523 E 8th St · Panama City, FL 32401

$189,900

3 bd · 2.0 ba · 1,304 sqft · SingleFamily public records · 57 Days on market

Built 1945 0.27 ac lot $146/sqft · 12% below area Est $215k · 12% 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).

• Cash flow +22.2/30.0
• ARV discount +12.7/15.0
• DSCR +7.1/10.0
• 1% rule +5.0/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great Investment Opportunity or Starter Home! This 3 bedroom, 2 bath home offers 1,304 sq ft on a . 25 acre lot in Panama City, just minutes from downtown, the hospital, shopping, and dining. Recently updated with a new AC system, refreshed showers, and newer appliances, this property is move in ready with key improvements already completed. Inside features durable wood look flooring, an open living area, and a functional kitchen with a center island. Enjoy a covered front porch, ample parking, and a storage shed, adding convenience and extra value. Ideal for a long term rental, primary residence, or portfolio addition in a centrally located area with strong demand.

Key facts

• Wood look flooring
• Functional kitchen
• Refreshed showers

Tags

• NEW AC SYSTEM
• REFRESHED SHOWERS
• NEWER APPLIANCES
• WOOD LOOK FLOORING
• OPEN LIVING AREA
• FUNCTIONAL KITCHEN

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Utilities: Public sewer
• Home design: Single-story property; Entry level: First floor
• Construction: HardiPlank-type siding; Composition/shingle roof
• Exterior features: Covered patio and porch; Porch; Shed(s); Paved lot; City street frontage; Publicly maintained road

Interior

• Kitchen: Convection oven; Electric cooktop
• Bedrooms: Two bedrooms on the first floor (approx. 11.75 x 11.83 and 12 x 11.5)
• Flooring: Luxury vinyl plank
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central heating; Central air
• Interior features: Luxury vinyl plank flooring; Ceiling fan(s)
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/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 $189k (0.3% below list).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 flat; 258 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); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 43% of the median local income ($53k/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 $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 57 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask is 11409% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• 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 $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.00% ✗
• Cap rate: 8.26%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 8.4

CMA / ARV

• ARV (median comp): $214,706
• List price: $189,900
• Delta: -11.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1009 Cone Ave	0.33mi	3/2.0	1,300 (-0%)	15mo	$280,000	$215	72
917 Hamilton Ave	0.21mi	3/2.0	1,158 (-11%)	15mo	$205,500	$177	59
1032 Jenks Ave	0.63mi	3/2.0	1,404 (+8%)	10mo	$312,500	$223	50
902 E 10th Ct	0.47mi	3/2.0	1,144 (-12%)	15mo	$250,000	$219	45
902 E 8th St	0.35mi	3/2.0	1,122 (-14%)	24mo	$240,000	$214	40

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 · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.70×
• Total profit: $-15,772
• Equity at exit: $28,315

10-year hold

• IRR: -2.2%
• Equity multiple: 0.87×
• Total profit: $-6,929
• Equity at exit: $16,419

Cash invested: $53,172 (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 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 258
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,894 high
• Mortgage (P&I): −$996
• Tax from tax record: −$110 /mo · $1,324/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $311

Break-even live

Break-even rent $1,500

Max offer price $189,900

Occupancy floor 79%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
540 E 4th Ct Panama City, FL	2.0	2.0	1196	$1,800	$1.51	21d	1	0.49mi
1114 Mc Kenzie Ave Unit 1 Panama City, FL	2.0	1.0	880	$1,850	$2.10	21d	1	0.51mi
329 N Palo Alto Ave Panama City, FL	3.0	2.0	1300	$1,950	$1.50	13d	1	0.73mi
300 Mercedes Ave Unit 1523335P Panama City, FL	3.0	2.0	1194	$3,807	$3.19	21d	1	0.92mi
603 E 2nd St Panama City, FL	2.0	1.0	900	$1,300	$1.44	21d	1	1.04mi
265 15th St Panama City, FL	1.0–3.0	1.0–2.0	967	$1,462	$1.51	13d	4	1.05mi
725 Sherman Ave Unit B Panama City, FL	3.0	1.0	878	$1,250	$1.42	21d	1	1.14mi
1525 Oak Ave Panama City, FL	3.0	1.5	1280	$2,200	$1.72	21d	1	1.15mi
2002 Wilson Ave Panama City, FL	1.0–3.0	1.0–2.0	977	$2,260	$2.31	13d	25	1.50mi

Listing history 23 events

1. 2026-06-19
   days on market $189,900 Active 57 DOM
2. 2026-06-18
   days on market $189,900 Active 56 DOM
3. 2026-06-17
   days on market $189,900 Active 55 DOM
4. 2026-06-16
   days on market $189,900 Active 54 DOM
5. 2026-06-15
   days on market $189,900 Active 53 DOM
6. 2026-06-14
   days on market $189,900 Active 51 DOM
7. 2026-06-13
   days on market $189,900 Active 50 DOM
8. 2026-06-10
   pricedays on market $189,900 Active 48 DOM
9. 2026-06-09
   days on market $199,900 Active 47 DOM
10. 2026-06-08
    days on market $199,900 Active 46 DOM
11. 2026-06-07
    days on market $199,900 Active 45 DOM
12. 2026-06-05
    days on market $199,900 Active 42 DOM
13. 2026-06-03
    days on market $199,900 Active 41 DOM
14. 2026-06-02
    days on market $199,900 Active 40 DOM
15. 2026-06-01
    days on market $199,900 Active 39 DOM
16. 2026-05-31
    days on market $199,900 Active 38 DOM
17. 2026-05-30
    days on market $199,900 Active 37 DOM
18. 2026-04-29
    listed $1,650
19. 2026-04-23
    listed $199,900 Active 675-char remark
20. 2021-12-14
    historical
21. 2021-12-14
    historical
22. 2013-01-21
    listed $59,000
23. 2010-07-29
    listed $68,000

ⓘ 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: $1,324 · $110/mo
• Projected year-2 tax: $1,576 · $131/mo
• Expected delta: +$252/yr (+$21/mo · 19.0%)

ⓘ 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 ≥105°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: $22,724
• − Mortgage interest: −$10,637
• − Property taxes: −$1,324
• − Insurance: −$950
• − Repairs & maintenance: −$1,818
• − Management: −$1,818
• − Depreciation: −$5,524
• Taxable income: $653
• Est. tax owed @ 24.0%: −$157
• After-tax cash flow: $3,572/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): 18,947
• Household income: $52,523
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 935.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 23% Hispanic / Latino 11% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% German/W. Germanic 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: ▼ -142.12%
• Current HPI: 290.3312
• Rent YoY: ▲ 0.45%
• 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

+179.3% since first listed

7 events — show timeline

• 2026-06-09 Price Changed $189,900 CPARMLS
• 2026-04-29 Listed for Rent $1,650 APPFOLIO
• 2026-04-23 Listed $199,900 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2013-01-21 Listed $59,000 CPARMLS
• 2010-07-29 Listed $68,000 CPARMLS

Property tax history

+5.7%/yr

Latest (2025): $1,324 · +6.7% YoY. Source: county tax records.