37 Pansy Ln · DeFuniak Springs, FL 32433

$199,000

2 bd · 2.0 ba · 1,105 sqft · Land · 65 Days on market

Built 2025 10,018 sqft lot ↓ 5% since listing

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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).

• Cash flow +11.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Fresh, simple, and easy to love. This newly built home by Flynn Built offers 2 beds and 2 baths with a light, open layout that feels comfortable and livable. Inside, you'll find durable LVP flooring, granite countertops throughout, stainless appliances and a bright, airy feel that makes the space live larger than expected. The exterior features low-maintenance vinyl siding, making upkeep easy. Also included is a one-year builder warranty for added peace of mind. Plus, with a full-price offer, buyers receive $6,000 toward closing costs, making this a super option for first-time buyers, those downsizing, or anyone looking for a clean, move-in ready start.

Key facts

• 0.23 acre lot
• Built 2025
• Listed 65 days

Property features AI

Finance

• HOA & community: Located in subdivision Oakwood Hills Unit 1

Exterior

• Utilities: Private well; Septic tank; Electric water heater
• Home design: Single-story Pueblo-style home; Entry level: First floor; Built in 2025; Facing direction not specified
• Construction: Vinyl siding; Shingle roof; Slab foundation
• Exterior features: Front porch; County road and dirt/clay road access

Interior

• Kitchen: Kitchen on the first floor; Kitchen island
• Bedrooms: 2 bedrooms; Master bedroom on the first floor; Master bedroom is carpeted
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 bathrooms; 2 full baths; Master bathroom with double vanity
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Kitchen island; Recessed lighting; Pantry; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $199k.

Deal economics

• At list price, monthly cash flow is $-51 ($-611/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (15.8% below list).
• Recommended offer: $168k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.8% in DeFuniak Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Mossy Head School (math 72% / reading 57%, grade B, #525 of 2,144 statewide, top 26%, 439 students, 86% FRL); Emerald Coast Middle School (math 70% / reading 65%, grade A-, #77 of 571 statewide, top 14%, 868 students, 24% FRL); Walton High School (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 856 students, 65% FRL).
• Market conditions: 423 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 39% 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.
• 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 65 days — a 6% lower offer ($187k) 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 $167,641 (15.8% 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 65 days. Have you received any prior offers? Is the seller open to a 16% 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. 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: 0.84% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• GRM: 9.9

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: 23.5%
• Equity multiple: 2.89×
• Total profit: $105,165
• Equity at exit: $179,275

10-year hold

• IRR: 20.9%
• Equity multiple: 6.60×
• Total profit: $312,293
• 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: 423
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,676 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $-51

Break-even live

Break-even rent $1,741

Max offer price $191,638

Occupancy floor 98%

Sensitivity live

Price	-10% $87	-5% $18	+0% $-51	+5% $-120	+10% $-188
Rent	-10% $-183	-5% $-117	+0% $-51	+5% $15	+10% $82
Rate	-1.0pp $49	-0.5pp $0	base $-51	+0.5pp $-102	+1.0pp $-155

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: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
135 Tiger Lily Ln Defuniak Springs, FL	3.0	2.0	1114	$1,795	$1.61	15d	1	0.34mi
71 Lafavre Ln Defuniak Springs, FL	2.0	1.0	806	$1,650	$2.05	23d	1	0.62mi
150 Hibiscus Ave Defuniak Springs, FL	3.0	2.0	1256	$1,950	$1.55	23d	1	0.80mi

Listing history 21 events

1. 2026-06-21
   days on market $199,000 Active 65 DOM
2. 2026-06-18
   days on market $199,000 Active 62 DOM
3. 2026-06-17
   days on market $199,000 Active 61 DOM
4. 2026-06-16
   days on market $199,000 Active 60 DOM
5. 2026-06-15
   days on market $199,000 Active 59 DOM
6. 2026-06-14
   days on market $199,000 Active 57 DOM
7. 2026-06-13
   days on market $199,000 Active 56 DOM
8. 2026-06-10
   days on market $199,000 Active 54 DOM
9. 2026-06-09
   days on market $199,000 Active 53 DOM
10. 2026-06-08
    days on market $199,000 Active 52 DOM
11. 2026-06-07
    days on market $199,000 Active 51 DOM
12. 2026-06-05
    days on market $199,000 Active 48 DOM
13. 2026-06-03
    days on market $199,000 Active 47 DOM
14. 2026-06-03
    days on market $199,000 Active 46 DOM
15. 2026-06-01
    days on market $199,000 Active 45 DOM
16. 2026-05-31
    days on market $199,000 Active 44 DOM
17. 2026-05-30
    days on market $199,000 Active 43 DOM
18. 2026-04-17
    listed $199,000 Active
19. 2026-04-06
    historical
20. 2025-10-27
    price $209,000
21. 2025-09-22
    listed $209,000 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: $20,117
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$1,609
• − Management: −$1,609
• − Depreciation: −$5,789
• Taxable loss: −$4,018
• Est. tax savings @ 24.0%: +$964
• After-tax cash flow: $354/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

-4.8% since first listed

4 events — show timeline

• 2026-04-17 Listed $199,000 ECAR
• 2026-04-06 Listing Removed — NAMLS
• 2025-10-27 Price Changed $209,000 ECAR
• 2025-09-22 Listed $209,000 NAMLS

Property tax history

+91.8%/yr

Latest (2025): $93 · +91.8% YoY. Source: county tax records.