17620 Front Beach 06 Rd Unit O6 · Panama City Beach, FL 32413

$272,000

2 bd · 2.0 ba · 1,120 sqft · Condo · 274 Days on market

Built 1984 Fair condition $243/sqft · 14% below area Est $318k · 14% 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 +14.0/15.0
• Cash flow +6.3/30.0
• Schools +4.3/10.0
• 1% rule +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

Key facts

• Community pool
• Built 1984
• Listed 273 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $272k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-545 ($-7k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (8.0% below list).
• Recommended offer: $239k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.2% vs local median 2.6% in Panama City Beach — 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 78/100 on livability (#172 in FL, #2,624 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities D-, 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.
• Market conditions: Rents flat; 1249 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 38% of the median local income ($80k/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

• It's been on market 274 days — a 12% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $21k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 23% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $239,360 (12.0% 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 274 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 4.18%
• Cash-on-cash: -7.53%
• DSCR: 0.66
• GRM: 9.1

CMA / ARV

• ARV (median comp): $317,609
• List price: $272,000
• Delta: -14.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.52% rent growth · sell at horizon

5-year hold

• IRR: -35.3%
• Equity multiple: -0.11×
• Total profit: $-84,420
• Equity at exit: $40,556

10-year hold

• IRR: -74.7%
• Equity multiple: -0.84×
• Total profit: $-140,207
• Equity at exit: $23,518

Cash invested: $76,160 (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 32413

• Home prices YoY: -34.4%
• Rents YoY: 0.5%
• Active inventory: 1249
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,502 high
• Mortgage (P&I): −$1,426
• Tax est. 1.5%: −$340 /mo · $4,080/yr
• Insurance: −$113
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 7 same-building comps: −$575
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $-545

Break-even live

Break-even rent $3,191

Max offer price $193,200

Occupancy floor —

Sensitivity live

Price	-10% $-357	-5% $-451	+0% $-545	+5% $-639	+10% $-733
Rent	-10% $-742	-5% $-643	+0% $-545	+5% $-446	+10% $-347
Rate	-1.0pp $-408	-0.5pp $-475	base $-545	+0.5pp $-615	+1.0pp $-687

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: $68,000
• Closing costs: $8,160
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17614 Front Beach Rd Unit 16D Panama City Beach, FL	2.0	1.0	748	$1,600	$2.14	21d	1	0.04mi
17735 Front Beach Rd Unit 1447171P Panama City Beach, FL	3.0	2.0	1227	$4,925	$4.01	21d	1	0.20mi
17729 Front Beach Rd Unit 1355005P Panama City Beach, FL	1.0	2.0	882	$2,038	$2.31	14d	1	0.23mi
17545 Front Beach Rd Unit 1523333P Panama City, FL	2.0	2.0	1140	$6,472	$5.68	14d	1	0.24mi
17751 Panama City Beach Pkwy Unit 1523371P Panama City Beach, FL	2.0	2.0	1097	$3,862	$3.52	21d	1	0.25mi
17751 Panama City Beach Pkwy Unit 2E Panama City Beach, FL	2.0	2.0	1100	$2,600	$2.36	21d	1	0.28mi
17462 Front Beach Rd Unit 1 Panama City Beach, FL	1.0	1.0	900	$1,950	$2.17	21d	1	0.40mi
127 Heather Dr Panama City Beach, FL	3.0	2.0	1297	$2,350	$1.81	14d	1	0.84mi
17225 Panama City Beach Pkwy Panama City Beach, FL	1.0–2.0	1.0–2.0	981	$1,719	$1.75	14d	10	0.92mi
102 Cabana Cay Cir Panama City Beach, FL	1.0–2.0	1.0–2.0	950	$2,143	$2.26	14d	26	0.97mi
17155 Front Beach Rd Unit 1354915P Panama City Beach, FL	2.0	2.0	1194	$2,498	$2.09	21d	1	1.08mi
19610 Alta Vista Dr Panama City Beach, FL	2.0	1.0	1000	$1,400	$1.40	14d	1	1.31mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-19
   days on market $272,000 Active 274 DOM
2. 2026-06-18
   days on market $272,000 Active 273 DOM
3. 2026-06-17
   days on market $272,000 Active 272 DOM
4. 2026-06-16
   days on market $272,000 Active 271 DOM
5. 2026-06-15
   days on market $272,000 Active 270 DOM
6. 2026-06-14
   days on market $272,000 Active 268 DOM
7. 2026-06-13
   days on market $272,000 Active 267 DOM
8. 2026-06-10
   days on market $272,000 Active 265 DOM
9. 2026-06-09
   days on market $272,000 Active 264 DOM
10. 2026-06-08
    days on market $272,000 Active 263 DOM
11. 2026-06-07
    days on market $272,000 Active 262 DOM
12. 2026-06-05
    pricedays on market $272,000 Active 259 DOM
13. 2026-04-17
    price $266,900 91-char remark

    Show marketing remark (91 chars)

    Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

14. 2026-03-09
    status Active 91-char remark

    Show marketing remark (91 chars)

    Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

15. 2026-03-07
    historical 91-char remark

    Show marketing remark (91 chars)

    Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

16. 2026-02-20
    price $269,500 91-char remark

    Show marketing remark (91 chars)

    Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

17. 2026-01-12
    price $272,000 91-char remark

    Show marketing remark (91 chars)

    Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

18. 2025-12-02
    price $274,000 91-char remark

    Show marketing remark (91 chars)

    Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

19. 2025-10-13
    price $286,000 91-char remark

    Show marketing remark (91 chars)

    Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

20. 2025-09-06
    listed $293,000 Active 91-char remark

    Show marketing remark (91 chars)

    Beautiful 2 bed 2 bath condo located in Panama Beach, FL. This property will not last long!

21. 2021-11-22
    soldstatus $255,000 603-char remark

    Show marketing remark (603 chars)

    Great clean condo. Portside is right across the street to the beach access 71. Golf cart community. Private and quiet back yard common area. Move in ready. 2nd owner and has not been a rental. Fully furnished. HOA paid till the end of year. Selling as-is buyer to verify dimensions. right by back tennis courts, 3 pools and a hot tub, clubhouse with kitchen, tv free wifi, pol table, darts, corn hole, table tennis and reading book exchange. Gym Electric $100 ish a month, water $79 every other mo. , $65 internet thru Xfinity, $800 ish insurance HO6 hurricane/wind, $40,000 projected rental income.

22. 2021-09-22
    listed $268,000 603-char remark

    Show marketing remark (603 chars)

    Great clean condo. Portside is right across the street to the beach access 71. Golf cart community. Private and quiet back yard common area. Move in ready. 2nd owner and has not been a rental. Fully furnished. HOA paid till the end of year. Selling as-is buyer to verify dimensions. right by back tennis courts, 3 pools and a hot tub, clubhouse with kitchen, tv free wifi, pol table, darts, corn hole, table tennis and reading book exchange. Gym Electric $100 ish a month, water $79 every other mo. , $65 internet thru Xfinity, $800 ish insurance HO6 hurricane/wind, $40,000 projected rental income.

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥105°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,025
• − Mortgage interest: −$15,236
• − Property taxes: −$4,080
• − Insurance: −$2,158
• − Repairs & maintenance: −$2,402
• − Management: −$2,402
• − HOA: −$6,900
• − Depreciation: −$7,913
• Taxable loss: −$11,066
• Est. tax savings @ 24.0%: +$2,656
• After-tax cash flow: $-3,879/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.

Condition & rehab AI · 8 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 2-bathroom condo in Panama Beach, FL, requires moderate repairs and maintenance to improve its condition and value. Key updates include painting, deck and siding repairs, and landscaping improvements.

Repairs flagged

• Minor Wooden deck — Some wear and tear visible
• Minor Wooden siding — Slight discoloration

Value-add opportunities

• Both Painting and updating kitchen cabinets — Enhances curb appeal and interior aesthetics
• Both Deck and siding repairs — Improves structural integrity and curb appeal
• Both Landscaping improvements — Enhances curb appeal and creates a more inviting environment

Renovation cost estimate screening

Repair item	Severity	Est. cost
Wooden deck · Some wear and tear visible	Minor	$500–3,000
Wooden siding · Slight discoloration	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting and updating kitchen cabinets — Enhances curb appeal and interior aesthetics ↑
• Both Deck and siding repairs — Improves structural integrity and curb appeal ↑
• Both Landscaping improvements — Enhances curb appeal and creates a more inviting environment ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Panama City Beach

• Score: 78/100
• State rank: #172
• US rank: #2624

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Panama City Beach, FL
• County: Bay County · 163,593 people
• City population: 50,689
• Metro: Panama City, FL
• Population (ZIP): 15,453
• Household income: $80,039
• Rent vs Own: 29.8% rent · 70.2% own
• Severe rent burden: 531.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 8% Two or more races 6% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 0%

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: ▼ -185.97%
• Current HPI: 354.7469
• Rent YoY: ▲ 0.52%
• 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

-0.4% since first listed

10 events — show timeline

• 2026-04-17 Price Changed $266,900 CPARMLS
• 2026-03-09 Relisted — CPARMLS
• 2026-03-07 Listing Removed — CPARMLS
• 2026-02-20 Price Changed $269,500 CPARMLS
• 2026-01-12 Price Changed $272,000 CPARMLS
• 2025-12-02 Price Changed $274,000 CPARMLS
• 2025-10-13 Price Changed $286,000 CPARMLS
• 2025-09-06 Listed $293,000 CPARMLS
• 2021-11-22 Sold (MLS) $255,000 CPARMLS
• 2021-09-22 Listed $268,000 CPARMLS