3804 Wall St

Panama City, FL 32404

$239,990D-

3 bd · 2.0 ba · 1,290 sqft · Built 2026 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,783/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$400
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $-250/mo
• Annual: $-2,996/yr
• Cap rate: 5.04%
• Cash-on-cash: -4.46%
• DSCR: 0.80
• 1% rule: 0.74%
• Cash to close: $67,197

Investor read

• This is a 3-bed/2.0-bath single-family listed at $240k. Condition is rated good.
• 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).
• It's been on market 49 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (25.7% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Bay County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.