170 Cowslip Ct · DeFuniak Springs, FL 32433

$178,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured · 275 Days on market

Built 2024 10,018 sqft lot Est $183k · at est. ↓ 6% 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).

• Cash flow +19.6/30.0
• Appreciation +10.0/10.0
• ARV discount +8.7/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Make an offer! Low County Taxes and NO HOA! Welcome home to this brand-new 2024 residence offering 3 bedrooms, 2 full baths, and 1,512 sq ft of comfortable living space. Designed with a modern open floor plan, this home feels light, bright, and welcoming from the moment you step inside. Enjoy durable LVP flooring, soft carpet in select areas, and a neutral color palette that's ready for your personal touch. The spacious kitchen flows beautifully into a large dining or second living area—perfect for gatherings or quiet evenings at home. Highlights include: * Peaceful country setting with easy access to I-10 * Vinyl siding and composite shingle roof for low maintenance and long

Key facts

• Split-bedroom plan
• Huge dining space
• Brand-new home

Tags

• BRAND-NEW HOME
• SPLIT-BEDROOM PLAN
• DURABLE LVP FLOORING
• MODERN KITCHEN
• HUGE DINING SPACE
• PEACEFUL COUNTRY SETTING

Property features AI

Finance

• HOA & community: No recorded subdivision

Exterior

• Utilities: Electric service; Private well water
• Home design: Single-story mobile home; Built in 2024; Faces county road/dirt-clay road access
• Construction: Vinyl siding; Shingle roof
• Exterior features: Open front porch; Dead-end street; Interior lot

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms (all on the first floor); Primary bedroom includes walk-in closet and private bathroom
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Electric heat controls
• Interior features: Kitchen island; Split-bedroom layout; Paneled walls; Window treatments
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $178k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $178k).
• Recommended offer: $157k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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 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 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 $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 $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($157k) 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 $156,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.02% ✓
• Cap rate: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $182,952
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
228 White Rose St St	0.09mi	3/2.0	1,344 (-11%)	12mo	$178,000	$132	68
143 W Snowdrop St	0.39mi	4/2.0 (+1)	1,475 (-2%)	9mo	$175,000	$119	65
552 Shorey Dr	0.41mi	4/2.0 (+1)	1,475 (-2%)	8mo	$160,000	$108	65
210 Amaryllis Ln	0.68mi	4/2.0 (+1)	1,475 (-2%)	1mo	$187,500	$127	58
736 Shorey Dr	0.42mi	4/2.0 (+1)	1,475 (-2%)	24mo	$191,198	$130	51
236 Laurel Dr	0.70mi	3/2.0	1,344 (-11%)	6mo	$60,000	$45	44
216 Girl Scout Rd	0.70mi	4/2.0 (+1)	1,475 (-2%)	20mo	$178,000	$121	42
224 Passion Flower St	0.41mi	2/2.0 (-1)	1,296 (-14%)	21mo	$91,000	$70	34
105 See Saw Bnd	0.69mi	3/2.0	1,352 (-11%)	20mo	$178,000	$132	33

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: 27.9%
• Equity multiple: 3.21×
• Total profit: $110,084
• Equity at exit: $160,357

10-year hold

• IRR: 24.3%
• Equity multiple: 7.30×
• Total profit: $313,922
• Equity at exit: $345,815

Cash invested: $49,840 (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: $1,818 medium
• Mortgage (P&I): −$933
• Tax est. 1.5%: −$222 /mo · $2,670/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $206

Break-even live

Break-even rent $1,557

Max offer price $178,000

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: $44,500
• Closing costs: $5,340
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.54mi
150 Hibiscus Ave Defuniak Springs, FL	3.0	2.0	1256	$1,950	$1.55	21d	1	1.35mi

Listing history 19 events

1. 2026-06-18
   days on market $178,000 Active 275 DOM
2. 2026-06-17
   days on market $178,000 Active 274 DOM
3. 2026-06-16
   days on market $178,000 Active 273 DOM
4. 2026-06-15
   days on market $178,000 Active 272 DOM
5. 2026-06-14
   days on market $178,000 Active 270 DOM
6. 2026-06-13
   days on market $178,000 Active 269 DOM
7. 2026-06-10
   days on market $178,000 Active 267 DOM
8. 2026-06-09
   days on market $178,000 Active 266 DOM
9. 2026-06-08
   days on market $178,000 Active 265 DOM
10. 2026-06-07
    days on market $178,000 Active 264 DOM
11. 2026-06-05
    days on market $178,000 Active 261 DOM
12. 2026-06-03
    days on market $178,000 Active 260 DOM
13. 2026-06-03
    days on market $178,000 Active 259 DOM
14. 2026-06-01
    days on market $178,000 Active 258 DOM
15. 2026-05-31
    days on market $178,000 Active 257 DOM
16. 2026-05-30
    days on market $178,000 Active 256 DOM
17. 2026-01-26
    price $178,000
18. 2025-11-01
    price $185,000
19. 2025-09-16
    listed $190,000 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: $21,813
• − Mortgage interest: −$9,971
• − Property taxes: −$2,670
• − Insurance: −$890
• − Repairs & maintenance: −$1,745
• − Management: −$1,745
• − Depreciation: −$5,178
• Taxable loss: −$386
• Est. tax savings @ 24.0%: +$93
• After-tax cash flow: $2,563/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

-6.3% since first listed

3 events — show timeline

• 2026-01-26 Price Changed $178,000 ECAR
• 2025-11-01 Price Changed $185,000 ECAR
• 2025-09-16 Listed $190,000 ECAR