122 Seagrass Way · Panama City Beach, FL 32407

$285,000

3 bd · 3.0 ba · 1,432 sqft · Townhouse public records · 147 Days on market

Built 2005 $199/sqft · 17% below area Est $343k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.6/30.0
• DSCR +4.5/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for the perfect family home? This charming 3-bedroom, 2.5-bathroom house in the lovely Palm Cove neighborhood just moments from the white sand beaches is ready for you!. You'll find a spacious master bedroom on the first floor with a big walk-in closet—great for keeping everything organized. The kitchen has been completely updated with new countertops, modern light fixtures, and new appliances. Plus, there's an oversized pantry for all your snacks and groceries!Conveniently located on the main level, the half bath is perfect for visitors. You'll also enjoy a dedicated laundry room with a washer and dryer included—making laundry days easier. Upstairs, there are two cozy bedrooms that share a nice Jack and Jill bathroom, perfect for the kids! With new light fixtures throughout and easy-to-clean luxury flooring, this home is both stylish and practical. Tile flooring in the common areas makes maintenance a breeze, and new blinds on every window provide comfort and privacy. Located in a friendly community, this home is close to schools, parks, and fun family activities. Don't miss out on this wonderful opportunity—schedule a visit today and make this house your family's new home!

Key facts

• Community pool
• Built 2005
• Listed 147 days

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $285k.

Deal economics

• At list price, monthly cash flow is $68 ($813/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (13.6% below list).
• Recommended offer: $246k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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; 25 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).
• 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 $9k 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 147 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $34k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $195k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $246,353 (13.6% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 14% 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. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• GRM: 9.6

CMA / ARV

• ARV (median comp): $342,503
• List price: $285,000
• Delta: -16.79%
• 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
520 R Jackson Blvd #609	0.34mi	3/3.0	1,448 (+1%)	2mo	$365,000	$252	81
520 N Richard Jackson Blvd Unit 2306	0.34mi	2/2.0 (-1)	1,418 (-1%)	4mo	$290,000	$205	70
11807 Front Beach Rd Unit 1-309	0.59mi	3/2.0	1,431 (-0%)	6mo	$749,000	$523	64
11807 Front Beach Rd #1509	0.59mi	3/2.0	1,431 (-0%)	8mo	$670,000	$468	62
190 Palmeras Marinas Ln	0.54mi	3/2.5	1,470 (+3%)	9mo	$315,000	$214	61
209 Palmeras Marinas Ln	0.58mi	3/2.5	1,459 (+2%)	8mo	$299,900	$206	61
214 Palmeras Marinas Ln	0.59mi	3/2.5	1,470 (+3%)	8mo	$335,400	$228	59
213 Palmeras Marinas Ln	0.59mi	3/2.5	1,470 (+3%)	9mo	$334,900	$228	59
220 Palmeras Marinas Ln	0.60mi	3/2.5	1,459 (+2%)	10mo	$304,900	$209	58
218 Palmeras Marinas Ln	0.60mi	3/2.5	1,459 (+2%)	10mo	$324,900	$223	58
520 Richard Jackson Blvd #2103	0.34mi	2/2.0 (-1)	1,254 (-12%)	11mo	$325,000	$259	46
520 N Richard Jackson Blvd #1301	0.34mi	2/2.0 (-1)	1,254 (-12%)	11mo	$247,000	$197	45

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: -18.0%
• Equity multiple: 0.38×
• Total profit: $-49,103
• Equity at exit: $42,494

10-year hold

• IRR: -17.0%
• Equity multiple: 0.18×
• Total profit: $-65,176
• Equity at exit: $24,642

Cash invested: $79,800 (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: 9.6×

Monthly cashflow live

• Estimated rent: $2,464 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$265 /mo · $3,181/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $68

Break-even live

Break-even rent $2,378

Max offer price $285,000

Occupancy floor 92%

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
175 White Cap Way Unit 1 Panama City Beach, FL	3.0	2.5	1432	$1,750	$1.22	13d	1	0.09mi
11222 Hutchison Blvd Unit 1523347P Panama City Beach, FL	2.0	2.0	1194	$3,907	$3.27	21d	1	0.12mi
104 White Cap Way Panama City Beach, FL	3.0	2.0	1146	$2,700	$2.36	21d	1	0.12mi
11709 Seashore Ln Panama City Beach, FL	3.0	2.0	1269	$2,300	$1.81	13d	1	0.16mi
520 N Richard Jackson Blvd #1912 Panama City Beach, FL	2.0	2.0	1200	$2,375	$1.98	13d	1	0.31mi
98 Paddock Club Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1093	$2,063	$1.89	13d	19	0.31mi
800 Grand Panama Blvd Panama City Beach, FL	3.0	1.0–2.0	978	$2,699	$2.76	13d	30	0.36mi
138 Bonnie Ln Panama City Beach, FL	2.0	1.5	972	$1,599	$1.65	13d	1	0.51mi
136 Bonnie Ln Panama City Beach, FL	2.0	1.5	972	$1,750	$1.80	13d	1	0.51mi
335 Madison Cir Panama City Beach, FL	3.0	3.0	1682	$2,599	$1.55	21d	1	0.54mi
302 Cabana Blvd Panama City Beach, FL	1.0–3.0	1.0–2.0	1184	$1,806	$1.53	13d	15	0.59mi
133 W Leslie Ln Unit 1 Panama City Beach, FL	2.0	1.5	950	$2,200	$2.32	21d	1	0.63mi
12011 Front Beach Rd Unit 1523327P Panama City Beach, FL	2.0	2.0	1076	$3,796	$3.53	13d	1	0.64mi
135 Grande Island Blvd Unit 1355007P Panama City Beach, FL	3.0	3.5	1797	$2,759	$1.54	21d	1	0.74mi
10400 Panama City Beach Pkwy Panama City Beach, FL	1.0–3.0	1.0–2.0	1151	$2,372	$2.06	13d	20	0.83mi
10811 Front Beach Rd Unit 1354928P Panama City Beach, FL	3.0	2.0	1194	$3,463	$2.90	13d	1	0.86mi
10625 Front Beach Rd Unit 1354975P Panama City Beach, FL	2.0	2.0	1140	$3,166	$2.78	13d	1	0.99mi
204 Potters Bluff Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1035	$1,947	$1.88	13d	12	1.09mi
901 Pelican Pl Panama City Beach, FL	2.0	2.0	1746	$1,650	$0.95	21d	1	1.14mi
104 Gulfside Ct Unit 1523320P Panama City Beach, FL	3.0	3.0	1496	$5,020	$3.36	13d	1	1.25mi
998 Gulfside Ct Unit 1523366P Panama City Beach, FL	2.0	2.0	1065	$4,124	$3.87	13d	1	1.26mi
410 Foxtail Way Panama City Beach, FL	3.0	2.0	1676	$2,750	$1.64	21d	1	1.26mi
9815 S Thomas Dr Unit 1523339P Panama City, FL	3.0	2.0	1259	$4,018	$3.19	21d	1	1.29mi
9902 S Thomas Dr Unit 1354966P Panama City Beach, FL	2.0	2.0	1259	$1,970	$1.56	13d	1	1.37mi
900 Clara Ave Panama City Beach, FL	1.0–3.0	1.0–2.0	1134	$2,175	$1.92	13d	15	1.46mi

Listing history 29 events

1. 2026-06-19
   days on market $285,000 Active 147 DOM
2. 2026-06-18
   days on market $285,000 Active 146 DOM
3. 2026-06-17
   days on market $285,000 Active 145 DOM
4. 2026-06-16
   days on market $285,000 Active 144 DOM
5. 2026-06-15
   days on market $285,000 Active 143 DOM
6. 2026-06-14
   days on market $285,000 Active 141 DOM
7. 2026-06-13
   days on market $285,000 Active 140 DOM
8. 2026-06-10
   days on market $285,000 Active 138 DOM
9. 2026-06-09
   days on market $285,000 Active 137 DOM
10. 2026-06-08
    days on market $285,000 Active 136 DOM
11. 2026-06-07
    days on market $285,000 Active 135 DOM
12. 2026-06-05
    days on market $285,000 Active 132 DOM
13. 2026-06-03
    days on market $285,000 Active 131 DOM
14. 2026-06-02
    days on market $285,000 Active 130 DOM
15. 2026-06-01
    days on market $285,000 Active 129 DOM
16. 2026-05-31
    days on market $285,000 Active 128 DOM
17. 2026-05-30
    days on market $285,000 Active 127 DOM
18. 2026-01-23
    listed $319,000 Active 1220-char remark

    Show marketing remark (1220 chars)

    Looking for the perfect family home? This charming 3-bedroom, 2.5-bathroom house in the lovely Palm Cove neighborhood just moments from the white sand beaches is ready for you!. You'll find a spacious master bedroom on the first floor with a big walk-in closet—great for keeping everything organized. The kitchen has been completely updated with new countertops, modern light fixtures, and new appliances. Plus, there's an oversized pantry for all your snacks and groceries!Conveniently located on the main level, the half bath is perfect for visitors. You'll also enjoy a dedicated laundry room with a washer and dryer included—making laundry days easier. Upstairs, there are two cozy bedrooms that share a nice Jack and Jill bathroom, perfect for the kids! With new light fixtures throughout and easy-to-clean luxury flooring, this home is both stylish and practical. Tile flooring in the common areas makes maintenance a breeze, and new blinds on every window provide comfort and privacy. Located in a friendly community, this home is close to schools, parks, and fun family activities. Don't miss out on this wonderful opportunity—schedule a visit today and make this house your family's new home!

19. 2020-10-27
    soldstatus $195,000
20. 2020-10-26
    soldstatus $195,000 503-char remark

    Show marketing remark (503 chars)

    'CURRENTLY UNDER CONTRACT, SELLER ACCEPTING BACKUP OFFERS' Awesome investment opportunity in Palm Cove. Total of three townhomes are available on Seagrass Way. Each townhome has 3 BR's/2.5 baths with a downstairs master. Move in ready. 112 has been freshly painted, new carpet, new stove and new dishwasher. Water heater was replaced this week. Hurry these townhomes are priced to sell. The two additional townhomes are 114 and 122. 112 Seagrass Way also has a screened porch off of the master bedroom.

21. 2020-07-30
    listed $195,000 503-char remark

    Show marketing remark (503 chars)

    'CURRENTLY UNDER CONTRACT, SELLER ACCEPTING BACKUP OFFERS' Awesome investment opportunity in Palm Cove. Total of three townhomes are available on Seagrass Way. Each townhome has 3 BR's/2.5 baths with a downstairs master. Move in ready. 112 has been freshly painted, new carpet, new stove and new dishwasher. Water heater was replaced this week. Hurry these townhomes are priced to sell. The two additional townhomes are 114 and 122. 112 Seagrass Way also has a screened porch off of the master bedroom.

22. 2020-07-05
    historical
23. 2020-05-01
    listed $199,500
24. 2014-07-21
    soldstatus $119,500
25. 2014-07-16
    soldstatus $119,500
26. 2014-04-26
    listed $129,900
27. 2011-12-16
    soldstatus $75,000
28. 2011-12-05
    soldstatus $75,000
29. 2011-04-09
    listed $79,000

ⓘ 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: $3,181 · $265/mo
• Projected year-2 tax: $3,181 · $265/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 · 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: $29,562
• − Mortgage interest: −$15,964
• − Property taxes: −$3,181
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,365
• − Management: −$2,365
• − Depreciation: −$8,291
• Taxable loss: −$4,029
• Est. tax savings @ 24.0%: +$967
• After-tax cash flow: $1,780/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

• 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

+303.8% since first listed

12 events — show timeline

• 2026-01-23 Listed $319,000 CPARMLS
• 2020-10-27 Sold (Public Records) $195,000 Public Records
• 2020-10-26 Sold (MLS) $195,000 CPARMLS
• 2020-07-30 Listed $195,000 CPARMLS
• 2020-07-05 Listing Removed — CPARMLS
• 2020-05-01 Listed $199,500 CPARMLS
• 2014-07-21 Sold (Public Records) $119,500 Public Records
• 2014-07-16 Sold (MLS) $119,500 CPARMLS
• 2014-04-26 Listed $129,900 CPARMLS
• 2011-12-16 Sold (Public Records) $75,000 Public Records
• 2011-12-05 Sold (MLS) $75,000 CPARMLS
• 2011-04-09 Listed $79,000 CPARMLS

Property tax history

+10.0%/yr

Latest (2025): $3,181 · +10.1% YoY. Source: county tax records.