1103 E 11th St Unit A & B · Panama City, FL 32401

$150,000

2 bd · 2.0 ba · 960 sqft · Condo · 233 Days on market

Built 1954 Fair condition $156/sqft · 12% below area Est $170k · 12% under

---

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 +16.3/30.0
• ARV discount +12.9/15.0
• DSCR +5.1/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Grreat investment opportunity, one bedroon duplex, with many upgrades. New windows, new HVAC, and new appliances. . Great location. currently occupied and rented. Currently gross rental income is $1400 a month. current leases are up on 6/15/2026 and 8/15/2026. Duplex has good rental record and is a great investment. contact listing agent for showings. All showings must be setup a minimum of 48 hours in advance and only available at tennants approval. Call today to request a showing. . . Buyer to verify all information. .

Key facts

• New hvac
• New appliances
• Good rental record

Tags

• NEW WINDOWS
• NEW HVAC
• NEW APPLIANCES
• GOOD RENTAL RECORD

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $83 ($995/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 $142k (5.5% below list).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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.
• Market conditions: Rents flat; 258 active listings in the ZIP; 13 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 32% 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 $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 233 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y 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 $52k; list at $150k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — 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 $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.37%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (median comp): $170,304
• List price: $150,000
• Delta: -11.92%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.46×
• Total profit: $-22,550
• Equity at exit: $22,365

10-year hold

• IRR: -12.0%
• Equity multiple: 0.37×
• Total profit: $-26,575
• Equity at exit: $12,969

Cash invested: $42,000 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,417 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $83

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 89%

Sensitivity live

Price	-10% $187	-5% $135	+0% $83	+5% $31	+10% $-21
Rent	-10% $-29	-5% $27	+0% $83	+5% $139	+10% $195
Rate	-1.0pp $158	-0.5pp $121	base $83	+0.5pp $44	+1.0pp $4

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 E 13th St Unit 1 Panama City, FL	2.0	1.0	700	$1,250	$1.79	22d	1	0.53mi
725 Sherman Ave Unit B Panama City, FL	3.0	1.0	878	$1,250	$1.42	22d	1	0.72mi
1114 Mc Kenzie Ave Unit 1 Panama City, FL	2.0	1.0	880	$1,850	$2.10	22d	1	0.81mi
329 N Palo Alto Ave Unit B Panama City, FL	1.0	1.0	800	$750	$0.94	22d	1	1.05mi
388 Massalina Dr Panama City, FL	2.0	2.0	800	$1,800	$2.25	14d	1	1.10mi
335 Massalina Dr Panama City, FL	1.0	1.0	742	$1,200	$1.62	14d	1	1.18mi
400 E 19th St Unit A1 Panama City, FL	2.0	2.0	785	$1,095	$1.39	14d	1	1.24mi
2002 Wilson Ave Panama City, FL	1.0–3.0	1.0–2.0	977	$1,854	$1.90	14d	25	1.29mi
265 15th St Panama City, FL	1.0–3.0	1.0–2.0	967	$1,252	$1.29	14d	4	1.32mi
1525 Oak Ave Unit B Panama City, FL	1.0	1.0	540	$1,200	$2.22	22d	1	1.33mi
307 Wilson Ave Unit 1 Panama City, FL	1.0	1.0	570	$1,345	$2.36	22d	1	1.35mi
1637 N James Ave Panama City, FL	2.0	1.5	972	$1,275	$1.31	22d	1	1.41mi
603 E 2nd St Panama City, FL	2.0	1.0	900	$1,300	$1.44	22d	1	1.47mi

HOA detail condo

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

Listing history 28 events

1. 2026-06-19
   days on market $150,000 Active 233 DOM
2. 2026-06-18
   days on market $150,000 Active 232 DOM
3. 2026-06-17
   days on market $150,000 Active 231 DOM
4. 2026-06-16
   days on market $150,000 Active 230 DOM
5. 2026-06-15
   days on market $150,000 Active 229 DOM
6. 2026-06-14
   days on market $150,000 Active 227 DOM
7. 2026-06-13
   days on market $150,000 Active 226 DOM
8. 2026-06-10
   days on market $150,000 Active 224 DOM
9. 2026-06-09
   days on market $150,000 Active 223 DOM
10. 2026-06-08
    days on market $150,000 Active 222 DOM
11. 2026-06-07
    days on market $150,000 Active 221 DOM
12. 2026-06-05
    days on market $150,000 Active 218 DOM
13. 2026-06-03
    days on market $150,000 Active 217 DOM
14. 2026-06-02
    days on market $150,000 Active 216 DOM
15. 2026-06-01
    days on market $150,000 Active 215 DOM
16. 2026-05-31
    days on market $150,000 Active 214 DOM
17. 2026-05-30
    days on market $150,000 Active 213 DOM
18. 2025-10-28
    listed $150,000 Active 526-char remark

    Show marketing remark (526 chars)

    Grreat investment opportunity, one bedroon duplex, with many upgrades. New windows, new HVAC, and new appliances. . Great location. currently occupied and rented. Currently gross rental income is $1400 a month. current leases are up on 6/15/2026 and 8/15/2026. Duplex has good rental record and is a great investment. contact listing agent for showings. All showings must be setup a minimum of 48 hours in advance and only available at tennants approval. Call today to request a showing. . . Buyer to verify all information. .

19. 2021-12-14
    historical
20. 2021-12-09
    historical
21. 2020-07-24
    listed $69,900
22. 2018-05-04
    soldstatus $52,000
23. 2018-05-04
    soldstatus $52,000
24. 2017-10-19
    listed $57,000
25. 2017-10-19
    listed $57,000
26. 2008-04-28
    listed $62,500
27. 2005-07-15
    soldstatus $50,333
28. 2004-12-03
    listed $60,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $17,005
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$4,364
• Taxable loss: −$1,481
• Est. tax savings @ 24.0%: +$356
• After-tax cash flow: $1,350/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 · 2 photos

Fair 45/100 Moderate rehab

A fair condition multi-family property with moderate rehab needs, including exterior painting and landscaping. Potential for increased value with these improvements.

Repairs flagged

• Moderate siding — Weathered and discolored
• Minor landscaping — Some overgrown vegetation

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both landscaping — Improves curb appeal and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Weathered and discolored	Moderate	$3,000–15,000
landscaping · Some overgrown vegetation	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both landscaping — Improves curb appeal and rental appeal ↑

ⓘ 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

• 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

+150.0% since first listed

11 events — show timeline

• 2025-10-28 Listed $150,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-09 Listing Removed — CPARMLS
• 2020-07-24 Listed $69,900 CPARMLS
• 2018-05-04 Sold (MLS) $52,000 SAMLS
• 2018-05-04 Sold (MLS) $52,000 CPARMLS
• 2017-10-19 Listed $57,000 SAMLS
• 2017-10-19 Listed $57,000 CPARMLS
• 2008-04-28 Listed $62,500 CPARMLS
• 2005-07-15 Sold (MLS) $50,333 CPARMLS
• 2004-12-03 Listed $60,000 CPARMLS