187 Bay Springs Blvd Unit 44A · DeFuniak Springs, FL 32435

$271,980

4 bd · 2.0 ba · 1,810 sqft · SingleFamily · 25 Days on market

Built 2025 5,500 sqft lot Est $270k · at est. $120/mo HOA · 7% of rent

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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).

• Appreciation +10.0/10.0
• ARV discount +7.1/15.0
• Cash flow +5.5/30.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.0/10.0

Listing remarks

This beautifully designed DiMaggio plan single-story home offers a convenient, low-maintenance layout perfect for modern living. Three comfortable bedrooms are thoughtfully tucked near the front of the home, providing privacy and quiet. The hallway opens into a spacious, flexible open-concept living area where the kitchen, dining room, and family room flow together seamlessly—ideal for entertaining or everyday relaxation. Tucked into a private rear corner is the luxurious owner's suite, complete with a full spa-inspired bathroom and a generous walk-in closet for ultimate comfort. Located just minutes from I-10 and the rapidly growing 331 corridor in DeFuniak Springs, this home combine

Key facts

• Private rear corner
• Walk-in closet
• Single-story home

Tags

• SINGLE-STORY HOME
• OPEN-CONCEPT LIVING AREA
• LUXURIOUS OWNER'S SUITE
• SPA-INSPIRED BATHROOM
• WALK-IN CLOSET
• PRIVATE REAR CORNER

Property features AI

Finance

• Other: Subdivision: Bay Springs; Zoning with deed restrictions
• HOA & community: Has association; Association covers management and maintenance of structures; Fees include management, repairs/maintenance, and master association services

Exterior

• Parking: Garage
• Utilities: Electric service; Public water; Public sewer; Electric water heater; Heat pump air-to-air
• Home design: Contemporary style; Single-story; Entry on first floor
• Construction: Shingle roof; Slab foundation; Frame construction with vinyl siding; Built in 2025
• Exterior features: Cleared interior lot; Private road frontage; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Electric water heater
• Bedrooms: 4 bedrooms; Master bedroom on the first floor with walk-in closet
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; Master bathroom with shower (no tub)
• Heating & cooling: Heat pump; Has heating
• Interior features: Breakfast bar; Newly painted; Owner's closet; Pantry; Shelving; Washer/dryer hookup; Double-pane windows
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $272k.

Deal economics

• At list price, monthly cash flow is $-584 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (31.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (34.1% below list).
• Recommended offer: $179k (34.1% below list) — sets the bar for 1% rule.
• Cap rate 3.7% vs local median 4.8% in DeFuniak Springs — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: West Defuniak Elementary School (math 67% / reading 57%, grade B, #608 of 2,144 statewide, top 29%, 669 students, 69% FRL); Walton High School (math 52% / reading 53%, grade C-, #154 of 667 statewide, top 24%, 856 students, 65% FRL) — zoned schools average 67% FRL vs 48% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 123 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 $29k of equity ($2k loan paydown + $27k 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 ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($268k) is reasonable based on typical stale-listing flexibility.

Recommended offer $179,128 (34.1% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
7. 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.
8. 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.
9. 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: 0.66% ✗
• Cap rate: 3.71%
• Cash-on-cash: -9.21%
• DSCR: 0.59
• GRM: 12.7

CMA / ARV

• ARV (on-the-fly): $269,690
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
187 Bay Springs Blvd Unit 44A	0.00mi	4/2.0	1,810 (0%)	1mo	$266,980	$148	99
145 Bay Springs Blvd Unit 48A	0.04mi	4/2.0	1,810 (0%)	2mo	$263,980	$146	97
117 Bay Springs Blvd Unit 50A	0.10mi	4/2.0	1,810 (0%)	2mo	$314,900	$174	94
167 Bay Springs Blvd Unit 46A	0.02mi	4/2.0	1,732 (-4%)	2mo	$259,990	$150	90
108 Bay Springs Blvd Unit 4A	0.08mi	4/2.0	1,732 (-4%)	0mo	$257,490	$149	89
154 Bay Springs Blvd Unit 8A	0.03mi	4/2.0	1,707 (-6%)	1mo	$247,990	$145	88
157 Bay Springs Blvd Unit 47A	0.03mi	4/2.5	1,891 (+4%)	2mo	$276,990	$146	88
125 Bay Springs Blvd Unit 49A	0.06mi	3/2.0 (-1)	1,569 (-13%)	2mo	$239,480	$153	68

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: 17.8%
• Equity multiple: 2.46×
• Total profit: $111,002
• Equity at exit: $245,021

10-year hold

• IRR: 16.7%
• Equity multiple: 5.68×
• Total profit: $356,358
• Equity at exit: $528,397

Cash invested: $76,154 (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: 12.7×

Monthly cashflow live

• Estimated rent: $1,791 medium
• Mortgage (P&I): −$1,426
• Tax est. 1.5%: −$340 /mo · $4,080/yr
• Insurance: −$113
• HOA: −$120
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $-584

Break-even live

Break-even rent $2,531

Max offer price $187,405

Occupancy floor —

Sensitivity live

Price	-10% $-397	-5% $-491	+0% $-584	+5% $-678	+10% $-772
Rent	-10% $-726	-5% $-655	+0% $-584	+5% $-514	+10% $-443
Rate	-1.0pp $-448	-0.5pp $-515	base $-584	+0.5pp $-655	+1.0pp $-727

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: $67,995
• Closing costs: $8,159
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $120 · $1,440/yr

Listing history 2 events

1. 2026-05-13
   status Pending
2. 2026-04-18
   listed $271,980 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,495
• − Mortgage interest: −$15,235
• − Property taxes: −$4,080
• − Insurance: −$1,360
• − Repairs & maintenance: −$1,720
• − Management: −$1,720
• − HOA: −$1,440
• − Depreciation: −$7,912
• Taxable loss: −$11,971
• Est. tax savings @ 24.0%: +$2,873
• After-tax cash flow: $-4,141/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

2 events — show timeline

• 2026-05-13 Pending — ECAR
• 2026-04-18 Listed $271,980 ECAR