177 Bay Springs Blvd

DeFuniak Springs, FL 32435

$268,180F

3 bd · 2.0 ba · 1,569 sqft · Built 2026 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,683/mo
• Mortgage (P&I): −$1,406
• Tax + insurance: −$447
• HOA: −$0
• Vac / Maint / Mgmt: −$353
• Net cashflow: $-524/mo
• Annual: $-6,287/yr
• Cap rate: 3.95%
• Cash-on-cash: -8.37%
• DSCR: 0.63
• 1% rule: 0.63%
• Cash to close: $75,090

Investor read

• This is a 3-bed/2.0-bath single-family listed at $268k.
• At list price, monthly cash flow is $-524 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (28.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (37.2% below list).
• It's been on market 38 days — a 3% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (37.2% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• 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: 123 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• 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 ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.