119 College Ave · Panama City, FL 32401

$724,000

1 bd · 1.0 ba · 3,110 sqft · MultiFamily public records · 18 Days on market

Built 1936 0.41 ac lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +6.5/30.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 1% rule +0.8/10.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

SELLER OFFERING $25,000 TOWARD BUYER CLOSING COSTS, PREPAIDS, OR RATE BUYDOWN! Welcome to 119 College Avenue, an exceptional income-producing property featuring six rental units in a well-maintained, recently remodeled setting, currently generating over $82,000 in gross annual income. Situated on a spacious 0.4-acre corner lot in Flood Zone X (no flood insurance required), the property consists of four total buildings. The primary residence featuring three units has been fully renovated down to the studs and rebuilt with quality finishes throughout, offering three separate rental units (Units 1, 2, and 3) totaling 8 bedrooms and 5 bathrooms, along with a welcoming front porch, three new

Key facts

• 0.41 acre lot
• Built 1936
• Listed 18 days

Property features AI

Finance

• Financial info: Property has a land lease
• HOA & community: Short term rentals allowed

Exterior

• Utilities: Electricity available; Public sewer available
• Home design: Resid Multi-Family zoning
• Construction: Vinyl siding; Shingle roof
• Exterior features: Covered patio; Balcony; Deck; Covered porch; Paved lot

Interior

• Kitchen: Electric cooktop; Electric oven; Electric water heater
• Bedrooms: Multiple bedrooms across units (examples: several first-floor bedrooms and some second-floor bedrooms; unit-level notes say measurements are not exact — buyer to verify)
• Bathrooms: 9 full bathrooms
• Heating & cooling: Central air (multiple units); Electric heating
• Interior features: 15 total rooms; Units are unfurnished

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $724k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative. Per door: $-405/mo.
• To cash-flow at today's rent, offer at most $509k (29.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $418k (42.2% below list).
• Recommended offer: $418k (42.2% below list) — sets the bar for 1% rule.

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; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• At $4,182/mo this rent would consume 96% of the median local household income ($53k/yr) (locally 935% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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 18 days — a 2% lower offer ($713k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 19y 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 $185k; list at $724k implies a 291% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — 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 $418,200 (42.2% 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. 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 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.58% ✗
• Cap rate: 4.28%
• Cash-on-cash: -7.19%
• DSCR: 0.68
• GRM: 14.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -31.3%
• Equity multiple: -0.01×
• Total profit: $-205,371
• Equity at exit: $107,951

10-year hold

• IRR: -49.4%
• Equity multiple: -0.58×
• Total profit: $-320,192
• Equity at exit: $62,598

Cash invested: $202,720 (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: 258
• Price-to-rent: 43.3×

Monthly cashflow live

• Estimated rent: $4,182 high
• Mortgage (P&I): −$3,797
• Tax from tax record: −$420 /mo · $5,039/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$878
• Net cashflow: $-1,215

Break-even live

Break-even rent $5,719

Max offer price $509,451

Occupancy floor —

Sensitivity live

Price	-10% $-805	-5% $-1,010	+0% $-1,215	+5% $-1,419	+10% $-1,624
Rent	-10% $-1,545	-5% $-1,380	+0% $-1,215	+5% $-1,049	+10% $-884
Rate	-1.0pp $-850	-0.5pp $-1,030	base $-1,215	+0.5pp $-1,402	+1.0pp $-1,593

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$4,182
Total (3 units)			$4,182

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: $181,000
• Closing costs: $21,720
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $724,000 Active 18 DOM
2. 2026-06-18
   days on market $724,000 Active 17 DOM
3. 2026-06-17
   days on market $724,000 Active 16 DOM
4. 2026-06-16
   days on market $724,000 Active 15 DOM
5. 2026-06-15
   days on market $724,000 Active 14 DOM
6. 2026-06-14
   days on market $724,000 Active 12 DOM
7. 2026-06-13
   days on market $724,000 Active 11 DOM
8. 2026-06-10
   days on market $724,000 Active 9 DOM
9. 2026-06-09
   days on market $724,000 Active 8 DOM
10. 2026-06-08
    days on market $724,000 Active 7 DOM
11. 2026-06-07
    days on market $724,000 Active 6 DOM
12. 2026-06-05
    days on market $724,000 Active 3 DOM
13. 2026-06-03
    days on market $724,000 Active 2 DOM
14. 2026-06-01
    remarks 699-char remark
15. 2026-06-01
    listed $724,000 Active 1 DOM

ⓘ 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: $5,039 · $420/mo
• Projected year-2 tax: $6,009 · $501/mo
• Expected delta: +$970/yr (+$81/mo · 19.3%)

ⓘ 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 10/10 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: $50,184
• − Mortgage interest: −$40,555
• − Property taxes: −$5,039
• − Insurance: −$3,620
• − Repairs & maintenance: −$4,015
• − Management: −$4,015
• − Depreciation: −$21,062
• Taxable loss: −$28,121
• Est. tax savings @ 24.0%: +$6,749
• After-tax cash flow: $-7,825/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

+221.8% since first listed

41 events — show timeline

• 2026-06-01 Listed $724,000 CPARMLS
• 2024-12-06 Listing Removed — CPARMLS
• 2024-11-09 Price Changed $769,000 ECAR
• 2024-11-08 Price Changed $769,000 CPARMLS
• 2024-10-11 Rental Removed $1,300 RENT.
• 2024-08-15 Listed for Rent $1,300 RENT.
• 2024-07-16 Listed $779,000 ECAR
• 2024-06-21 Listed $779,000 CPARMLS
• 2023-12-01 Rental Removed $1,325 APPFOLIO
• 2023-10-28 Price Changed $1,325 APPFOLIO
• 2023-10-21 Listing Removed — CPARMLS
• 2023-10-09 Listed for Rent $1,500 APPFOLIO
• 2023-10-03 Price Changed $775,000 ECAR
• 2023-10-03 Price Changed $775,000 CPARMLS
• 2023-08-26 Price Changed $785,000 ECAR
• 2023-08-26 Price Changed $785,000 CPARMLS
• 2023-08-02 Rental Removed $1,600 APPFOLIO
• 2023-07-13 Listed for Rent $1,600 APPFOLIO
• 2023-07-11 Price Changed $799,000 ECAR
• 2023-07-11 Price Changed $799,000 CPARMLS
• 2023-06-23 Price Changed $809,000 ECAR
• 2023-06-23 Price Changed $809,000 CPARMLS
• 2023-05-05 Listed $815,000 ECAR
• 2023-05-03 Listed $815,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2017-07-07 Sold (Public Records) $185,000 Public Records
• 2017-06-30 Sold (Public Records) $185,000 Public Records
• 2017-06-30 Sold (MLS) $185,000 CPARMLS
• 2017-04-04 Listed $229,000 CPARMLS
• 2016-02-23 Sold (Public Records) $190,000 Public Records
• 2016-02-19 Sold (MLS) $190,000 CPARMLS
• 2015-09-14 Listed $209,900 CPARMLS
• 2014-12-16 Sold (Public Records) $120,000 Public Records
• 2014-12-12 Sold (MLS) $120,000 CPARMLS
• 2014-11-03 Listed $149,000 CPARMLS
• 2011-02-28 Listed $149,900 CPARMLS
• 2009-08-06 Listed $169,900 CPARMLS
• 2007-07-02 Sold (Public Records) $180,000 Public Records
• 2007-06-29 Sold (MLS) $180,000 CPARMLS
• 2007-05-19 Listed $225,000 CPARMLS

Property tax history

+11.1%/yr

Latest (2025): $5,039 · +4.4% YoY. Source: county tax records.