281 S Suttles Dr · Defuniak Springs, FL 32433

$299,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 13 Days on market

Built 2024 12 ac lot

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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 +7.5/15.0
• Cash flow +5.6/30.0
• Schools +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Unique investment opportunity featuring two dwelling units on one spacious lot. Both units feature retired titles. Total square footage represents the combined living area of both manufactured homes. Unit #1: 3BD/2BA, approx. 1,140 sq. ft. (built 2024). Unit #2: 2BD/2BA, approx. 1,152 sq. ft. heated (1,344 total sq. ft. ) (built 2020). Property includes a storage shed, metal carport, and workshop. Please note that due to current county zoning density regulations, the property is being sold ''As-Is. '' This property does not meet the requirements for traditional FHA, VA, or conventional mortgage financing; all-cash offers or buyers utilizing non-conforming/portfolio financing are required. S

Key facts

• Storage shed
• Workshop
• High-elevation area

Tags

• TWO DWELLING UNITS
• STORAGE SHED
• METAL CARPORT
• WORKSHOP
• HIGH-ELEVATION AREA

Property features AI

Finance

• Other: Zoning allows agriculture, horses, mobile homes, single- and multi-family residential; Road frontage includes county road and easement; parcel access via county road and graded/maintained dirt/clay road; Lot size approximately 12 acres (see survey for dimensions)
• HOA & community: No subdivision (community listed as None); Separate storage available; Pets allowed

Exterior

• Utilities: Electric service available; Private well water; Septic tank
• Home design: Manufactured home; Single-story; Built in 2024
• Construction: Shake roof; Pitched roof; Vinyl siding and trim; Total building area recorded from county
• Exterior features: Yard building; Workshop; Cleared land; Dead-end road access; Easements on the property; Within half a mile to water; Barn, pond, shed, utility building and wooded areas present (farm features)

Interior

• Kitchen: Refrigerator included
• Bedrooms: Three bedrooms total; Primary bedroom located on the first floor
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Living room on the first floor; Kitchen on the first floor; Master bedroom on the first floor; Master bathroom on the first floor; All main rooms located on a single level
• Laundry & utility: Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $299k.

Deal economics

• At list price, monthly cash flow is $-623 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (36.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (51.0% below list).
• Recommended offer: $147k (51.0% 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: 423 active listings in the ZIP; 2,883 units permitted in Walton County in 2024 (1,322 in 5+ unit buildings).
• This rent runs 34% 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 $32k of equity ($2k loan paydown + $30k 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 ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $146,646 (51.0% 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. 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?
6. 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.
7. 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.
8. 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: 0.49% ✗
• Cap rate: 3.79%
• Cash-on-cash: -8.93%
• DSCR: 0.60
• GRM: 17.0

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: 18.0%
• Equity multiple: 2.47×
• Total profit: $122,990
• Equity at exit: $269,363

10-year hold

• IRR: 16.8%
• Equity multiple: 5.70×
• Total profit: $393,102
• Equity at exit: $580,891

Cash invested: $83,720 (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: 423
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $1,466 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$89 /mo · $1,071/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $-623

Break-even live

Break-even rent $2,255

Max offer price $188,884

Occupancy floor —

Sensitivity live

Price	-10% $-454	-5% $-539	+0% $-623	+5% $-708	+10% $-793
Rent	-10% $-739	-5% $-681	+0% $-623	+5% $-565	+10% $-507
Rate	-1.0pp $-473	-0.5pp $-547	base $-623	+0.5pp $-701	+1.0pp $-780

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-21
   days on market $299,000 Active 13 DOM
2. 2026-06-18
   days on market $299,000 Active 10 DOM
3. 2026-06-17
   days on market $299,000 Active 9 DOM
4. 2026-06-16
   days on market $299,000 Active 8 DOM
5. 2026-06-15
   days on market $299,000 Active 7 DOM
6. 2026-06-14
   days on market $299,000 Active 5 DOM
7. 2026-06-13
   days on market $299,000 Active 4 DOM
8. 2026-06-10
   days on market $299,000 Active 2 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-09
    listed $299,000 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: $1,071 · $89/mo
• Projected year-2 tax: $2,482 · $207/mo
• Expected delta: +$1,410/yr (+$118/mo · 131.7%)

ⓘ 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 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 19 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: $17,598
• − Mortgage interest: −$16,749
• − Property taxes: −$1,071
• − Insurance: −$1,495
• − Repairs & maintenance: −$1,408
• − Management: −$1,408
• − Depreciation: −$8,698
• Taxable loss: −$13,231
• Est. tax savings @ 24.0%: +$3,175
• After-tax cash flow: $-4,305/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

• 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

• 2026-06-08 Listed $299,000 ECAR

Property tax history

+27.3%/yr

Latest (2025): $1,071 · +8.6% YoY. Source: county tax records.