108 Bay Springs Blvd Unit 4A · DeFuniak Springs, FL 32435

$257,490

4 bd · 2.0 ba · 1,732 sqft · SingleFamily · 42 Days on market

Built 2026 5,500 sqft lot Est $258k · at est. $120/mo HOA · 7% 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).

• Appreciation +10.0/10.0
• ARV discount +7.6/15.0
• Cash flow +6.1/30.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +0.5/10.0

Listing remarks

The Gehrig floor plan offers a thoughtfully designed single-story layout that blends comfort, functionality, and modern style. At the front of the home, 3 well-appointed bedrooms provide privacy and versatility, making them ideal for family members, guests, or a home office. The entryway leads into a spacious open-concept living area where the kitchen, dining room, and family room connect seamlessly for easy everyday living. The kitchen features quartz countertops, stainless steel appliances, and 42' cabinets to complement both style and convenience. Privately situated at the rear, the owner's suite serves as a peaceful retreat with a well-appointed bathroom and a generous walk-in closet. L

Key facts

• Single-story layout
• Quartz countertops
• 42 cabinets

Tags

• SINGLE-STORY LAYOUT
• OPEN-CONCEPT LIVING AREA
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• 42 CABINETS
• OWNER'S SUITE

Property features AI

Finance

• Other: Subdivision: Bay Springs
• HOA & community: Has association; Association provides management and structure maintenance; Fees include management, repairs/maintenance and master association services

Exterior

• Parking: Garage
• Utilities: Electric service; Public water; Public sewer; Electric water heater; Heat pump air-to-air
• Home design: Contemporary single-story home; Entry level: First floor
• Construction: Frame construction with vinyl siding; Shingle roof; Slab foundation; Built in 2026
• Exterior features: Cleared, interior lot; Private road frontage; Paved road access; Lot dimensions approximately 50x110; Deed-restricted

Interior

• Kitchen: Breakfast bar; Pantry; Dishwasher; Garbage disposal; Electric water heater
• Bedrooms: 4 bedrooms (master on the first floor with walk-in closet and shower-only master bath)
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Has heating
• Interior features: Breakfast bar; Newly painted; Owner's closet; Pantry; Built-in shelving; Washer/dryer hookup; Double pane windows
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $257k.

Deal economics

• At list price, monthly cash flow is $-476 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (30.0% below list).
• Recommended offer: $180k (30.0% 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: West Defuniak Elementary School (math 67% / reading 57%, grade B, #608 of 2,144 statewide, top 29%, 669 students, 69% 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) — zoned schools at 52% FRL track the district average.
• Market conditions: 123 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 $28k of equity ($2k loan paydown + $26k 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 ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($250k) is reasonable based on typical stale-listing flexibility.

Recommended offer $180,167 (30.0% 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 42 days. Have you received any prior offers? Is the seller open to a 30% 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. 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. 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?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 4.07%
• Cash-on-cash: -7.92%
• DSCR: 0.65
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $258,068
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Bay Springs Blvd Unit 4A	0.00mi	4/2.0	1,732 (0%)	0mo	$257,490	$149	100
167 Bay Springs Blvd Unit 46A	0.06mi	4/2.0	1,732 (0%)	2mo	$259,990	$150	96
154 Bay Springs Blvd Unit 8A	0.05mi	4/2.0	1,707 (-1%)	1mo	$247,990	$145	95
145 Bay Springs Blvd Unit 48A	0.04mi	4/2.0	1,810 (+4%)	2mo	$263,980	$146	89
187 Bay Springs Blvd Unit 44A	0.08mi	4/2.0	1,810 (+4%)	1mo	$266,980	$148	88
117 Bay Springs Blvd Unit 50A	0.17mi	4/2.0	1,810 (+4%)	2mo	$314,900	$174	83
157 Bay Springs Blvd Unit 47A	0.05mi	4/2.5	1,891 (+9%)	2mo	$276,990	$146	79
125 Bay Springs Blvd Unit 49A	0.02mi	3/2.0 (-1)	1,569 (-9%)	2mo	$239,480	$153	76

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: 18.7%
• Equity multiple: 2.53×
• Total profit: $110,011
• Equity at exit: $231,967

10-year hold

• IRR: 17.4%
• Equity multiple: 5.83×
• Total profit: $348,014
• Equity at exit: $500,246

Cash invested: $72,097 (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 32435

• Home prices YoY: 4.0%
• Active inventory: 123
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,802 medium
• Mortgage (P&I): −$1,350
• Tax est. 1.5%: −$322 /mo · $3,862/yr
• Insurance: −$107
• HOA: −$120
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-476

Break-even live

Break-even rent $2,404

Max offer price $188,592

Occupancy floor —

Sensitivity live

Price	-10% $-298	-5% $-387	+0% $-476	+5% $-565	+10% $-654
Rent	-10% $-618	-5% $-547	+0% $-476	+5% $-405	+10% $-334
Rate	-1.0pp $-346	-0.5pp $-411	base $-476	+0.5pp $-543	+1.0pp $-611

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: $64,372
• Closing costs: $7,725
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $120 · $1,440/yr

Listing history 2 events

1. 2026-05-15
   status Pending
2. 2026-04-03
   listed $257,490 Active

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

Taxation est. · year 1

• Rental income: $21,620
• − Mortgage interest: −$14,423
• − Property taxes: −$3,862
• − Insurance: −$1,287
• − Repairs & maintenance: −$1,730
• − Management: −$1,730
• − HOA: −$1,440
• − Depreciation: −$7,491
• Taxable loss: −$10,343
• Est. tax savings @ 24.0%: +$2,482
• After-tax cash flow: $-3,231/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
• City population: 19,746
• Population (ZIP): 6,359

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 (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Slovak 5% Scottish 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▲ 12.25%
• Current HPI: 314.8146
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-15 Pending — ECAR
• 2026-04-03 Listed $257,490 ECAR