5505 Sun Harbor Rd #213 · Panama City, FL 32401

$168,000

1 bd · 1.0 ba · 540 sqft · Condo public records · 37 Days on market

Built 1984

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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).

• Cash flow +10.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• DSCR +3.1/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Waterfront condo with spectacular sunset views right from your own private furnished balcony. This cozy coastal studio is big on charm, You will have direct gulf access! SHORT-TERM RENTALS ALLOWED! Welcome to resort-style living at Sun Harbor, where comfort, convenience, and true waterfront living come together. This second-level condo offers beautiful unobstructed water views and is perfect as a full-time residence, second home, or rental investment. Inside, you'll find renovated kitchen with new countertops, new cabinets, and a new dishwasher. This condo also includes a washer and dryer for added convenience. Step outside to your private covered balcony and enjoy sparkling water views, p

Key facts

• Direct gulf access
• Waterfront condo
• Renovated kitchen

Tags

• WATERFRONT CONDO
• PRIVATE FURNISHED BALCONY
• DIRECT GULF ACCESS
• UNOBSTRUCTED WATER VIEWS
• RENOVATED KITCHEN
• NEW COUNTERTOPS

Property features AI

Finance

• Other: Building includes dumpster; Units partially furnished
• HOA & community: Has a homeowners association; Association amenities include barbecue and picnic area; Community features include barbecue, playground, waterfront access, community pool, and short-term rental allowed

Exterior

• Parking: Additional paved parking; Parking lot
• Security: Fire sprinkler system; Fire alarm; Smoke detectors
• Utilities: Public sewer
• Home design: Entry level is 2; Has a view; Resort zoning
• Construction: Metal roof; Wood siding
• Exterior features: Balcony; Covered patio/porch; Patio; Porch; Community in-ground pool with electric heat and fenced area; Paved lot; Bay front waterfront; City street and private road frontage; public maintained and maintained road surface

Interior

• Kitchen: Electric cooktop; Electric oven; Electric range
• Bathrooms: One full bathroom on the first level
• Heating & cooling: Electric heating; Ceiling fans; Wall cooling units
• Interior features: Living room; Full bathroom
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $168k.

Deal economics

• At list price, monthly cash flow is $-505 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (3.2% below list).
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $163k (3.2% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 4.7% in Panama City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 2 comparable units currently listed for rent nearby; 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 4 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 $62k; list at $168k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 25% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $162,647 (3.2% 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. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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. 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?
10. 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.
11. 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.
12. 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: 1.13% ✓
• Cap rate: 5.73%
• Cash-on-cash: -2.01%
• DSCR: 0.91
• GRM: 7.4

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: -46.1%
• Equity multiple: -0.35×
• Total profit: $-63,602
• Equity at exit: $25,049

10-year hold

• IRR: —
• Equity multiple: -1.40×
• Total profit: $-113,094
• Equity at exit: $14,526

Cash invested: $47,040 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,895 medium
• Mortgage (P&I): −$881
• Tax from tax record: −$150 /mo · $1,797/yr
• Insurance: −$70
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 1 same-building comp: −$475
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-505

Break-even live

Break-even rent $2,535

Max offer price $78,736

Occupancy floor —

Sensitivity live

Price	-10% $-410	-5% $-458	+0% $-505	+5% $-553	+10% $-600
Rent	-10% $-655	-5% $-580	+0% $-505	+5% $-430	+10% $-356
Rate	-1.0pp $-421	-0.5pp $-463	base $-505	+0.5pp $-549	+1.0pp $-593

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5505 Sun Harbor Rd Unit 1541779P Panama City, FL	1.0	1.0	495	$2,519	$5.09	23d	1	0.03mi
4324 W 20th St Panama City, FL	1.0–3.0	1.0–2.5	1000	$1,135	$1.14	15d	12	0.83mi

HOA detail condo

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

Listing history 27 events

1. 2026-06-21
   days on market $168,000 Active 37 DOM
2. 2026-06-19
   days on market $168,000 Active 35 DOM
3. 2026-06-18
   days on market $168,000 Active 34 DOM
4. 2026-06-17
   days on market $168,000 Active 33 DOM
5. 2026-06-16
   days on market $168,000 Active 32 DOM
6. 2026-06-15
   days on market $168,000 Active 31 DOM
7. 2026-06-14
   days on market $168,000 Active 29 DOM
8. 2026-06-13
   days on market $168,000 Active 28 DOM
9. 2026-06-10
   days on market $168,000 Active 26 DOM
10. 2026-06-09
    days on market $168,000 Active 25 DOM
11. 2026-06-09
    price $168,000 Active 24 DOM
12. 2026-06-08
    days on market $172,000 Active 24 DOM
13. 2026-06-07
    days on market $172,000 Active 23 DOM
14. 2026-06-05
    days on market $172,000 Active 20 DOM
15. 2026-06-03
    days on market $172,000 Active 19 DOM
16. 2026-06-02
    days on market $172,000 Active 18 DOM
17. 2026-06-01
    days on market $172,000 Active 17 DOM
18. 2026-05-31
    days on market $172,000 Active 16 DOM
19. 2026-05-30
    days on market $172,000 Active 15 DOM
20. 2026-05-15
    listed $172,000 Active
21. 2021-12-14
    historical
22. 2021-12-14
    historical
23. 2016-01-09
    soldstatus $62,000
24. 2015-09-21
    listed $64,500
25. 2009-09-17
    listed $109,000
26. 2007-05-08
    listed $199,900
27. 2001-05-15
    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: $1,797 · $150/mo
• Projected year-2 tax: $1,797 · $150/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $22,739
• − Mortgage interest: −$9,411
• − Property taxes: −$1,797
• − Insurance: −$5,958
• − Repairs & maintenance: −$1,819
• − Management: −$1,819
• − HOA: −$5,700
• − Depreciation: −$4,887
• Taxable loss: −$8,652
• Est. tax savings @ 24.0%: +$2,077
• After-tax cash flow: $-3,987/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
• 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

+320.0% since first listed

9 events — show timeline

• 2026-06-09 Price Changed $168,000 CPARMLS
• 2026-05-15 Listed $172,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2016-01-09 Sold (MLS) $62,000 CPARMLS
• 2015-09-21 Listed $64,500 CPARMLS
• 2009-09-17 Listed $109,000 CPARMLS
• 2007-05-08 Listed $199,900 CPARMLS
• 2001-05-15 Sold (Public Records) $40,000 Public Records

Property tax history

+9.4%/yr

Latest (2025): $1,797 · +3.6% YoY. Source: county tax records.