17 Nowling Dr · DeFuniak Springs, FL 32433

$249,000

3 bd · 1.0 ba · 2,064 sqft · SingleFamily public records · 284 Days on market

Built 1948 1.12 ac lot Est $357k · 30% under ↓ 23% since listing

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +2.2/10.0

Listing remarks

THE POSSIBILITIES ARE ENDLESS!! This 3 BR 1 BA house faces Hwy 90W in DeFuniak Springs and sits on a large lot (1.12 acre). A metal roof, hardwood floors, central heat & air, plus FOUR enclosed porches and lots of extra lot space offer unlimited potential for this older property located in C-1 zoning. Low impact uses for this property include residential, retail, office space or possibly a home-based daycare center. .(Some improvements may be needed with the highway frontage depending on intended use). While the house needs some updating, , it certainly could be lived in while renovations are made. (There is an uninstalled dishwasher, range, and newer kitchen cabinets located on one o

Key facts

• Metal roof
• C-1 zoning
• Central heat and air

Tags

• METAL ROOF
• HARDWOOD FLOORS
• CENTRAL HEAT AND AIR
• FOUR ENCLOSED PORCHES
• LARGE LOT
• C-1 ZONING

Property features AI

Finance

• Other: Zoned City Commercial
• HOA & community: Subdivision: KAM AKERS

Exterior

• Parking: Attached covered carport (2 carport spaces, 2 covered spaces); Driveway parking for about 6 vehicles
• Utilities: Public water; Public sewer; Electric service; Natural gas available; Phone and TV cable available
• Home design: Florida cottage style; Single-story; Facing unspecified; Year built 1948
• Construction: Frame construction with off-grade foundation; Metal roof (pitched)
• Exterior features: Covered patio and porch; Workshop (separate structure); Cleared, level interior lot; Within 1/2 mile to water

Interior

• Kitchen: Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms (all on the first floor)
• Flooring: Hardwood; Tile; Vinyl; Carpet
• Bathrooms: 1 full bathroom (on the first floor)
• Heating & cooling: Central heating (natural gas); Electric heating controls and supplemental floor/space heat; Central air; Window air units
• Interior features: Fireplace; Window treatments; Screened porches (multiple)
• Laundry & utility: Washer/dryer hookups likely available (energy features list electric water heater and multiple heating controls)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $-235 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (28.1% below list).
• Recommended offer: $179k (28.1% below list) — sets the bar for 1% rule.

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); 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; 1 comparable units currently listed for rent nearby; 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 $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• 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 ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 284 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,924 (28.1% 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 284 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.72% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.04%
• DSCR: 0.82
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $357,072
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
441 Country Club Dr	0.25mi	3/2.0	1,848 (-10%)	21mo	$319,295	$173	49
80 Engelbrecht Rd	0.37mi	4/3.0 (+1)	2,298 (+11%)	19mo	$225,000	$98	35

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: 21.4%
• Equity multiple: 2.73×
• Total profit: $120,636
• Equity at exit: $224,319

10-year hold

• IRR: 19.3%
• Equity multiple: 6.26×
• Total profit: $366,982
• Equity at exit: $483,752

Cash invested: $69,720 (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: 11.6×

Monthly cashflow live

• Estimated rent: $1,789 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$239 /mo · $2,866/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $-235

Break-even live

Break-even rent $2,087

Max offer price $207,511

Occupancy floor —

Sensitivity live

Price	-10% $-94	-5% $-164	+0% $-235	+5% $-305	+10% $-376
Rent	-10% $-376	-5% $-306	+0% $-235	+5% $-164	+10% $-94
Rate	-1.0pp $-109	-0.5pp $-172	base $-235	+0.5pp $-299	+1.0pp $-365

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
594 Hunters Ridge Rd Defuniak Springs, FL	3.0	2.0	1654	$1,950	$1.18	15d	1	1.07mi

Listing history 19 events

1. 2026-06-21
   days on market $249,000 Active 284 DOM
2. 2026-06-18
   days on market $249,000 Active 281 DOM
3. 2026-06-17
   days on market $249,000 Active 280 DOM
4. 2026-06-16
   days on market $249,000 Active 279 DOM
5. 2026-06-15
   days on market $249,000 Active 278 DOM
6. 2026-06-14
   days on market $249,000 Active 276 DOM
7. 2026-06-13
   days on market $249,000 Active 275 DOM
8. 2026-06-10
   days on market $249,000 Active 273 DOM
9. 2026-06-09
   days on market $249,000 Active 272 DOM
10. 2026-06-08
    days on market $249,000 Active 271 DOM
11. 2026-06-07
    days on market $249,000 Active 270 DOM
12. 2026-06-05
    days on market $249,000 Active 267 DOM
13. 2026-06-03
    days on market $249,000 Active 266 DOM
14. 2026-06-03
    days on market $249,000 Active 265 DOM
15. 2026-06-01
    days on market $249,000 Active 264 DOM
16. 2026-05-31
    days on market $249,000 Active 263 DOM
17. 2026-05-30
    days on market $249,000 Active 262 DOM
18. 2025-09-10
    listed $249,000 Active
19. 2024-03-07
    listed $325,000 Active

ⓘ 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: $2,866 · $239/mo
• Projected year-2 tax: $2,866 · $239/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 4/10 Moderate
• 🌡 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: $21,471
• − Mortgage interest: −$13,948
• − Property taxes: −$2,866
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,718
• − Management: −$1,718
• − Depreciation: −$7,244
• Taxable loss: −$7,267
• Est. tax savings @ 24.0%: +$1,744
• After-tax cash flow: $-1,074/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

• Census place: DeFuniak Springs, FL
• 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

-23.4% since first listed

2 events — show timeline

• 2025-09-10 Listed $249,000 ECAR
• 2024-03-07 Listed $325,000 ECAR

Property tax history

+37.8%/yr

Latest (2025): $2,866 · +9.5% YoY. Source: county tax records.