361 Park Ave · DeFuniak Springs, FL 32435

$208,000

4 bd · 3.0 ba · 2,160 sqft · SingleFamily public records · 139 Days on market

Built 1910 0.31 ac lot Est $408k · 49% under ↓ 16% 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).

• ARV discount +15.0/15.0
• Cash flow +13.1/30.0
• Appreciation +10.0/10.0
• Schools +5.2/10.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This home offers flexibility you just don't find every day, especially in the historic district. This 2,160 SF, two-story home has a proven layout for multi-use living, income potential, or both. With 4 bedrooms and 2.5 baths, the home is currently configured as two separate living spaces. Downstairs is 3 beds/2 bath, and upstairs is a 1 Bed/1 Bath (with 5th bed potential), plus a 2nd kitchen. Live on one level and rent the other, create a multi-generational setup, or explore a duplex conversion and rent both floors. The home sits on a generous 1/3-acre lot with a fenced backyard, . It's just minutes to downtown DeFuniak Springs, Lake DeFuniak, Walton Middle, and quick access to Hwy 331 Sou

Key facts

• Front street access
• Income potential
• Multi-use living

Tags

• HISTORIC DISTRICT
• MULTI-USE LIVING
• INCOME POTENTIAL
• TWO SEPARATE LIVING SPACES
• FENCED BACKYARD
• FRONT STREET ACCESS

Property features AI

Finance

• Other: Total building area recorded from county: 2160
• Financial info: Financial details not provided
• HOA & community: Located in the Town of Defuniak Springs subdivision

Exterior

• Parking: Parking details not provided
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Electric service; Natural gas available
• Home design: Craftsman-style home; 2 stories; Built in 1910; Zoned historical / single-family
• Construction: Wood siding construction; Metal roof
• Exterior features: Balcony; Private yard; Separate living area; Chain link fencing; Open deck; Porch; Level lot; Sidewalk; Within 1/2 mile to water; City street frontage; Access via paved city roads

Interior

• Kitchen: Kitchen on first and second levels; Refrigerator included
• Bedrooms: 4 bedrooms total; Primary bedroom is carpeted and located on the first floor; Additional bedrooms located on first and second floors
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: 3 bathrooms total (2 full, 1 half)
• Heating & cooling: Natural gas heating; Window/unit or wall heat; Window air conditioning units; Ceiling fans
• Interior features: Built-in bookcases; Pantry; Shelving; Wallpaper; Wood-paneled walls; Washer/dryer hookup
• Laundry & utility: Laundry room on first floor; Washer/dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $208k.

Deal economics

• At list price, monthly cash flow is $-8 ($-102/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (13.0% below list).
• Recommended offer: $181k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: 122 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 $22k of equity ($1k loan paydown + $21k 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 $58k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $41k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,881 (13.0% 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 139 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.87% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.17%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $408,240
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
168 Circle Dr	0.20mi	4/2.0	2,155 (-0%)	5mo	$499,500	$232	82
132 Circle Dr	0.24mi	3/2.0 (-1)	2,094 (-3%)	2mo	$365,000	$174	73
436 Park Ave	0.08mi	3/2.0 (-1)	2,032 (-6%)	18mo	$214,900	$106	62
388 S 11Th St	0.22mi	3/2.0 (-1)	1,907 (-12%)	7mo	$360,000	$189	55
215 College Ave	0.75mi	3/2.0 (-1)	2,212 (+2%)	18mo	$464,250	$210	37

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: 24.2%
• Equity multiple: 2.94×
• Total profit: $112,769
• Equity at exit: $187,383

10-year hold

• IRR: 21.4%
• Equity multiple: 6.71×
• Total profit: $332,566
• Equity at exit: $404,098

Cash invested: $58,240 (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: 122
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,809 medium
• Mortgage (P&I): −$1,091
• Tax est. 1.5%: −$260 /mo · $3,120/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $-8

Break-even live

Break-even rent $1,820

Max offer price $206,773

Occupancy floor 95%

Sensitivity live

Price	-10% $135	-5% $63	+0% $-8	+5% $-80	+10% $-152
Rent	-10% $-151	-5% $-80	+0% $-8	+5% $63	+10% $134
Rate	-1.0pp $96	-0.5pp $44	base $-8	+0.5pp $-62	+1.0pp $-117

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: $52,000
• Closing costs: $6,240
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $208,000 Active 139 DOM
2. 2026-06-17
   days on market $208,000 Active 138 DOM
3. 2026-06-16
   days on market $208,000 Active 137 DOM
4. 2026-06-15
   days on market $208,000 Active 136 DOM
5. 2026-06-14
   days on market $208,000 Active 134 DOM
6. 2026-06-13
   days on market $208,000 Active 133 DOM
7. 2026-06-10
   days on market $208,000 Active 131 DOM
8. 2026-06-09
   days on market $208,000 Active 130 DOM
9. 2026-06-08
   days on market $208,000 Active 129 DOM
10. 2026-06-07
    days on market $208,000 Active 128 DOM
11. 2026-06-05
    days on market $208,000 Active 125 DOM
12. 2026-06-03
    days on market $208,000 Active 124 DOM
13. 2026-06-03
    days on market $208,000 Active 123 DOM
14. 2026-06-01
    days on market $208,000 Active 122 DOM
15. 2026-05-31
    days on market $208,000 Active 121 DOM
16. 2026-05-30
    days on market $208,000 Active 120 DOM
17. 2026-05-12
    price $208,000
18. 2026-04-14
    status Active
19. 2026-03-25
    price $229,900
20. 2026-01-30
    listed $248,900 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 4/10 Moderate
• 🌡 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: $21,706
• − Mortgage interest: −$11,651
• − Property taxes: −$3,120
• − Insurance: −$1,040
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − Depreciation: −$6,051
• Taxable loss: −$3,629
• Est. tax savings @ 24.0%: +$871
• After-tax cash flow: $769/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

-16.4% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $208,000 ECAR
• 2026-04-14 Relisted — ECAR
• 2026-03-25 Price Changed $229,900 ECAR
• 2026-01-30 Listed $248,900 ECAR

Property tax history

+81.4%/yr

Latest (2025): $30 · +52.2% YoY. Source: county tax records.