228 N East Ave · Panama City, FL 32401

$149,000

2 bd · 1.0 ba · 1,050 sqft · SingleFamily public records · 229 Days on market

Built 1939 7,000 sqft lot $142/sqft · 24% below area Est $197k · 24% under

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Why this score? — see what drove the C 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 +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.5/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this delightful 2-bedroom, 1-bath cottage nestled in the heart of picturesque Historic Millville. From the moment you arrive, you'll be captivated by the character and charm this home offers—inside and out. Step inside to find an inviting layout with laminate floors throughout and stylish tile accents in the renovated kitchen and bathroom. The kitchen boasts sleek stainless steel appliances and plenty of workspace for the home chef. The backyard truly sets this home apart—a private oasis with mature trees, lush green space, and plenty of room for entertaining or relaxing. The property also includes two versatile sheds: 12' x 24' utility shed with full electrical, window AC—ideal for an art studio, home office, or workshop. 12' x 12' shed housing the washer, dryer, and tankless water heater, complete with a workbench and generous storage for lawn tools. Love boating? You'll appreciate the additional yard space behind the utility shed—perfect for storing a boat! Plus, you're just blocks away from the public boat launch, dry dock marina, and all the charm of Historic Downtown Millville. The yard completely fenced. Roof replaced 2019 solar panels convey without cost to buyer, AC also newer. End your days in the peaceful enclosed Florida room overlooking your backyard retreat.

Key facts

• Utility shed
• Renovated kitchen
• Private oasis

Tags

• RENOVATED KITCHEN
• PRIVATE OASIS
• MATURE TREES
• VERSATILE SHEDS
• UTILITY SHED
• ENCLOSED FLORIDA ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $164 ($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 $141k (5.4% below list).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 4.7% in Panama City — 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 72/100 on livability (#350 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, 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.
• Zoned schools: Merriam Cherry Street Elementary (math 22% / reading 37%, grade F, #1,896 of 2,144 statewide, top 90%, 362 students, 72% FRL); Rutherford High School (math 24% / reading 29%, grade F, #489 of 667 statewide, top 74%, 1,337 students, 63% FRL) — zoned schools average 68% FRL vs 48% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 51% district-wide (-23 pts) — the specific schools serving this property underperform the Bay average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 262 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 229 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y ago; this cycle's ask has dropped $28k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $121k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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. 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: 0.95% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.72%
• DSCR: 1.21
• GRM: 8.8

CMA / ARV

• ARV (median comp): $196,716
• List price: $149,000
• Delta: -24.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2810 E 2 Nd Ct	0.10mi	2/1.0	946 (-10%)	3mo	$38,000	$40	76
325 N Gray Ave	0.22mi	3/1.5 (+1)	1,140 (+9%)	12mo	$170,000	$149	59
2704 E 1st Ct	0.35mi	3/2.0 (+1)	1,000 (-5%)	11mo	$225,000	$225	58
2717 E 6th Ct	0.53mi	3/2.0 (+1)	984 (-6%)	0mo	$95,000	$97	55
2601 E 6th St	0.50mi	3/2.0 (+1)	1,125 (+7%)	2mo	$229,900	$204	54
2603 E 6th St	0.50mi	3/2.0 (+1)	1,125 (+7%)	2mo	$239,900	$213	54
508 N James Ave	0.40mi	3/1.0 (+1)	1,146 (+9%)	8mo	$187,000	$163	54
3108 E 2nd St	0.32mi	3/2.0 (+1)	1,176 (+12%)	6mo	$225,900	$192	51
513 N Church Ave	0.45mi	3/2.0 (+1)	1,142 (+9%)	6mo	$230,000	$201	50
138 Springfield Ave	0.44mi	3/2.0 (+1)	908 (-14%)	8mo	$103,000	$113	41
525 Kraft Ave	0.44mi	3/2.0 (+1)	1,183 (+13%)	12mo	$250,000	$211	39
2307 E 6th Ct	0.64mi	2/2.0	906 (-14%)	7mo	$175,000	$193	38

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: -11.7%
• Equity multiple: 0.59×
• Total profit: $-17,257
• Equity at exit: $22,216

10-year hold

• IRR: -6.5%
• Equity multiple: 0.63×
• Total profit: $-15,449
• Equity at exit: $12,883

Cash invested: $41,720 (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: 262
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,410 high
• Mortgage (P&I): −$781
• Tax from tax record: −$107 /mo · $1,280/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $164

Break-even live

Break-even rent $1,203

Max offer price $149,000

Occupancy floor 83%

Sensitivity live

Price	-10% $248	-5% $206	+0% $164	+5% $122	+10% $80
Rent	-10% $53	-5% $108	+0% $164	+5% $220	+10% $275
Rate	-1.0pp $239	-0.5pp $202	base $164	+0.5pp $125	+1.0pp $86

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
237 Helen Ave Panama City, FL	2.0	2.0	1000	$1,395	$1.40	22d	1	0.68mi
725 Sherman Ave Unit B Panama City, FL	3.0	1.0	878	$1,250	$1.42	22d	1	0.88mi
3719 E 8th Ct Panama City, FL	1.0–4.0	1.0–1.5	950	$1,100	$1.16	22d	1	1.23mi
300 Mercedes Ave Unit 1523335P Panama City, FL	3.0	2.0	1194	$3,807	$3.19	22d	1	1.24mi
329 N Palo Alto Ave Panama City, FL	3.0	2.0	1300	$1,950	$1.50	15d	1	1.40mi
329 N Palo Alto Ave Unit B Panama City, FL	1.0	1.0	800	$750	$0.94	22d	1	1.40mi
4905 Alameda St Unit 1 Panama City, FL	3.0	2.0	942	$1,295	$1.37	22d	1	1.47mi

Listing history 21 events

1. 2026-05-31
   days on market $149,000 Active 229 DOM
2. 2026-05-30
   days on market $149,000 Active 228 DOM
3. 2026-04-23
   price $149,000 1330-char remark

   Show marketing remark (1330 chars)

   Welcome to this delightful 2-bedroom, 1-bath cottage nestled in the heart of picturesque Historic Millville. From the moment you arrive, you'll be captivated by the character and charm this home offers—inside and out. Step inside to find an inviting layout with laminate floors throughout and stylish tile accents in the renovated kitchen and bathroom. The kitchen boasts sleek stainless steel appliances and plenty of workspace for the home chef. The backyard truly sets this home apart—a private oasis with mature trees, lush green space, and plenty of room for entertaining or relaxing. The property also includes two versatile sheds: 12' x 24' utility shed with full electrical, window AC—ideal for an art studio, home office, or workshop. 12' x 12' shed housing the washer, dryer, and tankless water heater, complete with a workbench and generous storage for lawn tools. Love boating? You'll appreciate the additional yard space behind the utility shed—perfect for storing a boat! Plus, you're just blocks away from the public boat launch, dry dock marina, and all the charm of Historic Downtown Millville. The yard completely fenced. Roof replaced 2019 solar panels convey without cost to buyer, AC also newer. End your days in the peaceful enclosed Florida room overlooking your backyard retreat.

4. 2026-03-02
   price $159,000 1330-char remark

   Show marketing remark (1330 chars)

   Welcome to this delightful 2-bedroom, 1-bath cottage nestled in the heart of picturesque Historic Millville. From the moment you arrive, you'll be captivated by the character and charm this home offers—inside and out. Step inside to find an inviting layout with laminate floors throughout and stylish tile accents in the renovated kitchen and bathroom. The kitchen boasts sleek stainless steel appliances and plenty of workspace for the home chef. The backyard truly sets this home apart—a private oasis with mature trees, lush green space, and plenty of room for entertaining or relaxing. The property also includes two versatile sheds: 12' x 24' utility shed with full electrical, window AC—ideal for an art studio, home office, or workshop. 12' x 12' shed housing the washer, dryer, and tankless water heater, complete with a workbench and generous storage for lawn tools. Love boating? You'll appreciate the additional yard space behind the utility shed—perfect for storing a boat! Plus, you're just blocks away from the public boat launch, dry dock marina, and all the charm of Historic Downtown Millville. The yard completely fenced. Roof replaced 2019 solar panels convey without cost to buyer, AC also newer. End your days in the peaceful enclosed Florida room overlooking your backyard retreat.

5. 2025-10-15
   listed $177,500 Active 1330-char remark

   Show marketing remark (1330 chars)

   Welcome to this delightful 2-bedroom, 1-bath cottage nestled in the heart of picturesque Historic Millville. From the moment you arrive, you'll be captivated by the character and charm this home offers—inside and out. Step inside to find an inviting layout with laminate floors throughout and stylish tile accents in the renovated kitchen and bathroom. The kitchen boasts sleek stainless steel appliances and plenty of workspace for the home chef. The backyard truly sets this home apart—a private oasis with mature trees, lush green space, and plenty of room for entertaining or relaxing. The property also includes two versatile sheds: 12' x 24' utility shed with full electrical, window AC—ideal for an art studio, home office, or workshop. 12' x 12' shed housing the washer, dryer, and tankless water heater, complete with a workbench and generous storage for lawn tools. Love boating? You'll appreciate the additional yard space behind the utility shed—perfect for storing a boat! Plus, you're just blocks away from the public boat launch, dry dock marina, and all the charm of Historic Downtown Millville. The yard completely fenced. Roof replaced 2019 solar panels convey without cost to buyer, AC also newer. End your days in the peaceful enclosed Florida room overlooking your backyard retreat.

6. 2021-12-14
   historical
7. 2021-12-14
   historical
8. 2020-06-10
   soldstatus $120,700
9. 2020-04-20
   listed $115,000
10. 2011-07-08
    soldstatus $18,000
11. 2011-07-08
    soldstatus $18,000
12. 2011-07-08
    soldstatus $18,000
13. 2010-12-11
    listed $23,800
14. 2010-12-11
    listed $23,800
15. 2010-12-11
    listed $23,800
16. 2010-12-11
    listed $23,800
17. 2009-03-25
    soldstatus $75,000
18. 2009-03-17
    soldstatus $75,000
19. 2008-12-30
    listed $75,000
20. 2006-05-01
    listed $79,900
21. 2001-07-23
    soldstatus $45,000

ⓘ 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: $1,280 · $107/mo
• Projected year-2 tax: $1,280 · $107/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $16,923
• − Mortgage interest: −$8,346
• − Property taxes: −$1,280
• − Insurance: −$745
• − Repairs & maintenance: −$1,354
• − Management: −$1,354
• − Depreciation: −$4,335
• Taxable loss: −$491
• Est. tax savings @ 24.0%: +$118
• After-tax cash flow: $2,085/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 — Panama City

• Score: 72/100
• State rank: #350
• US rank: #5823

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Panama City, FL
• County: Bay County · 163,593 people
• City population: 91,445
• 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

+231.1% since first listed

19 events — show timeline

• 2026-04-23 Price Changed $149,000 CPARMLS
• 2026-03-02 Price Changed $159,000 CPARMLS
• 2025-10-15 Listed $177,500 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2020-06-10 Sold (MLS) $120,700 CPARMLS
• 2020-04-20 Listed $115,000 CPARMLS
• 2011-07-08 Sold (MLS) $18,000 ECAR
• 2011-07-08 Sold (MLS) $18,000 CPARMLS
• 2011-07-08 Sold (MLS) $18,000 NAMLS
• 2010-12-11 Listed $23,800 ECAR
• 2010-12-11 Listed $23,800 CPARMLS
• 2010-12-11 Listed $23,800 NAMLS
• 2010-12-11 Listed $23,800 CPARMLS
• 2009-03-25 Sold (Public Records) $75,000 Public Records
• 2009-03-17 Sold (MLS) $75,000 CPARMLS
• 2008-12-30 Listed $75,000 CPARMLS
• 2006-05-01 Listed $79,900 CPARMLS
• 2001-07-23 Sold (Public Records) $45,000 Public Records

Property tax history

+19.5%/yr

Latest (2025): $1,280 · +3.7% YoY. Source: county tax records.