687 Osage Dr · Defuniak Springs, FL 32433

$144,900

3 bd · 2.0 ba · 1,710 sqft · Manufactured public records · 22 Days on market

Manufactured home Built 2004 4.70 ac lot Est $125k · 16% over

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Why this score? — see what drove the C 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 +21.3/30.0
• Appreciation +10.0/10.0
• DSCR +6.8/10.0
• Schools +5.2/10.0
• 1% rule +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.3/15.0

Listing remarks MLS

Affordable. Local. Convenient! This well maintained 2004 Double-wide mobile home comes with just under 5 acres! Just minutes from the interstate at Hwy 285, and equally close to both Crestview and Defuniak Springs, this property exudes value. Mobile home has split bedrooms, large open kitchen with island, breakfast bar and all appliances convey. Great room is large enough for dining room as well! Master bedroom has huge area for sitting, or home office with a oversized walk in closets that wraps around and opens into the huge master bath. Nearly 3/4 acres of the 4.7 acre parcel has been cleared and partially fenced in, and the lot is level and dry. Even though the road is currently owned and maintained by the county; seller says it is on the list for repaving in the near future. Don't miss an opportunity to be near the new Elementary School coming to Mossy Head with plenty of elbow room between you and your neighbors.

Key facts

• 3-bay garage
• Metal shop
• Roll-up door

Tags

• 4.7 ACRES
• PRIME LOCATION
• VALUABLE IMPROVEMENTS
• 3-BAY GARAGE
• METAL SHOP
• ROLL-UP DOOR

Property features AI

Finance

• Other: Zoning allows horses and mobile homes; residential single family
• HOA & community: Subdivision: HINOTE COMMONS

Exterior

• Parking: Detached garage with 3 garage spaces; 1 carport space
• Utilities: Electric service; Public water; Septic tank; Electric water heater
• Home design: Manufactured home; Single-story; Entry and all main living areas on the first floor; Built in 2004
• Construction: Composite shingle roof; Frame construction with vinyl siding and trim; Off-grade foundation
• Exterior features: Open porch; Yard building; Workshop on the property; Interior, level lot; County road frontage (paved)

Interior

• Kitchen: Kitchen located on the first floor; Kitchen island
• Bedrooms: 3 bedrooms (all on the first floor); Master suite with walk-in closet, carpeted bedroom, separate shower and garden tub in the master bathroom
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Cathedral ceilings; Kitchen island; Split bedroom layout; Washer/dryer hookup; Double pane windows; Window treatments
• Laundry & utility: Utility room on the first floor; Washer/Dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $145k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (7.5% below list).
• Recommended offer: $134k (7.5% 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: Mossy Head School (math 72% / reading 57%, grade B, #525 of 2,144 statewide, top 26%, 439 students, 86% 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: 425 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 31% 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 $15k of equity ($1k loan paydown + $14k 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 $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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 $125k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $134,009 (7.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $124,830
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
687 Osage Dr	0.00mi	3/2.0	1,710 (0%)	1mo	$125,000	$73	99

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: 28.8%
• Equity multiple: 3.27×
• Total profit: $92,299
• Equity at exit: $130,537

10-year hold

• IRR: 25.0%
• Equity multiple: 7.43×
• Total profit: $261,075
• Equity at exit: $281,509

Cash invested: $40,572 (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: 425
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,340 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$27 /mo · $326/yr
• Insurance: −$60
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $211

Break-even live

Break-even rent $1,073

Max offer price $144,900

Occupancy floor 79%

Sensitivity live

Price	-10% $293	-5% $252	+0% $211	+5% $170	+10% $129
Rent	-10% $105	-5% $158	+0% $211	+5% $264	+10% $317
Rate	-1.0pp $284	-0.5pp $248	base $211	+0.5pp $174	+1.0pp $136

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-15
   status Pending
2. 2026-05-04
   price $144,900
3. 2026-04-23
   listed $149,900 Active
4. 2007-08-07
   soldstatus $125,000
5. 2007-07-23
   soldstatus $125,000 931-char remark

   Show marketing remark (931 chars)

   Affordable. Local. Convenient! This well maintained 2004 Double-wide mobile home comes with just under 5 acres! Just minutes from the interstate at Hwy 285, and equally close to both Crestview and Defuniak Springs, this property exudes value. Mobile home has split bedrooms, large open kitchen with island, breakfast bar and all appliances convey. Great room is large enough for dining room as well! Master bedroom has huge area for sitting, or home office with a oversized walk in closets that wraps around and opens into the huge master bath. Nearly 3/4 acres of the 4.7 acre parcel has been cleared and partially fenced in, and the lot is level and dry. Even though the road is currently owned and maintained by the county; seller says it is on the list for repaving in the near future. Don't miss an opportunity to be near the new Elementary School coming to Mossy Head with plenty of elbow room between you and your neighbors.

6. 2007-05-03
   listed $129,900 931-char remark

   Show marketing remark (931 chars)

   Affordable. Local. Convenient! This well maintained 2004 Double-wide mobile home comes with just under 5 acres! Just minutes from the interstate at Hwy 285, and equally close to both Crestview and Defuniak Springs, this property exudes value. Mobile home has split bedrooms, large open kitchen with island, breakfast bar and all appliances convey. Great room is large enough for dining room as well! Master bedroom has huge area for sitting, or home office with a oversized walk in closets that wraps around and opens into the huge master bath. Nearly 3/4 acres of the 4.7 acre parcel has been cleared and partially fenced in, and the lot is level and dry. Even though the road is currently owned and maintained by the county; seller says it is on the list for repaving in the near future. Don't miss an opportunity to be near the new Elementary School coming to Mossy Head with plenty of elbow room between you and your neighbors.

7. 2003-10-01
   soldstatus $17,000

ⓘ 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: $326 · $27/mo
• Projected year-2 tax: $1,203 · $100/mo
• Expected delta: +$877/yr (+$73/mo · 269.3%)

ⓘ 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: $16,081
• − Mortgage interest: −$8,117
• − Property taxes: −$326
• − Insurance: −$724
• − Repairs & maintenance: −$1,286
• − Management: −$1,286
• − Depreciation: −$4,215
• Taxable income: $126
• Est. tax owed @ 24.0%: −$30
• After-tax cash flow: $2,505/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

+752.4% since first listed

7 events — show timeline

• 2026-05-15 Pending — ECAR
• 2026-05-04 Price Changed $144,900 ECAR
• 2026-04-23 Listed $149,900 ECAR
• 2007-08-07 Sold (Public Records) $125,000 Public Records
• 2007-07-23 Sold (MLS) $125,000 ECAR
• 2007-05-03 Listed $129,900 ECAR
• 2003-10-01 Sold (Public Records) $17,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $326 · +1.3% YoY. Source: county tax records.