2732 S Pleasant Oak Ct · Upper Grand Lagoon, FL 32408

$125,000

2 bd · 2.0 ba · 700 sqft · Manufactured public records · 24 Days on market

Built 1989 10,759 sqft lot $179/sqft · 29% below area Est $175k · 29% under ↓ 12% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Schools +4.3/10.0
• Livability +3.4/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Mobile home in a favorable area and location in Upper Grand Lagoon of Panama City Beach. Great fixer upper to turn this into a flip and resale or a rental. Monthly rental projections have this at $1300+ a month.

Key facts

• 0.25 acre lot
• Built 1989
• Listed 24 days

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Parking: Unpaved parking
• Home design: Mobile home dimensions reported in feet
• Exterior features: Lot approximately 0.25 acres; Lot dimensions about 80 x 135; City street frontage on a publicly maintained road; Zoned for city residential single-family and mobile home

Interior

• Bedrooms: Two bedrooms on the first floor (each about 10 x 10)
• Bathrooms: Two full bathrooms
• Interior features: Total of 2 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $589 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.2% in Upper Grand Lagoon — 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 67/100 on livability (#583 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B+; Watch: schools D, 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 rising (+2.5%/yr); 1022 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• 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 $123,125 (1.5% below list)

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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.41% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.21%
• DSCR: 1.90
• GRM: 5.9

CMA / ARV

• ARV (median comp): $175,290
• List price: $125,000
• Delta: -28.69%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1219 Thomas Dr #129	0.48mi	2/1.0	768 (+10%)	10mo	$187,000	$243	49
1219 Thomas Dr #164	0.48mi	1/1.0 (-1)	640 (-9%)	11mo	$167,000	$261	45
1219 Thomas Dr #196	0.48mi	2/1.0	776 (+11%)	21mo	$170,000	$219	38
1219 Thomas Dr #190	0.48mi	2/1.5	780 (+11%)	23mo	$235,000	$301	37

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 · 2.55% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.47×
• Total profit: $16,481
• Equity at exit: $18,638

10-year hold

• IRR: 20.5%
• Equity multiple: 2.70×
• Total profit: $59,416
• Equity at exit: $10,808

Cash invested: $35,000 (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 32408

• Rents YoY: 2.5%
• Active inventory: 1022
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,760 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$93 /mo · $1,118/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $589

Break-even live

Break-even rent $1,014

Max offer price $125,000

Occupancy floor 62%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2617 Cypress St Panama City, FL	1.0	1.0	720	$1,300	$1.81	20d	1	1.00mi
2195 Wilkinson St Panama City, FL	1.0–3.0	1.0–2.0	1017	$1,940	$1.91	13d	41	1.15mi
8604 Whelch Dr Panama City, FL	1.0–3.0	1.0–3.0	1087	$2,250	$2.07	13d	18	1.31mi

Listing history 3 events

1. 2026-05-05
   status Active 211-char remark
2. 2026-04-27
   status Pending 211-char remark
3. 2026-04-21
   listed $125,000 Active 211-char remark

ⓘ 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: $1,118 · $93/mo
• Projected year-2 tax: $1,118 · $93/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 ≥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: $21,117
• − Mortgage interest: −$7,002
• − Property taxes: −$1,118
• − Insurance: −$625
• − Repairs & maintenance: −$1,689
• − Management: −$1,689
• − Depreciation: −$3,636
• Taxable income: $5,357
• Est. tax owed @ 24.0%: −$1,286
• After-tax cash flow: $5,788/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 — Upper Grand Lagoon

• Score: 67/100
• State rank: #583
• US rank: #11085

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Upper Grand Lagoon, FL
• County: Bay County · 163,593 people
• City population: 18,326
• Metro: Panama City, FL
• Population (ZIP): 18,832
• Household income: $80,822
• Rent vs Own: 37.0% rent · 63.0% own
• Severe rent burden: 817.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 6% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 4% Italian 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 4% Tagalog/Filipino 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: ▼ -202.52%
• Current HPI: 246.9126
• Rent YoY: ▲ 2.55%
• 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

-12.0% since first listed

6 events — show timeline

• 2026-06-02 Sold (Public Records) $110,000 Public Records
• 2026-05-29 Sold (MLS) $110,000 CPARMLS
• 2026-05-26 Pending — CPARMLS
• 2026-05-05 Relisted — CPARMLS
• 2026-04-27 Pending — CPARMLS
• 2026-04-21 Listed $125,000 CPARMLS

Property tax history

+6.2%/yr

Latest (2025): $1,118 · +22.4% YoY. Source: county tax records.