3905 W 24th St · Pretty Bayou, FL 32405

$227,500

3 bd · 1.0 ba · 1,220 sqft · SingleFamily public records · 24 Days on market

Built 2017 Est $242k · 6% under

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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 +12.3/30.0
• ARV discount +10.1/15.0
• Schools +4.3/10.0
• DSCR +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

'CURRENTLY UNDER CONTRACT, SELLER WILL CONSIDER BACKUP OFFERS' Charming 3-bedroom, 1-bath home centrally located in town and just minutes from Panama City Beach, local restaurants, and schools. This home offers tile flooring throughout, a small screened-in front porch area perfect for relaxing, and a converted garage for added living space. The large backyard provides plenty of room to enjoy the outdoors. With a little TLC, this property can truly shine—making it an ideal starter home or investment opportunity at an affordable price.

Key facts

• Enclosed garage
• Citrus trees
• Remodeled bathroom

Tags

• ENCLOSED GARAGE
• REMODELED BATHROOM
• REMODELED KITCHEN
• FRUIT TREES
• CITRUS TREES

Property features AI

Exterior

• Home design: Built in 2017; Single-family property
• Construction: Built in 2017
• Exterior features: Located in the Bay View Heights subdivision

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $228k.

Deal economics

• At list price, monthly cash flow is $-40 ($-475/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (25.4% below list).
• Recommended offer: $170k (25.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 74/100 on livability (#293 in FL, #4,953 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: schools 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.
• Market conditions: Rents rising (+1.2%/yr); 381 active listings in the ZIP; 7 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).

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 24 days — a 2% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $169,785 (25.4% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.75% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.75%
• DSCR: 0.97
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $241,560
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3942 W 21st Pl	0.34mi	3/2.0	1,196 (-2%)	7mo	$237,000	$198	71
3926 W 21st Pl	0.32mi	3/2.0	1,196 (-2%)	10mo	$234,900	$196	69
2003 Drummond Ave	0.43mi	3/2.0	1,242 (+2%)	13mo	$225,000	$181	62
2205 Forest Ave	0.31mi	3/1.5	1,090 (-11%)	9mo	$205,000	$188	58
2305 Mound Ave	0.35mi	3/2.0	1,288 (+6%)	15mo	$350,000	$272	58
1914 Louise Ave	0.52mi	3/2.0	1,336 (+10%)	18mo	$280,000	$210	41
2105 Mound Ave	0.49mi	3/2.0	1,086 (-11%)	22mo	$245,000	$226	36

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 · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.33×
• Total profit: $-42,432
• Equity at exit: $33,921

10-year hold

• IRR: -15.7%
• Equity multiple: 0.18×
• Total profit: $-52,273
• Equity at exit: $19,670

Cash invested: $63,700 (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 32405

• Rents YoY: 1.2%
• Active inventory: 381
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,698 high
• Mortgage (P&I): −$1,193
• Tax from tax record: −$93 /mo · $1,117/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $-40

Break-even live

Break-even rent $1,748

Max offer price $220,509

Occupancy floor 97%

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: $56,875
• Closing costs: $6,825
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4105 W 22nd St Unit 4105 Panama City, FL	3.0	2.0	1000	$1,395	$1.40	21d	1	0.38mi
3722 Burnham Way Panama City, FL	3.0	2.0	1040	$1,600	$1.54	21d	1	0.48mi
1913 Laurel Ave Unit A Panama City, FL	2.0	2.5	1238	$1,725	$1.39	13d	1	0.63mi
4324 W 20th St Panama City, FL	1.0–3.0	1.0–2.5	1000	$1,630	$1.63	13d	12	0.68mi
4455 W 19th St #17 Panama City, FL	2.0	1.5	1104	$1,400	$1.27	21d	1	0.89mi
1710 Drake Ave Panama City, FL	3.0	2.0	1130	$1,850	$1.64	21d	1	1.05mi
1804 Arthur Ave Panama City, FL	3.0	1.5	1044	$1,795	$1.72	21d	1	1.12mi

Listing history 34 events

1. 2026-06-19
   days on market $227,500 Active 24 DOM
2. 2026-06-18
   days on market $227,500 Active 23 DOM
3. 2026-06-17
   days on market $227,500 Active 22 DOM
4. 2026-06-16
   days on market $227,500 Active 21 DOM
5. 2026-06-15
   days on market $227,500 Active 20 DOM
6. 2026-06-14
   days on market $227,500 Active 18 DOM
7. 2026-06-13
   days on market $227,500 Active 17 DOM
8. 2026-06-10
   days on market $227,500 Active 15 DOM
9. 2026-06-09
   days on market $227,500 Active 14 DOM
10. 2026-06-08
    days on market $227,500 Active 13 DOM
11. 2026-06-07
    days on market $227,500 Active 12 DOM
12. 2026-06-05
    days on market $227,500 Active 9 DOM
13. 2026-06-03
    days on market $227,500 Active 8 DOM
14. 2026-06-02
    days on market $227,500 Active 7 DOM
15. 2026-06-01
    days on market $227,500 Active 6 DOM
16. 2026-05-31
    days on market $227,500 Active 5 DOM
17. 2026-05-30
    days on market $227,500 Active 4 DOM
18. 2026-05-26
    listed $227,500 Active
19. 2025-12-12
    soldstatus $205,000 Closed 545-char remark

    Show marketing remark (26 chars)

    *ENTERED FOR COMP PURPOSES

20. 2025-12-12
    soldstatus $205,000 26-char remark

    Show marketing remark (26 chars)

    *ENTERED FOR COMP PURPOSES

21. 2025-11-21
    historical Active Under Contract 545-char remark

    Show marketing remark (545 chars)

    'CURRENTLY UNDER CONTRACT, SELLER WILL CONSIDER BACKUP OFFERS' Charming 3-bedroom, 1-bath home centrally located in town and just minutes from Panama City Beach, local restaurants, and schools. This home offers tile flooring throughout, a small screened-in front porch area perfect for relaxing, and a converted garage for added living space. The large backyard provides plenty of room to enjoy the outdoors. With a little TLC, this property can truly shine—making it an ideal starter home or investment opportunity at an affordable price.

22. 2025-11-19
    listed $205,000 Active 545-char remark

    Show marketing remark (26 chars)

    *ENTERED FOR COMP PURPOSES

23. 2025-11-19
    listed $205,000 26-char remark

    Show marketing remark (26 chars)

    *ENTERED FOR COMP PURPOSES

24. 2021-12-14
    historical
25. 2021-12-14
    historical
26. 2021-12-09
    historical
27. 2019-10-07
    soldstatus $132,500
28. 2019-08-27
    listed $132,500
29. 2013-06-03
    soldstatus $58,900
30. 2013-05-31
    soldstatus $58,900
31. 2010-06-25
    listed $64,900
32. 2009-07-03
    listed $116,900
33. 2005-09-27
    listed $136,900
34. 2005-03-26
    listed $136,900

ⓘ 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: $1,117 · $93/mo
• Projected year-2 tax: $1,888 · $157/mo
• Expected delta: +$772/yr (+$64/mo · 69.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $20,374
• − Mortgage interest: −$12,744
• − Property taxes: −$1,117
• − Insurance: −$1,138
• − Repairs & maintenance: −$1,630
• − Management: −$1,630
• − Depreciation: −$6,618
• Taxable loss: −$4,502
• Est. tax savings @ 24.0%: +$1,080
• After-tax cash flow: $605/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 — Pretty Bayou

• Score: 74/100
• State rank: #293
• US rank: #4953

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pretty Bayou, FL
• County: Bay County · 163,593 people
• Metro: Panama City, FL
• Population (ZIP): 29,984
• Household income: $73,373
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1008.0

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 (67%)
• Race & ethnicity: White 67% Black 17% Two or more races 8% Hispanic / Latino 7% Native American 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 4% Lithuanian 2% Romanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 6% Arabic 1% French/Haitian/Cajun 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: ▼ -217.88%
• Current HPI: 262.7854
• Rent YoY: ▲ 1.24%
• 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

+66.2% since first listed

17 events — show timeline

• 2026-05-26 Listed $227,500 FSBO.com
• 2025-12-12 Sold (MLS) $205,000 ECAR
• 2025-12-12 Sold (MLS) $205,000 CPARMLS
• 2025-11-21 Contingent — CPARMLS
• 2025-11-19 Listed $205,000 ECAR
• 2025-11-19 Listed $205,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-09 Listing Removed — CPARMLS
• 2019-10-07 Sold (MLS) $132,500 CPARMLS
• 2019-08-27 Listed $132,500 CPARMLS
• 2013-06-03 Sold (Public Records) $58,900 Public Records
• 2013-05-31 Sold (MLS) $58,900 CPARMLS
• 2010-06-25 Listed $64,900 CPARMLS
• 2009-07-03 Listed $116,900 CPARMLS
• 2005-09-27 Listed $136,900 CPARMLS
• 2005-03-26 Listed $136,900 CPARMLS

Property tax history

+10.6%/yr

Latest (2025): $1,117 · +3.9% YoY. Source: county tax records.