120 Clover Ln · DeFuniak Springs, FL 32433

$239,900

4 bd · 3.0 ba · 2,432 sqft · Manufactured · 102 Days on market

Built 2023 0.53 ac lot ↓ 29% since listing

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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 +12.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

reo. Beautiful 2023 manufactured home on over half an acre - a must see! This 4 bedroom, 3 bathroom home features an open floor plan with a spacious living room and cozy fireplace. The home flows into the dining area and a stunning chef's kitchen with upgraded finishes. The large primary suite includes a walk-in shower, stand-alone soaking tub, and oversized closet with extra storage. Three additional bedrooms and two full bathrooms provide plenty of space. Enjoy a large laundry room with sink and counter space and relax on the front deck overlooking the spacious lot. Ask about zero-down payment options, down payment assistance programs, and lender credits available for qualified buyers.

Key facts

• Open floor plan
• Upgraded finishes
• Walk-in shower

Tags

• OPEN FLOOR PLAN
• COZY FIREPLACE
• STUNNING CHEF'S KITCHEN
• UPGRADED FINISHES
• WALK-IN SHOWER
• STAND-ALONE SOAKING TUB

Property features AI

Finance

• Other: Zoning: County, Mobile Home, Residential Single Family
• Financial info: Details not provided
• HOA & community: Subdivision: Lots 7 & 8 Block 60 Oakwood Hills Unit III

Exterior

• Parking: Details not provided
• Security: Smoke detector(s)
• Utilities: Public water; Septic tank; TV cable available; Electric water heater / electric energy features
• Home design: Manufactured home; Single-story; Built in 2023
• Construction: Shingle roof; Shake siding with vinyl siding and vinyl trim; Built in 2023
• Exterior features: Open deck; Yard building; Located on a cul-de-sac; County road frontage; graded/maintained gravel or oyster shell access

Interior

• Kitchen: Dishwasher; Microwave; Range hood; Kitchen island
• Bedrooms: 4 bedrooms (all on the first floor)
• Flooring: Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Electric heat controls
• Interior features: Tray ceilings; Fireplace; Kitchen island; Recessed lighting; Washer/Dryer hookup
• Laundry & utility: Washer/Dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath manufactured listed at $240k.

Deal economics

• At list price, monthly cash flow is $-30 ($-361/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (14.1% below list).
• Recommended offer: $206k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.8% in DeFuniak Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 423 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• At $2,061/mo this rent would consume 47% of the median local household income ($52k/yr) (locally 356% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k 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 $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 6 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 $206,055 (14.1% 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 102 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 0.86% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.92×
• Total profit: $128,772
• Equity at exit: $216,121

10-year hold

• IRR: 21.2%
• Equity multiple: 6.67×
• Total profit: $380,781
• Equity at exit: $466,073

Cash invested: $67,172 (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: 9.7×

Monthly cashflow live

• Estimated rent: $2,061 medium
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $-30

Break-even live

Break-even rent $2,099

Max offer price $235,550

Occupancy floor 96%

Sensitivity live

Price	-10% $136	-5% $53	+0% $-30	+5% $-113	+10% $-196
Rent	-10% $-193	-5% $-111	+0% $-30	+5% $51	+10% $133
Rate	-1.0pp $91	-0.5pp $31	base $-30	+0.5pp $-92	+1.0pp $-155

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-21
   statusdays on market $239,900 Pending 102 DOM
2. 2026-06-18
   days on market $239,900 Active 101 DOM
3. 2026-06-17
   days on market $239,900 Active 100 DOM
4. 2026-06-16
   days on market $239,900 Active 99 DOM
5. 2026-06-15
   days on market $239,900 Active 98 DOM
6. 2026-06-14
   days on market $239,900 Active 96 DOM
7. 2026-06-13
   days on market $239,900 Active 95 DOM
8. 2026-06-10
   days on market $239,900 Active 93 DOM
9. 2026-06-09
   days on market $239,900 Active 92 DOM
10. 2026-06-08
    days on market $239,900 Active 91 DOM
11. 2026-06-07
    days on market $239,900 Active 90 DOM
12. 2026-06-05
    days on market $239,900 Active 87 DOM
13. 2026-06-03
    days on market $239,900 Active 86 DOM
14. 2026-06-03
    days on market $239,900 Active 85 DOM
15. 2026-06-01
    days on market $239,900 Active 84 DOM
16. 2026-05-31
    days on market $239,900 Active 83 DOM
17. 2026-05-30
    days on market $239,900 Active 82 DOM
18. 2026-04-20
    price $239,900
19. 2026-03-09
    listed $249,900 Active
20. 2025-12-04
    status Active
21. 2025-10-23
    status Active
22. 2025-10-17
    status Pending
23. 2025-10-02
    price $249,000
24. 2025-09-05
    price $250,000
25. 2025-07-28
    status Active
26. 2025-07-08
    price $270,000
27. 2025-06-24
    price $290,000
28. 2025-05-27
    price $295,000
29. 2025-05-23
    price $295,900
30. 2025-05-23
    status Active
31. 2025-04-21
    price $299,900
32. 2025-01-23
    price $305,000
33. 2024-12-03
    price $309,900
34. 2024-11-13
    price $319,500
35. 2024-09-25
    price $329,500
36. 2024-07-29
    listed $337,500 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 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: $24,727
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,978
• − Management: −$1,978
• − Depreciation: −$6,979
• Taxable loss: −$4,445
• Est. tax savings @ 24.0%: +$1,067
• After-tax cash flow: $706/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

-28.9% since first listed

19 events — show timeline

• 2026-04-20 Price Changed $239,900 ECAR
• 2026-03-09 Listed $249,900 ECAR
• 2025-12-04 Relisted — ECAR
• 2025-10-23 Relisted — ECAR
• 2025-10-17 Pending — ECAR
• 2025-10-02 Price Changed $249,000 ECAR
• 2025-09-05 Price Changed $250,000 ECAR
• 2025-07-28 Relisted — ECAR
• 2025-07-08 Price Changed $270,000 ECAR
• 2025-06-24 Price Changed $290,000 ECAR
• 2025-05-27 Price Changed $295,000 ECAR
• 2025-05-23 Price Changed $295,900 ECAR
• 2025-05-23 Relisted — ECAR
• 2025-04-21 Price Changed $299,900 ECAR
• 2025-01-23 Price Changed $305,000 ECAR
• 2024-12-03 Price Changed $309,900 ECAR
• 2024-11-13 Price Changed $319,500 ECAR
• 2024-09-25 Price Changed $329,500 ECAR
• 2024-07-29 Listed $337,500 ECAR