1840 E Mallard Dr Unit C · Callaway, FL 32404

$199,100

3 bd · 3.0 ba · 1,704 sqft · Townhouse public records · 145 Days on market

Built 1981 0.25 ac lot $33/mo HOA · 2% of rent

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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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +4.3/10.0
• 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

This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

Key facts

• Open-concept design
• Waterfront views
• Fully remodeled

Tags

• WATERFRONT VIEWS
• FULLY REMODELED
• OPEN-CONCEPT DESIGN
• CERAMIC-TILED KITCHEN
• LUXURY VINYL PLANK FLOORING
• PRIVATE PATIO

Property features AI

Finance

• HOA & community: Located in the Sandy Creek Ranch and Country Club subdivision

Exterior

• Parking: Detached garage (2 spaces); Driveway with 2 spaces
• Utilities: Electric service; Public water; TV cable
• Home design: Townhome; 2 stories; Entry and main living areas on the first floor; Built in 1981; Facing private road
• Construction: Trim wood construction; Composite shingle roof; Slab foundation
• Exterior features: Private yard; Open patio; Pond view; Waterfront on a pond (40 feet)

Interior

• Kitchen: Refrigerator; Microwave; Pantry
• Bedrooms: 3 bedrooms (master bedroom on the first floor)
• Flooring: Laminate; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans; Electric heat control
• Interior features: Vaulted ceilings; Pantry; Washer/dryer hookup
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $199k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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+, amenities F, commute 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.
• Zoned schools: Callaway Elementary School (math 37% / reading 42%, grade F, #1,513 of 2,144 statewide, top 73%, 511 students, 72% FRL); Rutherford High School (math 24% / reading 29%, grade F, #489 of 667 statewide, top 74%, 1,337 students, 63% FRL) — zoned schools average 68% FRL vs 48% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 51% district-wide (-18 pts) — the specific schools serving this property underperform the Bay average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.1%/yr); 969 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 35% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 145 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 29y 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 $121k; list at $199k implies a 64% 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; major 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 $175,208 (12.0% below list)

Questions for the listing agent

1. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.10% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.09%
• DSCR: 1.36
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.1%
• Equity multiple: 0.78×
• Total profit: $-12,354
• Equity at exit: $29,686

10-year hold

• IRR: 1.1%
• Equity multiple: 1.07×
• Total profit: $4,122
• Equity at exit: $17,215

Cash invested: $55,748 (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: 7.6×

Monthly cashflow live

• Estimated rent: $2,184 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$189 /mo · $2,273/yr
• Insurance: −$83
• HOA: −$33
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $376

Break-even live

Break-even rent $1,708

Max offer price $199,100

Occupancy floor 78%

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: $49,775
• Closing costs: $5,973
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12013 Hauser Rd Panama City, FL	3.0	2.0	1456	$2,200	$1.51	13d	1	0.94mi
1007 Bayside St Panama City, FL	3.0	2.0	1520	$1,900	$1.25	13d	1	1.41mi

HOA detail

• Monthly dues: $33 · $396/yr
• Likely covers: water

Listing history 50 events

1. 2026-06-19
   days on market $199,100 Active 145 DOM
2. 2026-06-18
   days on market $199,100 Active 144 DOM
3. 2026-06-17
   days on market $199,100 Active 143 DOM
4. 2026-06-16
   days on market $199,100 Active 142 DOM
5. 2026-06-15
   days on market $199,100 Active 141 DOM
6. 2026-06-14
   days on market $199,100 Active 139 DOM
7. 2026-06-13
   days on market $199,100 Active 138 DOM
8. 2026-06-10
   days on market $199,100 Active 136 DOM
9. 2026-06-09
   days on market $199,100 Active 135 DOM
10. 2026-06-08
    days on market $199,100 Active 134 DOM
11. 2026-06-07
    days on market $199,100 Active 133 DOM
12. 2026-06-05
    days on market $199,100 Active 130 DOM
13. 2026-06-03
    days on market $199,100 Active 129 DOM
14. 2026-06-02
    days on market $199,100 Active 128 DOM
15. 2026-06-01
    days on market $199,100 Active 127 DOM
16. 2026-05-31
    days on market $199,100 Active 126 DOM
17. 2026-05-30
    days on market $199,100 Active 125 DOM
18. 2026-05-21
    status Active
19. 2026-05-08
    status Pending

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

20. 2026-05-08
    status Pending 444-char remark

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

21. 2026-01-08
    listed $199,100 Active
22. 2026-01-08
    price $199,100
23. 2026-01-08
    status Active
24. 2026-01-07
    status Active 444-char remark

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

25. 2025-12-31
    historical 444-char remark

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

26. 2025-11-20
    price $199,500 444-char remark

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

27. 2025-10-31
    price $199,500
28. 2025-08-27
    price $205,500 444-char remark

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

29. 2025-08-12
    price $205,500
30. 2025-06-15
    status Active 444-char remark

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

31. 2025-05-07
    status Active
32. 2025-04-28
    status Pending 444-char remark

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

33. 2025-02-21
    listed $214,000 Active 444-char remark

    Show marketing remark (444 chars)

    This cozy waterfront townhome has so much to offer. It has been completely remodeled in the past 2 years. As you enter this cozy townhome, you will see how open and spacious it is, allowing your creativity to flow. It has LP flooring done in 2024, ceramic flooring in the kitchen installed in 2022, stainless steel appliances, completely painted on the outside. Come enjoy the tranquility. Make your appointment now to view this beautiful home.

34. 2024-11-23
    price $214,000
35. 2024-09-08
    listed $234,000 Active
36. 2021-12-14
    historical
37. 2021-12-14
    historical
38. 2020-12-02
    soldstatus $121,250
39. 2020-06-07
    listed $115,000
40. 2020-03-12
    historical
41. 2019-11-17
    listed $125,000
42. 2011-08-26
    soldstatus $47,500
43. 2011-06-16
    listed $49,900
44. 2009-10-21
    listed $125,000
45. 2007-08-25
    listed $197,500
46. 1999-06-30
    soldstatus $67,000
47. 1999-06-01
    soldstatus $67,000
48. 1998-03-17
    listed $75,000
49. 1997-09-30
    soldstatus $45,500
50. 1997-09-01
    soldstatus $45,500

ⓘ 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: $2,273 · $189/mo
• Projected year-2 tax: $2,273 · $189/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 7/10 Severe
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 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: $26,210
• − Mortgage interest: −$11,153
• − Property taxes: −$2,273
• − Insurance: −$996
• − Repairs & maintenance: −$2,097
• − Management: −$2,097
• − HOA: −$396
• − Depreciation: −$5,792
• Taxable income: $1,407
• Est. tax owed @ 24.0%: −$338
• After-tax cash flow: $4,174/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

• 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

+337.6% since first listed

34 events — show timeline

• 2026-05-21 Relisted — ECAR
• 2026-05-08 Pending — ECAR
• 2026-05-08 Pending — CPARMLS
• 2026-01-08 Listed $199,100 ECAR
• 2026-01-08 Price Changed $199,100 ECAR
• 2026-01-08 Relisted — ECAR
• 2026-01-07 Relisted — CPARMLS
• 2025-12-31 Listing Removed — CPARMLS
• 2025-11-20 Price Changed $199,500 CPARMLS
• 2025-10-31 Price Changed $199,500 ECAR
• 2025-08-27 Price Changed $205,500 CPARMLS
• 2025-08-12 Price Changed $205,500 ECAR
• 2025-06-15 Relisted — CPARMLS
• 2025-05-07 Relisted — ECAR
• 2025-04-28 Pending — CPARMLS
• 2025-02-21 Listed $214,000 CPARMLS
• 2024-11-23 Price Changed $214,000 ECAR
• 2024-09-08 Listed $234,000 ECAR
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2020-12-02 Sold (MLS) $121,250 CPARMLS
• 2020-06-07 Listed $115,000 CPARMLS
• 2020-03-12 Listing Removed — CPARMLS
• 2019-11-17 Listed $125,000 CPARMLS
• 2011-08-26 Sold (MLS) $47,500 CPARMLS
• 2011-06-16 Listed $49,900 CPARMLS
• 2009-10-21 Listed $125,000 CPARMLS
• 2007-08-25 Listed $197,500 CPARMLS
• 1999-06-30 Sold (MLS) $67,000 CPARMLS
• 1999-06-01 Sold (Public Records) $67,000 Public Records
• 1998-03-17 Listed $75,000 CPARMLS
• 1997-09-30 Sold (MLS) $45,500 CPARMLS
• 1997-09-01 Sold (Public Records) $45,500 Public Records
• 1997-07-23 Listed $45,500 CPARMLS

Property tax history

+3.2%/yr

Latest (2025): $2,273 · +9.2% YoY. Source: county tax records.