127 S 22nd St · DeFuniak Springs, FL 32435

$235,900

4 bd · 2.0 ba · 1,410 sqft · SingleFamily public records · 39 Days on market

Built 1989 3,920 sqft lot Est $251k · 6% under

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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 +13.6/30.0
• ARV discount +10.2/15.0
• Appreciation +10.0/10.0
• Schools +5.2/10.0
• DSCR +4.1/10.0
• Livability +3.2/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Cute Downtown DeFuniak Cape Cod - Fully Remodeled Charming Cape Cod-style home in downtown DeFuniak, completely updated inside and out. Features include a new kitchen with granite and stainless appliances, updated baths, new AC, metal roof, fresh interior and exterior paint, plus new fans and lighting throughout. Move-in ready with classic curb appeal and modern finishes.

Key facts

• New kitchen
• Updated baths
• Metal roof

Tags

• NEW KITCHEN
• GRANITE
• STAINLESS APPLIANCES
• UPDATED BATHS
• NEW AC
• METAL ROOF

Property features AI

Finance

• HOA & community: Subdivision: TOWN OF DEFUNIAK SPRINGS

Exterior

• Parking: Attached carport
• Security: Smoke detector(s)
• Utilities: Electric service; Electric water heater
• Home design: Florida Cottage style; Two stories; Built in 1989
• Construction: Metal roof
• Exterior features: Chain link and privacy fencing; Interior lot with paved city street frontage; Lot dimensions approximately 48 x 108; Lot is on a paved, city road

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: Four bedrooms; Master bedroom on the second floor; Additional bedrooms on the first floor
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Living room on the first floor; Seven total rooms
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $236k.

Deal economics

• At list price, monthly cash flow is $11 ($133/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 $182k (22.8% below list).
• Recommended offer: $182k (22.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: Maude Saunders Elementary School (math 58% / reading 52%, grade C, #872 of 2,144 statewide, top 42%, 553 students, 87% FRL); Walton High School (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 856 students, 65% FRL) — zoned schools average 76% FRL vs 48% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 123 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $24k 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 $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $200k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $182,069 (22.8% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 23% 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: 0.77% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.20%
• DSCR: 1.01
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $250,980
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
374 S 20th St	0.23mi	3/2.0 (-1)	1,405 (-0%)	1mo	$240,000	$171	83
64 W Live Oak Ave	0.47mi	3/2.0 (-1)	1,384 (-2%)	0mo	$140,000	$101	70
101 W Live Oak Ave	0.44mi	3/1.5 (-1)	1,320 (-6%)	4mo	$108,000	$82	58
882 W Orange Ave	0.33mi	3/2.0 (-1)	1,256 (-11%)	10mo	$269,500	$215	53
193 S 24th St	0.21mi	3/2.0 (-1)	1,235 (-12%)	15mo	$220,000	$178	52
132 S 13th St	0.65mi	3/1.5 (-1)	1,339 (-5%)	12mo	$284,000	$212	45

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: 24.4%
• Equity multiple: 2.95×
• Total profit: $129,088
• Equity at exit: $212,517

10-year hold

• IRR: 21.6%
• Equity multiple: 6.74×
• Total profit: $379,392
• Equity at exit: $458,302

Cash invested: $66,052 (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 32435

• Home prices YoY: 4.0%
• Active inventory: 123
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,821 medium
• Mortgage (P&I): −$1,237
• Tax from tax record: −$92 /mo · $1,102/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $11

Break-even live

Break-even rent $1,807

Max offer price $235,900

Occupancy floor 94%

Sensitivity live

Price	-10% $145	-5% $78	+0% $11	+5% $-56	+10% $-122
Rent	-10% $-133	-5% $-61	+0% $11	+5% $83	+10% $155
Rate	-1.0pp $130	-0.5pp $71	base $11	+0.5pp $-50	+1.0pp $-112

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: $58,975
• Closing costs: $7,077
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	14d	1	0.96mi
51 Yearling Ct Defuniak Springs, FL	3.0	2.0	1397	$1,895	$1.36	22d	1	1.08mi
51 Yearling Ct Defuniak Springs, FL	3.0	2.0	1397	$1,750	$1.25	14d	1	1.08mi
712 Bruce Ave Defuniak Springs, FL	3.0	2.0	1040	$1,600	$1.54	14d	1	1.37mi

Listing history 21 events

1. 2026-06-21
   days on market $235,900 Active 39 DOM
2. 2026-06-18
   days on market $235,900 Active 36 DOM
3. 2026-06-17
   days on market $235,900 Active 35 DOM
4. 2026-06-16
   days on market $235,900 Active 34 DOM
5. 2026-06-15
   days on market $235,900 Active 33 DOM
6. 2026-06-14
   days on market $235,900 Active 31 DOM
7. 2026-06-13
   days on market $235,900 Active 30 DOM
8. 2026-06-10
   days on market $235,900 Active 28 DOM
9. 2026-06-09
   days on market $235,900 Active 27 DOM
10. 2026-06-08
    pricedays on market $235,900 Active 26 DOM
11. 2026-06-07
    days on market $238,900 Active 25 DOM
12. 2026-06-05
    pricedays on market $238,900 Active 22 DOM
13. 2026-06-03
    days on market $239,900 Active 21 DOM
14. 2026-06-02
    days on market $239,900 Active 20 DOM
15. 2026-06-01
    days on market $239,900 Active 19 DOM
16. 2026-05-31
    days on market $239,900 Active 18 DOM
17. 2026-05-30
    days on market $239,900 Active 17 DOM
18. 2026-05-17
    price $245,900
19. 2026-05-13
    listed $249,900 Active
20. 2021-10-20
    soldstatus $199,900
21. 1994-10-26
    soldstatus $37,000

ⓘ 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: $1,102 · $92/mo
• Projected year-2 tax: $1,958 · $163/mo
• Expected delta: +$856/yr (+$71/mo · 77.6%)

ⓘ 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 3/10 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: $21,848
• − Mortgage interest: −$13,214
• − Property taxes: −$1,102
• − Insurance: −$1,180
• − Repairs & maintenance: −$1,748
• − Management: −$1,748
• − Depreciation: −$6,863
• Taxable loss: −$4,006
• Est. tax savings @ 24.0%: +$961
• After-tax cash flow: $1,095/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
• City population: 19,746
• Population (ZIP): 6,359

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 (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Slovak 5% Scottish 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▲ 12.25%
• Current HPI: 314.8146
• Rent YoY: —
• Metro: —
• 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

+564.6% since first listed

4 events — show timeline

• 2026-05-17 Price Changed $245,900 ECAR
• 2026-05-13 Listed $249,900 ECAR
• 2021-10-20 Sold (Public Records) $199,900 Public Records
• 1994-10-26 Sold (Public Records) $37,000 Public Records

Property tax history

+16.3%/yr

Latest (2025): $1,102 · +3.0% YoY. Source: county tax records.