1064 Kings Lake Blvd · DeFuniak Springs, FL 32433

$230,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 20 Days on market

Built 2003 0.44 ac lot Est $242k · 5% under

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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 +13.5/30.0
• Appreciation +10.0/10.0
• ARV discount +9.8/15.0
• Schools +5.2/10.0
• DSCR +4.1/10.0
• Livability +3.2/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to your own private slice of paradise on sought-after Kings Lake Boulevard! Nestled at the end of a quiet street, this meticulously maintained waterfront home offers peaceful living with breathtaking views of beautiful Kings Lake -- a lake well-known for being fully stocked with fish and perfect for relaxing afternoons on the water. Inside, you'll find durable and stylish LVP flooring, and new carpet in the bedrooms, creating a seamless and modern feel. The home has been thoughtfully updated with a new roof and a new porches, giving you the perfect place to unwind while overlooking the sparkling lake views. Additional features include a full gutter system and irrigation system for e

Key facts

• 0.44 acre lot
• 6 parking spots
• Built 2003

Property features AI

Finance

• HOA & community: Located in King Lake Estates; Community waterfront access

Exterior

• Parking: Driveway with 6 spaces
• Utilities: Public water; Septic tank; Electric central AC
• Home design: Manufactured home; Single-story; Located on a county road; Zoned Mobile Home / Single Family Residential
• Construction: Built in 2003
• Exterior features: Sprinkler system; Rain gutters; Cleared lot; Lake view; Lakefront with 72 feet of waterfront

Interior

• Bedrooms: 3 bedrooms; Master bedroom on the first floor
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Split bedroom floor plan; Living room on the first floor; Dining room on the first floor
• Laundry & utility: Washer; Dryer; Refrigerator

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $230k.

Deal economics

• At list price, monthly cash flow is $8 ($93/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 $173k (24.7% below list).
• Recommended offer: $173k (24.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.8% in DeFuniak Springs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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); Walton High School (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 856 students, 65% FRL) — zoned schools average 76% FRL vs 48% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 422 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 40% 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 $25k of equity ($2k loan paydown + $23k 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 $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $39k; list at $230k implies a 485% gain — meaningful room to come down on a strong offer.

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 $173,300 (24.7% 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 0.75% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.14%
• DSCR: 1.01
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $242,352
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 Kings Lake Blvd	0.36mi	3/2.0	1,216 (-6%)	8mo	$174,000	$143	66
182 Gator Run	0.34mi	3/1.0	1,128 (-13%)	3mo	$130,000	$115	56
135 Patrick Dr	0.65mi	3/3.0	1,440 (+11%)	13mo	$295,000	$205	37
58 Bell Dr	0.74mi	3/3.0	1,484 (+14%)	24mo	$277,500	$187	17

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: 24.4%
• Equity multiple: 2.95×
• Total profit: $125,645
• Equity at exit: $207,202

10-year hold

• IRR: 21.6%
• Equity multiple: 6.74×
• Total profit: $369,388
• Equity at exit: $446,839

Cash invested: $64,400 (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: 11.1×

Monthly cashflow live

• Estimated rent: $1,733 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$59 /mo · $712/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $8

Break-even live

Break-even rent $1,723

Max offer price $230,000

Occupancy floor 95%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $230,000 Active 20 DOM
2. 2026-06-17
   days on market $230,000 Active 19 DOM
3. 2026-06-16
   days on market $230,000 Active 18 DOM
4. 2026-06-15
   days on market $230,000 Active 17 DOM
5. 2026-06-14
   days on market $230,000 Active 15 DOM
6. 2026-06-13
   days on market $230,000 Active 14 DOM
7. 2026-06-10
   days on market $230,000 Active 12 DOM
8. 2026-06-09
   days on market $230,000 Active 11 DOM
9. 2026-06-08
   days on market $230,000 Active 10 DOM
10. 2026-06-07
    days on market $230,000 Active 9 DOM
11. 2026-06-05
    days on market $230,000 Active 6 DOM
12. 2026-06-03
    days on market $230,000 Active 5 DOM
13. 2026-06-02
    days on market $230,000 Active 4 DOM
14. 2026-06-01
    days on market $230,000 Active 3 DOM
15. 2026-05-31
    days on market $230,000 Active 2 DOM
16. 2026-05-30
    remarks 699-char remark
17. 2026-05-30
    listed $230,000 Active 1 DOM

ⓘ 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: $712 · $59/mo
• Projected year-2 tax: $1,909 · $159/mo
• Expected delta: +$1,197/yr (+$100/mo · 168.2%)

ⓘ 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 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: $20,796
• − Mortgage interest: −$12,884
• − Property taxes: −$712
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,664
• − Management: −$1,664
• − Depreciation: −$6,691
• Taxable loss: −$3,968
• Est. tax savings @ 24.0%: +$952
• After-tax cash flow: $1,046/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

+411.1% since first listed

3 events — show timeline

• 2026-05-30 Listed $230,000 ECAR
• 2009-12-08 Sold (Public Records) $39,300 Public Records
• 2005-03-07 Sold (Public Records) $45,000 Public Records

Property tax history

+13.4%/yr

Latest (2025): $712 · +1.4% YoY. Source: county tax records.