324 Goodwin Rd · DeFuniak Springs, FL 32435

$125,000

4 bd · 3.0 ba · 2,159 sqft · SingleFamily public records · 49 Days on market

Built 1962 2.30 ac lot

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Why this score? — see what drove the A- 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Country living awaits at this East Defuniak REO opportunity. Built in 1962, this large home rests on approx 2.5 acres of flat land and comes with stucco siding, metal roof, covered back porch and tons of potential. Inside you will find split bedroom design with a large living room with fireplace, separate dining area, large kitchen and equally large pantry/laundry area. Unique to the area, there is also a nearly 300sf cement walled basement. This home needs repairs and will not qualify for most financing. Several areas of the home need roof/ceiling repairs, flooring etc. Please keep this in mind when looking for potential financing options. There are certainly financing options available fo

Key facts

• Stucco siding
• Metal roof
• Split bedroom design

Tags

• 2.5 ACRES
• STUCCO SIDING
• METAL ROOF
• COVERED BACK PORCH
• SPLIT BEDROOM DESIGN
• LARGE LIVING ROOM

Property features AI

Finance

• HOA & community: No subdivision

Exterior

• Parking: Carport
• Utilities: Electric service; Public water; Septic tank; Cable TV
• Home design: Traditional single-story home; Built in 1962; Level lot; Zoned for single-family residential; horses allowed; Road frontage on county road with county and dirt/clay access
• Construction: Block, concrete, frame, and vinyl siding construction; Metal roof; Slab foundation
• Exterior features: Chain link fencing and partially fenced lot; Open deck; Open patio; Porch / covered porch

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 3 bedrooms; Primary bedroom on the first floor with double vanity, separate shower, and whirlpool tub
• Flooring: Laminate flooring
• Bathrooms: 3 bathrooms (2 full, 1 half)
• Heating & cooling: Central air; Ceiling fans
• Interior features: Fireplace; Pantry; Split bedroom layout; Washer/dryer hookup; Painted woodwork
• Laundry & utility: Laundry room on the first floor; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $561 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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: 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 $13k of equity ($864 loan paydown + $12k 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 $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, 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 49 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 8y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major 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 $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.45% ✓
• Cap rate: 11.68%
• Cash-on-cash: 19.24%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.6%
• Equity multiple: 3.97×
• Total profit: $103,851
• Equity at exit: $112,610

10-year hold

• IRR: 33.3%
• Equity multiple: 8.94×
• Total profit: $277,774
• Equity at exit: $242,848

Cash invested: $35,000 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,809 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$160 /mo · $1,922/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $561

Break-even live

Break-even rent $1,098

Max offer price $125,000

Occupancy floor 64%

Sensitivity live

Price	-10% $632	-5% $597	+0% $561	+5% $526	+10% $490
Rent	-10% $418	-5% $490	+0% $561	+5% $633	+10% $704
Rate	-1.0pp $624	-0.5pp $593	base $561	+0.5pp $529	+1.0pp $496

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-03
   status $125,000 Pending 49 DOM
2. 2026-06-01
   days on market $125,000 Active 49 DOM
3. 2026-05-31
   days on market $125,000 Active 48 DOM
4. 2026-05-30
   days on market $125,000 Active 47 DOM
5. 2026-05-16
   price $125,000
6. 2026-04-12
   listed $135,000 Active
7. 2023-12-19
   price $235,000
8. 2023-12-14
   listed $260,000 Active
9. 2021-12-09
   historical
10. 2020-03-03
    soldstatus $193,000
11. 2020-03-02
    soldstatus $193,000 Sold
12. 2020-03-02
    soldstatus $193,000
13. 2020-02-07
    status Pending
14. 2020-01-24
    price $187,000
15. 2020-01-23
    listed $192,000 Active
16. 2020-01-05
    listed $187,000
17. 2019-05-10
    soldstatus $69,500
18. 2019-05-09
    soldstatus $69,500
19. 2018-12-03
    listed $79,950
20. 2018-11-28
    historical
21. 2018-07-10
    listed $109,950
22. 2018-07-10
    listed $109,950
23. 2018-07-10
    listed $109,950

ⓘ 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: $1,922 · $160/mo
• Projected year-2 tax: $1,922 · $160/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major
• 🌡 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: −$7,002
• − Property taxes: −$1,922
• − Insurance: −$625
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − Depreciation: −$3,636
• Taxable income: $5,047
• Est. tax owed @ 24.0%: −$1,211
• After-tax cash flow: $5,523/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

• 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

+13.7% since first listed

19 events — show timeline

• 2026-05-16 Price Changed $125,000 ECAR
• 2026-04-12 Listed $135,000 ECAR
• 2023-12-19 Price Changed $235,000 ECAR
• 2023-12-14 Listed $260,000 ECAR
• 2021-12-09 Listing Removed — CPARMLS
• 2020-03-03 Sold (Public Records) $193,000 Public Records
• 2020-03-02 Sold (MLS) $193,000 NAMLS
• 2020-03-02 Sold (MLS) $193,000 ECAR
• 2020-02-07 Pending — ECAR
• 2020-01-24 Price Changed $187,000 ECAR
• 2020-01-23 Listed $192,000 ECAR
• 2020-01-05 Listed $187,000 NAMLS
• 2019-05-10 Sold (Public Records) $69,500 Public Records
• 2019-05-09 Sold (MLS) $69,500 CPARMLS
• 2018-12-03 Listed $79,950 CPARMLS
• 2018-11-28 Listing Removed — NAMLS
• 2018-07-10 Listed $109,950 NAMLS
• 2018-07-10 Listed $109,950 ECAR
• 2018-07-10 Listed $109,950 CPARMLS

Property tax history

+11.6%/yr

Latest (2025): $1,922 · +8.0% YoY. Source: county tax records.