1824 Mallard Dr Unit B · Callaway, FL 32404

$224,900

2 bd · 2.0 ba · 1,736 sqft · Townhouse public records · 107 Days on market

Built 1983 $130/sqft · at area comps Est $232k · 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 +16.6/30.0
• ARV discount +8.8/15.0
• DSCR +5.2/10.0
• Schools +4.3/10.0
• 1% rule +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SELLER OFFERING CONCESSIONS TOWARDS BUYERS CLOSING COST. Spacious water view townhome in Panama City offering strong value-add and rental potential! This 3BR/2.5BA unit at 1824 Mallard Drive B features over 1,700 sq ft of living space, a functional layout, and peaceful water views in a convenient location. Ideal for long-term rental, mid-term housing, or potential investment portfolio addition (buyer to verify rental restrictions). Close to shopping, schools, and major employers including Tyndall Air Force Base. Strong demand area with room for appreciation and cash flow upside--don't miss this opportunity! Some Interior photos are virtually staged.

Key facts

• Garage
• Built 1983
• Listed 107 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $225k.

Deal economics

• At list price, monthly cash flow is $136 ($2k/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 $193k (14.0% below list).
• Recommended offer: $193k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 5.1% in Callaway — 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 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 31% 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 $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 107 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y ago; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $225k implies a 114% 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 $193,352 (14.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 7.02%
• Cash-on-cash: 2.59%
• DSCR: 1.12
• GRM: 9.7

CMA / ARV

• ARV (median comp): $231,630
• List price: $224,900
• Delta: -2.91%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.2%
• Equity multiple: 0.50×
• Total profit: $-31,455
• Equity at exit: $33,533

10-year hold

• IRR: -8.5%
• Equity multiple: 0.51×
• Total profit: $-30,728
• Equity at exit: $19,445

Cash invested: $62,972 (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: 9.7×

Monthly cashflow live

• Estimated rent: $1,934 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$119 /mo · $1,423/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $136

Break-even live

Break-even rent $1,762

Max offer price $224,900

Occupancy floor 88%

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: $56,225
• Closing costs: $6,747
• 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	13d	1	0.94mi
1007 Bayside St Panama City, FL	3.0	2.0	1520	$1,900	$1.25	13d	1	1.41mi

Listing history 38 events

1. 2026-06-19
   days on market $224,900 Active 107 DOM
2. 2026-06-18
   days on market $224,900 Active 106 DOM
3. 2026-06-17
   days on market $224,900 Active 105 DOM
4. 2026-06-16
   days on market $224,900 Active 104 DOM
5. 2026-06-15
   days on market $224,900 Active 103 DOM
6. 2026-06-14
   days on market $224,900 Active 101 DOM
7. 2026-06-13
   pricedays on market $224,900 Active 100 DOM
8. 2026-06-10
   days on market $234,900 Active 98 DOM
9. 2026-06-09
   days on market $234,900 Active 97 DOM
10. 2026-06-08
    days on market $234,900 Active 96 DOM
11. 2026-06-07
    days on market $234,900 Active 95 DOM
12. 2026-06-05
    days on market $234,900 Active 92 DOM
13. 2026-06-03
    days on market $234,900 Active 91 DOM
14. 2026-06-02
    days on market $234,900 Active 90 DOM
15. 2026-06-01
    days on market $234,900 Active 89 DOM
16. 2026-05-31
    days on market $234,900 Active 88 DOM
17. 2026-05-30
    days on market $234,900 Active 87 DOM
18. 2026-05-13
    price $229,900 657-char remark

    Show marketing remark (657 chars)

    SELLER OFFERING CONCESSIONS TOWARDS BUYERS CLOSING COST. Spacious water view townhome in Panama City offering strong value-add and rental potential! This 3BR/2.5BA unit at 1824 Mallard Drive B features over 1,700 sq ft of living space, a functional layout, and peaceful water views in a convenient location. Ideal for long-term rental, mid-term housing, or potential investment portfolio addition (buyer to verify rental restrictions). Close to shopping, schools, and major employers including Tyndall Air Force Base. Strong demand area with room for appreciation and cash flow upside--don't miss this opportunity! Some Interior photos are virtually staged.

19. 2026-04-27
    price $234,900 759-char remark

    Show marketing remark (759 chars)

    Welcome to 1824 Mallard Dr, Unit B, a well-maintained residence located in a quiet Panama City neighborhood. This inviting unit offers a functional layout with comfortable living spaces, ideal for homeowners or investors alike. Enjoy a bright interior with neutral finishes, ample natural light, and a seamless flow between living, dining, and kitchen areas. The property provides convenient access to shopping, dining, schools, and Tyndall Air Force Base, while still offering a peaceful residential setting. Whether you're looking for a primary residence, rental opportunity, or low-maintenance living, this property delivers excellent value in a growing area of Panama City. Schedule your showing today and explore the possibilities this home has to offer.

20. 2026-04-21
    price $234,900 657-char remark

    Show marketing remark (657 chars)

    SELLER OFFERING CONCESSIONS TOWARDS BUYERS CLOSING COST. Spacious water view townhome in Panama City offering strong value-add and rental potential! This 3BR/2.5BA unit at 1824 Mallard Drive B features over 1,700 sq ft of living space, a functional layout, and peaceful water views in a convenient location. Ideal for long-term rental, mid-term housing, or potential investment portfolio addition (buyer to verify rental restrictions). Close to shopping, schools, and major employers including Tyndall Air Force Base. Strong demand area with room for appreciation and cash flow upside--don't miss this opportunity! Some Interior photos are virtually staged.

21. 2026-03-20
    price $239,900 657-char remark

    Show marketing remark (657 chars)

    SELLER OFFERING CONCESSIONS TOWARDS BUYERS CLOSING COST. Spacious water view townhome in Panama City offering strong value-add and rental potential! This 3BR/2.5BA unit at 1824 Mallard Drive B features over 1,700 sq ft of living space, a functional layout, and peaceful water views in a convenient location. Ideal for long-term rental, mid-term housing, or potential investment portfolio addition (buyer to verify rental restrictions). Close to shopping, schools, and major employers including Tyndall Air Force Base. Strong demand area with room for appreciation and cash flow upside--don't miss this opportunity! Some Interior photos are virtually staged.

22. 2026-03-16
    price $249,900 759-char remark

    Show marketing remark (759 chars)

    Welcome to 1824 Mallard Dr, Unit B, a well-maintained residence located in a quiet Panama City neighborhood. This inviting unit offers a functional layout with comfortable living spaces, ideal for homeowners or investors alike. Enjoy a bright interior with neutral finishes, ample natural light, and a seamless flow between living, dining, and kitchen areas. The property provides convenient access to shopping, dining, schools, and Tyndall Air Force Base, while still offering a peaceful residential setting. Whether you're looking for a primary residence, rental opportunity, or low-maintenance living, this property delivers excellent value in a growing area of Panama City. Schedule your showing today and explore the possibilities this home has to offer.

23. 2026-03-03
    price $249,999 657-char remark

    Show marketing remark (657 chars)

    SELLER OFFERING CONCESSIONS TOWARDS BUYERS CLOSING COST. Spacious water view townhome in Panama City offering strong value-add and rental potential! This 3BR/2.5BA unit at 1824 Mallard Drive B features over 1,700 sq ft of living space, a functional layout, and peaceful water views in a convenient location. Ideal for long-term rental, mid-term housing, or potential investment portfolio addition (buyer to verify rental restrictions). Close to shopping, schools, and major employers including Tyndall Air Force Base. Strong demand area with room for appreciation and cash flow upside--don't miss this opportunity! Some Interior photos are virtually staged.

24. 2026-02-16
    price $259,900 657-char remark

    Show marketing remark (657 chars)

    SELLER OFFERING CONCESSIONS TOWARDS BUYERS CLOSING COST. Spacious water view townhome in Panama City offering strong value-add and rental potential! This 3BR/2.5BA unit at 1824 Mallard Drive B features over 1,700 sq ft of living space, a functional layout, and peaceful water views in a convenient location. Ideal for long-term rental, mid-term housing, or potential investment portfolio addition (buyer to verify rental restrictions). Close to shopping, schools, and major employers including Tyndall Air Force Base. Strong demand area with room for appreciation and cash flow upside--don't miss this opportunity! Some Interior photos are virtually staged.

25. 2026-02-09
    price $269,900 657-char remark

    Show marketing remark (657 chars)

    SELLER OFFERING CONCESSIONS TOWARDS BUYERS CLOSING COST. Spacious water view townhome in Panama City offering strong value-add and rental potential! This 3BR/2.5BA unit at 1824 Mallard Drive B features over 1,700 sq ft of living space, a functional layout, and peaceful water views in a convenient location. Ideal for long-term rental, mid-term housing, or potential investment portfolio addition (buyer to verify rental restrictions). Close to shopping, schools, and major employers including Tyndall Air Force Base. Strong demand area with room for appreciation and cash flow upside--don't miss this opportunity! Some Interior photos are virtually staged.

26. 2026-01-26
    price $279,900 657-char remark

    Show marketing remark (657 chars)

    SELLER OFFERING CONCESSIONS TOWARDS BUYERS CLOSING COST. Spacious water view townhome in Panama City offering strong value-add and rental potential! This 3BR/2.5BA unit at 1824 Mallard Drive B features over 1,700 sq ft of living space, a functional layout, and peaceful water views in a convenient location. Ideal for long-term rental, mid-term housing, or potential investment portfolio addition (buyer to verify rental restrictions). Close to shopping, schools, and major employers including Tyndall Air Force Base. Strong demand area with room for appreciation and cash flow upside--don't miss this opportunity! Some Interior photos are virtually staged.

27. 2026-01-12
    listed $289,900 Active 657-char remark

    Show marketing remark (759 chars)

    Welcome to 1824 Mallard Dr, Unit B, a well-maintained residence located in a quiet Panama City neighborhood. This inviting unit offers a functional layout with comfortable living spaces, ideal for homeowners or investors alike. Enjoy a bright interior with neutral finishes, ample natural light, and a seamless flow between living, dining, and kitchen areas. The property provides convenient access to shopping, dining, schools, and Tyndall Air Force Base, while still offering a peaceful residential setting. Whether you're looking for a primary residence, rental opportunity, or low-maintenance living, this property delivers excellent value in a growing area of Panama City. Schedule your showing today and explore the possibilities this home has to offer.

28. 2026-01-12
    listed $259,900 Active 759-char remark

    Show marketing remark (759 chars)

    Welcome to 1824 Mallard Dr, Unit B, a well-maintained residence located in a quiet Panama City neighborhood. This inviting unit offers a functional layout with comfortable living spaces, ideal for homeowners or investors alike. Enjoy a bright interior with neutral finishes, ample natural light, and a seamless flow between living, dining, and kitchen areas. The property provides convenient access to shopping, dining, schools, and Tyndall Air Force Base, while still offering a peaceful residential setting. Whether you're looking for a primary residence, rental opportunity, or low-maintenance living, this property delivers excellent value in a growing area of Panama City. Schedule your showing today and explore the possibilities this home has to offer.

29. 2025-07-28
    soldstatus $105,000
30. 2025-07-25
    soldstatus $105,000 Closed
31. 2025-07-17
    status Pending
32. 2025-07-10
    price $127,500
33. 2024-06-27
    listed $129,900 Active
34. 2021-12-14
    historical
35. 2007-12-13
    listed $149,000
36. 2000-07-27
    listed $65,000
37. 2000-07-25
    soldstatus $65,000
38. 1998-04-01
    soldstatus $61,000

ⓘ 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: $1,423 · $119/mo
• Projected year-2 tax: $1,867 · $156/mo
• Expected delta: +$444/yr (+$37/mo · 31.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone X (unshaded) · 5% 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: $23,202
• − Mortgage interest: −$12,598
• − Property taxes: −$1,423
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,856
• − Management: −$1,856
• − Depreciation: −$6,543
• Taxable loss: −$2,198
• Est. tax savings @ 24.0%: +$528
• After-tax cash flow: $2,157/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

+276.9% since first listed

21 events — show timeline

• 2026-05-13 Price Changed $229,900 CPARMLS
• 2026-04-27 Price Changed $234,900 ECAR
• 2026-04-21 Price Changed $234,900 CPARMLS
• 2026-03-20 Price Changed $239,900 CPARMLS
• 2026-03-16 Price Changed $249,900 ECAR
• 2026-03-03 Price Changed $249,999 CPARMLS
• 2026-02-16 Price Changed $259,900 CPARMLS
• 2026-02-09 Price Changed $269,900 CPARMLS
• 2026-01-26 Price Changed $279,900 CPARMLS
• 2026-01-12 Listed $259,900 ECAR
• 2026-01-12 Listed $289,900 CPARMLS
• 2025-07-28 Sold (Public Records) $105,000 Public Records
• 2025-07-25 Sold (MLS) $105,000 CPARMLS
• 2025-07-17 Pending — CPARMLS
• 2025-07-10 Price Changed $127,500 CPARMLS
• 2024-06-27 Listed $129,900 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2007-12-13 Listed $149,000 CPARMLS
• 2000-07-27 Listed $65,000 CPARMLS
• 2000-07-25 Sold (MLS) $65,000 CPARMLS
• 1998-04-01 Sold (Public Records) $61,000 Public Records

Property tax history

-3.5%/yr

Latest (2025): $1,423 · -8.5% YoY. Source: county tax records.