112 Fairway Blvd #105 · Panama City Beach, FL 32407

$184,900

1 bd · 1.0 ba · 1,200 sqft · Condo public records · 180 Days on market

Built 1972 $154/sqft · 12% below area Est $210k · 12% under

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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 +12.9/15.0
• Cash flow +4.9/30.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Live where golf course views and coastal convenience come together. This ground-floor condo offers easy walkout access to a lush green lawn and a spacious, versatile layout that can function as two bedrooms or a one-bedroom plus office or den. The oversized enclosed patio extends your living space and provides the perfect spot to relax. Residents enjoy access to a community pool, clubhouse, and golf course just steps away - all only minutes from the beach. No pets or short-term rentals allowed. Don't miss this opportunity.

Key facts

• Easy walkout access
• Community pool
• Ground-floor condo

Tags

• GROUND-FLOOR CONDO
• EASY WALKOUT ACCESS
• OVERSIZED ENCLOSED PATIO
• COMMUNITY POOL
• MINUTES FROM THE BEACH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-440 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (16.3% below list).
• Recommended offer: $155k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 3.4% 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; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 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 $1k of loan paydown is wiped out by about $6k 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 180 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 21y 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 $160k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,693 (16.3% 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 180 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 0.84% ✗
• Cap rate: 3.44%
• Cash-on-cash: -10.20%
• DSCR: 0.55
• GRM: 10.0

CMA / ARV

• ARV (median comp): $209,901
• List price: $184,900
• Delta: -11.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -39.3%
• Equity multiple: -0.20×
• Total profit: $-62,258
• Equity at exit: $27,569

10-year hold

• IRR: -93.9%
• Equity multiple: -1.06×
• Total profit: $-106,763
• Equity at exit: $15,987

Cash invested: $51,772 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,547 high
• Mortgage (P&I): −$970
• Tax from tax record: −$170 /mo · $2,045/yr
• Insurance: −$77
• HOA est. from 3 same-building comps: −$445
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $-440

Break-even live

Break-even rent $2,104

Max offer price $107,175

Occupancy floor —

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Lighthouse Rd Panama City Beach, FL	2.0	2.0	965	$1,500	$1.55	21d	1	0.26mi
900 Clara Ave Panama City Beach, FL	1.0–3.0	1.0–2.0	1134	$1,425	$1.26	13d	15	0.43mi
1105 Clara Ave Panama City Beach, FL	3.0	1.0–2.0	938	$1,626	$1.73	13d	14	0.44mi
505 Anemone St Unit 1511627P Panama City Beach, FL	2.0	2.0	990	$3,929	$3.97	21d	1	0.64mi
15817 Front Beach Rd Unit 1523369P Panama City Beach, FL	1.0	2.0	839	$5,602	$6.68	13d	1	0.68mi
231 Poinsettia Dr Unit A Panama City Beach, FL	2.0	2.0	840	$1,500	$1.79	21d	1	0.74mi
14701 Front Beach Rd Unit 1523326P Panama City Beach, FL	2.0	2.0	1302	$3,263	$2.51	21d	1	1.03mi
302 Cabana Blvd Panama City Beach, FL	1.0–3.0	1.0–2.0	1184	$1,293	$1.09	13d	15	1.22mi
201 Hills Rd Panama City Beach, FL	1.0–2.0	1.0–2.0	994	$1,550	$1.56	21d	20	1.29mi

HOA detail condo

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

Listing history 50 events

1. 2026-06-19
   days on market $184,900 Active 180 DOM
2. 2026-06-18
   days on market $184,900 Active 179 DOM
3. 2026-06-17
   days on market $184,900 Active 178 DOM
4. 2026-06-16
   days on market $184,900 Active 177 DOM
5. 2026-06-15
   days on market $184,900 Active 176 DOM
6. 2026-06-14
   days on market $184,900 Active 174 DOM
7. 2026-06-13
   days on market $184,900 Active 173 DOM
8. 2026-06-10
   days on market $184,900 Active 171 DOM
9. 2026-06-09
   days on market $184,900 Active 170 DOM
10. 2026-06-08
    days on market $184,900 Active 169 DOM
11. 2026-06-07
    days on market $184,900 Active 168 DOM
12. 2026-06-05
    days on market $184,900 Active 165 DOM
13. 2026-06-03
    days on market $184,900 Active 164 DOM
14. 2026-06-02
    days on market $184,900 Active 163 DOM
15. 2026-06-01
    days on market $184,900 Active 162 DOM
16. 2026-05-31
    days on market $184,900 Active 161 DOM
17. 2026-05-30
    days on market $184,900 Active 160 DOM
18. 2026-01-03
    historical $1,500
19. 2025-12-21
    listed $184,900 Active 528-char remark

    Show marketing remark (528 chars)

    Live where golf course views and coastal convenience come together. This ground-floor condo offers easy walkout access to a lush green lawn and a spacious, versatile layout that can function as two bedrooms or a one-bedroom plus office or den. The oversized enclosed patio extends your living space and provides the perfect spot to relax. Residents enjoy access to a community pool, clubhouse, and golf course just steps away - all only minutes from the beach. No pets or short-term rentals allowed. Don't miss this opportunity.

20. 2025-08-19
    listed $1,500
21. 2024-01-21
    historical $1,700
22. 2023-10-20
    listed $1,700
23. 2022-10-11
    historical
24. 2022-10-11
    historical
25. 2022-10-11
    historical
26. 2022-10-02
    price $199,900
27. 2022-10-02
    price $199,900
28. 2022-10-02
    price $199,900
29. 2022-09-13
    price $207,900
30. 2022-09-13
    price $207,900
31. 2022-09-13
    price $207,900
32. 2022-08-31
    price $208,900
33. 2022-08-31
    price $208,900
34. 2022-08-31
    price $208,900
35. 2022-08-17
    listed $229,900 Active
36. 2022-08-17
    listed $229,900 Active
37. 2022-08-12
    listed $229,900 Active
38. 2022-01-24
    soldstatus $160,000
39. 2022-01-20
    soldstatus $160,000
40. 2021-10-27
    listed $165,000
41. 2020-08-10
    historical
42. 2019-03-29
    listed $159,000
43. 2016-03-25
    historical
44. 2016-01-21
    listed $126,000
45. 2012-09-24
    soldstatus $40,500
46. 2012-09-19
    soldstatus $40,500
47. 2011-12-12
    listed $49,900
48. 2005-09-21
    soldstatus $103,100
49. 2005-07-06
    soldstatus $229,000
50. 2005-07-01
    soldstatus $229,000

ⓘ 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: $2,045 · $170/mo
• Projected year-2 tax: $2,045 · $170/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 5/10 Major
• 🌡 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: $18,563
• − Mortgage interest: −$10,357
• − Property taxes: −$2,045
• − Insurance: −$924
• − Repairs & maintenance: −$1,485
• − Management: −$1,485
• − HOA: −$5,340
• − Depreciation: −$5,379
• Taxable loss: −$8,452
• Est. tax savings @ 24.0%: +$2,029
• After-tax cash flow: $-3,251/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

-99.4% since first listed

34 events — show timeline

• 2026-01-03 Rental Removed $1,500 APPFOLIO
• 2025-12-21 Listed $184,900 CPARMLS
• 2025-08-19 Listed for Rent $1,500 APPFOLIO
• 2024-01-21 Rental Removed $1,700 APPFOLIO
• 2023-10-20 Listed for Rent $1,700 APPFOLIO
• 2022-10-11 Delisted — ECAR
• 2022-10-11 Listing Removed — NAMLS
• 2022-10-11 Listing Removed — CPARMLS
• 2022-10-02 Price Changed $199,900 ECAR
• 2022-10-02 Price Changed $199,900 NAMLS
• 2022-10-02 Price Changed $199,900 CPARMLS
• 2022-09-13 Price Changed $207,900 ECAR
• 2022-09-13 Price Changed $207,900 NAMLS
• 2022-09-13 Price Changed $207,900 CPARMLS
• 2022-08-31 Price Changed $208,900 ECAR
• 2022-08-31 Price Changed $208,900 NAMLS
• 2022-08-31 Price Changed $208,900 CPARMLS
• 2022-08-17 Listed $229,900 ECAR
• 2022-08-17 Listed $229,900 NAMLS
• 2022-08-12 Listed $229,900 CPARMLS
• 2022-01-24 Sold (Public Records) $160,000 Public Records
• 2022-01-20 Sold (MLS) $160,000 CPARMLS
• 2021-10-27 Listed $165,000 CPARMLS
• 2020-08-10 Listing Removed — CPARMLS
• 2019-03-29 Listed $159,000 CPARMLS
• 2016-03-25 Listing Removed — CPARMLS
• 2016-01-21 Listed $126,000 CPARMLS
• 2012-09-24 Sold (Public Records) $40,500 Public Records
• 2012-09-19 Sold (MLS) $40,500 CPARMLS
• 2011-12-12 Listed $49,900 CPARMLS
• 2005-09-21 Sold (Public Records) $103,100 Public Records
• 2005-07-06 Sold (Public Records) $229,000 Public Records
• 2005-07-01 Sold (MLS) $229,000 CPARMLS
• 2005-03-29 Listed $239,900 CPARMLS

Property tax history

+10.8%/yr

Latest (2025): $2,045 · +3.6% YoY. Source: county tax records.