234 Bay Springs Blvd · DeFuniak Springs, FL 32435

$244,490

3 bd · 2.0 ba · 1,474 sqft · SingleFamily · 77 Days on market

Built 2026 Est $265k · 8% under

---

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).

• ARV discount +11.0/15.0
• Appreciation +10.0/10.0
• Cash flow +7.0/30.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +1.2/10.0

Listing remarks

The Majors Collection is a new series of single-family homes for sale at the Bay Springs masterplan in DeFunkiak Springs, FL. The city boasts an incredibly well-preserved historic district featuring over 170 Victorian-era buildings, offering lake-inspired living with classic charm in a picturesque setting just a short drive from beautiful Lake DeFunkiak, one of only two almost perfectly round spring-fed lakes in the world. The lake is surrounded by 260-acre Chipley Park, perfect for walking, picnicking, boating, bird-watching and outdoor relaxation. Bay Springs Majors provides the perfect balance of affordable luxury and coastal proximity with access to some of Florida's most stunning beach

Key facts

• Lake inspired living
• Chipley park
• Nature trails

Tags

• HISTORIC DISTRICT
• VICTORIAN ERA BUILDINGS
• LAKE INSPIRED LIVING
• CHIPLEY PARK
• NATURE TRAILS
• CLEAR SPRINGS

Property features AI

Finance

• Financial info: List price $252,490

Exterior

• Parking: 2 total parking spaces; 2-car garage
• Home design: Single-family property; Located at 234 Bay Springs Blvd, Defuniak Springs, FL 32435
• Exterior features: Living area approximately 1,474

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms
• Interior features: Spec home (Newlin plan); Active listing

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $244k.

Deal economics

• At list price, monthly cash flow is $-364 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (21.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (31.4% below list).
• Recommended offer: $168k (31.4% below list) — sets the bar for 1% rule.

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: Freeport Elementary School (math 50% / reading 57%, grade C, #949 of 2,144 statewide, top 45%, 1,123 students, 55% FRL); Emerald Coast Middle School (math 70% / reading 65%, grade A-, #77 of 571 statewide, top 14%, 868 students, 24% FRL); South Walton High School (math 61% / reading 73%, grade B, #69 of 667 statewide, top 11%, 1,235 students, 20% FRL) — zoned schools average 33% FRL vs 48% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• 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 $26k 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.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.

Recommended offer $167,815 (31.4% 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. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.69% ✗
• Cap rate: 4.51%
• Cash-on-cash: -6.38%
• DSCR: 0.72
• GRM: 12.1

CMA / ARV

• ARV (on-the-fly): $265,320
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 Bay Springs Blvd Unit 41A	0.01mi	3/2.0	1,413 (-4%)	3mo	$259,580	$184	90
107 Bay Springs Blvd Unit 51A	0.11mi	3/2.0	1,413 (-4%)	3mo	$254,990	$180	85
125 Bay Springs Blvd Unit 49A	0.09mi	3/2.0	1,569 (+6%)	2mo	$239,480	$153	83
195 Bay Springs Blvd Unit 43A	0.02mi	3/2.0	1,290 (-12%)	4mo	$220,000	$171	75
126 Bay Springs Blvd Unit 6A	0.09mi	3/2.0	1,290 (-12%)	2mo	$231,990	$180	73
99 Bay Springs Blvd Unit 52A	0.12mi	3/2.0	1,290 (-12%)	2mo	$230,000	$178	72

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: 19.8%
• Equity multiple: 2.61×
• Total profit: $110,006
• Equity at exit: $220,256

10-year hold

• IRR: 18.1%
• Equity multiple: 6.00×
• Total profit: $342,224
• Equity at exit: $474,990

Cash invested: $68,457 (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: 12.1×

Monthly cashflow live

• Estimated rent: $1,678 medium
• Mortgage (P&I): −$1,282
• Tax est. 1.5%: −$306 /mo · $3,667/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $-364

Break-even live

Break-even rent $2,139

Max offer price $191,836

Occupancy floor —

Sensitivity live

Price	-10% $-195	-5% $-279	+0% $-364	+5% $-448	+10% $-533
Rent	-10% $-496	-5% $-430	+0% $-364	+5% $-298	+10% $-231
Rate	-1.0pp $-241	-0.5pp $-302	base $-364	+0.5pp $-427	+1.0pp $-492

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: $61,122
• Closing costs: $7,335
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $244,490 Active 77 DOM
2. 2026-06-18
   days on market $244,490 Active 74 DOM
3. 2026-06-17
   days on market $244,490 Active 73 DOM
4. 2026-06-16
   days on market $244,490 Active 72 DOM
5. 2026-06-15
   days on market $244,490 Active 71 DOM
6. 2026-06-14
   days on market $244,490 Active 69 DOM
7. 2026-06-13
   days on market $244,490 Active 68 DOM
8. 2026-06-10
   days on market $244,490 Active 66 DOM
9. 2026-06-09
   days on market $244,490 Active 65 DOM
10. 2026-06-08
    days on market $244,490 Active 64 DOM
11. 2026-06-07
    days on market $244,490 Active 63 DOM
12. 2026-06-05
    days on market $244,490 Active 60 DOM
13. 2026-06-03
    days on market $244,490 Active 59 DOM
14. 2026-06-03
    pricedays on market $244,490 Active 58 DOM
15. 2026-06-01
    days on market $248,490 Active 57 DOM
16. 2026-05-31
    pricedays on market $248,490 Active 56 DOM
17. 2026-05-30
    pricedays on market $273,490 Active 55 DOM

ⓘ 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: $20,138
• − Mortgage interest: −$13,695
• − Property taxes: −$3,667
• − Insurance: −$1,222
• − Repairs & maintenance: −$1,611
• − Management: −$1,611
• − Depreciation: −$7,112
• Taxable loss: −$8,782
• Est. tax savings @ 24.0%: +$2,108
• After-tax cash flow: $-2,259/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