3606 Tiki Dr #213 · Upper Grand Lagoon, FL 32408

$179,000

1 bd · 1.0 ba · 532 sqft · Condo public records · 39 Days on market

Built 1988 $336/sqft · 12% above area Est $160k · 12% 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 +18.3/30.0
• DSCR +5.7/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +3.4/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +2.2/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

CALLING ALL INVESTORS OR 1ST TIME BUYERS! Owners say BRING AN OFFER! This condo is clean, freshly painted and new flooring. This is a true one bedroom at Hidden Lagoon, and is a downstairs location. Unit could use kitchen and bathroom updating but today is ''move in'' ready for a tenant or owner. Tenant was paying $1,225. With future updates, rent projected at $1,300 to $1,400 easily. HOA is under $200 and includes water, sewer, trash and lawn service. We have priced it for a quick sale. Time to get off the sidelines, and make this your first investment property today! Or for our seasoned investors, where can you find a one bedroom on Panama City Beach for this price? Worth checking this one out!

Key facts

• Many upgrades
• Ground floor
• New flooring

Tags

• 1 BEDROOM UNIT
• MANY UPGRADES
• NEW CABINETS
• NEW FLOORING
• GROUND FLOOR
• LOW HOA FEE

Property features AI

Finance

• HOA & community: Has homeowners association; Short-term rentals allowed

Exterior

• Parking: Parking lot
• Security: Smoke detector(s)
• Utilities: Public sewer
• Home design: Stucco construction
• Construction: Stucco exterior; Mobile home dimensions in feet
• Exterior features: Paved lot; Smoke detector(s)

Interior

• Bedrooms: Primary bedroom (first level)
• Bathrooms: 1 full bathroom
• Interior features: Accessible bedroom; Accessible kitchen; Central living area; Standby generator

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $179k.

Deal economics

• At list price, monthly cash flow is $37 ($447/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 $168k (6.2% below list).
• Recommended offer: $168k (6.2% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 3.2% in Upper Grand Lagoon — 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 67/100 on livability (#583 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living B+; Watch: schools D, 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 (+2.5%/yr); 1022 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 39 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $97k; list at $179k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); 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 $167,978 (6.2% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.89%
• DSCR: 1.17
• GRM: 8.9

CMA / ARV

• ARV (median comp): $160,134
• List price: $179,000
• Delta: 11.78%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.55% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-27,332
• Equity at exit: $26,689

10-year hold

• IRR: -7.6%
• Equity multiple: 0.53×
• Total profit: $-23,590
• Equity at exit: $15,477

Cash invested: $50,120 (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 32408

• Rents YoY: 2.5%
• Active inventory: 1022
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,680 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$151 /mo · $1,815/yr
• Insurance: −$75
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $37

Break-even live

Break-even rent $1,633

Max offer price $179,000

Occupancy floor 93%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2617 Cypress St Panama City, FL	1.0	1.0	720	$1,300	$1.81	21d	1	0.46mi
4114 Holiday Dr Unit 1523354P Panama City Beach, FL	—	1.0	398	$2,770	$6.96	13d	1	0.79mi
4014 Irwin St Panama City, FL	1.0	1.0	697	$1,250	$1.79	21d	1	1.38mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-19
   days on market $179,000 Active 39 DOM
2. 2026-06-18
   days on market $179,000 Active 38 DOM
3. 2026-06-17
   days on market $179,000 Active 37 DOM
4. 2026-06-16
   days on market $179,000 Active 36 DOM
5. 2026-06-15
   days on market $179,000 Active 35 DOM
6. 2026-06-14
   days on market $179,000 Active 33 DOM
7. 2026-06-13
   days on market $179,000 Active 32 DOM
8. 2026-06-10
   days on market $179,000 Active 30 DOM
9. 2026-06-09
   days on market $179,000 Active 29 DOM
10. 2026-06-08
    days on market $179,000 Active 28 DOM
11. 2026-06-07
    days on market $179,000 Active 27 DOM
12. 2026-06-05
    days on market $179,000 Active 24 DOM
13. 2026-06-03
    days on market $179,000 Active 23 DOM
14. 2026-06-02
    days on market $179,000 Active 22 DOM
15. 2026-06-01
    days on market $179,000 Active 21 DOM
16. 2026-05-31
    days on market $179,000 Active 20 DOM
17. 2026-05-30
    days on market $179,000 Active 19 DOM
18. 2026-05-11
    listed $179,000 Active 661-char remark
19. 2024-10-04
    soldstatus $97,000 Closed 706-char remark

    Show marketing remark (706 chars)

    CALLING ALL INVESTORS OR 1ST TIME BUYERS! Owners say BRING AN OFFER! This condo is clean, freshly painted and new flooring. This is a true one bedroom at Hidden Lagoon, and is a downstairs location. Unit could use kitchen and bathroom updating but today is ''move in'' ready for a tenant or owner. Tenant was paying $1,225. With future updates, rent projected at $1,300 to $1,400 easily. HOA is under $200 and includes water, sewer, trash and lawn service. We have priced it for a quick sale. Time to get off the sidelines, and make this your first investment property today! Or for our seasoned investors, where can you find a one bedroom on Panama City Beach for this price? Worth checking this one out!

20. 2024-10-04
    soldstatus $97,000

    Show marketing remark (706 chars)

    CALLING ALL INVESTORS OR 1ST TIME BUYERS! Owners say BRING AN OFFER! This condo is clean, freshly painted and new flooring. This is a true one bedroom at Hidden Lagoon, and is a downstairs location. Unit could use kitchen and bathroom updating but today is ''move in'' ready for a tenant or owner. Tenant was paying $1,225. With future updates, rent projected at $1,300 to $1,400 easily. HOA is under $200 and includes water, sewer, trash and lawn service. We have priced it for a quick sale. Time to get off the sidelines, and make this your first investment property today! Or for our seasoned investors, where can you find a one bedroom on Panama City Beach for this price? Worth checking this one out!

21. 2024-09-30
    status Pending 706-char remark

    Show marketing remark (706 chars)

    CALLING ALL INVESTORS OR 1ST TIME BUYERS! Owners say BRING AN OFFER! This condo is clean, freshly painted and new flooring. This is a true one bedroom at Hidden Lagoon, and is a downstairs location. Unit could use kitchen and bathroom updating but today is ''move in'' ready for a tenant or owner. Tenant was paying $1,225. With future updates, rent projected at $1,300 to $1,400 easily. HOA is under $200 and includes water, sewer, trash and lawn service. We have priced it for a quick sale. Time to get off the sidelines, and make this your first investment property today! Or for our seasoned investors, where can you find a one bedroom on Panama City Beach for this price? Worth checking this one out!

22. 2024-09-03
    price $125,000 706-char remark

    Show marketing remark (706 chars)

    CALLING ALL INVESTORS OR 1ST TIME BUYERS! Owners say BRING AN OFFER! This condo is clean, freshly painted and new flooring. This is a true one bedroom at Hidden Lagoon, and is a downstairs location. Unit could use kitchen and bathroom updating but today is ''move in'' ready for a tenant or owner. Tenant was paying $1,225. With future updates, rent projected at $1,300 to $1,400 easily. HOA is under $200 and includes water, sewer, trash and lawn service. We have priced it for a quick sale. Time to get off the sidelines, and make this your first investment property today! Or for our seasoned investors, where can you find a one bedroom on Panama City Beach for this price? Worth checking this one out!

23. 2024-08-06
    listed $135,000 Active 706-char remark

    Show marketing remark (706 chars)

    CALLING ALL INVESTORS OR 1ST TIME BUYERS! Owners say BRING AN OFFER! This condo is clean, freshly painted and new flooring. This is a true one bedroom at Hidden Lagoon, and is a downstairs location. Unit could use kitchen and bathroom updating but today is ''move in'' ready for a tenant or owner. Tenant was paying $1,225. With future updates, rent projected at $1,300 to $1,400 easily. HOA is under $200 and includes water, sewer, trash and lawn service. We have priced it for a quick sale. Time to get off the sidelines, and make this your first investment property today! Or for our seasoned investors, where can you find a one bedroom on Panama City Beach for this price? Worth checking this one out!

24. 2024-08-01
    historical $1,225
25. 2024-06-26
    listed $1,225
26. 2024-05-24
    historical $1,225
27. 2024-05-08
    listed $1,225
28. 2021-12-14
    historical
29. 2020-12-15
    soldstatus $25,000
30. 2010-08-25
    listed $1,000
31. 2010-01-27
    listed $39,900
32. 2005-08-26
    soldstatus $99,000
33. 2005-08-19
    soldstatus $99,000
34. 2005-03-14
    listed $99,899

ⓘ 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: $1,815 · $151/mo
• Projected year-2 tax: $1,815 · $151/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 3/10 Moderate FEMA zone A · 9% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $20,157
• − Mortgage interest: −$10,027
• − Property taxes: −$1,815
• − Insurance: −$2,398
• − Repairs & maintenance: −$1,613
• − Management: −$1,613
• − Depreciation: −$5,207
• Taxable loss: −$2,515
• Est. tax savings @ 24.0%: +$604
• After-tax cash flow: $1,051/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 — Upper Grand Lagoon

• Score: 67/100
• State rank: #583
• US rank: #11085

Category grades

Amenities F Commute F Cost of living B+ Crime A Employment B- Housing A+ Health & safety F User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Upper Grand Lagoon, FL
• County: Bay County · 163,593 people
• City population: 18,326
• Metro: Panama City, FL
• Population (ZIP): 18,832
• Household income: $80,822
• Rent vs Own: 37.0% rent · 63.0% own
• Severe rent burden: 817.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 6% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 4% Italian 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 4% Tagalog/Filipino 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: ▼ -202.52%
• Current HPI: 246.9126
• Rent YoY: ▲ 2.55%
• 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

+79.2% since first listed

17 events — show timeline

• 2026-05-11 Listed $179,000 CPARMLS
• 2024-10-04 Sold (Public Records) $97,000 Public Records
• 2024-10-04 Sold (MLS) $97,000 CPARMLS
• 2024-09-30 Pending — CPARMLS
• 2024-09-03 Price Changed $125,000 CPARMLS
• 2024-08-06 Listed $135,000 CPARMLS
• 2024-08-01 Rental Removed $1,225 RENTEC
• 2024-06-26 Listed for Rent $1,225 RENTEC
• 2024-05-24 Rental Removed $1,225 RENTEC
• 2024-05-08 Listed for Rent $1,225 RENTEC
• 2021-12-14 Listing Removed — CPARMLS
• 2020-12-15 Sold (Public Records) $25,000 Public Records
• 2010-08-25 Listed $1,000 CPARMLS
• 2010-01-27 Listed $39,900 CPARMLS
• 2005-08-26 Sold (Public Records) $99,000 Public Records
• 2005-08-19 Sold (MLS) $99,000 CPARMLS
• 2005-03-14 Listed $99,899 CPARMLS

Property tax history

+15.9%/yr

Latest (2025): $1,815 · +62.1% YoY. Source: county tax records.