115 N Kimbrel Ave · Callaway, FL 32404

$250,000

4 bd · 2.0 ba · 1,520 sqft · MultiFamily public records · 189 Days on market

Built 1964 0.50 ac lot $164/sqft · 34% above area Est $186k · 34% over

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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 +25.3/30.0
• DSCR +8.3/10.0
• 1% rule +5.6/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Enough Room to Add more units! Duplex for sale that previously rented at total $800/week ($3200/month). Week to week leases. Owner paid all utilities and provided storage. The mobile home on the property is not live able and was repurposed for storage only. The land is 1/2 Acre zoned for more units per City of Callaway for mobile homes. Prior to Hurricane Michael multiple mobiles were on property.

Key facts

• Duplex for sale
• 0.5 acre lot
• Built 1964

Tags

• DUPLEX FOR SALE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive. Per door: $283/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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; 24 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).
• This rent runs 43% 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 $2k of loan paydown is wiped out by about $8k 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 189 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $180k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.71%
• DSCR: 1.43
• GRM: 7.8

CMA / ARV

• ARV (median comp): $186,301
• List price: $250,000
• Delta: 34.19%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-9,466
• Equity at exit: $37,276

10-year hold

• IRR: 3.9%
• Equity multiple: 1.26×
• Total profit: $18,352
• Equity at exit: $21,615

Cash invested: $70,000 (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: 15.7×

Monthly cashflow live

• Estimated rent: $2,662 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$122 /mo · $1,458/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $566

Break-even live

Break-even rent $1,945

Max offer price $250,000

Occupancy floor 74%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,662
Total (2 units)			$2,662

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 S Kimbrel Ave Panama City, FL	3.0	2.0	1400	$1,850	$1.32	21d	1	0.15mi
6328 Olokee St Panama City, FL	3.0	2.0	1131	$1,850	$1.64	13d	1	0.31mi
163 Lauren Ln Panama City, FL	4.0	2.0	1731	$2,300	$1.33	21d	1	0.46mi
229 Callaway Chase Ln Panama City, FL	3.0	2.5	1200	$1,650	$1.38	13d	1	0.47mi
175 N Berthe Ave Panama City, FL	4.0	2.0	1498	$2,195	$1.47	13d	1	0.53mi
5813 Hickory St Panama City, FL	3.0	2.0	1200	$1,950	$1.62	21d	1	0.58mi
116 Christie Ln Panama City, FL	3.0	2.0	1092	$1,550	$1.42	21d	1	0.61mi
5817 Jasmine Ct Panama City, FL	4.0	2.5	1633	$2,000	$1.22	13d	1	0.64mi
129 Seneca Ave Panama City, FL	3.0	2.0	1449	$1,495	$1.03	13d	1	0.76mi
420 Raven Ln Panama City, FL	3.0	2.0	1251	$1,750	$1.40	21d	1	0.76mi
509 Phillips Ct Panama City, FL	3.0	2.0	1411	$1,700	$1.20	13d	1	0.85mi
208 North Highway 22 A Unit 33 Panama City, FL	3.0	2.0	1080	$1,350	$1.25	21d	1	0.96mi
5101 Willow St Panama City, FL	3.0	2.0	1099	$1,500	$1.36	13d	1	0.98mi
526 Camellia Ave Panama City, FL	3.0	2.0	1375	$1,950	$1.42	21d	1	1.00mi
907 Lee Ct Panama City, FL	3.0	3.0	2126	$2,100	$0.99	21d	1	1.11mi
263 Nelle Ave Panama City, FL	3.0	2.0	1294	$1,690	$1.31	21d	1	1.25mi
7727 Betty Louise Dr Panama City, FL	3.0	2.0	1430	$1,950	$1.36	21d	1	1.30mi
7709 Betty Louise Dr Panama City, FL	3.0	2.0	1310	$1,800	$1.37	21d	1	1.35mi
211 Sukoshi Dr Panama City, FL	3.0	2.0	1512	$1,900	$1.26	21d	1	1.37mi
1128 S Gay Ave Lot 86 Panama City, FL	3.0	2.0	1216	$94,995	$78.12	21d	1	1.45mi
1128 S Gay Ave Lot 146 Panama City, FL	3.0	2.0	1536	$20,000	$13.02	21d	1	1.45mi
1128 S Gay Ave Lot V Panama City, FL	3.0	2.0	1152	$30,000	$26.04	21d	1	1.45mi
1128 S Gay Ave Lot 56 Panama City, FL	3.0	1.5	1216	$35,000	$28.78	21d	1	1.45mi
133 Red Bay Rd Panama City, FL	4.0	2.0	2208	$2,500	$1.13	21d	1	1.47mi

Listing history 6 events

1. 2025-11-19
   listed $250,000 Active 400-char remark

   Show marketing remark (400 chars)

   Enough Room to Add more units! Duplex for sale that previously rented at total $800/week ($3200/month). Week to week leases. Owner paid all utilities and provided storage. The mobile home on the property is not live able and was repurposed for storage only. The land is 1/2 Acre zoned for more units per City of Callaway for mobile homes. Prior to Hurricane Michael multiple mobiles were on property.

2. 2021-12-09
   historical
3. 2019-12-14
   listed $250,000
4. 2007-05-10
   soldstatus $180,100
5. 1998-07-01
   soldstatus $69,000
6. 1995-11-01
   soldstatus $59,000

ⓘ 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: $1,458 · $122/mo
• Projected year-2 tax: $2,075 · $173/mo
• Expected delta: +$617/yr (+$51/mo · 42.3%)

ⓘ 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: $31,944
• − Mortgage interest: −$14,004
• − Property taxes: −$1,458
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,556
• − Management: −$2,556
• − Depreciation: −$7,273
• Taxable income: $2,848
• Est. tax owed @ 24.0%: −$684
• After-tax cash flow: $6,112/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

+323.7% since first listed

6 events — show timeline

• 2025-11-19 Listed $250,000 CPARMLS
• 2021-12-09 Listing Removed — CPARMLS
• 2019-12-14 Listed $250,000 CPARMLS
• 2007-05-10 Sold (Public Records) $180,100 Public Records
• 1998-07-01 Sold (Public Records) $69,000 Public Records
• 1995-11-01 Sold (Public Records) $59,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $1,458 · +10.2% YoY. Source: county tax records.