139 N Larry Dr · Callaway, FL 32404

$155,000

2 bd · 1.0 ba · 766 sqft · SingleFamily public records · 69 Days on market

Built 1960 9,670 sqft lot $202/sqft · 12% below area Est $177k · 12% 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 +16.5/30.0
• ARV discount +13.0/15.0
• DSCR +5.1/10.0
• Schools +4.3/10.0
• 1% rule +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Remodeled 2BR/1BA home near Tyndall Air Force Base. Interior features modern updates throughout, offering a clean and functional living space. Convenient location close to schools, shopping, dining, and grocery stores. Property is tenant-occupied, great investment opportunity with immediate income potential. Exterior includes a large yard, carport, covered front porch, and storage shed.

Key facts

• Modern updates
• Prime location
• Remodeled home

Tags

• REMODELED HOME
• MODERN UPDATES
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/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 $132k (15.0% below list).
• Recommended offer: $132k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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; 19 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y 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 $75k; list at $155k implies a 107% 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; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,684 (15.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.85% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.50%
• DSCR: 1.11
• GRM: 9.8

CMA / ARV

• ARV (median comp): $176,649
• List price: $155,000
• Delta: -12.26%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.3%
• Equity multiple: 0.50×
• Total profit: $-21,864
• Equity at exit: $23,111

10-year hold

• IRR: -8.6%
• Equity multiple: 0.50×
• Total profit: $-21,515
• Equity at exit: $13,402

Cash invested: $43,400 (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 32404

• Home prices YoY: -16.1%
• Rents YoY: 1.1%
• Active inventory: 969
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,317 high
• Mortgage (P&I): −$813
• Tax from tax record: −$73 /mo · $871/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $90

Break-even live

Break-even rent $1,203

Max offer price $155,000

Occupancy floor 88%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
168 N Comet Ave Panama City, FL	2.0	2.0	950	$1,100	$1.16	20d	1	0.13mi
6101 Harvey St #3 Panama City, FL	2.0	1.5	1108	$1,050	$0.95	20d	1	0.35mi
6121 Harvey St Apt 16 Panama City, FL	2.0	1.5	1000	$1,090	$1.09	20d	1	0.36mi
6724 Chipewa St Unit 6724 Panama City, FL	2.0	1.0	1000	$1,125	$1.12	13d	1	0.37mi
116 Christie Ln Panama City, FL	3.0	2.0	1092	$1,550	$1.42	20d	1	0.42mi
5805 Cherry St Panama City, FL	2.0	1.0	1025	$1,200	$1.17	13d	1	0.50mi
108 N Anita Dr Callaway, FL	1.0	1.0	700	$1,200	$1.71	20d	1	0.50mi
7006 Lois St Unit B Panama City, FL	2.0	1.0	1000	$1,000	$1.00	20d	1	0.54mi
322 S Burkett Dr Panama City, FL	1.0–2.0	1.0–2.0	600	$1,519	$2.53	13d	13	0.73mi
719 S Berthe Ave Unit 8 Panama City, FL	2.0	1.0	910	$1,000	$1.10	20d	1	0.96mi
208 North Highway 22 A Unit 33 Panama City, FL	3.0	2.0	1080	$1,350	$1.25	20d	1	1.12mi
5101 Willow St Panama City, FL	3.0	2.0	1099	$1,500	$1.36	13d	1	1.12mi
149 North Highway 22 A Unit 5 Panama City, FL	2.0	1.0	900	$1,140	$1.27	13d	1	1.21mi
4905 Alameda St Unit 1 Panama City, FL	3.0	2.0	942	$1,295	$1.37	20d	1	1.27mi
285 Sukoshi Dr Unit C Panama City, FL	2.0	1.5	916	$1,250	$1.36	13d	1	1.27mi
291 Sukoshi Dr Unit A Panama City, FL	2.0	1.5	918	$1,495	$1.63	20d	1	1.28mi
126 Kristine Blvd Panama City, FL	2.0	1.0	884	$1,400	$1.58	20d	1	1.34mi
4837 S Lakewood Dr Panama City, FL	2.0	1.5	1116	$1,500	$1.34	20d	1	1.42mi
543 N 9th St Unit 543 Panama City, FL	2.0	1.0	850	$1,195	$1.41	13d	1	1.50mi

Listing history 28 events

1. 2026-06-19
   days on market $155,000 Active 69 DOM
2. 2026-06-18
   days on market $155,000 Active 68 DOM
3. 2026-06-17
   days on market $155,000 Active 67 DOM
4. 2026-06-16
   days on market $155,000 Active 66 DOM
5. 2026-06-15
   days on market $155,000 Active 65 DOM
6. 2026-06-14
   days on market $155,000 Active 63 DOM
7. 2026-06-13
   days on market $155,000 Active 62 DOM
8. 2026-06-10
   days on market $155,000 Active 60 DOM
9. 2026-06-09
   days on market $155,000 Active 59 DOM
10. 2026-06-08
    days on market $155,000 Active 58 DOM
11. 2026-06-07
    remarks 404-char remark
12. 2026-06-07
    pricedays on market $155,000 Active 57 DOM
13. 2026-06-05
    days on market $160,000 Active 54 DOM
14. 2026-06-03
    days on market $160,000 Active 53 DOM
15. 2026-06-02
    days on market $160,000 Active 52 DOM
16. 2026-06-01
    days on market $160,000 Active 51 DOM
17. 2026-05-31
    days on market $160,000 Active 50 DOM
18. 2026-05-30
    days on market $160,000 Active 49 DOM
19. 2026-04-10
    listed $160,000 Active 389-char remark

    Show marketing remark (389 chars)

    Remodeled 2BR/1BA home near Tyndall Air Force Base. Interior features modern updates throughout, offering a clean and functional living space. Convenient location close to schools, shopping, dining, and grocery stores. Property is tenant-occupied, great investment opportunity with immediate income potential. Exterior includes a large yard, carport, covered front porch, and storage shed.

20. 2007-07-31
    soldstatus $75,000
21. 2007-07-27
    soldstatus $75,000 398-char remark

    Show marketing remark (398 chars)

    Age, Sq. Ft. Room sixes approx: Fantastic starter home or investment; New paint inside and out; new double car carport with storage. 2003 new plumbing and electrical. Ownership pride shows throughout this home inside and out! Nestled on 75 x 129 foot chain link fenced lot. This home is always a pleasure to show! Call today you wont be disappointed. Close to Tyndall AFB, Schools & Shopping.

22. 2007-06-04
    listed $75,000 398-char remark

    Show marketing remark (398 chars)

    Age, Sq. Ft. Room sixes approx: Fantastic starter home or investment; New paint inside and out; new double car carport with storage. 2003 new plumbing and electrical. Ownership pride shows throughout this home inside and out! Nestled on 75 x 129 foot chain link fenced lot. This home is always a pleasure to show! Call today you wont be disappointed. Close to Tyndall AFB, Schools & Shopping.

23. 2003-05-09
    soldstatus $35,900
24. 2002-12-16
    listed $35,900
25. 2000-08-28
    soldstatus $34,200
26. 2000-03-16
    listed $30,400
27. 1994-11-01
    soldstatus $29,900
28. 1984-02-01
    soldstatus $9,000

ⓘ 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: $871 · $73/mo
• Projected year-2 tax: $1,286 · $107/mo
• Expected delta: +$416/yr (+$35/mo · 47.7%)

ⓘ 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 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 21 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: $15,802
• − Mortgage interest: −$8,682
• − Property taxes: −$871
• − Insurance: −$775
• − Repairs & maintenance: −$1,264
• − Management: −$1,264
• − Depreciation: −$4,509
• Taxable loss: −$1,563
• Est. tax savings @ 24.0%: +$375
• After-tax cash flow: $1,459/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: 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

+1677.8% since first listed

10 events — show timeline

• 2026-04-10 Listed $160,000 CPARMLS
• 2007-07-31 Sold (Public Records) $75,000 Public Records
• 2007-07-27 Sold (MLS) $75,000 CPARMLS
• 2007-06-04 Listed $75,000 CPARMLS
• 2003-05-09 Sold (MLS) $35,900 CPARMLS
• 2002-12-16 Listed $35,900 CPARMLS
• 2000-08-28 Sold (MLS) $34,200 CPARMLS
• 2000-03-16 Listed $30,400 CPARMLS
• 1994-11-01 Sold (Public Records) $29,900 Public Records
• 1984-02-01 Sold (Public Records) $9,000 Public Records

Property tax history

+12.9%/yr

Latest (2025): $871 · +7.7% YoY. Source: county tax records.