754 Sherman Ave Unit B · Panama City, FL 32401

$189,900

3 bd · 1.5 ba · 1,317 sqft · Condo · 191 Days on market

Built 2008 Good condition $144/sqft · 51% below area

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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 +9.7/30.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• 1% rule +2.9/10.0
• DSCR +2.7/10.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a rare opportunity for a 3 bedroom under $200k in the heart of town. Please note this listing is for Unit B only, as the entire duplex is currently listed for $400k. It features an open living space flowing directly into the kitchen with updated countertops and ample storage. Its spacious design provides both privacy and versatility for each unit. Built in 2008 and fully remodeled in 2019--including roof, siding, HVAC systems, and more. This unit is perfect for a primary residence or investment as Unit A was previously leased for $1,695/month. It has a paved private driveway as well as a patio space and back yard. Come check it out today!

Key facts

• Back yard
• Open living space
• Updated countertops

Tags

• OPEN LIVING SPACE
• UPDATED COUNTERTOPS
• AMPLE STORAGE
• PAVED PRIVATE DRIVEWAY
• PATIO SPACE
• BACK YARD

🏷️ Possibly a rental listed for sale. The $189,900 price doesn't fit this home's estimated sale value (~$388,628) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-125 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (20.8% below list).
• Recommended offer: $150k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 4.3% in Panama City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Jinks Middle School (math 41% / reading 42%, grade F, #348 of 571 statewide, top 62%, 570 students, 70% FRL); Bay High School (math 37% / reading 34%, grade F, #367 of 667 statewide, top 57%, 1,255 students, 53% FRL).
• Zoned-school proficiency averages 38% at this address vs 51% district-wide (-12 pts) — the specific schools serving this property underperform the Bay average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 401 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 109d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 34% 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 191 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y ago; this cycle's ask has dropped $10k (5%) 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,354 (20.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 191 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.79% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.81%
• DSCR: 0.87
• GRM: 10.5

CMA / ARV

• ARV (median comp): $388,628
• List price: $189,900
• Delta: -51.14%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
715 Cactus Ave	0.36mi	4/2.0 (+1)	1,392 (+6%)	0mo	$239,000	$172	66
517 N Gray Ave	0.51mi	3/2.0	1,172 (-11%)	0mo	$230,000	$196	56
3720 E 7th St	1.34mi	3/2.0	1,264 (-4%)	1mo	$260,000	$206	56
1404 E 9th St	0.46mi	4/2.0 (+1)	1,504 (+14%)	0mo	$130,000	$86	48
1216 N Bonita Ave	1.00mi	3/2.0	1,188 (-10%)	0mo	$245,000	$206	47
315 Allen Ave	1.48mi	2/2.0 (-1)	1,402 (+6%)	1mo	$269,900	$193	46
330 Maple Ave	0.54mi	2/2.0 (-1)	1,146 (-13%)	0mo	$240,000	$209	46
1802 Tyndall Dr	1.04mi	3/2.0	1,459 (+11%)	0mo	$400,000	$274	45
411 Detroit Ave	1.47mi	3/2.0	1,140 (-13%)	1mo	$197,000	$173	40
709 E 10th Ct	1.05mi	3/2.0	1,137 (-14%)	1mo	$225,000	$198	39
1218 Louisiana Ave	1.22mi	3/2.0	1,072 (-19%)	0mo	$225,000	$210	38
323 N Palo Alto Ave	1.12mi	2/2.5 (-1)	1,080 (-18%)	1mo	$215,000	$199	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 · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -23.9%
• Equity multiple: 0.20×
• Total profit: $-42,445
• Equity at exit: $28,315

10-year hold

• IRR: -28.0%
• Equity multiple: -0.16×
• Total profit: $-61,751
• 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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $174,900 ($121/sqft)
• Median days on market: 371 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +144.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 401
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,504 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $-125

Break-even live

Break-even rent $1,661

Max offer price $171,876

Occupancy floor —

Sensitivity live

Price	-10% $7	-5% $-59	+0% $-125	+5% $-190	+10% $-256
Rent	-10% $-243	-5% $-184	+0% $-125	+5% $-65	+10% $-6
Rate	-1.0pp $-29	-0.5pp $-76	base $-125	+0.5pp $-174	+1.0pp $-224

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
725 Sherman Ave Unit B Panama City, FL	3.0	1.0	878	$1,250	$1.42	116d	1	0.06mi
705 Satsuma Ave Panama City, FL	3.0	2.0	1030	$1,700	$1.65	5d	1	0.44mi
351 College Ave Unit A Panama City, FL	3.0	1.0	1100	$1,100	$1.00	5d	1	0.48mi
119 College Ave #7 Panama City, FL	3.0	2.0	900	$1,000	$1.11	0d	1	0.82mi
300 Mercedes Ave Unit 1523335P Panama City, FL	3.0	2.0	1194	$3,807	$3.19	116d	1	1.06mi
329 N Palo Alto Ave Panama City, FL	3.0	2.0	1300	$1,950	$1.50	109d	1	1.10mi
2623 E 16th St Unit A Panama City, FL	3.0	2.0	1250	$1,395	$1.12	6d	1	1.11mi
2708 E 17th St Panama City, FL	2.0	1.5	972	$1,195	$1.23	6d	1	1.24mi
1637 N James Ave Panama City, FL	2.0	1.5	972	$1,275	$1.31	116d	1	1.26mi
540 E 4th Ct Panama City, FL	2.0	2.0	1196	$1,800	$1.51	116d	1	1.30mi
3719 E 8th Ct Panama City, FL	1.0–4.0	1.0–1.5	950	$1,300	$1.37	116d	1	1.33mi
237 Helen Ave Panama City, FL	2.0	2.0	1000	$1,395	$1.40	116d	1	1.34mi
807 Cherry St Unit 1 Panama City, FL	2.0	1.0	900	$1,300	$1.44	6d	1	1.45mi

HOA detail $0/mo · $0/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $189,900 Active 191 DOM
2. 2026-09-22
   days on market $189,900 Active 190 DOM
3. 2026-09-20
   days on market $189,900 Active 188 DOM
4. 2026-09-19
   days on market $189,900 Active 187 DOM
5. 2026-09-18
   days on market $189,900 Active 186 DOM
6. 2026-09-17
   days on market $189,900 Active 185 DOM
7. 2026-09-16
   days on market $189,900 Active 184 DOM
8. 2026-09-15
   days on market $189,900 Active 183 DOM
9. 2026-09-14
   days on market $189,900 Active 182 DOM
10. 2026-09-13
    days on market $189,900 Active 181 DOM
11. 2026-09-12
    days on market $189,900 Active 180 DOM
12. 2026-09-12
    days on market $189,900 Active 179 DOM
13. 2026-09-05
    days on market $189,900 Active 173 DOM
14. 2026-09-04
    days on market $189,900 Active 172 DOM
15. 2026-09-03
    days on market $189,900 Active 171 DOM
16. 2026-08-30
    days on market $189,900 Active 167 DOM
17. 2026-08-29
    days on market $189,900 Active 166 DOM
18. 2026-08-28
    days on market $189,900 Active 165 DOM
19. 2026-08-27
    days on market $189,900 Active 164 DOM
20. 2026-08-26
    days on market $189,900 Active 163 DOM
21. 2026-08-25
    days on market $189,900 Active 162 DOM
22. 2026-08-24
    days on market $189,900 Active 161 DOM
23. 2026-08-23
    days on market $189,900 Active 160 DOM
24. 2026-08-22
    days on market $189,900 Active 159 DOM
25. 2026-08-21
    days on market $189,900 Active 158 DOM
26. 2026-08-20
    days on market $189,900 Active 157 DOM
27. 2026-08-19
    days on market $189,900 Active 156 DOM
28. 2026-08-18
    days on market $189,900 Active 155 DOM
29. 2026-08-17
    days on market $189,900 Active 154 DOM
30. 2026-08-16
    days on market $189,900 Active 153 DOM
31. 2026-08-15
    days on market $189,900 Active 152 DOM
32. 2026-08-14
    days on market $189,900 Active 151 DOM
33. 2026-08-13
    days on market $189,900 Active 150 DOM
34. 2026-08-12
    days on market $189,900 Active 149 DOM
35. 2026-08-11
    days on market $189,900 Active 148 DOM
36. 2026-08-10
    days on market $189,900 Active 147 DOM
37. 2026-08-09
    days on market $189,900 Active 146 DOM
38. 2026-08-08
    days on market $189,900 Active 145 DOM
39. 2026-08-07
    days on market $189,900 Active 144 DOM
40. 2026-08-06
    days on market $189,900 Active 143 DOM
41. 2026-08-05
    days on market $189,900 Active 142 DOM
42. 2026-08-04
    days on market $189,900 Active 141 DOM
43. 2026-08-03
    days on market $189,900 Active 140 DOM
44. 2026-07-31
    days on market $189,900 Active 137 DOM
45. 2026-07-30
    days on market $189,900 Active 136 DOM
46. 2026-07-29
    days on market $189,900 Active 135 DOM
47. 2026-07-27
    days on market $189,900 Active 133 DOM
48. 2026-07-25
    days on market $189,900 Active 131 DOM
49. 2026-07-23
    days on market $189,900 Active 129 DOM
50. 2026-07-22
    days on market $189,900 Active 128 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 20 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: $18,042
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$5,524
• Taxable loss: −$4,804
• Est. tax savings @ 24.0%: +$1,153
• After-tax cash flow: $-342/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $6,585–$19,755 screening

This move-in ready 3-bedroom unit B is in good condition with updated kitchen and bath. It offers a good investment opportunity with a turnkey setup and potential for rental or resale.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value ↑
• Both update flooring in living areas — improves aesthetics and value ↑
• Both install new window treatments — enhances curb appeal and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 36/100

Zoned Schools

Elementary Merriam Cherry Street Elementary F FL #1,896/2,144 Nat'l #26,716/41,679 Middle Jinks Middle School F FL #348/571 Nat'l #5,602/14,009 High Bay High School F FL #367/667 Nat'l #9,497/17,239

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

B Composite livability gradescore 72/100

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 · 206,264 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: 18% of renters

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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%

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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%

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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

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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

+101.9% since first listed

15 events — show timeline

• 2026-03-16 Listed $199,900 CPARMLS
• 2026-03-07 Listed for Rent $1,595 APPFOLIO
• 2026-02-26 Relisted — CPARMLS
• 2026-02-11 Pending — CPARMLS
• 2026-02-02 Relisted — CPARMLS
• 2026-01-25 Rental Removed $1,650 APPFOLIO
• 2026-01-22 Pending — CPARMLS
• 2025-12-11 Listed $399,000 CPARMLS
• 2025-11-04 Price Changed $1,650 APPFOLIO
• 2025-10-07 Listed for Rent $1,695 APPFOLIO
• 2024-01-23 Pending — CPARMLS
• 2024-01-23 Listing Removed — CPARMLS
• 2024-01-20 Listed $335,000 CPARMLS
• 2021-12-09 Listing Removed — CPARMLS
• 2008-03-12 Listed $99,000 CPARMLS