106 Red Eye Rd · DeFuniak Springs, FL 32433

$198,000

2 bd · 1.0 ba · 1,344 sqft · Manufactured public records · 278 Days on market

Built 1980 0.66 ac lot Est $165k · 20% over · waterfront

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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
• Cash flow +8.8/30.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

REO property being sold as-is. Lots of room, 2 decks - front is 28 x 10 and back is 19 x 10. Frame and deck for an above ground pool also. Workshop is 15'4'' x 20 with a single car shed for additional car or boat. Property is less than 1 block to public boat launch at Juniper Lake. Home needs work - tub has been removed from master bath. Seller will consider all offers.

Key facts

• Block building
• Two-car carport
• Spacious corner lot

Tags

• SPACIOUS CORNER LOT
• TWO-CAR CARPORT
• BLOCK BUILDING
• OUTDOOR SPACE

Property features AI

Finance

• HOA & community: Located in JUNIPER LAKE PINES UNIT 1

Exterior

• Parking: Detached carport
• Utilities: Public water; Septic tank
• Home design: Mobile home; Single-story (1 story); Entry level on the first floor
• Construction: Built in 1980
• Exterior features: Corner lot; Paved road access; Paved road surface

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 3 bedrooms (master bedroom on the first floor)
• Bathrooms: 2 bathrooms total (1 full bath, 1 half bath)
• Heating & cooling: Central electric air conditioning; Window/Wall AC units; Ceiling fans
• Interior features: Central air and window/wall AC units; Ceiling fans throughout; Living room; Dining area; Laundry room
• Laundry & utility: First-floor laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $198k.

Deal economics

• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (11.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (23.0% below list).
• Recommended offer: $153k (23.0% 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: 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; 1 comparable units currently listed for rent nearby; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 35% 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 $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.
• 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 278 days — a 12% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago 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.
• Current owner paid $50k; list at $198k implies a 296% 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $152,555 (23.0% 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 278 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
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. 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 0.77% ✗
• Cap rate: 5.30%
• Cash-on-cash: -3.53%
• DSCR: 0.84
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $165,110
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 Blue Gill Loop	0.38mi	3/2.0 (+1)	1,344 (0%)	12mo	$199,000	$148	64
71 Vanderheide Rd	0.18mi	3/1.5 (+1)	1,442 (+7%)	12mo	$125,000	$87	62
331 Hurley Dr	0.60mi	2/2.0	1,430 (+6%)	10mo	$130,000	$91	49

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: 21.8%
• Equity multiple: 2.76×
• Total profit: $97,468
• Equity at exit: $178,374

10-year hold

• IRR: 19.6%
• Equity multiple: 6.33×
• Total profit: $295,244
• Equity at exit: $384,670

Cash invested: $55,440 (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: 10.8×

Monthly cashflow live

• Estimated rent: $1,526 medium
• Mortgage (P&I): −$1,038
• Tax est. 1.5%: −$248 /mo · $2,970/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $-163

Break-even live

Break-even rent $1,732

Max offer price $174,392

Occupancy floor —

Sensitivity live

Price	-10% $-26	-5% $-95	+0% $-163	+5% $-232	+10% $-300
Rent	-10% $-284	-5% $-223	+0% $-163	+5% $-103	+10% $-43
Rate	-1.0pp $-63	-0.5pp $-113	base $-163	+0.5pp $-214	+1.0pp $-267

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
143 Joe Anderson Rd Defuniak Springs, FL	3.0	2.0	1216	$1,625	$1.34	15d	1	0.91mi

Listing history 28 events

1. 2026-06-21
   days on market $198,000 Active 278 DOM
2. 2026-06-18
   days on market $198,000 Active 275 DOM
3. 2026-06-17
   days on market $198,000 Active 274 DOM
4. 2026-06-16
   days on market $198,000 Active 273 DOM
5. 2026-06-15
   days on market $198,000 Active 272 DOM
6. 2026-06-14
   days on market $198,000 Active 270 DOM
7. 2026-06-13
   days on market $198,000 Active 269 DOM
8. 2026-06-10
   days on market $198,000 Active 267 DOM
9. 2026-06-09
   days on market $198,000 Active 266 DOM
10. 2026-06-08
    days on market $198,000 Active 265 DOM
11. 2026-06-07
    days on market $198,000 Active 264 DOM
12. 2026-06-05
    days on market $198,000 Active 261 DOM
13. 2026-06-03
    days on market $198,000 Active 260 DOM
14. 2026-06-03
    days on market $198,000 Active 259 DOM
15. 2026-06-01
    days on market $198,000 Active 258 DOM
16. 2026-05-31
    days on market $198,000 Active 257 DOM
17. 2026-05-30
    days on market $198,000 Active 256 DOM
18. 2025-09-16
    listed $198,000 Active
19. 2022-04-12
    soldstatus $50,000
20. 2011-05-20
    soldstatus $36,000
21. 2006-02-08
    historical
22. 2005-08-08
    listed $145,000
23. 2005-08-08
    listed $145,000
24. 2003-08-14
    soldstatus $27,000 372-char remark

    Show marketing remark (372 chars)

    REO property being sold as-is. Lots of room, 2 decks - front is 28 x 10 and back is 19 x 10. Frame and deck for an above ground pool also. Workshop is 15'4'' x 20 with a single car shed for additional car or boat. Property is less than 1 block to public boat launch at Juniper Lake. Home needs work - tub has been removed from master bath. Seller will consider all offers.

25. 2003-08-14
    soldstatus $27,000 372-char remark

    Show marketing remark (372 chars)

    REO property being sold as-is. Lots of room, 2 decks - front is 28 x 10 and back is 19 x 10. Frame and deck for an above ground pool also. Workshop is 15'4'' x 20 with a single car shed for additional car or boat. Property is less than 1 block to public boat launch at Juniper Lake. Home needs work - tub has been removed from master bath. Seller will consider all offers.

26. 2002-12-26
    listed $29,900 372-char remark

    Show marketing remark (372 chars)

    REO property being sold as-is. Lots of room, 2 decks - front is 28 x 10 and back is 19 x 10. Frame and deck for an above ground pool also. Workshop is 15'4'' x 20 with a single car shed for additional car or boat. Property is less than 1 block to public boat launch at Juniper Lake. Home needs work - tub has been removed from master bath. Seller will consider all offers.

27. 2002-12-26
    listed $29,900 372-char remark

    Show marketing remark (372 chars)

    REO property being sold as-is. Lots of room, 2 decks - front is 28 x 10 and back is 19 x 10. Frame and deck for an above ground pool also. Workshop is 15'4'' x 20 with a single car shed for additional car or boat. Property is less than 1 block to public boat launch at Juniper Lake. Home needs work - tub has been removed from master bath. Seller will consider all offers.

28. 1998-01-30
    soldstatus $34,400

ⓘ 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 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: $18,307
• − Mortgage interest: −$11,091
• − Property taxes: −$2,970
• − Insurance: −$990
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − Depreciation: −$5,760
• Taxable loss: −$5,434
• Est. tax savings @ 24.0%: +$1,304
• After-tax cash flow: $-654/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

+475.6% since first listed

11 events — show timeline

• 2025-09-16 Listed $198,000 ECAR
• 2022-04-12 Sold (Public Records) $50,000 Public Records
• 2011-05-20 Sold (Public Records) $36,000 Public Records
• 2006-02-08 Listing Removed — NAMLS
• 2005-08-08 Listed $145,000 NAMLS
• 2005-08-08 Listed $145,000 ECAR
• 2003-08-14 Sold (MLS) $27,000 ECAR
• 2003-08-14 Sold (MLS) $27,000 NAMLS
• 2002-12-26 Listed $29,900 ECAR
• 2002-12-26 Listed $29,900 NAMLS
• 1998-01-30 Sold (Public Records) $34,400 Public Records

Property tax history

-6.0%/yr

Latest (2025): $210 · -0.3% YoY. Source: county tax records.