218 S Charlene Dr · Callaway, FL 32404

$169,000

4 bd · 2.0 ba · 1,576 sqft · SingleFamily public records · 78 Days on market

Built 1973 8,407 sqft lot Est $301k · 44% under

---

Why this score? — see what drove the B 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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.2/10.0
• 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

age, sq. ft. lot size all estimated but not guaranteed. sq. ft. taken from appraisal. Really nice home with 4 bedrooms, 2 bath large family room with fireplace. Front room used for office. Large equiped kitchen. Breakfast bar and good size dining room. Area great to raise a family. Great established location. Fenced back yard with 2 storage buildings, 20x24 and 10x12. One year home Warranty.

Key facts

• Dining area
• Brick home
• Fenced backyard

Tags

• BRICK HOME
• SEPARATE FAMILY ROOM
• OPEN KITCHEN
• DINING AREA
• NUMEROUS WINDOWS
• FENCED BACKYARD

Property features AI

Exterior

• Parking: No garage
• Utilities: Electricity available; Natural gas available; Public sewer
• Home design: Single-family residence zoning; Entry and living areas on the first level
• Construction: Brick construction; Composition/shingle roof; Slab foundation; Shed and workshop on property
• Exterior features: Rain gutters; Fenced yard; Paved lot

Interior

• Kitchen: Electric range
• Bedrooms: Primary bedroom (first level); Additional bedrooms on the first level (three bedrooms total listed)
• Flooring: Luxury vinyl plank
• Bathrooms: 2 full bathrooms (first level)
• Heating & cooling: Central air; Ceiling fan(s); Heat pump; Electric heating; Fireplace(s)
• Interior features: Luxury vinyl plank flooring; Workshop / separate storage shed
• Laundry & utility: First-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $159k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 25 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 33% 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 $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 78 days — a 6% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $46k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $135k; 25% 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; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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: 1.22% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.89%
• DSCR: 1.57
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $301,016
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 S Charlene Dr	0.03mi	4/3.0	1,722 (+9%)	13mo	$335,000	$195	68
6216 Imperial Dr	0.36mi	3/2.0 (-1)	1,601 (+2%)	13mo	$339,900	$212	65
318 S Gay	0.37mi	4/3.0	1,652 (+5%)	16mo	$315,000	$191	57
6223 Seminole Dr	0.23mi	4/2.0	1,807 (+15%)	10mo	$315,000	$174	57
6040 Enzor St	0.62mi	3/2.0 (-1)	1,556 (-1%)	12mo	$275,000	$177	54
6025 Enzor St	0.59mi	3/2.0 (-1)	1,500 (-5%)	15mo	$294,000	$196	47
701 J J Dr	0.61mi	3/2.0 (-1)	1,419 (-10%)	4mo	$257,500	$181	47
6816 Hugh Dr	0.70mi	3/2.0 (-1)	1,514 (-4%)	12mo	$300,000	$198	46
6029 Boat Race Rd	0.71mi	4/2.0	1,521 (-4%)	20mo	$271,500	$179	44
6321 Pridgen St	0.63mi	3/2.0 (-1)	1,464 (-7%)	18mo	$164,500	$112	38
320 S Viola Ave	0.51mi	3/2.0 (-1)	1,352 (-14%)	13mo	$245,000	$181	36
233 S Mary Ella Ave	0.64mi	3/2.0 (-1)	1,430 (-9%)	19mo	$284,900	$199	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 0.7%
• Equity multiple: 1.02×
• Total profit: $1,173
• Equity at exit: $25,198

10-year hold

• IRR: 8.4%
• Equity multiple: 1.58×
• Total profit: $27,623
• Equity at exit: $14,612

Cash invested: $47,320 (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: 6.8×

Monthly cashflow live

• Estimated rent: $2,056 high
• Mortgage (P&I): −$886
• Tax from tax record: −$159 /mo · $1,911/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $508

Break-even live

Break-even rent $1,413

Max offer price $169,000

Occupancy floor 70%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6328 Olokee St Panama City, FL	3.0	2.0	1131	$1,850	$1.64	13d	1	0.16mi
114 S Kimbrel Ave Panama City, FL	3.0	2.0	1400	$1,850	$1.32	21d	1	0.21mi
5813 Hickory St Panama City, FL	3.0	2.0	1200	$1,950	$1.62	21d	1	0.38mi
163 Lauren Ln Panama City, FL	4.0	2.0	1731	$2,300	$1.33	21d	1	0.65mi
175 N Berthe Ave Panama City, FL	4.0	2.0	1498	$2,195	$1.47	13d	1	0.69mi
509 Phillips Ct Panama City, FL	3.0	2.0	1411	$1,700	$1.20	13d	1	0.73mi
116 Christie Ln Panama City, FL	3.0	2.0	1092	$1,550	$1.42	21d	1	0.73mi
907 Lee Ct Panama City, FL	3.0	3.0	2126	$2,100	$0.99	21d	1	0.76mi
229 Callaway Chase Ln Panama City, FL	3.0	2.5	1200	$1,650	$1.38	13d	1	0.81mi
129 Seneca Ave Panama City, FL	3.0	2.0	1449	$1,495	$1.03	13d	1	0.91mi
5817 Jasmine Ct Panama City, FL	4.0	2.5	1633	$2,000	$1.22	13d	1	0.98mi
420 Raven Ln Panama City, FL	3.0	2.0	1251	$1,750	$1.40	21d	1	1.10mi
1128 S Gay Ave Lot 56 Panama City, FL	3.0	1.5	1216	$35,000	$28.78	21d	1	1.13mi
1128 S Gay Ave Lot 86 Panama City, FL	3.0	2.0	1216	$94,995	$78.12	21d	1	1.13mi
1128 S Gay Ave Lot 146 Panama City, FL	3.0	2.0	1536	$20,000	$13.02	21d	1	1.13mi
1128 S Gay Ave Lot V Panama City, FL	3.0	2.0	1152	$30,000	$26.04	21d	1	1.13mi
208 North Highway 22 A Unit 33 Panama City, FL	3.0	2.0	1080	$1,350	$1.25	21d	1	1.15mi
133 Red Bay Rd Panama City, FL	4.0	2.0	2208	$2,500	$1.13	21d	1	1.17mi
7727 Betty Louise Dr Panama City, FL	3.0	2.0	1430	$1,950	$1.36	21d	1	1.19mi
7709 Betty Louise Dr Panama City, FL	3.0	2.0	1310	$1,800	$1.37	21d	1	1.20mi
5101 Willow St Panama City, FL	3.0	2.0	1099	$1,500	$1.36	13d	1	1.21mi
526 Camellia Ave Panama City, FL	3.0	2.0	1375	$1,950	$1.42	21d	1	1.32mi
263 Nelle Ave Panama City, FL	3.0	2.0	1294	$1,690	$1.31	21d	1	1.36mi
211 Sukoshi Dr Panama City, FL	3.0	2.0	1512	$1,900	$1.26	21d	1	1.43mi
140 Carriage Rd Panama City, FL	4.0	3.5	2147	$2,800	$1.30	21d	1	1.45mi

Listing history 12 events

1. 2026-04-22
   status Pending
2. 2026-04-07
   price $169,000
3. 2026-03-17
   price $174,900
4. 2026-02-16
   price $199,900
5. 2026-01-31
   listed $215,000 Active
6. 2015-04-16
   historical
7. 2014-09-18
   listed $136,500
8. 2005-04-04
   soldstatus $135,000
9. 2005-04-01
   soldstatus $135,000 394-char remark

   Show marketing remark (394 chars)

   age, sq. ft. lot size all estimated but not guaranteed. sq. ft. taken from appraisal. Really nice home with 4 bedrooms, 2 bath large family room with fireplace. Front room used for office. Large equiped kitchen. Breakfast bar and good size dining room. Area great to raise a family. Great established location. Fenced back yard with 2 storage buildings, 20x24 and 10x12. One year home Warranty.

10. 2005-01-28
    listed $138,600 394-char remark

    Show marketing remark (394 chars)

    age, sq. ft. lot size all estimated but not guaranteed. sq. ft. taken from appraisal. Really nice home with 4 bedrooms, 2 bath large family room with fireplace. Front room used for office. Large equiped kitchen. Breakfast bar and good size dining room. Area great to raise a family. Great established location. Fenced back yard with 2 storage buildings, 20x24 and 10x12. One year home Warranty.

11. 1990-02-01
    soldstatus $46,000
12. 1979-01-01
    soldstatus $27,600

ⓘ 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: $1,911 · $159/mo
• Projected year-2 tax: $1,911 · $159/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 3/10 Moderate
• 🌡 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: $24,673
• − Mortgage interest: −$9,467
• − Property taxes: −$1,911
• − Insurance: −$845
• − Repairs & maintenance: −$1,974
• − Management: −$1,974
• − Depreciation: −$4,916
• Taxable income: $3,586
• Est. tax owed @ 24.0%: −$861
• After-tax cash flow: $5,240/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

+512.3% since first listed

12 events — show timeline

• 2026-04-22 Pending — CPARMLS
• 2026-04-07 Price Changed $169,000 CPARMLS
• 2026-03-17 Price Changed $174,900 CPARMLS
• 2026-02-16 Price Changed $199,900 CPARMLS
• 2026-01-31 Listed $215,000 CPARMLS
• 2015-04-16 Listing Removed — CPARMLS
• 2014-09-18 Listed $136,500 CPARMLS
• 2005-04-04 Sold (Public Records) $135,000 Public Records
• 2005-04-01 Sold (MLS) $135,000 CPARMLS
• 2005-01-28 Listed $138,600 CPARMLS
• 1990-02-01 Sold (Public Records) $46,000 Public Records
• 1979-01-01 Sold (Public Records) $27,600 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,911 · +6.7% YoY. Source: county tax records.