608 Plantation Dr · Callaway, FL 32404

$260,000

5 bd · 3.0 ba · 3,568 sqft · SingleFamily public records · 17 Days on market

Built 1981 1.38 ac lot

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Why this score? — see what drove the D+ 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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +4.6/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR SPECIAL! This is a diamond in the rough! The house was damaged during hurricane Michael and then again during a storm last year. The house needs extensive work but did have a new roof in 2021. For the savvy investor, this gem could be brought back to it's former glory, a 5 Bedroom, 3 Bathroom house with a formal dining and living room and a sun room! Once restored, the ginormous foot print of 3568 heated and cooled feet, there could be a potential value of close to $600,000! Also, let's not forget about the HUGE LOT, over an acre with an in ground pool! This could make for a great home site for a new construction home as well. There are so many options! The price is based on land v

Key facts

• Huge lot
• In ground pool
• New roof

Tags

• NEW ROOF
• HUGE LOT
• IN GROUND POOL

Property features AI

Exterior

• Parking: Two-car garage; Circular driveway
• Home design: Single-family property
• Construction: Lot area approximately 1.38 acres
• Exterior features: In-ground private pool; Paved lot; 200 x 300 lot dimensions; City street frontage on a public maintained road; Zoned for single-family residential

Interior

• Bedrooms: Multiple bedrooms located on the first floor
• Bathrooms: 3 full bathrooms
• Interior features: Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/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 $250k (3.9% below list).
• Recommended offer: $250k (3.9% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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); 981 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 40% 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 17 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.

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 $249,962 (3.9% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.96% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.42%
• DSCR: 1.20
• GRM: 8.7

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: -11.5%
• Equity multiple: 0.59×
• Total profit: $-29,711
• Equity at exit: $38,767

10-year hold

• IRR: -5.1%
• Equity multiple: 0.69×
• Total profit: $-22,291
• Equity at exit: $22,480

Cash invested: $72,800 (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: 981
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$235 /mo · $2,817/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $268

Break-even live

Break-even rent $2,160

Max offer price $260,000

Occupancy floor 84%

Sensitivity live

Price	-10% $415	-5% $342	+0% $268	+5% $195	+10% $121
Rent	-10% $71	-5% $169	+0% $268	+5% $367	+10% $466
Rate	-1.0pp $399	-0.5pp $334	base $268	+0.5pp $201	+1.0pp $132

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Ryder Ln Panama City, FL	5.0	3.0	2552	$2,700	$1.06	22d	1	0.87mi

Listing history 11 events

1. 2026-06-21
   days on market $260,000 Active 17 DOM
2. 2026-06-19
   days on market $260,000 Active 15 DOM
3. 2026-06-18
   days on market $260,000 Active 14 DOM
4. 2026-06-17
   days on market $260,000 Active 13 DOM
5. 2026-06-16
   days on market $260,000 Active 12 DOM
6. 2026-06-15
   price $260,000 Active 11 DOM
7. 2026-06-15
   days on market $325,000 Active 11 DOM
8. 2026-06-14
   days on market $325,000 Active 9 DOM
9. 2026-06-13
   status $325,000 Active 8 DOM
10. 2026-04-25
    historical Active Under Contract
11. 2026-04-17
    listed $325,000 Active

ⓘ 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: $2,817 · $235/mo
• Projected year-2 tax: $2,817 · $235/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 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: $29,995
• − Mortgage interest: −$14,564
• − Property taxes: −$2,817
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − Depreciation: −$7,564
• Taxable loss: −$1,048
• Est. tax savings @ 24.0%: +$252
• After-tax cash flow: $3,470/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

2 events — show timeline

• 2026-04-25 Contingent — CPARMLS
• 2026-04-17 Listed $325,000 CPARMLS

Property tax history

-0.3%/yr

Latest (2025): $2,817 · +0.1% YoY. Source: county tax records.