1209/1211 E 10th St · Panama City, FL 32401

$170,000

4 bd · 2.0 ba · 1,320 sqft · MultiFamily public records · 137 Days on market

Built 1956 $129/sqft · 28% above area Est $165k · at est.

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.2/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex for Sale - Cash Buyers Only. Calling ALL Investors!!!! One side is vacant, featuring a 2-bedroom, 1-bath layout with living room and kitchen, and is ready for a little TLC and your personal touches. The other side is tenant-occupied with a wonderful long-term tenant in place, providing immediate income. Situated on a very large lot with multiple future opportunities for expansion or redevelopment. Prime location just minutes from the marina and downtown.

Key facts

• Built 1956
• Listed 137 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $540/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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: Jinks Middle School (math 41% / reading 42%, grade F, #348 of 571 statewide, top 62%, 570 students, 70% FRL); Bay High School (math 37% / reading 34%, grade F, #367 of 667 statewide, top 57%, 1,255 students, 53% FRL).
• Zoned-school proficiency averages 38% at this address vs 51% district-wide (-12 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 $5k 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.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $48k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.68% ✓
• Cap rate: 13.92%
• Cash-on-cash: 27.23%
• DSCR: 2.21
• GRM: 5.0

CMA / ARV

• ARV (median comp): $165,125
• List price: $170,000
• Delta: 2.95%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 18.3%
• Equity multiple: 1.72×
• Total profit: $34,166
• Equity at exit: $25,348

10-year hold

• IRR: 24.9%
• Equity multiple: 2.91×
• Total profit: $90,718
• Equity at exit: $14,698

Cash invested: $47,600 (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: 9.9×

Monthly cashflow live

• Estimated rent: $2,848 high
• Mortgage (P&I): −$891
• Tax from tax record: −$207 /mo · $2,489/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $1,080

Break-even live

Break-even rent $1,481

Max offer price $170,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,176	-5% $1,128	+0% $1,080	+5% $1,032	+10% $984
Rent	-10% $855	-5% $968	+0% $1,080	+5% $1,193	+10% $1,305
Rate	-1.0pp $1,166	-0.5pp $1,123	base $1,080	+0.5pp $1,036	+1.0pp $991

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,848
Total (2 units)			$2,848

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
725 Sherman Ave Unit B Panama City, FL	3.0	1.0	878	$1,250	$1.42	22d	1	0.55mi
329 N Palo Alto Ave Panama City, FL	3.0	2.0	1300	$1,950	$1.50	15d	1	0.96mi
300 Mercedes Ave Unit 1523335P Panama City, FL	3.0	2.0	1194	$3,807	$3.19	22d	1	1.04mi
2623 E 16th St Unit A Panama City, FL	3.0	2.0	1250	$1,625	$1.30	22d	1	1.21mi
2002 Wilson Ave Panama City, FL	1.0–3.0	1.0–2.0	977	$2,260	$2.31	15d	25	1.47mi
265 15th St Panama City, FL	1.0–3.0	1.0–2.0	967	$1,462	$1.51	15d	4	1.48mi
1525 Oak Ave Panama City, FL	3.0	1.5	1280	$2,200	$1.72	22d	1	1.50mi

Listing history 30 events

1. 2026-06-21
   days on market $170,000 Active 137 DOM
2. 2026-06-19
   days on market $170,000 Active 135 DOM
3. 2026-06-18
   days on market $170,000 Active 134 DOM
4. 2026-06-17
   days on market $170,000 Active 133 DOM
5. 2026-06-16
   days on market $170,000 Active 132 DOM
6. 2026-06-15
   days on market $170,000 Active 131 DOM
7. 2026-06-14
   days on market $170,000 Active 129 DOM
8. 2026-06-13
   days on market $170,000 Active 128 DOM
9. 2026-06-10
   days on market $170,000 Active 126 DOM
10. 2026-06-09
    days on market $170,000 Active 125 DOM
11. 2026-06-08
    days on market $170,000 Active 124 DOM
12. 2026-06-07
    days on market $170,000 Active 123 DOM
13. 2026-06-05
    days on market $170,000 Active 120 DOM
14. 2026-06-03
    days on market $170,000 Active 119 DOM
15. 2026-06-02
    days on market $170,000 Active 118 DOM
16. 2026-06-01
    days on market $170,000 Active 117 DOM
17. 2026-05-31
    days on market $170,000 Active 116 DOM
18. 2026-05-30
    days on market $170,000 Active 115 DOM
19. 2026-02-02
    listed $170,000 Active 466-char remark

    Show marketing remark (466 chars)

    Duplex for Sale - Cash Buyers Only. Calling ALL Investors!!!! One side is vacant, featuring a 2-bedroom, 1-bath layout with living room and kitchen, and is ready for a little TLC and your personal touches. The other side is tenant-occupied with a wonderful long-term tenant in place, providing immediate income. Situated on a very large lot with multiple future opportunities for expansion or redevelopment. Prime location just minutes from the marina and downtown.

20. 2025-01-15
    soldstatus $165,000
21. 2025-01-13
    soldstatus $165,000 Closed 417-char remark

    Show marketing remark (417 chars)

    DUPLEX FOR SALE! * * * UNITS 1209 & 1211 * * * Each unit has 2 bedrooms, 1 bathroom, a living room, and a kitchen. There is also a shared utility room between the two units with washer/dryer hook up. There may be potential to split the lot, but the buyer will have to verify that with the proper authorities. The lot is 140x80 and located on a corner with sidewalk access. Call today for more information.

22. 2024-12-01
    status Pending 417-char remark

    Show marketing remark (417 chars)

    DUPLEX FOR SALE! * * * UNITS 1209 & 1211 * * * Each unit has 2 bedrooms, 1 bathroom, a living room, and a kitchen. There is also a shared utility room between the two units with washer/dryer hook up. There may be potential to split the lot, but the buyer will have to verify that with the proper authorities. The lot is 140x80 and located on a corner with sidewalk access. Call today for more information.

23. 2024-11-21
    status Active 417-char remark

    Show marketing remark (417 chars)

    DUPLEX FOR SALE! * * * UNITS 1209 & 1211 * * * Each unit has 2 bedrooms, 1 bathroom, a living room, and a kitchen. There is also a shared utility room between the two units with washer/dryer hook up. There may be potential to split the lot, but the buyer will have to verify that with the proper authorities. The lot is 140x80 and located on a corner with sidewalk access. Call today for more information.

24. 2024-11-08
    status Pending 417-char remark

    Show marketing remark (417 chars)

    DUPLEX FOR SALE! * * * UNITS 1209 & 1211 * * * Each unit has 2 bedrooms, 1 bathroom, a living room, and a kitchen. There is also a shared utility room between the two units with washer/dryer hook up. There may be potential to split the lot, but the buyer will have to verify that with the proper authorities. The lot is 140x80 and located on a corner with sidewalk access. Call today for more information.

25. 2024-11-05
    price $189,900 417-char remark

    Show marketing remark (417 chars)

    DUPLEX FOR SALE! * * * UNITS 1209 & 1211 * * * Each unit has 2 bedrooms, 1 bathroom, a living room, and a kitchen. There is also a shared utility room between the two units with washer/dryer hook up. There may be potential to split the lot, but the buyer will have to verify that with the proper authorities. The lot is 140x80 and located on a corner with sidewalk access. Call today for more information.

26. 2024-08-28
    listed $199,900 Active 417-char remark

    Show marketing remark (417 chars)

    DUPLEX FOR SALE! * * * UNITS 1209 & 1211 * * * Each unit has 2 bedrooms, 1 bathroom, a living room, and a kitchen. There is also a shared utility room between the two units with washer/dryer hook up. There may be potential to split the lot, but the buyer will have to verify that with the proper authorities. The lot is 140x80 and located on a corner with sidewalk access. Call today for more information.

27. 2020-09-02
    soldstatus $93,429
28. 2020-09-01
    soldstatus $93,500
29. 2020-02-05
    listed $99,000
30. 2014-11-24
    soldstatus $40,000

ⓘ 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: $2,489 · $207/mo
• Projected year-2 tax: $2,489 · $207/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 · 22 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: $34,176
• − Mortgage interest: −$9,523
• − Property taxes: −$2,489
• − Insurance: −$850
• − Repairs & maintenance: −$2,734
• − Management: −$2,734
• − Depreciation: −$4,945
• Taxable income: $10,901
• Est. tax owed @ 24.0%: −$2,616
• After-tax cash flow: $10,346/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

+325.0% since first listed

12 events — show timeline

• 2026-02-02 Listed $170,000 CPARMLS
• 2025-01-15 Sold (Public Records) $165,000 Public Records
• 2025-01-13 Sold (MLS) $165,000 CPARMLS
• 2024-12-01 Pending — CPARMLS
• 2024-11-21 Relisted — CPARMLS
• 2024-11-08 Pending — CPARMLS
• 2024-11-05 Price Changed $189,900 CPARMLS
• 2024-08-28 Listed $199,900 CPARMLS
• 2020-09-02 Sold (Public Records) $93,429 Public Records
• 2020-09-01 Sold (MLS) $93,500 CPARMLS
• 2020-02-05 Listed $99,000 CPARMLS
• 2014-11-24 Sold (Public Records) $40,000 Public Records

Property tax history

+13.2%/yr

Latest (2025): $2,489 · +7.6% YoY. Source: county tax records.