226 E Cypress Ave · DeFuniak Springs, FL 32433

$219,900

3 bd · 2.0 ba · 1,008 sqft · SingleFamily public records · 4 Days on market

Built 2009 10,018 sqft lot Est $198k · 11% over

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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 +16.1/30.0
• Appreciation +10.0/10.0
• Schools +5.2/10.0
• DSCR +5.0/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.4/15.0

Listing remarks MLS

This beautifully maintained home offers the perfect combination of modern style, comfort, and privacy. Nestled on a spacious tree-shaded lot, the property features an inviting covered front porch, durable metal roof, and a bright open-concept interior designed for easy living and entertaining. Inside, you’ll find gorgeous wood-look flooring throughout, soft neutral colors, recessed lighting, and an open living and kitchen area that feels both spacious and welcoming. The kitchen features white cabinetry, stainless steel appliances, subway-style mosaic backsplash, and a large breakfast bar with seating. The primary suite offers privacy and comfort with an attached bathroom, while the additional bedrooms provide flexibility for guests, family, or a home office setup.

Key facts

• Move-in ready
• Galley-style kitchen
• Tiled backsplash

Tags

• FULLY PRIVACY-FENCED BACKYARD
• FLOOD ZONE X LOCATION
• GALLEY-STYLE KITCHEN
• STAINLESS STEEL APPLIANCES
• TILED BACKSPLASH
• MOVE-IN READY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $112 ($1k/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 $184k (16.4% below list).
• Recommended offer: $184k (16.4% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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-, schools D+, crime D.
• 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.
• Market conditions: 422 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 42% 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 $24k of equity ($2k loan paydown + $22k 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 $62k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 17y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate 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 $183,901 (16.4% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $197,568
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
145 E Dogwood Ave	0.16mi	3/2.0	1,145 (+14%)	12mo	$219,000	$191	60
95 E Dogwood Ave	0.18mi	3/2.0	1,145 (+14%)	12mo	$219,000	$191	59
92 E Larkspur Ave	0.20mi	3/2.0	1,145 (+14%)	11mo	$224,000	$196	59
175 E Dogwood Ave	0.15mi	3/2.0	1,145 (+14%)	14mo	$224,000	$196	58
174 E Larkspur Ave	0.18mi	3/2.0	1,145 (+14%)	13mo	$224,000	$196	58
156 E Larkspur Ave	0.18mi	3/2.0	1,145 (+14%)	15mo	$224,000	$196	56
71 Cranebill Pl	0.54mi	2/2.0 (-1)	937 (-7%)	10mo	$184,990	$197	50

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: 25.8%
• Equity multiple: 3.06×
• Total profit: $126,814
• Equity at exit: $198,103

10-year hold

• IRR: 22.7%
• Equity multiple: 6.97×
• Total profit: $367,674
• Equity at exit: $427,217

Cash invested: $61,572 (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: 422
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,839 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$96 /mo · $1,152/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $112

Break-even live

Break-even rent $1,697

Max offer price $219,900

Occupancy floor 89%

Sensitivity live

Price	-10% $236	-5% $174	+0% $112	+5% $50	+10% $-12
Rent	-10% $-33	-5% $39	+0% $112	+5% $185	+10% $257
Rate	-1.0pp $223	-0.5pp $168	base $112	+0.5pp $55	+1.0pp $-3

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 Hibiscus Ave Defuniak Springs, FL	3.0	2.0	1256	$1,950	$1.55	21d	1	0.30mi
71 Lafavre Ln Defuniak Springs, FL	2.0	1.0	806	$1,650	$2.05	21d	1	0.86mi
135 Tiger Lily Ln Defuniak Springs, FL	3.0	2.0	1114	$1,795	$1.61	14d	1	1.24mi

Listing history 32 events

1. 2026-06-18
   days on market $219,900 Active 4 DOM
2. 2026-06-17
   days on market $219,900 Active 3 DOM
3. 2026-06-16
   days on market $219,900 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   pricedays on marketlisting id $219,900 Active 1 DOM
6. 2026-06-14
   days on market $229,000 Active 31 DOM
7. 2026-06-13
   days on market $229,000 Active 30 DOM
8. 2026-06-10
   days on market $229,000 Active 28 DOM
9. 2026-06-09
   days on market $229,000 Active 27 DOM
10. 2026-06-08
    days on market $229,000 Active 26 DOM
11. 2026-06-07
    days on market $229,000 Active 25 DOM
12. 2026-06-05
    days on market $229,000 Active 22 DOM
13. 2026-06-03
    days on market $229,000 Active 21 DOM
14. 2026-06-03
    days on market $229,000 Active 20 DOM
15. 2026-06-01
    days on market $229,000 Active 19 DOM
16. 2026-05-31
    days on market $229,000 Active 18 DOM
17. 2026-05-30
    days on market $229,000 Active 17 DOM
18. 2026-05-13
    listed $229,000 Active
19. 2026-05-11
    listed $229,000 Active 780-char remark

    Show marketing remark (780 chars)

    This beautifully maintained home offers the perfect combination of modern style, comfort, and privacy. Nestled on a spacious tree-shaded lot, the property features an inviting covered front porch, durable metal roof, and a bright open-concept interior designed for easy living and entertaining. Inside, you’ll find gorgeous wood-look flooring throughout, soft neutral colors, recessed lighting, and an open living and kitchen area that feels both spacious and welcoming. The kitchen features white cabinetry, stainless steel appliances, subway-style mosaic backsplash, and a large breakfast bar with seating. The primary suite offers privacy and comfort with an attached bathroom, while the additional bedrooms provide flexibility for guests, family, or a home office setup.

20. 2025-10-22
    listed $239,500 Active
21. 2025-08-17
    price $239,500
22. 2025-05-29
    price $242,500
23. 2025-04-22
    listed $249,900 Active
24. 2023-03-15
    soldstatus $225,000 Sold
25. 2023-03-15
    soldstatus $225,000 Sold
26. 2023-02-08
    status Pending
27. 2023-02-08
    status Pending
28. 2023-01-26
    listed $219,000 Active
29. 2023-01-25
    listed $219,000 Active
30. 2012-04-11
    historical
31. 2009-01-07
    listed $107,900
32. 2009-01-07
    listed $107,900

ⓘ 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: $1,152 · $96/mo
• Projected year-2 tax: $1,825 · $152/mo
• Expected delta: +$673/yr (+$56/mo · 58.4%)

ⓘ 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 5/10 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: $22,068
• − Mortgage interest: −$12,318
• − Property taxes: −$1,152
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,765
• − Management: −$1,765
• − Depreciation: −$6,397
• Taxable loss: −$2,429
• Est. tax savings @ 24.0%: +$583
• After-tax cash flow: $1,927/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

+112.2% since first listed

15 events — show timeline

• 2026-05-13 Listed $229,000 FSBO.com
• 2026-05-11 Listed $229,000 FSBO.com
• 2025-10-22 Listed $239,500 ECAR
• 2025-08-17 Price Changed $239,500 ECAR
• 2025-05-29 Price Changed $242,500 ECAR
• 2025-04-22 Listed $249,900 ECAR
• 2023-03-15 Sold (MLS) $225,000 ECAR
• 2023-03-15 Sold (MLS) $225,000 NAMLS
• 2023-02-08 Pending — NAMLS
• 2023-02-08 Pending — ECAR
• 2023-01-26 Listed $219,000 ECAR
• 2023-01-25 Listed $219,000 NAMLS
• 2012-04-11 Listing Removed — NAMLS
• 2009-01-07 Listed $107,900 NAMLS
• 2009-01-07 Listed $107,900 ECAR

Property tax history

+9.9%/yr

Latest (2025): $1,152 · -1.2% YoY. Source: county tax records.