135 Rembrandt Cir · DeFuniak Springs, FL 32433

$184,000

3 bd · 2.0 ba · 1,144 sqft · Manufactured · 57 Days on market

Built 2005 Good condition 0.33 ac lot Est $183k · at est. ↓ 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).

• Cash flow +14.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.3/15.0
• Schools +5.2/10.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0

Listing remarks

Welcome to your dream home! This charming 3-bedroom, 2-bath mobile home is situated on a spacious 0.33-acre lot with a fully fenced backyard, offering plenty of room for outdoor entertaining, pets, or play. Inside, you'll love the open-concept layout featuring a spacious family room and kitchen, perfect for gatherings and everyday living. Nestled in a peaceful and quiet area, this home offers the perfect balance of privacy and convenience. Located just 45 minutes from Destin and 30 minutes from Freeport, you'll enjoy easy access to shopping, dining, and local amenities while still coming home to a tranquil retreat. Plus, Florida's stunning Gulf Coast beaches are just a short drive away, mak

Key facts

• Open-concept layout
• Spacious family room
• 0.33 acre lot

Tags

• FULLY FENCED BACKYARD
• OPEN-CONCEPT LAYOUT
• SPACIOUS FAMILY ROOM
• EASY ACCESS TO SHOPPING

Property features AI

Exterior

• Utilities: Public water; Septic tank; Public power
• Home design: Manufactured home; Single-story
• Construction: Built in 2005; Total building area about 1,144 sq ft
• Exterior features: Lot approximately 0.33 acres (dimensions about 83.88 x 166.8); No pool; Subdivision: OAKWOOD LAKES ESTATES

Interior

• Kitchen: Range hood; Refrigerator
• Bedrooms: 3 bedrooms; Master bedroom located on the first floor
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric AC
• Interior features: Central air conditioning

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $184k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $50 ($602/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 $167k (9.1% below list).
• Recommended offer: $167k (9.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: 423 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 38% 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 $20k of equity ($1k loan paydown + $18k 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 $52k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $167,312 (9.1% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.17%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $183,040
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
232 N Raphael Rd	0.33mi	3/2.0	1,064 (-7%)	3mo	$180,000	$169	71
444 Donatello Rd	0.53mi	4/2.0 (+1)	1,140 (-0%)	4mo	$148,000	$130	66
105 Bellini Rd	0.35mi	3/2.0	1,064 (-7%)	12mo	$125,000	$117	62
304 E Michaelanglo Rd	0.46mi	3/2.0	1,248 (+9%)	20mo	$200,000	$160	47
663 E Picasso Cir	0.68mi	3/2.0	1,296 (+13%)	8mo	$233,000	$180	39

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: 25.1%
• Equity multiple: 3.01×
• Total profit: $103,433
• Equity at exit: $165,762

10-year hold

• IRR: 22.2%
• Equity multiple: 6.86×
• Total profit: $302,129
• Equity at exit: $357,472

Cash invested: $51,520 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,673 medium
• Mortgage (P&I): −$965
• Tax est. 1.5%: −$230 /mo · $2,760/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $50

Break-even live

Break-even rent $1,610

Max offer price $184,000

Occupancy floor 92%

Sensitivity live

Price	-10% $177	-5% $114	+0% $50	+5% $-13	+10% $-77
Rent	-10% $-82	-5% $-16	+0% $50	+5% $116	+10% $182
Rate	-1.0pp $143	-0.5pp $97	base $50	+0.5pp $3	+1.0pp $-46

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $184,000 Active 57 DOM
2. 2026-06-18
   days on market $184,000 Active 54 DOM
3. 2026-06-17
   days on market $184,000 Active 53 DOM
4. 2026-06-16
   days on market $184,000 Active 52 DOM
5. 2026-06-15
   days on market $184,000 Active 51 DOM
6. 2026-06-14
   days on market $184,000 Active 49 DOM
7. 2026-06-13
   days on market $184,000 Active 48 DOM
8. 2026-06-10
   days on market $184,000 Active 46 DOM
9. 2026-06-09
   days on market $184,000 Active 45 DOM
10. 2026-06-08
    days on market $184,000 Active 44 DOM
11. 2026-06-07
    days on market $184,000 Active 43 DOM
12. 2026-06-05
    days on market $184,000 Active 40 DOM
13. 2026-06-03
    days on market $184,000 Active 39 DOM
14. 2026-06-03
    days on market $184,000 Active 38 DOM
15. 2026-06-01
    days on market $184,000 Active 37 DOM
16. 2026-05-31
    days on market $184,000 Active 36 DOM
17. 2026-05-30
    days on market $184,000 Active 35 DOM
18. 2026-04-24
    listed $184,000 Active
19. 2025-11-20
    price $210,000
20. 2025-09-03
    listed $220,000 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: $20,077
• − Mortgage interest: −$10,307
• − Property taxes: −$2,760
• − Insurance: −$920
• − Repairs & maintenance: −$1,606
• − Management: −$1,606
• − Depreciation: −$5,353
• Taxable loss: −$2,475
• Est. tax savings @ 24.0%: +$594
• After-tax cash flow: $1,196/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This mobile home is in good condition with a good roof, exterior, and interior. It has a spacious lot and a fully fenced backyard. The home is move-in ready with minor cosmetic updates needed for the exterior and landscaping.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Trim and landscape — Improves curb appeal and value
• Both Replace HVAC system — Improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Trim and landscape — Improves curb appeal and value ↑
• Both Replace HVAC system — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-16.4% since first listed

3 events — show timeline

• 2026-04-24 Listed $184,000 ECAR
• 2025-11-20 Price Changed $210,000 ECAR
• 2025-09-03 Listed $220,000 ECAR