71 Spooner St · DeFuniak Springs, FL 32433

$294,500

4 bd · 2.0 ba · 1,858 sqft · SingleFamily · 90 Days on market

Built 2026 6,534 sqft lot Est $325k · 9% under $37/mo HOA · 2% 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).

• ARV discount +11.7/15.0
• Appreciation +10.0/10.0
• Cash flow +6.2/30.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.5/10.0

Listing remarks

WHO COULDN'T REALLY USE A 4TH BR WHEN YOU REALLY THINK ABOUT IT! All brick and located right across the street from Walton High. THIS ''ELIZABETH PLAN'' IMPRESSES with recessed lighting, raised ceilings and other quality selections. The builder also IMPRESSES with a $15,000 buyer incentive package, use however you want including all closing costs paid and/or rate buydown or add extras like fence or fridge etc! Finished garage, fully landscaped yard, front & rear porches, quartz countertops, ceiling fans thru-out, vinyl plank flooring in common areas, carpet in bedrooms. Call for more details.

Key facts

• 6,534 sq ft lot
• 2 garage spots
• Built 2026

Property features AI

Finance

• HOA & community: Located in the McCarthy Estates subdivision

Exterior

• Parking: Attached 2-car garage; Driveway with 2 spaces; Garage door opener
• Security: Smoke detectors
• Utilities: Electric service; Public water; Public sewer
• Home design: Single-story Craftsman-style home; Entry level on the first floor; Shingle roof
• Construction: Brick exterior with aluminum and vinyl trim; Built in 2026
• Exterior features: Front porch (open); Interior, level lot with covenants and restrictions; City street frontage on a paved road

Interior

• Kitchen: Kitchen on the first floor; Pantry; Dishwasher; Microwave
• Bedrooms: 4 bedrooms; Primary bedroom on the first floor with walk-in closet and shower-only bathroom with double vanity
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Breakfast bar; Vaulted ceilings; Recessed lighting; Newly painted; Pantry; Pull-down attic stairs; Shelving; Split-bedroom layout; Washer/dryer hookup; Double-pane windows
• Laundry & utility: Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $294k.

Deal economics

• At list price, monthly cash flow is $-535 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (26.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (33.9% below list).
• Recommended offer: $195k (33.9% 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: Maude Saunders Elementary School (math 58% / reading 52%, grade C, #872 of 2,144 statewide, top 42%, 553 students, 87% 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).
• Market conditions: 423 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 45% 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 $31k of equity ($2k loan paydown + $29k 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 ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $194,567 (33.9% 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 90 days. Have you received any prior offers? Is the seller open to a 34% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.66% ✗
• Cap rate: 4.11%
• Cash-on-cash: -7.79%
• DSCR: 0.65
• GRM: 12.6

CMA / ARV

• ARV (on-the-fly): $325,150
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 Spooner St	0.01mi	3/2.0 (-1)	1,616 (-13%)	1mo	$282,000	$175	72
41 S Hidden Lakes Trl	0.49mi	4/2.0	1,900 (+2%)	2mo	$342,000	$180	72
25 Brandons Ct	0.67mi	4/2.0	1,781 (-4%)	14mo	$260,000	$146	50
76 Cora Rd	0.65mi	4/2.0	1,781 (-4%)	16mo	$275,000	$154	49
148 Engelbrecht Rd	0.51mi	3/2.0 (-1)	1,630 (-12%)	10mo	$350,000	$215	42
25 James Ct	0.69mi	5/3.5 (+1)	2,070 (+11%)	15mo	$249,000	$120	25

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: 18.8%
• Equity multiple: 2.53×
• Total profit: $126,361
• Equity at exit: $265,309

10-year hold

• IRR: 17.4%
• Equity multiple: 5.84×
• Total profit: $399,019
• Equity at exit: $572,149

Cash invested: $82,460 (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: 12.6×

Monthly cashflow live

• Estimated rent: $1,946 medium
• Mortgage (P&I): −$1,544
• Tax est. 1.5%: −$368 /mo · $4,418/yr
• Insurance: −$123
• HOA: −$37
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $-535

Break-even live

Break-even rent $2,623

Max offer price $217,064

Occupancy floor —

Sensitivity live

Price	-10% $-332	-5% $-433	+0% $-535	+5% $-637	+10% $-739
Rent	-10% $-689	-5% $-612	+0% $-535	+5% $-458	+10% $-381
Rate	-1.0pp $-387	-0.5pp $-460	base $-535	+0.5pp $-611	+1.0pp $-689

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: $73,625
• Closing costs: $8,835
• 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	23d	1	1.11mi
51 Yearling Ct Defuniak Springs, FL	3.0	2.0	1397	$1,750	$1.25	15d	1	1.11mi
594 Hunters Ridge Rd Defuniak Springs, FL	3.0	2.0	1654	$1,950	$1.18	15d	1	1.20mi

HOA detail

• Monthly dues: $37 · $444/yr

Listing history 18 events

1. 2026-06-21
   pricedays on market $294,500 Active 90 DOM
2. 2026-06-18
   days on market $295,000 Active 87 DOM
3. 2026-06-17
   days on market $295,000 Active 86 DOM
4. 2026-06-16
   days on market $295,000 Active 85 DOM
5. 2026-06-15
   days on market $295,000 Active 84 DOM
6. 2026-06-14
   days on market $295,000 Active 82 DOM
7. 2026-06-13
   days on market $295,000 Active 81 DOM
8. 2026-06-10
   days on market $295,000 Active 79 DOM
9. 2026-06-09
   days on market $295,000 Active 78 DOM
10. 2026-06-08
    days on market $295,000 Active 77 DOM
11. 2026-06-07
    days on market $295,000 Active 76 DOM
12. 2026-06-05
    days on market $295,000 Active 73 DOM
13. 2026-06-03
    days on market $295,000 Active 72 DOM
14. 2026-06-03
    days on market $295,000 Active 71 DOM
15. 2026-06-01
    days on market $295,000 Active 70 DOM
16. 2026-05-31
    days on market $295,000 Active 69 DOM
17. 2026-05-30
    days on market $295,000 Active 68 DOM
18. 2026-03-23
    listed $295,000 Active

ⓘ 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 · 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: $23,348
• − Mortgage interest: −$16,497
• − Property taxes: −$4,418
• − Insurance: −$1,472
• − Repairs & maintenance: −$1,868
• − Management: −$1,868
• − HOA: −$444
• − Depreciation: −$8,567
• Taxable loss: −$11,785
• Est. tax savings @ 24.0%: +$2,829
• After-tax cash flow: $-3,593/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

1 event — show timeline

• 2026-03-23 Listed $295,000 ECAR