2723 Usery Rd · Springfield, FL 32404

$299,999

4 bd · 3.0 ba · 2,080 sqft · Land · 145 Days on market

Built 2025 4,356 sqft lot $144/sqft · at area comps Est $288k · at est. ↓ 13% since listing

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Why this score? — see what drove the F 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 +8.4/30.0
• ARV discount +5.6/15.0
• Schools +4.3/10.0
• Livability +3.0/5.0
• Rent growth +2.8/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover modern luxury living in this newly constructed home near Highway 231 in Panama City, Florida—an ideal primary residence, second home, or investment property with short-term rentals allowed and no HOA. Conveniently located near shopping, dining, and just 18 minutes from Tyndall Air Force Base, this open-concept home offers a flexible floor plan with a main-level bedroom ideal for a guest suite or home office, a full bathroom, and ample storage. The stylish kitchen features white shaker cabinetry, soft-close drawers, quartz countertops, stainless steel appliances, a large center island, and a spacious walk-in pantry, complemented by sleek black hardware. Luxury vinyl plank flooring flows throughout the home for durability and low-maintenance living. Upstairs, a split floor plan provides privacy with an expansive primary suite measuring 13'7'' x 15'8'', complete with a walk-in closet and en-suite bath featuring double vanities and quartz countertops, along with two additional spacious bedrooms, a full bathroom, and a convenient upstairs laundry room. Enjoy outdoor living on the covered back porch and added peace of mind with a one-year builder warranty, a ten-year structural warranty, Hardie board siding, a fully sodded yard, and a Rheem tankless water heater—making this exceptional new construction townhome truly move-in ready.

Key facts

• Quartz countertops
• Large center island
• No hoa

Tags

• NO HOA
• COVERED BACK PORCH
• LARGE CENTER ISLAND
• MODERN WHITE SHAKER CABINETRY
• STAINLESS STEEL APPLIANCES
• QUARTZ COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $300k.

Deal economics

• At list price, monthly cash flow is $-267 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (12.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (23.8% below list).
• Recommended offer: $229k (23.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#826 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, employment D, crime 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; 3 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 37% 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 $9k 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 145 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $228,683 (23.8% 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 145 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
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 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 5.23%
• Cash-on-cash: -3.81%
• DSCR: 0.83
• GRM: 10.9

CMA / ARV

• ARV (median comp): $288,000
• List price: $299,999
• Delta: 4.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -24.8%
• Equity multiple: 0.17×
• Total profit: $-69,806
• Equity at exit: $44,731

10-year hold

• IRR: -27.2%
• Equity multiple: -0.18×
• Total profit: $-99,292
• Equity at exit: $25,938

Cash invested: $84,000 (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: 10.9×

Monthly cashflow live

• Estimated rent: $2,287 medium
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,500/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $-267

Break-even live

Break-even rent $2,624

Max offer price $261,417

Occupancy floor —

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3545 Brentwood Pl Panama City, FL	3.0	2.0	1617	$2,200	$1.36	21d	1	0.31mi
3884 Red Deer Cir Panama City, FL	4.0	2.0	1972	$2,200	$1.12	21d	1	0.65mi
2433 Wakulla Ave Panama City, FL	4.0	2.0	1612	$1,600	$0.99	13d	1	0.99mi

Listing history 19 events

1. 2026-06-15
   days on market $299,999 Active 145 DOM
2. 2026-06-14
   days on market $299,999 Active 143 DOM
3. 2026-06-13
   days on market $299,999 Active 142 DOM
4. 2026-06-10
   days on market $299,999 Active 140 DOM
5. 2026-06-09
   days on market $299,999 Active 139 DOM
6. 2026-06-08
   days on market $299,999 Active 138 DOM
7. 2026-06-07
   pricedays on market $299,999 Active 137 DOM
8. 2026-06-05
   days on market $305,000 Active 134 DOM
9. 2026-06-03
   days on market $305,000 Active 133 DOM
10. 2026-06-02
    days on market $305,000 Active 132 DOM
11. 2026-06-01
    days on market $305,000 Active 131 DOM
12. 2026-05-31
    days on market $305,000 Active 130 DOM
13. 2026-05-30
    days on market $305,000 Active 129 DOM
14. 2026-05-02
    price $305,000 1368-char remark

    Show marketing remark (1368 chars)

    Discover modern luxury living in this newly constructed home near Highway 231 in Panama City, Florida—an ideal primary residence, second home, or investment property with short-term rentals allowed and no HOA. Conveniently located near shopping, dining, and just 18 minutes from Tyndall Air Force Base, this open-concept home offers a flexible floor plan with a main-level bedroom ideal for a guest suite or home office, a full bathroom, and ample storage. The stylish kitchen features white shaker cabinetry, soft-close drawers, quartz countertops, stainless steel appliances, a large center island, and a spacious walk-in pantry, complemented by sleek black hardware. Luxury vinyl plank flooring flows throughout the home for durability and low-maintenance living. Upstairs, a split floor plan provides privacy with an expansive primary suite measuring 13'7'' x 15'8'', complete with a walk-in closet and en-suite bath featuring double vanities and quartz countertops, along with two additional spacious bedrooms, a full bathroom, and a convenient upstairs laundry room. Enjoy outdoor living on the covered back porch and added peace of mind with a one-year builder warranty, a ten-year structural warranty, Hardie board siding, a fully sodded yard, and a Rheem tankless water heater—making this exceptional new construction townhome truly move-in ready.

15. 2026-04-01
    price $310,000 1368-char remark

    Show marketing remark (1368 chars)

    Discover modern luxury living in this newly constructed home near Highway 231 in Panama City, Florida—an ideal primary residence, second home, or investment property with short-term rentals allowed and no HOA. Conveniently located near shopping, dining, and just 18 minutes from Tyndall Air Force Base, this open-concept home offers a flexible floor plan with a main-level bedroom ideal for a guest suite or home office, a full bathroom, and ample storage. The stylish kitchen features white shaker cabinetry, soft-close drawers, quartz countertops, stainless steel appliances, a large center island, and a spacious walk-in pantry, complemented by sleek black hardware. Luxury vinyl plank flooring flows throughout the home for durability and low-maintenance living. Upstairs, a split floor plan provides privacy with an expansive primary suite measuring 13'7'' x 15'8'', complete with a walk-in closet and en-suite bath featuring double vanities and quartz countertops, along with two additional spacious bedrooms, a full bathroom, and a convenient upstairs laundry room. Enjoy outdoor living on the covered back porch and added peace of mind with a one-year builder warranty, a ten-year structural warranty, Hardie board siding, a fully sodded yard, and a Rheem tankless water heater—making this exceptional new construction townhome truly move-in ready.

16. 2026-03-02
    price $315,000 1368-char remark

    Show marketing remark (1368 chars)

    Discover modern luxury living in this newly constructed home near Highway 231 in Panama City, Florida—an ideal primary residence, second home, or investment property with short-term rentals allowed and no HOA. Conveniently located near shopping, dining, and just 18 minutes from Tyndall Air Force Base, this open-concept home offers a flexible floor plan with a main-level bedroom ideal for a guest suite or home office, a full bathroom, and ample storage. The stylish kitchen features white shaker cabinetry, soft-close drawers, quartz countertops, stainless steel appliances, a large center island, and a spacious walk-in pantry, complemented by sleek black hardware. Luxury vinyl plank flooring flows throughout the home for durability and low-maintenance living. Upstairs, a split floor plan provides privacy with an expansive primary suite measuring 13'7'' x 15'8'', complete with a walk-in closet and en-suite bath featuring double vanities and quartz countertops, along with two additional spacious bedrooms, a full bathroom, and a convenient upstairs laundry room. Enjoy outdoor living on the covered back porch and added peace of mind with a one-year builder warranty, a ten-year structural warranty, Hardie board siding, a fully sodded yard, and a Rheem tankless water heater—making this exceptional new construction townhome truly move-in ready.

17. 2026-01-20
    listed $325,000 Active 1368-char remark

    Show marketing remark (1368 chars)

    Discover modern luxury living in this newly constructed home near Highway 231 in Panama City, Florida—an ideal primary residence, second home, or investment property with short-term rentals allowed and no HOA. Conveniently located near shopping, dining, and just 18 minutes from Tyndall Air Force Base, this open-concept home offers a flexible floor plan with a main-level bedroom ideal for a guest suite or home office, a full bathroom, and ample storage. The stylish kitchen features white shaker cabinetry, soft-close drawers, quartz countertops, stainless steel appliances, a large center island, and a spacious walk-in pantry, complemented by sleek black hardware. Luxury vinyl plank flooring flows throughout the home for durability and low-maintenance living. Upstairs, a split floor plan provides privacy with an expansive primary suite measuring 13'7'' x 15'8'', complete with a walk-in closet and en-suite bath featuring double vanities and quartz countertops, along with two additional spacious bedrooms, a full bathroom, and a convenient upstairs laundry room. Enjoy outdoor living on the covered back porch and added peace of mind with a one-year builder warranty, a ten-year structural warranty, Hardie board siding, a fully sodded yard, and a Rheem tankless water heater—making this exceptional new construction townhome truly move-in ready.

18. 2025-09-04
    historical
19. 2025-08-13
    listed $349,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,442
• − Mortgage interest: −$16,805
• − Property taxes: −$4,500
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,195
• − Management: −$2,195
• − Depreciation: −$8,727
• Taxable loss: −$8,481
• Est. tax savings @ 24.0%: +$2,035
• After-tax cash flow: $-1,164/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 — Springfield

• Score: 59/100
• State rank: #826
• US rank: #20265

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, 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

-12.8% since first listed

6 events — show timeline

• 2026-05-02 Price Changed $305,000 CPARMLS
• 2026-04-01 Price Changed $310,000 CPARMLS
• 2026-03-02 Price Changed $315,000 CPARMLS
• 2026-01-20 Listed $325,000 CPARMLS
• 2025-09-04 Listing Removed — CPARMLS
• 2025-08-13 Listed $349,900 CPARMLS