3704 Burnham Way · Panama City, FL 32405

$165,000

3 bd · 2.0 ba · 1,040 sqft · SingleFamily public records · 190 Days on market

Built 1990 2,919 sqft lot $159/sqft · 22% below area Est $212k · 22% under

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Why this score? — see what drove the B- 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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +5.3/10.0
• 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 MLS

Don't miss this single story 3-bedroom, 2-bath attached home. With tile throughout the main living areas, you will enjoy the roomy living room, dining room and kitchen with updated appliances. The refrigerator was replaced in 2025, dishwasher (Bosch) in 2024, and stove in 2023. There was a new roof put on in 2025 with Peel N Stick underlayment added, HVAC was replaced in 2022 and the water heater in 2024. The electrical panel is Siemens and was replaced in 2024. Even the bedroom windows were replaced. There is a stand-up freezer, and washer and dryer that come with the home. Each bedroom has a ceiling fan and laminate flooring. The guest bath has a tub/shower insert and a single vanity while the master bath has a new toilet, walk in tub/shower and single vanity. There is 6'' of insulation in the attic to help with the electric bill. There is enough room to park 3 cars out front and with the double gate in the front you can easily park a boat or camper in the front yard. Located next to Lucille Moore Elementary and on a dead-end road for low traffic this is a perfect home. The city bus has convenient pick-up right on Michigan which is a nice feature. The front and back yards are fenced and there is a small storage closet in the back yard. There is a cluster mailbox at the end of the street. Electric is through Florida Power and Light, Water/Sewer/Garbage is through City of Panama City and Internet/Cable is available through the main offerings (AT & T, Infinity and Wow). Make plans to see this one today! It would make a perfect primary home, second home or rental.

Key facts

• Updated appliances
• Hvac replaced
• Ceiling fan

Tags

• UPDATED APPLIANCES
• NEW ROOF
• HVAC REPLACED
• WATER HEATER
• ELECTRICAL PANEL
• CEILING FAN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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); 382 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $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 190 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; list at $165k implies a 187% gain — meaningful room to come down on a strong offer.

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 $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.03% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.35%
• DSCR: 1.42
• GRM: 8.1

CMA / ARV

• ARV (median comp): $212,099
• List price: $165,000
• Delta: -22.21%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2208 Owens Cir	0.24mi	3/1.5	996 (-4%)	8mo	$223,000	$224	73
2115 High Ave	0.48mi	2/1.5 (-1)	1,064 (+2%)	0mo	$350,000	$329	66
3915 W 20th Ct	0.18mi	3/2.0	1,164 (+12%)	7mo	$278,000	$239	66
1909 Wilmont Ave	0.57mi	3/2.0	1,107 (+6%)	4mo	$200,000	$181	59
3942 W 21st Pl	0.27mi	3/2.0	1,196 (+15%)	7mo	$237,000	$198	57
1708 Lake Ave	0.46mi	2/1.0 (-1)	1,000 (-4%)	9mo	$110,000	$110	56
1814 Mound Ave	0.40mi	3/1.0	1,158 (+11%)	4mo	$100,000	$86	55
2404 Drummond Ave	0.51mi	2/1.0 (-1)	975 (-6%)	7mo	$170,000	$174	51
3009 W 20th Ct	0.38mi	2/1.0 (-1)	902 (-13%)	8mo	$190,000	$211	45
4027 W 24th Ct	0.55mi	2/2.0 (-1)	900 (-14%)	8mo	$255,000	$283	40
2600 W 18th St	0.74mi	3/1.0	912 (-12%)	1mo	$75,000	$82	40
2505 W 21st St	0.74mi	2/1.0 (-1)	912 (-12%)	7mo	$205,000	$225	30

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: -4.0%
• Equity multiple: 0.85×
• Total profit: $-6,840
• Equity at exit: $24,602

10-year hold

• IRR: 3.7%
• Equity multiple: 1.25×
• Total profit: $11,559
• Equity at exit: $14,266

Cash invested: $46,200 (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: 382
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,700 high
• Mortgage (P&I): −$865
• Tax from tax record: −$49 /mo · $586/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $360

Break-even live

Break-even rent $1,244

Max offer price $165,000

Occupancy floor 74%

Sensitivity live

Price	-10% $453	-5% $407	+0% $360	+5% $313	+10% $267
Rent	-10% $226	-5% $293	+0% $360	+5% $427	+10% $494
Rate	-1.0pp $443	-0.5pp $402	base $360	+0.5pp $317	+1.0pp $274

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3722 Burnham Way Panama City, FL	3.0	2.0	1040	$1,600	$1.54	22d	1	0.05mi
1913 Laurel Ave Unit A Panama City, FL	2.0	2.5	1238	$1,725	$1.39	14d	1	0.31mi
4105 W 22nd St Unit 4105 Panama City, FL	3.0	2.0	1000	$1,395	$1.40	22d	1	0.33mi
4324 W 20th St Panama City, FL	1.0–3.0	1.0–2.5	1000	$1,630	$1.63	14d	12	0.57mi
4455 W 19th St #17 Panama City, FL	2.0	1.5	1104	$1,400	$1.27	22d	1	0.59mi
1710 Drake Ave Panama City, FL	3.0	2.0	1130	$1,850	$1.64	22d	1	0.74mi
1804 Arthur Ave Panama City, FL	3.0	1.5	1044	$1,795	$1.72	22d	1	0.88mi
2602 W 12th St Panama City, FL	3.0	2.0	1400	$2,095	$1.50	22d	1	1.22mi
1301 Frankford Ave Apt B104 Panama City, FL	2.0	1.0	780	$1,000	$1.28	14d	1	1.33mi

Listing history 32 events

1. 2026-06-21
   days on market $165,000 Active 190 DOM
2. 2026-06-19
   days on market $165,000 Active 188 DOM
3. 2026-06-18
   days on market $165,000 Active 187 DOM
4. 2026-06-17
   days on market $165,000 Active 186 DOM
5. 2026-06-16
   days on market $165,000 Active 185 DOM
6. 2026-06-15
   days on market $165,000 Active 184 DOM
7. 2026-06-14
   days on market $165,000 Active 182 DOM
8. 2026-06-13
   days on market $165,000 Active 181 DOM
9. 2026-06-10
   days on market $165,000 Active 179 DOM
10. 2026-06-09
    days on market $165,000 Active 178 DOM
11. 2026-06-08
    days on market $165,000 Active 177 DOM
12. 2026-06-07
    days on market $165,000 Active 176 DOM
13. 2026-06-05
    days on market $165,000 Active 173 DOM
14. 2026-06-03
    days on market $165,000 Active 172 DOM
15. 2026-06-02
    days on market $165,000 Active 171 DOM
16. 2026-06-01
    days on market $165,000 Active 170 DOM
17. 2026-05-31
    days on market $165,000 Active 169 DOM
18. 2026-05-30
    days on market $165,000 Active 168 DOM
19. 2026-03-10
    price $170,000 1596-char remark

    Show marketing remark (1596 chars)

    Don't miss this single story 3-bedroom, 2-bath attached home. With tile throughout the main living areas, you will enjoy the roomy living room, dining room and kitchen with updated appliances. The refrigerator was replaced in 2025, dishwasher (Bosch) in 2024, and stove in 2023. There was a new roof put on in 2025 with Peel N Stick underlayment added, HVAC was replaced in 2022 and the water heater in 2024. The electrical panel is Siemens and was replaced in 2024. Even the bedroom windows were replaced. There is a stand-up freezer, and washer and dryer that come with the home. Each bedroom has a ceiling fan and laminate flooring. The guest bath has a tub/shower insert and a single vanity while the master bath has a new toilet, walk in tub/shower and single vanity. There is 6'' of insulation in the attic to help with the electric bill. There is enough room to park 3 cars out front and with the double gate in the front you can easily park a boat or camper in the front yard. Located next to Lucille Moore Elementary and on a dead-end road for low traffic this is a perfect home. The city bus has convenient pick-up right on Michigan which is a nice feature. The front and back yards are fenced and there is a small storage closet in the back yard. There is a cluster mailbox at the end of the street. Electric is through Florida Power and Light, Water/Sewer/Garbage is through City of Panama City and Internet/Cable is available through the main offerings (AT & T, Infinity and Wow). Make plans to see this one today! It would make a perfect primary home, second home or rental.

20. 2025-12-04
    listed $175,000 Active 1596-char remark

    Show marketing remark (1596 chars)

    Don't miss this single story 3-bedroom, 2-bath attached home. With tile throughout the main living areas, you will enjoy the roomy living room, dining room and kitchen with updated appliances. The refrigerator was replaced in 2025, dishwasher (Bosch) in 2024, and stove in 2023. There was a new roof put on in 2025 with Peel N Stick underlayment added, HVAC was replaced in 2022 and the water heater in 2024. The electrical panel is Siemens and was replaced in 2024. Even the bedroom windows were replaced. There is a stand-up freezer, and washer and dryer that come with the home. Each bedroom has a ceiling fan and laminate flooring. The guest bath has a tub/shower insert and a single vanity while the master bath has a new toilet, walk in tub/shower and single vanity. There is 6'' of insulation in the attic to help with the electric bill. There is enough room to park 3 cars out front and with the double gate in the front you can easily park a boat or camper in the front yard. Located next to Lucille Moore Elementary and on a dead-end road for low traffic this is a perfect home. The city bus has convenient pick-up right on Michigan which is a nice feature. The front and back yards are fenced and there is a small storage closet in the back yard. There is a cluster mailbox at the end of the street. Electric is through Florida Power and Light, Water/Sewer/Garbage is through City of Panama City and Internet/Cable is available through the main offerings (AT & T, Infinity and Wow). Make plans to see this one today! It would make a perfect primary home, second home or rental.

21. 2021-12-14
    historical
22. 2021-12-14
    historical
23. 2016-07-21
    soldstatus $57,500
24. 2016-05-05
    listed $52,500
25. 2014-04-12
    listed $54,000
26. 2009-01-15
    listed $89,900
27. 2007-05-23
    soldstatus $86,000
28. 2007-03-26
    listed $89,900
29. 2005-06-28
    soldstatus $103,500
30. 2005-06-20
    soldstatus $103,500
31. 2005-04-26
    listed $110,000
32. 1991-03-01
    soldstatus $40,500

ⓘ 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: $586 · $49/mo
• Projected year-2 tax: $1,370 · $114/mo
• Expected delta: +$783/yr (+$65/mo · 133.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $20,398
• − Mortgage interest: −$9,243
• − Property taxes: −$586
• − Insurance: −$825
• − Repairs & maintenance: −$1,632
• − Management: −$1,632
• − Depreciation: −$4,800
• Taxable income: $1,680
• Est. tax owed @ 24.0%: −$403
• After-tax cash flow: $3,916/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

+319.8% since first listed

14 events — show timeline

• 2026-03-10 Price Changed $170,000 CPARMLS
• 2025-12-04 Listed $175,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2016-07-21 Sold (MLS) $57,500 CPARMLS
• 2016-05-05 Listed $52,500 CPARMLS
• 2014-04-12 Listed $54,000 CPARMLS
• 2009-01-15 Listed $89,900 CPARMLS
• 2007-05-23 Sold (MLS) $86,000 CPARMLS
• 2007-03-26 Listed $89,900 CPARMLS
• 2005-06-28 Sold (Public Records) $103,500 Public Records
• 2005-06-20 Sold (MLS) $103,500 CPARMLS
• 2005-04-26 Listed $110,000 CPARMLS
• 1991-03-01 Sold (Public Records) $40,500 Public Records

Property tax history

-3.4%/yr

Latest (2025): $586 · +1.6% YoY. Source: county tax records.