330 N Highway 22 A · Callaway, FL 32404

$119,900

3 bd · 1.0 ba · 1,296 sqft · SingleFamily · 41 Days on market

Built 1948 Poor condition 0.30 ac lot $93/sqft · 46% below area Est $223k · 46% under ↓ 4% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment opportunity for this 3 bedroom 1 bath Callaway home located just minutes from the Tyndall Parkway corridor, shopping and dining. This property features a 3 bedroom 1 bath home in need of remodeling along with a 20x20x9 shop/garage with two 8x7 roll up doors built in 2023 all sitting on a 100x132 lot. If measurements are important, please verify.

Key facts

• 0.3 acre lot
• 2 garage spots
• Built 1948

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Parking: Attached garage with 2 parking spaces; Additional garage structures on property
• Utilities: Electricity available; Sewer available
• Home design: Single-story residence; Zoned for single-family residential
• Construction: Vinyl siding with wood frame construction; Asphalt roof
• Exterior features: Patio; Privacy fencing; Paved lot

Interior

• Kitchen: Electric cooktop
• Bedrooms: Primary bedroom on the first level
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: 3 total rooms; Kitchen on the first level; Living room on the first level; Primary bedroom on the first level; Patio access from exterior
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 5.1% in Callaway — 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 (#690 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Bay (suburban): math 51% / reading 51% proficiency, ranked #29 of 73 in FL (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.1%/yr); 969 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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. 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: 1.37% ✓
• Cap rate: 11.01%
• Cash-on-cash: 16.86%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $222,917
• List price: $119,900
• Delta: -46.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4819 Alameda St	0.19mi	3/2.0	1,312 (+1%)	9mo	$255,000	$194	77
5301 E Hwy 22	0.27mi	3/2.0	1,408 (+9%)	16mo	$277,000	$197	55
4117 Cherry Ln	0.45mi	3/2.0	1,393 (+8%)	14mo	$251,000	$180	51
116 Martin Lake Dr	0.43mi	3/1.0	1,143 (-12%)	12mo	$140,000	$122	50
4004 E 7th Cir	0.64mi	3/2.0	1,236 (-5%)	11mo	$265,000	$214	50
4126 Leslie Ln	0.37mi	3/2.0	1,442 (+11%)	13mo	$285,000	$198	49
3753 E 4th	0.64mi	3/2.0	1,325 (+2%)	19mo	$241,000	$182	47
5329 Garden Cove Rd	0.39mi	3/2.0	1,110 (-14%)	10mo	$205,000	$185	46
3806 E 2nd Plz	0.59mi	3/2.0	1,183 (-9%)	15mo	$227,000	$192	42
4119 Cherry St	0.61mi	3/2.0	1,188 (-8%)	18mo	$160,000	$135	39
927 Bonnie Dr	0.75mi	3/2.0	1,142 (-12%)	10mo	$265,000	$232	33
807 Flight Ave	0.72mi	4/2.0 (+1)	1,444 (+11%)	9mo	$300,000	$208	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.12% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.23×
• Total profit: $7,579
• Equity at exit: $17,877

10-year hold

• IRR: 13.6%
• Equity multiple: 1.99×
• Total profit: $33,306
• Equity at exit: $10,367

Cash invested: $33,572 (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 32404

• Home prices YoY: -16.1%
• Rents YoY: 1.1%
• Active inventory: 969
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,646 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $472

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 66%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4905 Alameda St Unit 1 Panama City, FL	3.0	2.0	942	$1,295	$1.37	20d	1	0.15mi
5101 Willow St Panama City, FL	3.0	2.0	1099	$1,500	$1.36	13d	1	0.17mi
208 North Highway 22 A Unit 33 Panama City, FL	3.0	2.0	1080	$1,350	$1.25	20d	1	0.29mi
526 Camellia Ave Panama City, FL	3.0	2.0	1375	$1,950	$1.42	20d	1	0.44mi
149 North Highway 22 A Unit 5 Panama City, FL	2.0	1.0	900	$1,140	$1.27	13d	1	0.45mi
129 Seneca Ave Panama City, FL	3.0	2.0	1449	$1,495	$1.03	13d	1	0.53mi
420 Raven Ln Panama City, FL	3.0	2.0	1251	$1,750	$1.40	20d	1	0.57mi
5817 Jasmine Ct Panama City, FL	4.0	2.5	1633	$2,000	$1.22	13d	1	0.70mi
229 Callaway Chase Ln Panama City, FL	3.0	2.5	1200	$1,650	$1.38	13d	1	0.72mi
5117 E 10th St Apt A Panama City, FL	2.0	1.5	936	$1,200	$1.28	13d	1	0.83mi
5117 E 10th St Unit D Panama City, FL	2.0	1.5	950	$1,250	$1.32	13d	1	0.83mi
5805 Cherry St Panama City, FL	2.0	1.0	1025	$1,200	$1.17	13d	1	0.84mi
906 Kevin Ct Panama City, FL	3.0	2.0	1266	$1,795	$1.42	20d	1	0.85mi
237 Helen Ave Panama City, FL	2.0	2.0	1000	$1,395	$1.40	20d	1	0.88mi
6101 Harvey St #3 Panama City, FL	2.0	1.5	1108	$1,050	$0.95	20d	1	0.95mi
6121 Harvey St Unit 8 Panama City, FL	2.0	1.5	1200	$1,050	$0.88	20d	1	0.96mi
6121 Harvey St Apt 16 Panama City, FL	2.0	1.5	1000	$1,090	$1.09	20d	1	0.96mi
4837 S Lakewood Dr Panama City, FL	2.0	1.5	1116	$1,500	$1.34	20d	1	1.01mi
322 S Burkett Dr Panama City, FL	1.0–2.0	1.0–2.0	600	$1,519	$2.53	13d	13	1.05mi
3719 E 8th Ct Panama City, FL	1.0–4.0	1.0–1.5	950	$1,300	$1.37	20d	1	1.06mi
509 Phillips Ct Panama City, FL	3.0	2.0	1411	$1,700	$1.20	13d	1	1.17mi
114 S Kimbrel Ave Panama City, FL	3.0	2.0	1400	$1,850	$1.32	20d	1	1.19mi
5813 Hickory St Panama City, FL	3.0	2.0	1200	$1,950	$1.62	20d	1	1.26mi
168 N Comet Ave Panama City, FL	2.0	2.0	950	$1,100	$1.16	20d	1	1.31mi
5717 Rebecca Ct Unit B Panama City, FL	2.0	1.0	1612	$1,350	$0.84	20d	1	1.33mi
5115 E 14th St Unit 3 Panama City, FL	2.0	2.0	978	$1,250	$1.28	20d	1	1.34mi
6328 Olokee St Panama City, FL	3.0	2.0	1131	$1,850	$1.64	13d	1	1.40mi
163 Lauren Ln Panama City, FL	4.0	2.0	1731	$2,300	$1.33	20d	1	1.42mi
4141 E 15th St Panama City, FL	2.0–3.0	2.0	1082	$1,825	$1.69	13d	9	1.43mi
1401 Transmitter Rd Unit 15 Panama City, FL	3.0	2.0	1100	$1,395	$1.27	13d	1	1.45mi

Listing history 17 events

1. 2026-06-17
   status $119,900 Pending 41 DOM
2. 2026-06-17
   days on market $119,900 Active 41 DOM
3. 2026-06-16
   days on market $119,900 Active 40 DOM
4. 2026-06-15
   days on market $119,900 Active 39 DOM
5. 2026-06-14
   days on market $119,900 Active 37 DOM
6. 2026-06-13
   days on market $119,900 Active 36 DOM
7. 2026-06-10
   days on market $119,900 Active 34 DOM
8. 2026-06-09
   days on market $119,900 Active 33 DOM
9. 2026-06-08
   days on market $119,900 Active 32 DOM
10. 2026-06-07
    pricedays on market $119,900 Active 31 DOM
11. 2026-06-05
    days on market $125,000 Active 28 DOM
12. 2026-06-03
    days on market $125,000 Active 27 DOM
13. 2026-06-02
    days on market $125,000 Active 26 DOM
14. 2026-06-01
    days on market $125,000 Active 25 DOM
15. 2026-05-31
    days on market $125,000 Active 24 DOM
16. 2026-05-30
    days on market $125,000 Active 23 DOM
17. 2026-05-07
    listed $125,000 Active 358-char remark

ⓘ 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: $19,751
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − Depreciation: −$3,488
• Taxable income: $3,988
• Est. tax owed @ 24.0%: −$957
• After-tax cash flow: $4,703/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 · 11 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations, including exterior siding repair, carpet replacement, and kitchen and bath fixture updates, to improve its condition and value.

Repairs flagged

• Major Exterior siding — Weathered and in need of repair.
• Major Carpeted flooring — Worn and dirty, needs replacement.
• Major Interior walls/paint — Chipped and dirty, needs repainting.
• Major Kitchen and bath fixtures — No visible fixtures, likely in need of replacement.
• Major Roof — No visible roof condition, likely in need of inspection and repair.

Value-add opportunities

• Both Exterior siding repair — Improves curb appeal and property value.
• Both Carpet replacement — Fresh carpet enhances interior appeal and comfort.
• Both Interior painting — Fresh paint improves aesthetics and property value.
• Both Kitchen and bath fixture replacement — Modern fixtures improve functionality and appeal.
• Both Roof inspection and repair — Ensures structural integrity and property value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and in need of repair.	Major	$15,000–50,000
Carpeted flooring · Worn and dirty, needs replacement.	Major	$15,000–50,000
Interior walls/paint · Chipped and dirty, needs repainting.	Major	$15,000–50,000
Kitchen and bath fixtures · No visible fixtures, likely in need of replacement.	Major	$15,000–50,000
Roof · No visible roof condition, likely in need of inspection and repair.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Exterior siding repair — Improves curb appeal and property value. ↑
• Both Carpet replacement — Fresh carpet enhances interior appeal and comfort. ↑
• Both Interior painting — Fresh paint improves aesthetics and property value. ↑
• Both Kitchen and bath fixture replacement — Modern fixtures improve functionality and appeal. ↑
• Both Roof inspection and repair — Ensures structural integrity and property value. ↑

ⓘ 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: Bay
• NCES district ID: 1200090
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $47,740
• Composite: 43.41/100
• National rank: #3014
• State rank: #29 of 73 in FL

Livability — Callaway

• Score: 64/100
• State rank: #690
• US rank: #14384

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment D+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Callaway, FL
• County: Bay County · 163,593 people
• Metro: Panama City, FL
• Population (ZIP): 42,514
• Household income: $74,708
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 1218.0

Population outlook (Bay County) Hauer SSP2

• Today (2025): 206,264 people
• By 2030: 217,740 · +5.6%
• By 2040: 238,738 · +15.7%
• By 2050: 255,545 · +23.9%
• By 2075: 288,295 · +39.8%
• By 2100: 288,638 · +39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 12% Two or more races 10% Hispanic / Latino 9% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 3% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada, Vietnam, Mexico
• Languages at home: 90% English-only · Spanish 6% Vietnamese 1% Other Asian/Pacific 1%

Political lean MEDSL · Bay

• 2024 margin: Solid R (+47.4) · D 25.8% · R 73.1% · Other 1.1%
• 2008→2024 swing: -6.6pp toward R · 2008: -40.7pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.5 2016: R+46.3 2012: R+43.6 2008: R+40.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.59%
• Current HPI: 263.7178
• Rent YoY: ▲ 1.12%
• Metro: Panama City, 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

-4.1% since first listed

3 events — show timeline

• 2026-06-17 Pending — CPARMLS
• 2026-06-05 Price Changed $119,900 CPARMLS
• 2026-05-07 Listed $125,000 CPARMLS