354 Florence St · DeFuniak Springs, FL 32435

$180,000

3 bd · 1.0 ba · 1,346 sqft · SingleFamily public records · 9 Days on market

Built 1975 Est $203k · 11% 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 +14.4/30.0
• ARV discount +12.6/15.0
• Appreciation +10.0/10.0
• Schools +5.2/10.0
• DSCR +4.4/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Within walking distance to Lake Defuniak! Take a look at this charming Florida cottage with a mix of updated and original finishings. With a little elbow grease, this home could be a great starter or retirement home. Great corner lot with a block storage building.

Key facts

• Metal roof
• Hurricane clips
• Electrical redone

Tags

• METAL ROOF
• HURRICANE CLIPS
• ELECTRICAL REDONE
• PERMANENT INDOOR LAUNDRY ROOM
• TANKLESS HOT WATER SYSTEM
• BUTCHER BLOCK COUNTERS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $36 ($429/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 $151k (16.4% below list).
• Recommended offer: $151k (16.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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-, schools D+, crime D.
• 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.
• Market conditions: 122 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $70k; list at $180k implies a 157% gain — meaningful room to come down on a strong offer.

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 $150,539 (16.4% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.84% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.85%
• DSCR: 1.04
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $203,246
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
59 Davis St	0.24mi	3/2.0	1,343 (-0%)	23mo	$252,500	$188	65
42 Roosevelt Ave	0.38mi	4/2.0 (+1)	1,276 (-5%)	3mo	$193,000	$151	62
411 E Sloss Ave	0.59mi	4/2.0 (+1)	1,536 (+14%)	0mo	$199,000	$130	40

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: 24.9%
• Equity multiple: 2.99×
• Total profit: $100,276
• Equity at exit: $162,158

10-year hold

• IRR: 22.0%
• Equity multiple: 6.82×
• Total profit: $293,441
• Equity at exit: $349,700

Cash invested: $50,400 (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: 122
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,505 high
• Mortgage (P&I): −$944
• Tax from tax record: −$135 /mo · $1,615/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $36

Break-even live

Break-even rent $1,460

Max offer price $180,000

Occupancy floor 93%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
712 Bruce Ave Defuniak Springs, FL	3.0	2.0	1040	$1,600	$1.54	13d	1	0.71mi
125 N Davis Ln Apt 133 Defuniak Springs, FL	3.0	1.0	925	$1,250	$1.35	21d	1	0.91mi
90 Andrews Ave Defuniak Springs, FL	3.0	1.0	1118	$1,550	$1.39	13d	1	1.00mi
709 S 11th St Defuniak Springs, FL	2.0	1.0	1076	$1,499	$1.39	21d	1	1.15mi
163 W Chaffin Ave Defuniak Springs, FL	2.0	2.0	990	$1,600	$1.62	21d	1	1.21mi

Listing history 8 events

1. 2026-06-18
   days on market $180,000 Active 9 DOM
2. 2026-06-17
   days on market $180,000 Active 8 DOM
3. 2026-06-16
   days on market $180,000 Active 7 DOM
4. 2026-06-15
   days on market $180,000 Active 6 DOM
5. 2026-06-14
   days on market $180,000 Active 4 DOM
6. 2026-06-13
   days on market $180,000 Active 3 DOM
7. 2026-06-10
   remarks 695-char remark
8. 2026-06-10
   listed $180,000 Active 1 DOM

ⓘ 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: $1,615 · $135/mo
• Projected year-2 tax: $1,615 · $135/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 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: $18,065
• − Mortgage interest: −$10,083
• − Property taxes: −$1,615
• − Insurance: −$900
• − Repairs & maintenance: −$1,445
• − Management: −$1,445
• − Depreciation: −$5,236
• Taxable loss: −$2,660
• Est. tax savings @ 24.0%: +$638
• After-tax cash flow: $1,067/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

+140.3% since first listed

5 events — show timeline

• 2026-06-10 Listed $180,000 FSBO.com
• 2019-07-02 Sold (Public Records) $70,000 Public Records
• 2019-06-28 Sold (MLS) $70,000 NAMLS
• 2019-06-28 Sold (MLS) $70,000 ECAR
• 2019-05-08 Listed $74,900 NAMLS

Property tax history

+13.2%/yr

Latest (2025): $1,615 · +13.5% YoY. Source: county tax records.