224 Wabash Ave · Springfield, FL 32401

$229,900

3 bd · 2.0 ba · 1,232 sqft · Land · 80 Days on market

Built 2026 6,970 sqft lot $187/sqft · 6% above area Est $217k · 6% over

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Why this score? — see what drove the F 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 +6.4/30.0
• ARV discount +4.8/15.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the ''Hawthorn'' floor plan! This beautiful 3 bedroom/ 2 bathroom NEW construction home is conveniently located in NO HOA. Interior features to include 9 ft. ceilings and luxury vinyl plank flooring throughout; Inside you will find a spacious open concept living room overlooking the kitchen. Kitchen features an island with breakfast bar, stainless steel appliances, and eat-in dining area. Situated off the living room sits full guest bathroom featuring shaker style cabinetry and tub/shower combo; and Two secondary bedrooms. Master bedroom and en suite feature tub/shower combo, and walk-in closet. Call to schedule your private showing today! All Measurements approx. buyer to verify if important

Key facts

• New construction
• No hoa
• Hawthorn floor plan

Tags

• HAWTHORN FLOOR PLAN
• NEW CONSTRUCTION
• NO HOA
• 9 FT CEILINGS
• LUXURY VINYL PLANK FLOORING
• OPEN CONCEPT LIVING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $230k.

Deal economics

• At list price, monthly cash flow is $-398 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (25.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (34.4% below list).
• Recommended offer: $151k (34.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#826 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime 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.
• Zoned schools: Rutherford High School (math 24% / reading 29%, grade F, #489 of 667 statewide, top 74%, 1,337 students, 63% FRL).
• Zoned-school proficiency averages 26% at this address vs 51% district-wide (-24 pts) — the specific schools serving this property underperform the Bay average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 262 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 34% of the median local income ($53k/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 $2k of loan paydown is wiped out by about $7k 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 80 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $230k implies a 693% 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 $150,732 (34.4% 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. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
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 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?
6. Crime grade is F 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.66% ✗
• Cap rate: 4.22%
• Cash-on-cash: -7.42%
• DSCR: 0.67
• GRM: 12.7

CMA / ARV

• ARV (median comp): $216,743
• List price: $229,900
• Delta: 6.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -32.1%
• Equity multiple: -0.03×
• Total profit: $-66,351
• Equity at exit: $34,279

10-year hold

• IRR: -54.4%
• Equity multiple: -0.63×
• Total profit: $-105,032
• Equity at exit: $19,878

Cash invested: $64,372 (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 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 262
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,507 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $-398

Break-even live

Break-even rent $2,011

Max offer price $172,308

Occupancy floor —

Sensitivity live

Price	-10% $-239	-5% $-319	+0% $-398	+5% $-477	+10% $-557
Rent	-10% $-517	-5% $-458	+0% $-398	+5% $-338	+10% $-279
Rate	-1.0pp $-282	-0.5pp $-340	base $-398	+0.5pp $-458	+1.0pp $-518

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
237 Helen Ave Panama City, FL	2.0	2.0	1000	$1,395	$1.40	23d	1	0.22mi
4905 Alameda St Unit 1 Panama City, FL	3.0	2.0	942	$1,295	$1.37	23d	1	1.00mi
149 North Highway 22 A Unit 5 Panama City, FL	2.0	1.0	900	$1,140	$1.27	15d	1	1.03mi
3719 E 8th Ct Panama City, FL	1.0–4.0	1.0–1.5	950	$1,300	$1.37	23d	1	1.04mi
208 North Highway 22 A Unit 33 Panama City, FL	3.0	2.0	1080	$1,350	$1.25	23d	1	1.12mi
5101 Willow St Panama City, FL	3.0	2.0	1099	$1,500	$1.36	15d	1	1.14mi
4837 S Lakewood Dr Panama City, FL	2.0	1.5	1116	$1,500	$1.34	23d	1	1.19mi
725 Sherman Ave Unit B Panama City, FL	3.0	1.0	878	$1,250	$1.42	23d	1	1.28mi
129 Seneca Ave Panama City, FL	3.0	2.0	1449	$1,495	$1.03	15d	1	1.31mi
3914 E 11th St #301 Panama City, FL	2.0	2.0	864	$1,000	$1.16	23d	1	1.32mi
4828 Grimes St #3 Panama City, FL	2.0	1.0	850	$1,150	$1.35	23d	1	1.33mi
543 N 9th St Unit 543 Panama City, FL	2.0	1.0	850	$1,195	$1.41	15d	1	1.34mi
906 Kevin Ct Panama City, FL	3.0	2.0	1266	$1,795	$1.42	23d	1	1.44mi
4480 East Highway 98 Unit 1 Panama City, FL	2.0	1.5	972	$1,250	$1.29	23d	1	1.45mi
4480 E Highway 98 Panama City, FL	2.0	1.0	972	$1,250	$1.29	23d	1	1.45mi

Listing history 30 events

1. 2026-06-21
   days on market $229,900 Active 80 DOM
2. 2026-06-19
   days on market $229,900 Active 78 DOM
3. 2026-06-18
   days on market $229,900 Active 77 DOM
4. 2026-06-17
   days on market $229,900 Active 76 DOM
5. 2026-06-16
   days on market $229,900 Active 75 DOM
6. 2026-06-15
   days on market $229,900 Active 74 DOM
7. 2026-06-14
   days on market $229,900 Active 72 DOM
8. 2026-06-13
   days on market $229,900 Active 71 DOM
9. 2026-06-10
   days on market $229,900 Active 69 DOM
10. 2026-06-09
    days on market $229,900 Active 68 DOM
11. 2026-06-08
    days on market $229,900 Active 67 DOM
12. 2026-06-07
    days on market $229,900 Active 66 DOM
13. 2026-06-05
    days on market $229,900 Active 63 DOM
14. 2026-06-03
    days on market $229,900 Active 62 DOM
15. 2026-06-02
    days on market $229,900 Active 61 DOM
16. 2026-06-01
    days on market $229,900 Active 60 DOM
17. 2026-05-31
    days on market $229,900 Active 59 DOM
18. 2026-05-30
    days on market $229,900 Active 58 DOM
19. 2026-04-04
    price $229,900 712-char remark

    Show marketing remark (712 chars)

    Welcome to the ''Hawthorn'' floor plan! This beautiful 3 bedroom/ 2 bathroom NEW construction home is conveniently located in NO HOA. Interior features to include 9 ft. ceilings and luxury vinyl plank flooring throughout; Inside you will find a spacious open concept living room overlooking the kitchen. Kitchen features an island with breakfast bar, stainless steel appliances, and eat-in dining area. Situated off the living room sits full guest bathroom featuring shaker style cabinetry and tub/shower combo; and Two secondary bedrooms. Master bedroom and en suite feature tub/shower combo, and walk-in closet. Call to schedule your private showing today! All Measurements approx. buyer to verify if important

20. 2026-04-02
    listed $249,900 Active 712-char remark

    Show marketing remark (712 chars)

    Welcome to the ''Hawthorn'' floor plan! This beautiful 3 bedroom/ 2 bathroom NEW construction home is conveniently located in NO HOA. Interior features to include 9 ft. ceilings and luxury vinyl plank flooring throughout; Inside you will find a spacious open concept living room overlooking the kitchen. Kitchen features an island with breakfast bar, stainless steel appliances, and eat-in dining area. Situated off the living room sits full guest bathroom featuring shaker style cabinetry and tub/shower combo; and Two secondary bedrooms. Master bedroom and en suite feature tub/shower combo, and walk-in closet. Call to schedule your private showing today! All Measurements approx. buyer to verify if important

21. 2025-07-02
    soldstatus $29,000 Closed 12-char remark

    Show marketing remark (12 chars)

    Flood Zone X

22. 2025-07-02
    soldstatus $29,000

    Show marketing remark (12 chars)

    Flood Zone X

23. 2025-05-30
    status Pending 12-char remark

    Show marketing remark (12 chars)

    Flood Zone X

24. 2025-05-23
    listed $35,000 Active 12-char remark

    Show marketing remark (12 chars)

    Flood Zone X

25. 2024-04-02
    soldstatus $17,000
26. 2021-12-09
    historical
27. 2010-12-31
    listed $65,000
28. 2007-12-05
    soldstatus $55,900
29. 2007-11-29
    soldstatus $59,254
30. 2007-09-07
    listed $60,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $18,088
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,447
• − Management: −$1,447
• − Depreciation: −$6,688
• Taxable loss: −$8,970
• Est. tax savings @ 24.0%: +$2,153
• After-tax cash flow: $-2,623/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 — Springfield

• Score: 59/100
• State rank: #826
• US rank: #20265

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, FL
• County: Bay County · 163,593 people
• Metro: Panama City, FL
• Population (ZIP): 18,947
• Household income: $52,523
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 935.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 23% Hispanic / Latino 11% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% German/W. Germanic 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: ▼ -142.12%
• Current HPI: 290.3312
• Rent YoY: ▲ 0.45%
• 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

+283.2% since first listed

12 events — show timeline

• 2026-04-04 Price Changed $229,900 CPARMLS
• 2026-04-02 Listed $249,900 CPARMLS
• 2025-07-02 Sold (Public Records) $29,000 Public Records
• 2025-07-02 Sold (MLS) $29,000 CPARMLS
• 2025-05-30 Pending — CPARMLS
• 2025-05-23 Listed $35,000 CPARMLS
• 2024-04-02 Sold (Public Records) $17,000 Public Records
• 2021-12-09 Listing Removed — CPARMLS
• 2010-12-31 Listed $65,000 CPARMLS
• 2007-12-05 Sold (Public Records) $55,900 Public Records
• 2007-11-29 Sold (MLS) $59,254 CPARMLS
• 2007-09-07 Listed $60,000 CPARMLS

Property tax history

-2.6%/yr

Latest (2025): $450 · +20.0% YoY. Source: county tax records.