1908 Laurel Ave · Panama City, FL 32405

$549,000

2 bd · 1.0 ba · 3,006 sqft · MultiFamily public records · 110 Days on market

Built 1996 $183/sqft · 21% above area Est $455k · 21% over

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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 +18.4/30.0
• DSCR +5.8/10.0
• Schools +4.3/10.0
• 1% rule +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Quadplex First Floor, 3 Bedroom 2 Bath with Kitchen & Living Room. Second Floor, with private entrance. 2 Each, 2 Bedroom 1 Bath units with Kitchen & Living Room. Best use owners occupy First Floor, Rent/Lease out Second Floor units, per month. All units separately metered both Power and PC Water/Septic. Great way to offset Mortgage. Rent out second floor Pro forma at $1600.00 each per month. Tenants pay their own power and PC utilities. Currently used as a strong investment, Multifamily First floor, with private bedrooms, shared amenities kitchen and 2 baths. Second floor, 2 units with private bedrooms 1 bath, shared amenities kitchen and bath. Rent varies from $175.00 to $225.00 per week per bedroom. January 2026 gross income $6225.00, with 22% vacancy. Current annual Expenses, Taxes $4124.00, Insurance $4000.00, PC utilities $16,000.00. Dimensions and Measurements not verified, Buyer to measure to own satisfaction. All measurements are approximate. All information in this listing is believed to be accurate but must be verified by Buyer or Buyer's agent.

Key facts

• Built 1996
• Listed 109 days

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $549k.

Deal economics

• At list price, monthly cash flow is $509 ($6k/yr) — positive. Per door: $127/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $501k (8.7% below list).
• Recommended offer: $500k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 4.7% in Panama City — 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 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 rising (+1.2%/yr); 381 active listings in the ZIP; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• At $5,013/mo this rent would consume 82% of the median local household income ($73k/yr) (locally 1008% 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 $4k of loan paydown is wiped out by about $16k 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 110 days — a 9% lower offer ($500k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $50k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $117k; list at $549k implies a 369% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; 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 $499,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.91% ✗
• Cap rate: 7.41%
• Cash-on-cash: 3.97%
• DSCR: 1.18
• GRM: 9.1

CMA / ARV

• ARV (median comp): $454,939
• List price: $549,000
• Delta: 20.68%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.57×
• Total profit: $-65,411
• Equity at exit: $81,858

10-year hold

• IRR: -5.4%
• Equity multiple: 0.67×
• Total profit: $-50,330
• Equity at exit: $47,467

Cash invested: $153,720 (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 32405

• Rents YoY: 1.2%
• Active inventory: 381
• Price-to-rent: 36.5×

Monthly cashflow live

• Estimated rent: $5,013 medium
• Mortgage (P&I): −$2,879
• Tax from tax record: −$344 /mo · $4,124/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,053
• Net cashflow: $509

Break-even live

Break-even rent $4,369

Max offer price $549,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$5,012
Total (4 units)			$5,013

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $549,000 Active 110 DOM
2. 2026-06-18
   days on market $549,000 Active 109 DOM
3. 2026-06-17
   days on market $549,000 Active 108 DOM
4. 2026-06-16
   days on market $549,000 Active 107 DOM
5. 2026-06-15
   days on market $549,000 Active 106 DOM
6. 2026-06-14
   days on market $549,000 Active 104 DOM
7. 2026-06-13
   days on market $549,000 Active 103 DOM
8. 2026-06-10
   days on market $549,000 Active 101 DOM
9. 2026-06-09
   days on market $549,000 Active 100 DOM
10. 2026-06-08
    days on market $549,000 Active 99 DOM
11. 2026-06-07
    days on market $549,000 Active 98 DOM
12. 2026-06-05
    days on market $549,000 Active 95 DOM
13. 2026-06-03
    days on market $549,000 Active 94 DOM
14. 2026-06-02
    days on market $549,000 Active 93 DOM
15. 2026-06-01
    days on market $549,000 Active 92 DOM
16. 2026-05-31
    days on market $549,000 Active 91 DOM
17. 2026-05-30
    days on market $549,000 Active 90 DOM
18. 2026-02-25
    listed $599,000 Active 1085-char remark

    Show marketing remark (1085 chars)

    Quadplex First Floor, 3 Bedroom 2 Bath with Kitchen & Living Room. Second Floor, with private entrance. 2 Each, 2 Bedroom 1 Bath units with Kitchen & Living Room. Best use owners occupy First Floor, Rent/Lease out Second Floor units, per month. All units separately metered both Power and PC Water/Septic. Great way to offset Mortgage. Rent out second floor Pro forma at $1600.00 each per month. Tenants pay their own power and PC utilities. Currently used as a strong investment, Multifamily First floor, with private bedrooms, shared amenities kitchen and 2 baths. Second floor, 2 units with private bedrooms 1 bath, shared amenities kitchen and bath. Rent varies from $175.00 to $225.00 per week per bedroom. January 2026 gross income $6225.00, with 22% vacancy. Current annual Expenses, Taxes $4124.00, Insurance $4000.00, PC utilities $16,000.00. Dimensions and Measurements not verified, Buyer to measure to own satisfaction. All measurements are approximate. All information in this listing is believed to be accurate but must be verified by Buyer or Buyer's agent.

19. 2023-05-18
    historical
20. 2022-05-17
    listed $850,000 Active
21. 2022-04-22
    historical
22. 2022-03-22
    listed $850,000 Active
23. 2001-07-19
    soldstatus $117,000

ⓘ 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: $4,124 · $344/mo
• Projected year-2 tax: $4,557 · $380/mo
• Expected delta: +$433/yr (+$36/mo · 10.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 43% 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: $60,156
• − Mortgage interest: −$30,753
• − Property taxes: −$4,124
• − Insurance: −$2,745
• − Repairs & maintenance: −$4,812
• − Management: −$4,812
• − Depreciation: −$15,971
• Taxable loss: −$3,061
• Est. tax savings @ 24.0%: +$735
• After-tax cash flow: $6,841/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): 29,984
• Household income: $73,373
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1008.0

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 (67%)
• Race & ethnicity: White 67% Black 17% Two or more races 8% Hispanic / Latino 7% Native American 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 4% Lithuanian 2% Romanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 6% Arabic 1% French/Haitian/Cajun 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: ▼ -217.88%
• Current HPI: 262.7854
• Rent YoY: ▲ 1.24%
• 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

+412.0% since first listed

6 events — show timeline

• 2026-02-25 Listed $599,000 CPARMLS
• 2023-05-18 Listing Removed — CPARMLS
• 2022-05-17 Listed $850,000 CPARMLS
• 2022-04-22 Listing Removed — CPARMLS
• 2022-03-22 Listed $850,000 CPARMLS
• 2001-07-19 Sold (Public Records) $117,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $4,124 · +7.8% YoY. Source: county tax records.