360 Michigan Ln · DeFuniak Springs, FL 32433

$210,000

3 bd · 2.0 ba · 1,368 sqft · Manufactured · 29 Days on market

Built 2021 Good condition 1.00 ac lot

---

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 +11.4/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Condition / age +4.0/5.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0

Listing remarks

LAND AND NO HOA near Hwy 90 and 331! * * * Sellers offering $6500 Buyer Credit!! * * * Enjoy the space and flexibility of country living in a 2021-built home just minutes from DeFuniak Springs and easy access south to Freeport and the beaches. 1-ACRE HOMESITE-Grow your own vegetables, raise chickens, room for your RV or Boat- NO RESTRICTIONS- YOUR LAND, YOUR CHOICE! Newer construction w a private setting OFFERING AFFORDABILITY AND PRIVACY while close to everything DFS has to offer: restaurants, shopping, winery, Great downtown area w weekly Farmer's Market and Endless events year-round! Live in the Country but a short, 40 Minute drive and you're on the Beautiful South Walton Be

Key facts

• 1 acre homesite
• Country living
• Private setting

Tags

• 1 ACRE HOMESITE
• PRIVATE SETTING
• COUNTRY LIVING
• EASY ACCESS SOUTH
• GROW YOUR OWN VEGETABLES
• RAISE CHICKENS

Property features AI

Exterior

• Security: Smoke detectors
• Utilities: Electric service; Septic tank; Electric water heater
• Home design: Mobile home style; Single-story; Built in 2021; Entry and main living on the first floor
• Construction: Block and vinyl siding construction; Composite shingle roof; Built in 2021
• Exterior features: Level lot; Survey available; County and dirt/clay road access

Interior

• Kitchen: Refrigerator; Dishwasher; Range hood; Kitchen island; Pantry
• Bedrooms: 3 bedrooms; Primary bedroom on the first floor with walk-in closet and carpet
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 bathrooms (2 full)
• Heating & cooling: Central heat; Central air; Electric heating controls; Electric water heater
• Interior features: Kitchen island; Pantry; Newly painted; Split bedroom layout; Paneled walls; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup; Utility room on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $210k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-74 ($-888/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (17.0% below list).
• Recommended offer: $174k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.8% in DeFuniak Springs — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 422 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 40% 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 $22k of equity ($1k loan paydown + $21k 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 $59k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major 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 $174,335 (17.0% 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. 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: 0.83% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.51%
• DSCR: 0.93
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.2%
• Equity multiple: 2.87×
• Total profit: $109,684
• Equity at exit: $189,185

10-year hold

• IRR: 20.7%
• Equity multiple: 6.56×
• Total profit: $326,760
• Equity at exit: $407,984

Cash invested: $58,800 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,743 medium
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-74

Break-even live

Break-even rent $1,837

Max offer price $199,290

Occupancy floor 99%

Sensitivity live

Price	-10% $71	-5% $-1	+0% $-74	+5% $-147	+10% $-219
Rent	-10% $-212	-5% $-143	+0% $-74	+5% $-5	+10% $64
Rate	-1.0pp $32	-0.5pp $-21	base $-74	+0.5pp $-128	+1.0pp $-184

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   price $210,000 Active 29 DOM
2. 2026-06-18
   days on market $220,000 Active 29 DOM
3. 2026-06-17
   days on market $220,000 Active 28 DOM
4. 2026-06-16
   days on market $220,000 Active 27 DOM
5. 2026-06-15
   days on market $220,000 Active 26 DOM
6. 2026-06-14
   days on market $220,000 Active 24 DOM
7. 2026-06-13
   days on market $220,000 Active 23 DOM
8. 2026-06-10
   days on market $220,000 Active 21 DOM
9. 2026-06-09
   days on market $220,000 Active 20 DOM
10. 2026-06-08
    days on market $220,000 Active 19 DOM
11. 2026-06-07
    days on market $220,000 Active 18 DOM
12. 2026-06-05
    days on market $220,000 Active 15 DOM
13. 2026-06-03
    days on market $220,000 Active 14 DOM
14. 2026-06-02
    days on market $220,000 Active 13 DOM
15. 2026-06-01
    days on market $220,000 Active 12 DOM
16. 2026-05-31
    days on market $220,000 Active 11 DOM
17. 2026-05-30
    days on market $220,000 Active 10 DOM
18. 2026-05-20
    listed $220,000 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 6/10 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: $20,920
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,674
• − Management: −$1,674
• − Depreciation: −$6,109
• Taxable loss: −$4,499
• Est. tax savings @ 24.0%: +$1,080
• After-tax cash flow: $192/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 · 30 photos

Good 80/100 Cosmetic rehab

This 2021-built manufactured home offers a good condition with modern amenities and a spacious 1-acre lot, ideal for those seeking a private and affordable living space.

Value-add opportunities

• Both landscaping — improve curb appeal and privacy
• Both land use — maximize potential for gardening and outdoor activities

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — improve curb appeal and privacy ↑
• Both land use — maximize potential for gardening and outdoor activities ↑

ⓘ 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

1 event — show timeline

• 2026-05-20 Listed $220,000 ECAR