3902 Solano Rd · Panama City, FL 32405

$180,000

3 bd · 3.0 ba · 1,401 sqft · Townhouse public records · 103 Days on market

Built 1983 2,222 sqft lot Est $233k · 23% under

---

Why this score? — see what drove the C+ 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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +5.7/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This spacious 3-bedroom, 2.5-bath townhouse is centrally located and designed for comfortable everyday living. The first floor features an open great room, dining area, and a fully equipped kitchen, along with a convenient half bath. Upstairs you'll find the primary bedroom with an en-suite bath, two additional guest bedrooms, and a full bathroom. Additional features include a dedicated laundry room, covered back patio, and a fenced backyard, ideal for relaxing or entertaining. The property is located in a quiet, peaceful neighborhood close to shopping, parks, restaurants, hospitals, and schools. Just a short drive to Panama City Beach and Tyndall Air Force Base.

Key facts

• Open great room
• Covered back patio
• Fenced backyard

Tags

• OPEN GREAT ROOM
• FULLY EQUIPPED KITCHEN
• DEDICATED LAUNDRY ROOM
• COVERED BACK PATIO
• FENCED BACKYARD
• QUIET PEACEFUL NEIGHBORHOOD

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Utilities: Public sewer
• Home design: Two-story residence
• Construction: Composition/shingle roof; Slab foundation; Mobile dimensions listed in feet
• Exterior features: Paved lot; City street frontage; Publicly maintained road

Interior

• Kitchen: Electric cooktop
• Bedrooms: Three bedrooms (all on the second floor)
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Second-floor bedrooms and primary bedroom
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $180k.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $164k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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.
• Zoned schools: Northside Elementary School (math 49% / reading 45%, grade D-, #1,191 of 2,144 statewide, top 57%, 598 students, 59% FRL); Mowat Middle School (math 49% / reading 51%, grade C, #254 of 571 statewide, top 45%, 868 students, 49% FRL); A. Crawford Mosley High School (math 51% / reading 55%, grade C-, #148 of 667 statewide, top 23%, 1,901 students, 36% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 380 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 31% of the median local income ($73k/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 $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 103 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.07% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $232,566
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 Palermo Rd	0.03mi	3/2.5	1,401 (0%)	9mo	$196,600	$140	89
4036 Woodridge Rd	0.25mi	2/2.0 (-1)	1,324 (-6%)	6mo	$220,000	$166	65

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 · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-11,584
• Equity at exit: $26,839

10-year hold

• IRR: 1.1%
• Equity multiple: 1.07×
• Total profit: $3,615
• Equity at exit: $15,563

Cash invested: $50,400 (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: 380
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,918 high
• Mortgage (P&I): −$944
• Tax from tax record: −$168 /mo · $2,012/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $329

Break-even live

Break-even rent $1,502

Max offer price $180,000

Occupancy floor 78%

Sensitivity live

Price	-10% $430	-5% $380	+0% $329	+5% $278	+10% $227
Rent	-10% $177	-5% $253	+0% $329	+5% $404	+10% $480
Rate	-1.0pp $419	-0.5pp $374	base $329	+0.5pp $282	+1.0pp $235

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3938 Solano Rd Unit 3938 Panama City, FL	3.0	2.5	1450	$1,800	$1.24	22d	1	0.11mi
3900 Arbor Trace Dr Lynn Haven, FL	2.0–3.0	2.0	1520	$1,854	$1.22	15d	34	0.11mi
1125 Bradley Cir Lynn Haven, FL	3.0	2.0	1190	$1,850	$1.55	15d	1	0.32mi
604 Mallory Dr Panama City, FL	3.0	2.0	1799	$2,500	$1.39	15d	1	0.41mi
3502 Jenks Ave Panama City, FL	1.0–3.0	1.0–2.0	1176	$1,850	$1.57	15d	24	0.60mi
1345 Capri Dr Panama City, FL	3.0	2.5	1572	$1,925	$1.22	15d	1	0.82mi
1117 Blazing Star St Panama City, FL	3.0	2.0	1800	$2,500	$1.39	22d	1	1.12mi
3100 Sweetbay Ave Panama City, FL	1.0–3.0	1.0–2.0	957	$2,168	$2.26	15d	26	1.17mi
2305 Minnesota Ave Lynn Haven, FL	4.0	2.0	1692	$1,950	$1.15	15d	1	1.36mi
2870 Harrison Ave Panama City, FL	1.0–3.0	1.0–2.0	1230	$1,770	$1.44	22d	1	1.39mi
108 Baldwin Rowe Cir Panama City, FL	3.0	2.5	1604	$2,350	$1.47	22d	1	1.41mi
2950 Harrison Ave Panama City, FL	1.0–3.0	1.0–2.0	1199	$1,725	$1.44	22d	6	1.41mi

Listing history 7 events

1. 2026-05-12
   status Pending
2. 2026-02-14
   price $180,000
3. 2026-01-28
   listed $195,000 Active
4. 2021-12-14
   historical
5. 2021-12-14
   historical
6. 2009-11-16
   listed $100,000
7. 2005-06-04
   listed $140,000

ⓘ 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: $2,012 · $168/mo
• Projected year-2 tax: $2,012 · $168/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 ≥104°F today · 22 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: $23,016
• − Mortgage interest: −$10,083
• − Property taxes: −$2,012
• − Insurance: −$900
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$5,236
• Taxable income: $1,102
• Est. tax owed @ 24.0%: −$265
• After-tax cash flow: $3,679/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

+28.6% since first listed

7 events — show timeline

• 2026-05-12 Pending — CPARMLS
• 2026-02-14 Price Changed $180,000 CPARMLS
• 2026-01-28 Listed $195,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2009-11-16 Listed $100,000 CPARMLS
• 2005-06-04 Listed $140,000 CPARMLS

Property tax history

+5.9%/yr

Latest (2025): $2,012 · +6.8% YoY. Source: county tax records.