403 Transmitter Rd · Springfield, FL 32401

$199,000

3 bd · 2.0 ba · 1,524 sqft · SingleFamily public records · 20 Days on market

Built 1978 7,405 sqft lot Est $300k · 34% 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 +15.0/15.0
• Cash flow +12.5/30.0
• Schools +4.3/10.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Remarkable opportunity for investors, first-time homebuyers, or anyone looking for an affordable property with flexibility and proven rental appeal. This charming home has previously been used as an Airbnb and has hosted military families in transition, buyers waiting on delayed closings, and guests needing an affordable place to stay with room for both family and belongings. Located directly across from Springfield Community Park and close to Tyndall Air Force Base, this property offers convenience, comfort, and income potential. It is also less than 30 minutes from Panama City Beach, making it a smart option for a short-term rental, long-term rental, or primary residence. As you enter the

Key facts

• 7,405 sq ft lot
• Garage
• Built 1978

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Parking: Attached garage with 1.5 car capacity
• Home design: 2-story home; Slab foundation
• Construction: Composition/Shingle roof
• Exterior features: Fire pit; Porch; Balcony; Screened porch; Fenced yard

Interior

• Kitchen: Electric cooktop; Electric range
• Bedrooms: Primary bedroom; Bedroom on Second level; Bedroom on First level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Fireplace heating; Central air conditioning; Ceiling fans
• Interior features: Fireplace; Living room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $-28 ($-336/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (14.7% below list).
• Recommended offer: $170k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.7% in Springfield — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 flat; 258 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 39% of the median local income ($53k/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 $1k of loan paydown is wiped out by about $6k 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 20 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 17y 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 $144k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,687 (14.7% 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. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.85% ✗
• Cap rate: 6.12%
• Cash-on-cash: -0.60%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $300,228
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3727 E 3rd St	0.18mi	3/2.0	1,490 (-2%)	4mo	$137,200	$92	84
3721 E 3rd St	0.21mi	3/2.0	1,394 (-8%)	4mo	$263,310	$189	72
303 Detroit Ave	0.16mi	3/2.0	1,349 (-12%)	7mo	$299,000	$222	68
620 Helen Ave	0.34mi	4/2.5 (+1)	1,647 (+8%)	6mo	$287,000	$174	59
718 School Ave	0.68mi	3/2.0	1,450 (-5%)	3mo	$315,000	$217	58
720 School Ave	0.62mi	3/2.0	1,394 (-8%)	0mo	$300,000	$215	57
4109 Sue Ln	0.61mi	3/2.0	1,639 (+8%)	4mo	$290,000	$177	56
718 Joan Ln	0.65mi	3/3.0	1,422 (-7%)	0mo	$280,000	$197	54
4819 Alameda St	0.46mi	3/2.0	1,312 (-14%)	9mo	$255,000	$194	48
724 Sheffield Ave	0.63mi	3/2.0	1,316 (-14%)	6mo	$294,000	$223	43
116 Moody Dr	0.67mi	3/2.0	1,300 (-15%)	5mo	$287,000	$221	40
5123 Collins St	0.70mi	3/1.0	1,304 (-14%)	8mo	$130,000	$100	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 · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.31×
• Total profit: $-38,255
• Equity at exit: $29,672

10-year hold

• IRR: -20.0%
• Equity multiple: 0.07×
• Total profit: $-52,077
• Equity at exit: $17,206

Cash invested: $55,720 (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 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 258
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,697 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$242 /mo · $2,905/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $-28

Break-even live

Break-even rent $1,732

Max offer price $194,051

Occupancy floor 97%

Sensitivity live

Price	-10% $85	-5% $28	+0% $-28	+5% $-84	+10% $-141
Rent	-10% $-162	-5% $-95	+0% $-28	+5% $39	+10% $106
Rate	-1.0pp $72	-0.5pp $23	base $-28	+0.5pp $-80	+1.0pp $-132

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5101 Willow St Panama City, FL	3.0	2.0	1099	$1,500	$1.36	14d	1	0.64mi
208 North Highway 22 A Unit 33 Panama City, FL	3.0	2.0	1080	$1,350	$1.25	22d	1	0.68mi
3719 E 8th Ct Panama City, FL	1.0–4.0	1.0–1.5	950	$1,300	$1.37	22d	1	0.73mi
906 Kevin Ct Panama City, FL	3.0	2.0	1266	$1,795	$1.42	22d	1	0.90mi
526 Camellia Ave Panama City, FL	3.0	2.0	1375	$1,950	$1.42	22d	1	0.92mi
129 Seneca Ave Panama City, FL	3.0	2.0	1449	$1,495	$1.03	14d	1	0.93mi
420 Raven Ln Panama City, FL	3.0	2.0	1251	$1,750	$1.40	22d	1	1.10mi
4837 S Lakewood Dr Panama City, FL	2.0	1.5	1116	$1,500	$1.34	22d	1	1.12mi
222 N Gray Ave Panama City, FL	3.0	2.0	1953	$1,650	$0.84	22d	1	1.12mi
5817 Jasmine Ct Panama City, FL	4.0	2.5	1633	$2,000	$1.22	14d	1	1.24mi
1401 Transmitter Rd Unit 15 Panama City, FL	3.0	2.0	1100	$1,395	$1.27	14d	1	1.27mi
229 Callaway Chase Ln Panama City, FL	3.0	2.5	1200	$1,650	$1.38	14d	1	1.27mi
509 Phillips Ct Panama City, FL	3.0	2.0	1411	$1,700	$1.20	14d	1	1.47mi
6101 Harvey St #3 Panama City, FL	2.0	1.5	1108	$1,050	$0.95	22d	1	1.49mi

Listing history 17 events

1. 2026-06-19
   days on market $199,000 Active 20 DOM
2. 2026-06-18
   days on market $199,000 Active 19 DOM
3. 2026-06-17
   days on market $199,000 Active 18 DOM
4. 2026-06-16
   days on market $199,000 Active 17 DOM
5. 2026-06-15
   days on market $199,000 Active 16 DOM
6. 2026-06-14
   pricedays on market $199,000 Active 14 DOM
7. 2026-06-13
   days on market $199,900 Active 13 DOM
8. 2026-06-10
   days on market $199,900 Active 11 DOM
9. 2026-06-09
   days on market $199,900 Active 10 DOM
10. 2026-06-08
    days on market $199,900 Active 9 DOM
11. 2026-06-07
    days on market $199,900 Active 8 DOM
12. 2026-06-05
    days on market $199,900 Active 5 DOM
13. 2026-06-03
    days on market $199,900 Active 4 DOM
14. 2026-06-02
    days on market $199,900 Active 3 DOM
15. 2026-06-01
    days on market $199,900 Active 2 DOM
16. 2026-05-30
    remarks 699-char remark
17. 2026-05-30
    listed $199,900 Active 1 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: $2,905 · $242/mo
• Projected year-2 tax: $2,905 · $242/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 10/10 Extreme 5 d/yr ≥105°F today · 15 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: $20,362
• − Mortgage interest: −$11,147
• − Property taxes: −$2,905
• − Insurance: −$995
• − Repairs & maintenance: −$1,629
• − Management: −$1,629
• − Depreciation: −$5,789
• Taxable loss: −$3,731
• Est. tax savings @ 24.0%: +$896
• After-tax cash flow: $559/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): 18,947
• Household income: $52,523
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 935.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 23% Hispanic / Latino 11% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% German/W. Germanic 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: ▼ -142.12%
• Current HPI: 290.3312
• Rent YoY: ▲ 0.45%
• 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

+387.6% since first listed

22 events — show timeline

• 2026-05-30 Listed $199,900 CPARMLS
• 2026-04-29 Listing Removed — CPARMLS
• 2026-04-07 Price Changed $209,000 CPARMLS
• 2026-03-09 Price Changed $219,000 CPARMLS
• 2026-02-23 Listed $224,000 CPARMLS
• 2022-10-15 Price Changed $248,400 CPARMLS
• 2022-09-20 Price Changed $248,900 CPARMLS
• 2022-08-10 Listed $249,900 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-09 Listing Removed — CPARMLS
• 2019-11-25 Sold (MLS) $144,000 CPARMLS
• 2019-09-30 Listed $144,000 CPARMLS
• 2018-10-24 Listing Removed — CPARMLS
• 2018-06-06 Listed $126,999 CPARMLS
• 2018-02-23 Listed $144,900 CPARMLS
• 2013-01-07 Sold (Public Records) $90,000 Public Records
• 2010-11-26 Listed $125,000 CPARMLS
• 2009-07-23 Listed $139,900 CPARMLS
• 2002-04-24 Sold (Public Records) $66,000 Public Records
• 1992-04-01 Sold (Public Records) $47,500 Public Records
• 1984-06-01 Sold (Public Records) $41,000 Public Records

Property tax history

+13.6%/yr

Latest (2025): $2,905 · +5.2% YoY. Source: county tax records.