45 Royal Palm Ave · DeFuniak Springs, FL 32433

$159,900

2 bd · 2.0 ba · 728 sqft · Manufactured public records · 35 Days on market

Built 2024 10,018 sqft lot Est $108k · 47% over

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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 +16.0/30.0
• Appreciation +10.0/10.0
• Schools +5.2/10.0
• DSCR +4.9/10.0
• 1% rule +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks

Upgraded 2BR/2BA manufactured home, 728 sqft, featuring upgrades beyond the standard build. Enjoy sheetrock walls throughout, wood trim and baseboards, and seamless linoleum flooring for a clean, finished look. Both bathrooms offer ceramic sinks, and the kitchen includes a dining area for everyday convenience. Front and back doors have reinforced frames with added strike plates for extra security. A walk-through utility room with washer/dryer hookups leads to the back deck overlooking a nicely sodded backyard. Energy-efficient heat pump HVAC system in place. Home is set on full brick skirting, adding durability and a more refined appearance. Exterior features include a concrete parking pad

Key facts

• Wood trim
• Ceramic sinks
• Sheetrock walls

Tags

• SHEETROCK WALLS
• WOOD TRIM
• CERAMIC SINKS
• DINING AREA
• REINFORCED FRAMES
• BACK DECK

Property features AI

Finance

• Other: Zoned County, Mobile Home
• HOA & community: Located in Oakwood Hills Unit 1

Exterior

• Parking: Driveway with space for 4 vehicles
• Utilities: Electric service; Public water; Septic tank; Tap fee paid
• Home design: Manufactured home; 1 story; Faces county road
• Construction: Built in 2024; Shingle roof; Brick and vinyl siding with vinyl trim; Foundation off grade
• Exterior features: Open front porch; Cleared, level lot; Aerials/topo available

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms; Master bedroom on the first floor
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump
• Interior features: Washer/dryer hookup; Painted woodwork; Double pane windows
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $79 ($952/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 $132k (17.6% below list).
• Recommended offer: $132k (17.6% 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-, 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; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k 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 $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, 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 35 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $6k; list at $160k implies a 2565% gain — meaningful room to come down on a strong offer.

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 $131,833 (17.6% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 18% 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. 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?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.13%
• DSCR: 1.09
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $108,472
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 Juniper Ave	0.12mi	2/2.0	784 (+8%)	4mo	$20,000	$26	78
25 Lafavre Ln	0.72mi	2/2.0	820 (+13%)	12mo	$121,900	$149	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: 25.8%
• Equity multiple: 3.06×
• Total profit: $92,068
• Equity at exit: $144,051

10-year hold

• IRR: 22.7%
• Equity multiple: 6.96×
• Total profit: $267,019
• Equity at exit: $310,651

Cash invested: $44,772 (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: 10.1×

Monthly cashflow live

• Estimated rent: $1,318 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$57 /mo · $684/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $79

Break-even live

Break-even rent $1,218

Max offer price $159,900

Occupancy floor 89%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $159,900 Active 35 DOM
2. 2026-06-17
   days on market $159,900 Active 34 DOM
3. 2026-06-16
   days on market $159,900 Active 33 DOM
4. 2026-06-15
   days on market $159,900 Active 32 DOM
5. 2026-06-14
   days on market $159,900 Active 30 DOM
6. 2026-06-13
   days on market $159,900 Active 29 DOM
7. 2026-06-10
   days on market $159,900 Active 27 DOM
8. 2026-06-09
   days on market $159,900 Active 26 DOM
9. 2026-06-08
   days on market $159,900 Active 25 DOM
10. 2026-06-07
    days on market $159,900 Active 24 DOM
11. 2026-06-05
    days on market $159,900 Active 21 DOM
12. 2026-06-03
    days on market $159,900 Active 20 DOM
13. 2026-06-02
    days on market $159,900 Active 19 DOM
14. 2026-06-01
    days on market $159,900 Active 18 DOM
15. 2026-05-31
    days on market $159,900 Active 17 DOM
16. 2026-05-30
    days on market $159,900 Active 16 DOM
17. 2026-05-14
    listed $159,900 Active
18. 2025-11-01
    listed $159,900 Active
19. 2025-03-27
    listed $159,900 Active
20. 2005-12-20
    soldstatus $6,000

ⓘ 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: $684 · $57/mo
• Projected year-2 tax: $1,327 · $111/mo
• Expected delta: +$643/yr (+$54/mo · 93.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $15,820
• − Mortgage interest: −$8,957
• − Property taxes: −$684
• − Insurance: −$800
• − Repairs & maintenance: −$1,266
• − Management: −$1,266
• − Depreciation: −$4,652
• Taxable loss: −$1,804
• Est. tax savings @ 24.0%: +$433
• After-tax cash flow: $1,384/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

+2565.0% since first listed

4 events — show timeline

• 2026-05-14 Listed $159,900 ECAR
• 2025-11-01 Listed $159,900 ECAR
• 2025-03-27 Listed $159,900 ECAR
• 2005-12-20 Sold (Public Records) $6,000 Public Records

Property tax history

+53.4%/yr

Latest (2025): $684 · +627.9% YoY. Source: county tax records.