204 E Iris Ln · DeFuniak Springs, FL 32433

$175,888

3 bd · 2.0 ba · 1,114 sqft · SingleFamily · 54 Days on market

Built 2026 Good condition 10,018 sqft lot Est $201k · 12% under ↓ 10% since listing

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Why this score? — see what drove the B- 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 +19.3/30.0
• ARV discount +13.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.1/10.0
• Schools +5.2/10.0
• 1% rule +5.1/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0

Listing remarks

Welcome home to this NEW Single-Story Home in the Mossy Head Community! The desirable Lanier Plan boasts an open design encompassing the Living and Kitchen spaces. The Kitchen features gorgeous cabinets, quartz countertops, and Stainless-Steel Appliances (including Range with a Microwave hood and Dishwasher). The primary suite has a private bath and a walk-in closet. This Home also includes 2 more bedrooms and a secondary bathroom. Energy-efficient Low-E insulated dual-pane vinyl windows and a one-year limited warranty ensure comfort and peace of mind.

Key facts

• 0.23 acre lot
• Built 2026
• Listed 54 days

Property features AI

Finance

• HOA & community: Subdivision: Mossy Head

Exterior

• Utilities: Public water; Septic tank; Electric water heater
• Home design: Ranch style; 1 story; Entry level: first floor; Zoned for single-family residential
• Construction: Vinyl siding; Built in 2026
• Exterior features: Paved road access

Interior

• Kitchen: Kitchen on the first floor; Dishwasher; Microwave; Electric water heater
• Bedrooms: 3 bedrooms (master bedroom on the first floor)
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Electric heat controls
• Interior features: Washer/Dryer hookup; Double pane windows
• Laundry & utility: Washer/Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $176k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $176k).
• Recommended offer: $171k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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: Mossy Head School (math 72% / reading 57%, grade B, #525 of 2,144 statewide, top 26%, 439 students, 86% FRL); Walton High School (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 856 students, 65% FRL) — zoned schools average 75% FRL vs 48% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 422 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 41% 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 $19k of equity ($1k loan paydown + $18k 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 $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($171k) is reasonable based on typical stale-listing flexibility.

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 $170,611 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.01% ✓
• Cap rate: 7.60%
• Cash-on-cash: 4.68%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $200,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
224 E Iris Ln	0.03mi	3/2.0	1,165 (+5%)	1mo	$209,000	$179	90
135 E Tiger Lily Ln	0.23mi	3/2.0	1,114 (0%)	2mo	$179,888	$161	88
390 E Iris Ln	0.19mi	3/2.0	1,114 (0%)	9mo	$199,990	$180	84
624 Tiger Lily Ln	0.37mi	3/2.0	1,114 (0%)	9mo	$199,990	$180	75
344 Marigold Ave	0.11mi	3/2.0	1,200 (+8%)	10mo	$229,000	$191	74
111 Girl Scout Rd	0.56mi	3/2.0	1,114 (0%)	2mo	$199,990	$180	72
1623 Trout Dr	0.66mi	3/2.0	1,114 (0%)	1mo	$179,888	$161	69
82 E Daisy Ln	0.18mi	3/1.0	975 (-12%)	0mo	$139,990	$144	66
675 Passion Flower St	0.59mi	3/2.0	1,145 (+3%)	10mo	$224,000	$196	59
631 Passion Flower St	0.68mi	3/2.0	1,165 (+5%)	9mo	$219,000	$188	54
969 Walden Rd	0.64mi	2/2.0 (-1)	1,152 (+3%)	8mo	$200,990	$174	53
114 W May Lilly Ct	0.58mi	3/1.0	1,028 (-8%)	5mo	$169,000	$164	52

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: 27.7%
• Equity multiple: 3.19×
• Total profit: $108,056
• Equity at exit: $158,454

10-year hold

• IRR: 24.1%
• Equity multiple: 7.27×
• Total profit: $308,637
• Equity at exit: $341,712

Cash invested: $49,249 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,782 medium
• Mortgage (P&I): −$922
• Tax est. 1.5%: −$220 /mo · $2,638/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $192

Break-even live

Break-even rent $1,539

Max offer price $175,888

Occupancy floor 84%

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: $43,972
• Closing costs: $5,277
• 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	13d	1	0.24mi
71 Lafavre Ln Defuniak Springs, FL	2.0	1.0	806	$1,650	$2.05	20d	1	0.33mi
150 Hibiscus Ave Defuniak Springs, FL	3.0	2.0	1256	$1,950	$1.55	20d	1	0.74mi

Listing history 6 events

1. 2026-06-03
   pricestatus $175,888 Pending 54 DOM
2. 2026-06-01
   days on market $180,888 Active 54 DOM
3. 2026-05-31
   days on market $180,888 Active 53 DOM
4. 2026-05-30
   days on market $180,888 Active 52 DOM
5. 2026-05-12
   price $180,888
6. 2026-04-08
   listed $200,990 Active

ⓘ 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 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: $21,382
• − Mortgage interest: −$9,852
• − Property taxes: −$2,638
• − Insurance: −$879
• − Repairs & maintenance: −$1,711
• − Management: −$1,711
• − Depreciation: −$5,117
• Taxable loss: −$526
• Est. tax savings @ 24.0%: +$126
• After-tax cash flow: $2,432/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This single-story home in the Mossy Head Community is in excellent condition with new finishes and energy-efficient features, making it move-in ready and ideal for both resale and rental.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and adds value.
• Both New flooring in bedrooms — Improves comfort and appearance in living spaces.
• Both New lighting fixtures — Enhances ambiance and energy efficiency.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value. ↑
• Both New flooring in bedrooms — Improves comfort and appearance in living spaces. ↑
• Both New lighting fixtures — Enhances ambiance and energy efficiency. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-10.0% since first listed

2 events — show timeline

• 2026-05-12 Price Changed $180,888 ECAR
• 2026-04-08 Listed $200,990 ECAR