3804 Wall St · Panama City, FL 32404

$239,990

3 bd · 2.0 ba · 1,290 sqft · SingleFamily · 49 Days on market

Built 2026 Good condition 2-car garage $186/sqft · 11% below area Est $269k · 11% 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).

• ARV discount +12.3/15.0
• Cash flow +8.0/30.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• Rent growth +2.8/5.0
• 1% rule +2.4/10.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This new single-story home offers a modern and low-maintenance layout. Two secondary bedrooms surround a full bathroom at the front of the home, leading to an open-concept layout shared between the kitchen, living and dining areas. A lavish owner's suite is nestled into a private rear corner and features an en-suite bathroom and walk-in closet.

Key facts

• Walk-in closet
• En-suite bathroom
• Single-story home

Tags

• SINGLE-STORY HOME
• OPEN-CONCEPT LAYOUT
• EN-SUITE BATHROOM
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $240k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (25.7% below list).
• Recommended offer: $178k (25.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#350 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, 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.
• Zoned schools: Cedar Grove Elementary School (math 18% / reading 18%, grade F, #2,115 of 2,144 statewide, top 99%, 562 students, 76% FRL); Merritt Brown Middle School (math 38% / reading 38%, grade F, #388 of 571 statewide, top 69%, 701 students, 55% FRL); Bay High School (math 37% / reading 34%, grade F, #367 of 667 statewide, top 57%, 1,255 students, 53% FRL).
• Zoned-school proficiency averages 30% at this address vs 51% district-wide (-20 pts) — the specific schools serving this property underperform the Bay average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.1%/yr); 1365 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 49 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,336 (25.7% 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 49 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.74% ✗
• Cap rate: 5.04%
• Cash-on-cash: -4.46%
• DSCR: 0.80
• GRM: 11.2

CMA / ARV

• ARV (median comp): $268,945
• List price: $239,990
• Delta: -10.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3804 Wall St Unit HS 99	0.00mi	3/2.0	1,290 (0%)	1mo	$234,490	$182	99
3813 Wall Street St Unit HS 104	0.00mi	3/2.0	1,290 (0%)	3mo	$238,000	$184	98
3820 Wall Street St Unit HS 95	0.00mi	3/2.0	1,290 (0%)	5mo	$270,900	$210	96
3852 Wall Street St Unit HS 87	0.00mi	3/2.0	1,290 (0%)	6mo	$262,375	$203	95
3832 Wall Street St Unit HS 91	0.23mi	3/2.0	1,290 (0%)	5mo	$273,515	$212	85
3809 Wall St Unit HS 103	0.00mi	3/2.0	1,413 (+10%)	0mo	$238,350	$169	84
3816 Wall Street St Unit HS 96	0.22mi	3/2.0	1,413 (+10%)	1mo	$247,990	$176	73
3942 Lombard St #9	0.17mi	3/2.0	1,474 (+14%)	8mo	$249,990	$170	62
3934 Lombard St	0.16mi	3/2.0	1,474 (+14%)	9mo	$249,990	$170	61
3934 Lombard St Unit Homesite 11	0.15mi	3/2.0	1,474 (+14%)	9mo	$249,990	$170	61
3575 Eagle Ln	0.62mi	3/2.0	1,176 (-9%)	3mo	$239,900	$204	54
3541 Eagle Ln	0.62mi	3/2.0	1,176 (-9%)	6mo	$255,000	$217	52

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: -25.9%
• Equity multiple: 0.14×
• Total profit: $-58,074
• Equity at exit: $35,783

10-year hold

• IRR: -30.0%
• Equity multiple: -0.25×
• Total profit: $-84,021
• Equity at exit: $20,750

Cash invested: $67,197 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 22 active · 15 under contract
• Months of supply: 8.2 mo (12%/mo absorbed)
• Median asking: $250,990 ($177/sqft)
• Median days on market: 31 d
• This list price: 9% of active listings are priced below it
• ARV vs active asking: +17.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32404

• Home prices YoY: -16.1%
• Rents YoY: 1.1%
• Active inventory: 1365
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,783 high
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $-250

Break-even live

Break-even rent $2,099

Max offer price $203,863

Occupancy floor —

Sensitivity live

Price	-10% $-84	-5% $-167	+0% $-250	+5% $-333	+10% $-416
Rent	-10% $-391	-5% $-320	+0% $-250	+5% $-179	+10% $-109
Rate	-1.0pp $-129	-0.5pp $-189	base $-250	+0.5pp $-312	+1.0pp $-375

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: $59,998
• Closing costs: $7,200
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3641 T St Panama City, FL	3.0	2.0	900	$1,100	$1.22	108d	1	0.49mi
3525 T St Panama City, FL	3.0	2.0	1250	$1,600	$1.28	116d	1	0.59mi
3611 Eagle Ln Panama City, FL	2.0	2.0	943	$1,350	$1.43	108d	1	0.61mi
2742 Largo Ave Apt B Panama City, FL	3.0	2.0	1042	$1,350	$1.30	6d	1	0.73mi
2699 Largo Ave Panama City, FL	3.0	2.0	1251	$1,900	$1.52	6d	1	0.81mi
3733 Avon Rd Panama City, FL	3.0	2.0	1251	$1,900	$1.52	116d	1	0.81mi
2601 Avondale Ct Panama City, FL	3.0	2.5	1371	$1,700	$1.24	108d	1	0.81mi
3530 Game Farm Rd Panama City, FL	3.0	2.0	1000	$1,500	$1.50	108d	1	0.85mi
2611 Avondale Ct Panama City, FL	3.0	2.0	1212	$1,495	$1.23	116d	1	0.86mi
3513 Mill Point Cv Callaway, FL	4.0	2.0	1450	$2,050	$1.41	6d	1	0.90mi
3516 Mill Point Cv Panama City, FL	3.0	2.0	1320	$2,000	$1.52	6d	1	0.91mi
2732 Usery Rd Panama City, FL	3.0	2.0	1000	$1,500	$1.50	108d	1	0.91mi
4415 Conifer Ln Panama City, FL	4.0	2.0	1743	$2,200	$1.26	6d	1	1.02mi
3545 Brentwood Pl Panama City, FL	3.0	2.0	1617	$2,200	$1.36	116d	1	1.18mi
2914 Ormond Ave Panama City, FL	2.0	1.5	972	$1,195	$1.23	6d	1	1.19mi
2910 Ormond Ave Panama City, FL	2.0	1.5	972	$1,195	$1.23	6d	1	1.20mi
3326 Ten Acre Rd Panama City, FL	3.0	2.0	1371	$1,800	$1.31	6d	1	1.20mi
2916 Sequoia Ave Panama City, FL	2.0	1.5	936	$1,295	$1.38	6d	1	1.28mi
4007 Pioneer Ln Panama City, FL	4.0	2.0	1788	$2,200	$1.23	6d	1	1.32mi
4012 Millicent Ln Panama City, FL	4.0	2.0	1787	$1,950	$1.09	116d	1	1.33mi
3426 Douglas Rd Apt B Panama City, FL	2.0	1.0	900	$1,225	$1.36	5d	1	1.35mi
4113 Brighton Blvd Panama City, FL	4.0	2.0	1787	$2,100	$1.18	6d	1	1.38mi
3218 Douglas Rd Panama City, FL	4.0	2.0	1195	$1,800	$1.51	6d	1	1.50mi

Property features AI

Finance

• Other: Address: 3804 Wall St, Panama City, FL 32404Last modified May 30, 2026
• Financial info: List price $249,990

Exterior

• Parking: Detached or attached 2 parking spaces (includes 2-car garage)
• Home design: Single-family home (spec inventory)Active listing
• Exterior features: Living area approximately 1,290

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec-built new construction (Bonds plan)

Listing history 42 events

1. 2026-07-18
   days on market $239,990 Active 49 DOM
2. 2026-07-16
   days on market $239,990 Active 47 DOM
3. 2026-07-16
   days on market $239,990 Active 46 DOM
4. 2026-07-14
   days on market $239,990 Active 45 DOM
5. 2026-07-13
   pricedays on market $239,990 Active 44 DOM
6. 2026-07-12
   days on market $242,990 Active 43 DOM
7. 2026-07-11
   pricedays on market $242,990 Active 42 DOM
8. 2026-07-10
   days on market $246,990 Active 41 DOM
9. 2026-07-09
   days on market $246,990 Active 40 DOM
10. 2026-07-08
    days on market $246,990 Active 39 DOM
11. 2026-07-07
    days on market $246,990 Active 38 DOM
12. 2026-07-06
    days on market $246,990 Active 37 DOM
13. 2026-07-05
    days on market $246,990 Active 36 DOM
14. 2026-07-04
    days on market $246,990 Active 35 DOM
15. 2026-07-03
    days on market $246,990 Active 34 DOM
16. 2026-07-02
    days on market $246,990 Active 33 DOM
17. 2026-07-01
    days on market $246,990 Active 32 DOM
18. 2026-06-30
    days on market $246,990 Active 31 DOM
19. 2026-06-29
    days on market $246,990 Active 30 DOM
20. 2026-06-28
    days on market $246,990 Active 29 DOM
21. 2026-06-28
    days on market $246,990 Active 28 DOM
22. 2026-06-27
    days on market $246,990 Active 27 DOM
23. 2026-06-25
    pricedays on market $246,990 Active 25 DOM
24. 2026-06-23
    days on market $249,990 Active 23 DOM
25. 2026-06-21
    days on market $249,990 Active 22 DOM
26. 2026-06-19
    days on market $249,990 Active 20 DOM
27. 2026-06-18
    days on market $249,990 Active 19 DOM
28. 2026-06-17
    days on market $249,990 Active 18 DOM
29. 2026-06-16
    days on market $249,990 Active 17 DOM
30. 2026-06-15
    days on market $249,990 Active 16 DOM
31. 2026-06-14
    days on market $249,990 Active 14 DOM
32. 2026-06-13
    days on market $249,990 Active 13 DOM
33. 2026-06-10
    days on market $249,990 Active 11 DOM
34. 2026-06-09
    days on market $249,990 Active 10 DOM
35. 2026-06-08
    days on market $249,990 Active 9 DOM
36. 2026-06-07
    days on market $249,990 Active 8 DOM
37. 2026-06-05
    days on market $249,990 Active 5 DOM
38. 2026-06-03
    days on market $249,990 Active 4 DOM
39. 2026-06-02
    days on market $249,990 Active 3 DOM
40. 2026-06-01
    days on market $249,990 Active 2 DOM
41. 2026-05-31
    remarks 346-char remark
42. 2026-05-31
    listed $249,990 Active 1 DOM

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 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: $21,400
• − Mortgage interest: −$13,443
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,712
• − Management: −$1,712
• − Depreciation: −$6,982
• Taxable loss: −$7,248
• Est. tax savings @ 24.0%: +$1,740
• After-tax cash flow: $-1,256/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This modern single-story home is in excellent condition with a good layout and low-maintenance features. It offers a great opportunity for an investor to make some updates to further increase its value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Updating the flooring — New flooring can improve the overall look and feel of the home. ↑
• Both Upgrading the kitchen appliances — Modern appliances can increase the home's appeal and value. ↑
• Both Adding smart home features — Smart home features can increase convenience and appeal to potential buyers/renters. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more potential buyers/renters. ↑

F Composite school gradezoned avg 35/100

Zoned Schools

Elementary Callaway Elementary School F FL #1,513/2,144 Nat'l #19,648/41,679 Middle Merritt Brown Middle School F FL #388/571 Nat'l #6,571/14,009 High Rutherford High School F FL #489/667 Nat'l #12,196/17,239

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

B Composite livability gradescore 72/100

Livability — Panama City

• Score: 72/100
• State rank: #350
• US rank: #5823

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Bay County · 206,264 people
• City population: 91,445
• Metro: Panama City, FL
• Population (ZIP): 42,514
• Household income: $74,708
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 10% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Address: 3804 Wall St, Panama City, FL 32404Last modified May 30, 2026
• Financial info: List price $249,990

Exterior

• Parking: Detached or attached 2 parking spaces (includes 2-car garage)
• Home design: Single-family home (spec inventory)Active listing
• Exterior features: Living area approximately 1,290

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Spec-built new construction (Bonds plan)