205 White Sandy Dr · Panama City Beach, FL 32407

$225,000

2 bd · 2.0 ba · 1,080 sqft · Townhouse public records · 13 Days on market

Built 1988 $208/sqft · 36% below area Est $352k · 36% under

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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 +24.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +6.1/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for your next project? This well cared for townhome is simply in need of a refresh. With 2 bedrooms and 2.5 bathrooms, this home has plenty of living space. Enclosed patios make it live even larger than the square footage shows. The master suite features a separate ''den'' seating area with great views. Ideal location backing up to the community pool. Also, a short stroll to the Gulf! Don't miss your chance to own a like-new beach home at an amazing value! LOW HOA includes: 11 pools (5 heated), shuffleboards, water-front restaurant & pool, mini golf, exercise room, tennis courts, pickleball, playground, WIFI, pest control, termite bond, trash, ground keeping, irrigation, prope

Key facts

• Master suite
• Gated community
• Community pool

Tags

• ENCLOSED PATIOS
• MASTER SUITE
• COMMUNITY POOL
• SHORT STROLL TO THE GULF
• GATED COMMUNITY

Property features AI

Finance

• HOA & community: Homeowners association present; Association amenities include beach access, gated entry, barbecue area, picnic area; Community features include clubhouse, community pool, gated entry, short-term rentals allowed

Exterior

• Security: Gated community with security gate and guard; 24-hour security; Security fence
• Utilities: Electricity available; Public sewer
• Home design: 2 stories; Zoned for single-family and resort
• Exterior features: Enclosed patio; Patio

Interior

• Kitchen: Electric range
• Bedrooms: Second-floor bedroom (12 x 10); Second-floor bedroom (13 x 12)
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Electric heating
• Interior features: Living room on the first floor; Kitchen on the first floor
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $225k.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Cap rate 8.7% vs local median 2.6% in Panama City Beach — 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 78/100 on livability (#172 in FL, #2,624 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities D-, 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 soft (-0.2%/yr); 702 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 37% of the median local income ($81k/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 $2k of loan paydown is wiped out by about $7k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 27y 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 $86k; list at $225k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $225,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.11% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.77%
• DSCR: 1.39
• GRM: 7.5

CMA / ARV

• ARV (median comp): $351,741
• List price: $225,000
• Delta: -36.03%
• 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
206 White Sandy Dr	0.07mi	2/1.5	972 (-10%)	4mo	$310,000	$319	75
10625 Front Beach Rd Unit 601	0.24mi	2/2.0	1,174 (+9%)	1mo	$450,000	$383	73
195 White Sandy Dr	0.11mi	2/2.5	972 (-10%)	10mo	$340,000	$350	68
10625 Front Beach Rd #404	0.24mi	2/2.0	1,146 (+6%)	12mo	$470,000	$410	68
164 Robin Ln	0.36mi	2/2.5	1,044 (-3%)	12mo	$335,000	$321	65
122 Linda Marie Ln	0.20mi	2/2.5	1,188 (+10%)	11mo	$297,500	$250	63
122 Abbie Ln	0.31mi	2/2.5	972 (-10%)	6mo	$340,000	$350	62
9900 S Thomas Dr Unit 1004	0.50mi	2/3.0	1,148 (+6%)	2mo	$335,000	$292	60
9860 S Thomas Dr #1213	0.49mi	1/2.0 (-1)	1,047 (-3%)	9mo	$270,000	$258	60
9860 S Thomas Dr #1519	0.47mi	1/2.0 (-1)	1,047 (-3%)	11mo	$300,000	$287	59
9860 S Thomas Dr #1604	0.50mi	1/2.0 (-1)	1,047 (-3%)	12mo	$282,000	$269	56
137 Cindy Ln	0.36mi	2/1.5	972 (-10%)	10mo	$249,000	$256	56

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.77×
• Total profit: $-14,417
• Equity at exit: $33,548

10-year hold

• IRR: -0.8%
• Equity multiple: 0.95×
• Total profit: $-2,956
• Equity at exit: $19,454

Cash invested: $63,000 (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 32407

• Home prices YoY: -29.5%
• Rents YoY: -0.2%
• Active inventory: 702
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,490 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$233 /mo · $2,797/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $461

Break-even live

Break-even rent $1,907

Max offer price $225,000

Occupancy floor 77%

Sensitivity live

Price	-10% $588	-5% $524	+0% $461	+5% $397	+10% $333
Rent	-10% $264	-5% $362	+0% $461	+5% $559	+10% $657
Rate	-1.0pp $574	-0.5pp $518	base $461	+0.5pp $402	+1.0pp $343

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10625 Front Beach Rd Unit 1354975P Panama City Beach, FL	2.0	2.0	1140	$3,166	$2.78	13d	1	0.22mi
133 W Leslie Ln Unit 1 Panama City Beach, FL	2.0	1.5	950	$2,200	$2.32	21d	1	0.22mi
10811 Front Beach Rd Unit 1354928P Panama City Beach, FL	3.0	2.0	1194	$3,463	$2.90	13d	1	0.24mi
136 Bonnie Ln Panama City Beach, FL	2.0	1.5	972	$1,750	$1.80	13d	1	0.37mi
138 Bonnie Ln Panama City Beach, FL	2.0	1.5	972	$1,599	$1.65	13d	1	0.37mi
104 Gulfside Ct Unit 1523320P Panama City Beach, FL	3.0	3.0	1496	$5,020	$3.36	13d	1	0.41mi
998 Gulfside Ct Unit 1523366P Panama City Beach, FL	2.0	2.0	1065	$4,124	$3.87	13d	1	0.42mi
9815 S Thomas Dr Unit 1523339P Panama City, FL	3.0	2.0	1259	$4,018	$3.19	21d	1	0.45mi
204 Potters Bluff Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1035	$1,651	$1.60	13d	12	0.47mi
9902 S Thomas Dr Unit 1354966P Panama City Beach, FL	2.0	2.0	1259	$1,970	$1.56	13d	1	0.54mi
98 Paddock Club Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1093	$1,751	$1.60	13d	19	0.56mi
9850 S Thomas Dr Unit 1 Panama City Beach, FL	1.0	1.0	700	$2,750	$3.93	21d	1	0.63mi
520 N Richard Jackson Blvd #1912 Panama City Beach, FL	2.0	2.0	1200	$2,375	$1.98	13d	1	0.67mi
11222 Hutchison Blvd Unit 1523347P Panama City Beach, FL	2.0	2.0	1194	$3,907	$3.27	21d	1	0.72mi
104 White Cap Way Panama City Beach, FL	3.0	2.0	1146	$2,700	$2.36	21d	1	0.76mi
175 White Cap Way Unit 1 Panama City Beach, FL	3.0	2.5	1432	$1,750	$1.22	13d	1	0.81mi
10400 Panama City Beach Pkwy Panama City Beach, FL	1.0–3.0	1.0–2.0	1151	$1,890	$1.64	13d	20	0.97mi
11709 Seashore Ln Panama City Beach, FL	3.0	2.0	1269	$2,300	$1.81	13d	1	1.00mi
800 Grand Panama Blvd Panama City Beach, FL	3.0	1.0–2.0	978	$2,299	$2.35	13d	30	1.05mi
12011 Front Beach Rd Unit 1523327P Panama City Beach, FL	2.0	2.0	1076	$3,796	$3.53	13d	1	1.17mi
302 Cabana Blvd Panama City Beach, FL	1.0–3.0	1.0–2.0	1184	$1,550	$1.31	13d	15	1.42mi
2521 Allison Ave Panama City, FL	2.0	2.0	980	$1,450	$1.48	21d	1	1.47mi
2301 Anne Ave Unit 8901 Laird Panama City, FL	2.0	2.0	900	$1,625	$1.81	13d	1	1.50mi

Listing history 9 events

1. 2026-05-08
   listed $225,000 Active 781-char remark
2. 2021-12-14
   historical
3. 2021-12-14
   historical
4. 2010-07-08
   listed $149,900
5. 2010-07-05
   listed $149,900
6. 2000-03-03
   soldstatus $85,500
7. 2000-02-29
   soldstatus $85,500
8. 1999-10-13
   listed $89,900
9. 1989-05-01
   soldstatus $55,900

ⓘ 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: $2,797 · $233/mo
• Projected year-2 tax: $2,797 · $233/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $29,883
• − Mortgage interest: −$12,603
• − Property taxes: −$2,797
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,391
• − Management: −$2,391
• − Depreciation: −$6,545
• Taxable income: $2,031
• Est. tax owed @ 24.0%: −$487
• After-tax cash flow: $5,039/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 Beach

• Score: 78/100
• State rank: #172
• US rank: #2624

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Panama City Beach, FL
• County: Bay County · 163,593 people
• City population: 50,689
• Metro: Panama City, FL
• Population (ZIP): 16,404
• Household income: $80,831
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 939.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Black 10% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Italian 3% Portuguese 2%
• Foreign-born: 12% · Canada, Jamaica, South Korea
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -116.39%
• Current HPI: 277.8875
• Rent YoY: ▼ -0.25%
• 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

+302.5% since first listed

10 events — show timeline

• 2026-05-20 Pending — CPARMLS
• 2026-05-08 Listed $225,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2010-07-08 Listed $149,900 CPARMLS
• 2010-07-05 Listed $149,900 CPARMLS
• 2000-03-03 Sold (Public Records) $85,500 Public Records
• 2000-02-29 Sold (MLS) $85,500 CPARMLS
• 1999-10-13 Listed $89,900 CPARMLS
• 1989-05-01 Sold (Public Records) $55,900 Public Records

Property tax history

+7.9%/yr

Latest (2025): $2,797 · +6.1% YoY. Source: county tax records.