

    The BIRCH features an open living/kitchen/dining area. In the kitchen you will find granite counter tops, shaker style cabinet doors, walk in pantry, appliance package featuring stainless steel range, dishwasher and microwave and breakfast bar. The master suite features a large walk in closet and master bath includes fiberglass tub/shower combo, single vanity with granite countertops. The additional bath include granite counter tops and tub/shower combo. This home also includes programmable thermostat, security system and Taexx pest control system. PHOTOS NOT ACTUAL HOME. COLORS/SELECTIONS VARY

ⓘ 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 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: $21,465
• − Mortgage interest: −$12,547
• − Property taxes: −$3,360
• − Insurance: −$1,120
• − Repairs & maintenance: −$1,717
• − Management: −$1,717
• − Depreciation: −$6,516
• Taxable loss: −$5,514
• Est. tax savings @ 24.0%: +$1,323
• After-tax cash flow: $-296/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This home requires extensive repairs and maintenance, including a new roof, exterior siding, and HVAC system. Significant improvements are needed to bring the property up to a livable condition.

Repairs flagged

• Major exterior siding — Significant wear and tear visible on the siding.
• Major roof — No visible photos of the roof, but given the overall condition, it's likely in poor condition.
• Major interior walls/paint — No visible photos of the interior walls/paint, but given the overall condition, it's likely in poor condition.
• Major HVAC/mechanicals — No visible photos of the HVAC/mechanicals, but given the overall condition, it's likely in poor condition.
• Major landscaping — Overgrown grass and lack of maintenance visible in the photos.

Value-add opportunities

• Both paint interior walls and exterior siding — Fresh paint can significantly improve the home's appearance and value.
• Both repair and replace roof — A new roof will improve the home's structural integrity and curb appeal.
• Both landscaping and curb appeal — A well-maintained yard and curb appeal can attract more buyers and renters.
• Both HVAC system — A new HVAC system will improve comfort and energy efficiency, attracting more buyers and renters.
• Both exterior siding — A new exterior siding will improve the home's curb appeal and structural integrity, attracting more buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear visible on the siding.	Major	$15,000–50,000
roof · No visible photos of the roof, but given the overall condition, it's likely in poor condition.	Major	$15,000–50,000
interior walls/paint · No visible photos of the interior walls/paint, but given the overall condition, it's likely in poor condition.	Major	$15,000–50,000
HVAC/mechanicals · No visible photos of the HVAC/mechanicals, but given the overall condition, it's likely in poor condition.	Major	$15,000–50,000
landscaping · Overgrown grass and lack of maintenance visible in the photos.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both paint interior walls and exterior siding — Fresh paint can significantly improve the home's appearance and value. ↑
• Both repair and replace roof — A new roof will improve the home's structural integrity and curb appeal. ↑
• Both landscaping and curb appeal — A well-maintained yard and curb appeal can attract more buyers and renters. ↑
• Both HVAC system — A new HVAC system will improve comfort and energy efficiency, attracting more buyers and renters. ↑
• Both exterior siding — A new exterior siding will improve the home's curb appeal and structural integrity, attracting more buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-0.0% since first listed

9 events — show timeline

• 2026-05-26 Listed $223,999 FSBO.com
• 2025-08-14 Sold (MLS) $220,500 ECAR
• 2025-08-05 Pending — ECAR
• 2025-05-29 Relisted — ECAR
• 2025-05-15 Price Changed $219,000 ECAR
• 2024-12-10 Price Changed $224,000 NAMLS
• 2024-09-20 Price Changed $229,000 NAMLS
• 2024-05-24 Price Changed $246,627 NAMLS
• 2024-05-16 Listed $224,000 ECAR