1806 Highway 2297 · Callaway, FL 32404

$279,900

3 bd · 2.0 ba · 1,647 sqft · SingleFamily public records · 6 Days on market

Built 1981 1.03 ac lot Est $273k · at est.

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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 +13.7/30.0
• ARV discount +6.4/15.0
• Schools +4.3/10.0
• DSCR +4.2/10.0
• Livability +3.2/5.0
• 1% rule +2.8/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Ranch style home is located in the perfect country setting but still close to town. This 3 bed 2 bath home, had new carpet within the last year, it offers a huge living space, with stone fireplace, split floor plan and HUGE kitchen. Or if you like you can relax by the back yard pond! Call today for an appointment to see this beauty.

Key facts

• Expansive lot
• Renovated property
• Brand new kitchen

Tags

• RENOVATED PROPERTY
• BRAND NEW KITCHEN
• UPDATED BATHROOMS
• SPACIOUS COOLED FLORIDA ROOM
• INCLUDED RV SHED
• EXPANSIVE LOT

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Parking: Attached or detached 2-car garage; RV carport
• Utilities: Electric water heater
• Home design: Single-story; Zoned for single-family residential; 150 x 300 lot dimensions (approx. 1.03 acres)
• Construction: Brick and vinyl siding exterior; Composition/shingle roof; Slab foundation; Built on a 1.03-acre lot
• Exterior features: RV/boat storage; RV carport; Unpaved areas

Interior

• Kitchen: Electric cooktop; Electric oven
• Bedrooms: Two additional bedrooms (approx. 10 x 11 each); Primary bedroom (approx. 13 x 12)
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Double pane windows; Fireplace
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $23 ($277/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (22.1% below list).
• Recommended offer: $218k (22.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 5.1% in Callaway — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 2 comparable units currently listed for rent nearby; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 35% 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 $8k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $110k; list at $280k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,067 (22.1% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.78% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $273,402
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1719 Highway 2297	0.08mi	3/2.0	1,624 (-1%)	1mo	$270,000	$166	93
11918 Raintree Dr	0.63mi	3/2.0	1,713 (+4%)	16mo	$247,000	$144	51
12223 Country Club Dr	0.29mi	4/2.0 (+1)	1,821 (+11%)	18mo	$315,000	$173	49
11930 Raintree Dr	0.60mi	3/2.0	1,742 (+6%)	20mo	$245,000	$141	46
12027 Country Club Dr	0.52mi	3/2.0	1,408 (-14%)	18mo	$230,000	$163	36
12340 Cue Dr	0.57mi	4/2.0 (+1)	1,404 (-15%)	13mo	$277,000	$197	33

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: -17.7%
• Equity multiple: 0.39×
• Total profit: $-48,048
• Equity at exit: $41,734

10-year hold

• IRR: -13.4%
• Equity multiple: 0.28×
• Total profit: $-56,401
• Equity at exit: $24,201

Cash invested: $78,372 (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: 10.7×

Monthly cashflow live

• Estimated rent: $2,181 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$115 /mo · $1,383/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $23

Break-even live

Break-even rent $2,151

Max offer price $279,900

Occupancy floor 94%

Sensitivity live

Price	-10% $181	-5% $102	+0% $23	+5% $-56	+10% $-135
Rent	-10% $-149	-5% $-63	+0% $23	+5% $109	+10% $195
Rate	-1.0pp $164	-0.5pp $94	base $23	+0.5pp $-49	+1.0pp $-123

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12013 Hauser Rd Panama City, FL	3.0	2.0	1456	$2,200	$1.51	14d	1	1.04mi
1007 Bayside St Panama City, FL	3.0	2.0	1520	$1,900	$1.25	14d	1	1.41mi

Listing history 6 events

1. 2026-06-14
   statusdays on market $279,900 Pending 6 DOM
2. 2026-06-10
   days on market $279,900 Active 5 DOM
3. 2026-06-09
   days on market $279,900 Active 4 DOM
4. 2026-06-08
   days on market $279,900 Active 3 DOM
5. 2026-06-07
   remarks 699-char remark
6. 2026-06-07
   listed $279,900 Active 2 DOM

ⓘ 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: $1,383 · $115/mo
• Projected year-2 tax: $2,323 · $194/mo
• Expected delta: +$940/yr (+$78/mo · 68.0%)

ⓘ 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 7/10 Severe
• 🌡 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: $26,168
• − Mortgage interest: −$15,679
• − Property taxes: −$1,383
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,093
• − Management: −$2,093
• − Depreciation: −$8,143
• Taxable loss: −$4,622
• Est. tax savings @ 24.0%: +$1,109
• After-tax cash flow: $1,386/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

• 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

+315.9% since first listed

7 events — show timeline

• 2026-06-04 Listed $279,900 CPARMLS
• 2026-01-23 Sold (Public Records) $110,000 Public Records
• 2005-04-06 Sold (Public Records) $184,500 Public Records
• 2005-04-01 Sold (MLS) $184,900 CPARMLS
• 2005-01-27 Listed $184,900 CPARMLS
• 1987-03-01 Sold (Public Records) $67,500 Public Records
• 1986-06-01 Sold (Public Records) $67,300 Public Records

Property tax history

-2.2%/yr

Latest (2025): $1,383 · +3.7% YoY. Source: county tax records.