4103 King Lake Rd · DeFuniak Springs, FL 32433

$199,000

3 bd · 1.0 ba · 924 sqft · SingleFamily public records · 304 Days on market

Built 1963 2.00 ac lot Est $220k · 10% 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 +15.6/30.0
• ARV discount +11.8/15.0
• Appreciation +10.0/10.0
• Schools +5.2/10.0
• DSCR +4.8/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Northwest Defuniak Springs / King Lake area Home on 2 acres with 5 hookups (power, water, cleanout) for recreational vehicles. IRBY is renting month to month for RV, Work Boom Trucks, Work Trucks, Utility Trailers, and personal lineman and journeyman trucks. Plenty of room on site for large vehicles / work trucks. Large new fully enclosed work shop / garage with bay door and attached oversized two stall car port. Property consists of 2 acres and two residential addresses 4103 and 4081 A, B, C, D, and E. 4081 had 5 trailers (living sites) that include water, septic, and electric. The new owner may decide to do a hard subdivide between the addresses. Call your favorite agent today and arrange

Key facts

• 2 acres
• 5 hookups
• Enclosed work shop

Tags

• 2 ACRES
• 5 HOOKUPS
• ENCLOSED WORK SHOP
• ATTACHED OVERSIZED CAR PORT

Property features AI

Finance

• Other: Zoned Agriculture; Property size about 2.0 acres
• HOA & community: No subdivision / no HOA

Exterior

• Parking: Detached garage with 3 garage spaces; Detached carport with 2 carport spaces; RV access/parking
• Utilities: Electric service available; Public water; Septic tank
• Home design: Florida cottage style; Single-story
• Construction: Metal roof; Foundation off grade; Built in 1963
• Exterior features: Separate rentable building on the property; Fully fenced lot; Cleared, level lot; County road frontage with paved road access; Lot dimensions approximately 295' x 295'

Interior

• Kitchen: First-floor kitchen (approx. 10' x 10')
• Bedrooms: Three first-floor bedrooms (each approx. 10' x 10')
• Bathrooms: One full bathroom (approx. 5' x 7')
• Heating & cooling: Window unit cooling; Window/wall AC
• Interior features: 5 total rooms; Kitchen located on the first floor; Full bathroom on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/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 $160k (19.7% below list).
• Recommended offer: $160k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: West Defuniak Elementary School (math 67% / reading 57%, grade B, #608 of 2,144 statewide, top 29%, 669 students, 69% FRL); Walton High School (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 856 students, 65% FRL) — zoned schools average 67% FRL vs 48% district-wide (19 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).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k 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 $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 304 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $76k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $199k implies a 121% 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; 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 $159,758 (19.7% below list)

Questions for the listing agent

1. It's been on market 304 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.80% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.80%
• DSCR: 1.08
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $219,912
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5123 US-331	0.59mi	2/1.0 (-1)	966 (+4%)	9mo	$230,000	$238	52

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: 25.6%
• Equity multiple: 3.04×
• Total profit: $113,607
• Equity at exit: $179,275

10-year hold

• IRR: 22.5%
• Equity multiple: 6.93×
• Total profit: $330,176
• Equity at exit: $386,613

Cash invested: $55,720 (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: 10.4×

Monthly cashflow live

• Estimated rent: $1,598 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$52 /mo · $624/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $84

Break-even live

Break-even rent $1,492

Max offer price $199,000

Occupancy floor 90%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-16
   days on market $199,000 Active 304 DOM
2. 2026-06-15
   days on market $199,000 Active 303 DOM
3. 2026-06-14
   days on market $199,000 Active 301 DOM
4. 2026-06-13
   days on market $199,000 Active 300 DOM
5. 2026-06-10
   days on market $199,000 Active 298 DOM
6. 2026-06-09
   days on market $199,000 Active 297 DOM
7. 2026-06-08
   days on market $199,000 Active 296 DOM
8. 2026-06-07
   days on market $199,000 Active 295 DOM
9. 2026-06-05
   days on market $199,000 Active 292 DOM
10. 2026-06-03
    days on market $199,000 Active 291 DOM
11. 2026-06-03
    days on market $199,000 Active 290 DOM
12. 2026-06-01
    days on market $199,000 Active 289 DOM
13. 2026-05-31
    days on market $199,000 Active 288 DOM
14. 2026-05-30
    days on market $199,000 Active 287 DOM
15. 2026-05-12
    price $209,000
16. 2026-05-08
    price $219,000
17. 2026-03-21
    price $229,000
18. 2026-03-01
    price $259,000
19. 2025-11-11
    price $249,000
20. 2025-09-11
    price $229,000
21. 2025-09-11
    status Active
22. 2025-08-06
    listed $275,000 Active
23. 2024-06-07
    soldstatus $90,000
24. 2012-11-07
    soldstatus $85,000
25. 2004-11-10
    soldstatus $80,000
26. 2001-04-30
    soldstatus $7,500

ⓘ 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: $624 · $52/mo
• Projected year-2 tax: $1,652 · $138/mo
• Expected delta: +$1,028/yr (+$86/mo · 164.6%)

ⓘ 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 8/10 Severe 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: $19,171
• − Mortgage interest: −$11,147
• − Property taxes: −$624
• − Insurance: −$995
• − Repairs & maintenance: −$1,534
• − Management: −$1,534
• − Depreciation: −$5,789
• Taxable loss: −$2,452
• Est. tax savings @ 24.0%: +$588
• After-tax cash flow: $1,591/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

+2686.7% since first listed

12 events — show timeline

• 2026-05-12 Price Changed $209,000 ECAR
• 2026-05-08 Price Changed $219,000 ECAR
• 2026-03-21 Price Changed $229,000 ECAR
• 2026-03-01 Price Changed $259,000 ECAR
• 2025-11-11 Price Changed $249,000 ECAR
• 2025-09-11 Price Changed $229,000 ECAR
• 2025-09-11 Relisted — ECAR
• 2025-08-06 Listed $275,000 ECAR
• 2024-06-07 Sold (Public Records) $90,000 Public Records
• 2012-11-07 Sold (Public Records) $85,000 Public Records
• 2004-11-10 Sold (Public Records) $80,000 Public Records
• 2001-04-30 Sold (Public Records) $7,500 Public Records

Property tax history

+5.6%/yr

Latest (2025): $624 · +67.8% YoY. Source: county tax records.