172 White Cap Way · Panama City Beach, FL 32407

$275,000

3 bd · 2.0 ba · 1,432 sqft · Townhouse public records · 49 Days on market

Built 2005 1,742 sqft lot $192/sqft · 19% below area Est $341k · 19% 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 +16.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• Schools +4.3/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

CURRENTLY UNDER CONTRACT, SELLER ACCEPTING BACKUP OFFERS' Renovation just completed!! This 3 bedroom 2.5 bath townhouse in gated Palm Cove really shines! New flooring, freshly painted, new lighting package! CLOSE TO THE BEACH!! Downstairs master bedroom! Off street parking! Within walking distance to the Beach and the Shoppes at Edgewater, the low HOA fees that include yard maintenance and great amenities including a pool, this is a great place to buy! Don't miss your opportunity to view today! (all sizes approximate and taken from public records, buyer to verify any and all details buyer deems important).

Key facts

• Community pool
• Built 2005
• Listed 48 days

Property features AI

Finance

• HOA & community: Homeowners association present; Gated community; Short-term rentals allowed

Exterior

• Security: Security gate; Smoke detectors
• Utilities: Sewer available
• Home design: Multi-family zoning (City, Residential Multi-Family)
• Construction: Stucco construction
• Exterior features: Community pool (in-ground); Pool on-site; Gated community

Interior

• Kitchen: Electric range
• Bedrooms: 3 total rooms (includes bedrooms)
• Flooring: Luxury vinyl plank
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Luxury vinyl plank flooring; Electric range

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $275k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/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 $250k (9.3% below list).
• Recommended offer: $250k (9.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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; 24 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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 $8k 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 49 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $45k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $187k; 47% 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 $249,541 (9.3% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.91% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.36%
• DSCR: 1.11
• GRM: 9.2

CMA / ARV

• ARV (median comp): $340,506
• List price: $275,000
• Delta: -19.24%
• 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	0.35mi	3/3.0	1,448 (+1%)	2mo	$365,000	$252	76
520 N Richard Jackson Blvd Unit 2306	0.35mi	2/2.0 (-1)	1,418 (-1%)	4mo	$290,000	$205	74
11807 Front Beach Rd Unit 1-309	0.61mi	3/2.0	1,431 (-0%)	6mo	$749,000	$523	66
11807 Front Beach Rd #1509	0.61mi	3/2.0	1,431 (-0%)	8mo	$670,000	$468	65
209 Palmeras Marinas Ln	0.55mi	3/2.5	1,459 (+2%)	8mo	$299,900	$206	62
190 Palmeras Marinas Ln	0.51mi	3/2.5	1,470 (+3%)	9mo	$315,000	$214	62
214 Palmeras Marinas Ln	0.56mi	3/2.5	1,470 (+3%)	8mo	$335,400	$228	61
213 Palmeras Marinas Ln	0.56mi	3/2.5	1,470 (+3%)	9mo	$334,900	$228	60
220 Palmeras Marinas Ln	0.57mi	3/2.5	1,459 (+2%)	10mo	$304,900	$209	60
218 Palmeras Marinas Ln	0.57mi	3/2.5	1,459 (+2%)	10mo	$324,900	$223	60
520 Richard Jackson Blvd #2103	0.35mi	2/2.0 (-1)	1,254 (-12%)	11mo	$325,000	$259	49
520 N Richard Jackson Blvd #1301	0.35mi	2/2.0 (-1)	1,254 (-12%)	11mo	$247,000	$197	49

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: -15.9%
• Equity multiple: 0.45×
• Total profit: $-42,231
• Equity at exit: $41,003

10-year hold

• IRR: -13.5%
• Equity multiple: 0.32×
• Total profit: $-52,651
• Equity at exit: $23,777

Cash invested: $77,000 (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: 9.2×

Monthly cashflow live

• Estimated rent: $2,495 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$263 /mo · $3,157/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $152

Break-even live

Break-even rent $2,303

Max offer price $275,000

Occupancy floor 89%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 24 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	0.03mi
104 White Cap Way Panama City Beach, FL	3.0	2.0	1146	$2,700	$2.36	21d	1	0.07mi
11222 Hutchison Blvd Unit 1523347P Panama City Beach, FL	2.0	2.0	1194	$3,907	$3.27	21d	1	0.11mi
11709 Seashore Ln Panama City Beach, FL	3.0	2.0	1269	$2,300	$1.81	13d	1	0.19mi
98 Paddock Club Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1093	$2,063	$1.89	13d	19	0.27mi
520 N Richard Jackson Blvd #1912 Panama City Beach, FL	2.0	2.0	1200	$2,375	$1.98	13d	1	0.33mi
800 Grand Panama Blvd Panama City Beach, FL	3.0	1.0–2.0	978	$2,699	$2.76	13d	30	0.42mi
138 Bonnie Ln Panama City Beach, FL	2.0	1.5	972	$1,599	$1.65	13d	1	0.50mi
136 Bonnie Ln Panama City Beach, FL	2.0	1.5	972	$1,750	$1.80	13d	1	0.50mi
335 Madison Cir Panama City Beach, FL	3.0	3.0	1682	$2,599	$1.55	21d	1	0.58mi
133 W Leslie Ln Unit 1 Panama City Beach, FL	2.0	1.5	950	$2,200	$2.32	21d	1	0.60mi
302 Cabana Blvd Panama City Beach, FL	1.0–3.0	1.0–2.0	1184	$1,806	$1.53	13d	15	0.63mi
12011 Front Beach Rd Unit 1523327P Panama City Beach, FL	2.0	2.0	1076	$3,796	$3.53	13d	1	0.70mi
135 Grande Island Blvd Unit 1355007P Panama City Beach, FL	3.0	3.5	1797	$2,759	$1.54	21d	1	0.72mi
10400 Panama City Beach Pkwy Panama City Beach, FL	1.0–3.0	1.0–2.0	1151	$2,372	$2.06	13d	20	0.78mi
10811 Front Beach Rd Unit 1354928P Panama City Beach, FL	3.0	2.0	1194	$3,463	$2.90	13d	1	0.84mi
10625 Front Beach Rd Unit 1354975P Panama City Beach, FL	2.0	2.0	1140	$3,166	$2.78	13d	1	0.96mi
204 Potters Bluff Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1035	$1,947	$1.88	13d	12	1.04mi
901 Pelican Pl Panama City Beach, FL	2.0	2.0	1746	$1,650	$0.95	21d	1	1.17mi
410 Foxtail Way Panama City Beach, FL	3.0	2.0	1676	$2,750	$1.64	21d	1	1.21mi
104 Gulfside Ct Unit 1523320P Panama City Beach, FL	3.0	3.0	1496	$5,020	$3.36	13d	1	1.21mi
998 Gulfside Ct Unit 1523366P Panama City Beach, FL	2.0	2.0	1065	$4,124	$3.87	13d	1	1.23mi
9815 S Thomas Dr Unit 1523339P Panama City, FL	3.0	2.0	1259	$4,018	$3.19	21d	1	1.25mi
9902 S Thomas Dr Unit 1354966P Panama City Beach, FL	2.0	2.0	1259	$1,970	$1.56	13d	1	1.34mi

Listing history 24 events

1. 2026-06-19
   days on market $275,000 Active 49 DOM
2. 2026-06-18
   days on market $275,000 Active 48 DOM
3. 2026-06-17
   days on market $275,000 Active 47 DOM
4. 2026-06-16
   days on market $275,000 Active 46 DOM
5. 2026-06-15
   days on market $275,000 Active 45 DOM
6. 2026-06-14
   days on market $275,000 Active 43 DOM
7. 2026-06-13
   days on market $275,000 Active 42 DOM
8. 2026-06-10
   pricedays on market $275,000 Active 40 DOM
9. 2026-06-09
   days on market $299,000 Active 39 DOM
10. 2026-06-08
    days on market $299,000 Active 38 DOM
11. 2026-06-07
    days on market $299,000 Active 37 DOM
12. 2026-06-05
    days on market $299,000 Active 34 DOM
13. 2026-06-03
    days on market $299,000 Active 33 DOM
14. 2026-06-02
    days on market $299,000 Active 32 DOM
15. 2026-06-01
    days on market $299,000 Active 31 DOM
16. 2026-05-31
    days on market $299,000 Active 30 DOM
17. 2026-05-30
    days on market $299,000 Active 29 DOM
18. 2026-05-18
    price $310,000 450-char remark
19. 2026-05-01
    listed $320,000 Active 450-char remark
20. 2019-12-06
    soldstatus $187,000 615-char remark

    Show marketing remark (615 chars)

    CURRENTLY UNDER CONTRACT, SELLER ACCEPTING BACKUP OFFERS' Renovation just completed!! This 3 bedroom 2.5 bath townhouse in gated Palm Cove really shines! New flooring, freshly painted, new lighting package! CLOSE TO THE BEACH!! Downstairs master bedroom! Off street parking! Within walking distance to the Beach and the Shoppes at Edgewater, the low HOA fees that include yard maintenance and great amenities including a pool, this is a great place to buy! Don't miss your opportunity to view today! (all sizes approximate and taken from public records, buyer to verify any and all details buyer deems important).

21. 2019-08-27
    listed $188,500 615-char remark

    Show marketing remark (615 chars)

    CURRENTLY UNDER CONTRACT, SELLER ACCEPTING BACKUP OFFERS' Renovation just completed!! This 3 bedroom 2.5 bath townhouse in gated Palm Cove really shines! New flooring, freshly painted, new lighting package! CLOSE TO THE BEACH!! Downstairs master bedroom! Off street parking! Within walking distance to the Beach and the Shoppes at Edgewater, the low HOA fees that include yard maintenance and great amenities including a pool, this is a great place to buy! Don't miss your opportunity to view today! (all sizes approximate and taken from public records, buyer to verify any and all details buyer deems important).

22. 2019-06-01
    historical
23. 2018-08-18
    listed $188,900
24. 2006-02-24
    soldstatus $206,000

ⓘ 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: $3,157 · $263/mo
• Projected year-2 tax: $3,157 · $263/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: $29,945
• − Mortgage interest: −$15,404
• − Property taxes: −$3,157
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,396
• − Management: −$2,396
• − Depreciation: −$8,000
• Taxable loss: −$2,782
• Est. tax savings @ 24.0%: +$668
• After-tax cash flow: $2,487/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

+33.5% since first listed

9 events — show timeline

• 2026-06-09 Price Changed $275,000 CPARMLS
• 2026-05-28 Price Changed $299,000 CPARMLS
• 2026-05-18 Price Changed $310,000 CPARMLS
• 2026-05-01 Listed $320,000 CPARMLS
• 2019-12-06 Sold (MLS) $187,000 CPARMLS
• 2019-08-27 Listed $188,500 CPARMLS
• 2019-06-01 Listing Removed — CPARMLS
• 2018-08-18 Listed $188,900 CPARMLS
• 2006-02-24 Sold (Public Records) $206,000 Public Records

Property tax history

+10.1%/yr

Latest (2025): $3,157 · +10.1% YoY. Source: county tax records.