2289 Surf Rd Unit C3 · Panacea, FL 32346

$274,400

2 bd · 3.0 ba · 1,440 sqft · Condo public records · 134 Days on market

Built 1992 $150/mo HOA · 6% of rent

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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 +14.2/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• DSCR +4.3/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Location Location Location! Great Bay views from the Living Room and Master Bedroom. Make this sweet condo your own retreat, friendly quiet community with pool overlooking Ochlockonee Bay, large clubhouse with a full kitchen, dock, tennis courts. Condo features 2 bedrooms with private bathrooms on the third floor, Kitchen, Dining & Living Room are on the second floor. Ground level is two car garage. A shower was added in the garage for those beach days. New tile flooring has been installed on the second floor, tile for the bathrooms is boxed and in the garage. Kitchen and baths need updating but are functional. Easy access to boat launch. Great place to spend your weekends or make it your permanent residence. HOA includes insurance.

Key facts

• Tennis court
• Community pool
• Private balcony

Tags

• GOURMET KITCHEN
• PRIVATE BALCONY
• COMMUNITY POOL
• TENNIS COURT
• DOCK AND PIER
• PRIVATE GYM

Property features AI

Finance

• HOA & community: Association fee approximately $1,800; HOA covers clubhouse, common areas, maintenance of structures, pool(s), road maintenance, street lights, and trash; Community pool

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Private maintained road
• Home design: 2-story property; Has view; Bay access waterfront
• Construction: Stucco construction
• Exterior features: Fully fenced yard; Covered patio; Porch

Interior

• Kitchen: Microwave; Oven; Range; Refrigerator; Icemaker
• Bedrooms: Bedroom 2 (17 x 12); Primary bedroom located on upper level
• Flooring: Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Upper level primary; Tile flooring
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $274k.

Deal economics

• At list price, monthly cash flow is $-625 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (40.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (8.9% below list).
• Recommended offer: $164k (40.2% below list) — sets the bar for cash-flow.
• Cap rate 6.5% vs local median 1.0% in Panacea — 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 60/100 on livability (#799 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: crime D+, schools F, amenities F.
• Wakulla (rural): math 56% / reading 56% proficiency, ranked #18 of 73 in FL (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 146 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 468 units permitted in Wakulla County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $36k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $669/mo.
• Climate carrying-cost: in FEMA flood zone VE (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 $163,960 (40.2% 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 134 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is D 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?
10. 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.
11. 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.
12. 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: 0.91% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.68%
• DSCR: 1.03
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 2.43×
• Total profit: $110,098
• Equity at exit: $247,201

10-year hold

• IRR: 16.5%
• Equity multiple: 5.64×
• Total profit: $356,468
• Equity at exit: $533,099

Cash invested: $76,832 (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 32346

• Home prices YoY: 26.4%
• Active inventory: 146
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$1,439
• Tax from tax record: −$228 /mo · $2,734/yr
• Insurance: −$114
• Flood insurance flood zone: −$669 /mo · $8,028/yr
• HOA: −$150
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $-625

Break-even live

Break-even rent $3,291

Max offer price $163,960

Occupancy floor —

Sensitivity live

Price	-10% $-470	-5% $-548	+0% $-625	+5% $-703	+10% $-781
Rent	-10% $-823	-5% $-724	+0% $-625	+5% $-526	+10% $-428
Rate	-1.0pp $-487	-0.5pp $-555	base $-625	+0.5pp $-696	+1.0pp $-769

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: $68,600
• Closing costs: $8,232
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2289 Surf Rd Unit B6 Panacea, FL	2.0	2.5	1440	$2,500	$1.74	14d	1	0.03mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   pricedays on market $274,400 Active 134 DOM
2. 2026-06-17
   days on market $274,900 Active 133 DOM
3. 2026-06-16
   days on market $274,900 Active 132 DOM
4. 2026-06-15
   days on market $274,900 Active 131 DOM
5. 2026-06-14
   days on market $274,900 Active 129 DOM
6. 2026-06-10
   days on market $274,900 Active 126 DOM
7. 2026-06-09
   days on market $274,900 Active 125 DOM
8. 2026-06-08
   days on market $274,900 Active 124 DOM
9. 2026-06-07
   days on market $274,900 Active 123 DOM
10. 2026-06-05
    pricedays on market $274,900 Active 120 DOM
11. 2026-06-03
    days on market $275,000 Active 119 DOM
12. 2026-06-02
    days on market $275,000 Active 118 DOM
13. 2026-06-01
    days on market $275,000 Active 117 DOM
14. 2026-05-31
    days on market $275,000 Active 116 DOM
15. 2026-05-30
    days on market $275,000 Active 115 DOM
16. 2026-04-21
    price $275,000
17. 2026-04-13
    price $295,500
18. 2026-02-23
    price $299,000
19. 2026-02-04
    listed $310,000 Active
20. 2024-08-15
    soldstatus $282,000
21. 2024-08-13
    soldstatus $282,000 Closed 749-char remark

    Show marketing remark (749 chars)

    Location Location Location! Great Bay views from the Living Room and Master Bedroom. Make this sweet condo your own retreat, friendly quiet community with pool overlooking Ochlockonee Bay, large clubhouse with a full kitchen, dock, tennis courts. Condo features 2 bedrooms with private bathrooms on the third floor, Kitchen, Dining & Living Room are on the second floor. Ground level is two car garage. A shower was added in the garage for those beach days. New tile flooring has been installed on the second floor, tile for the bathrooms is boxed and in the garage. Kitchen and baths need updating but are functional. Easy access to boat launch. Great place to spend your weekends or make it your permanent residence. HOA includes insurance.

22. 2024-04-05
    listed $305,000 Active 749-char remark

    Show marketing remark (749 chars)

    Location Location Location! Great Bay views from the Living Room and Master Bedroom. Make this sweet condo your own retreat, friendly quiet community with pool overlooking Ochlockonee Bay, large clubhouse with a full kitchen, dock, tennis courts. Condo features 2 bedrooms with private bathrooms on the third floor, Kitchen, Dining & Living Room are on the second floor. Ground level is two car garage. A shower was added in the garage for those beach days. New tile flooring has been installed on the second floor, tile for the bathrooms is boxed and in the garage. Kitchen and baths need updating but are functional. Easy access to boat launch. Great place to spend your weekends or make it your permanent residence. HOA includes insurance.

23. 2020-08-14
    soldstatus $169,000 313-char remark

    Show marketing remark (313 chars)

    Amazing condo overlooking beautiful sunsets on Ochlockonee Bay. Ground level features 2-car garage and shower. First level features living room with fireplace, dining area and kitchen with half bath. Second level features two master bedroom suites with two covered porches. One covered porch looks out to the bay.

24. 2020-06-10
    listed $176,000 313-char remark

    Show marketing remark (313 chars)

    Amazing condo overlooking beautiful sunsets on Ochlockonee Bay. Ground level features 2-car garage and shower. First level features living room with fireplace, dining area and kitchen with half bath. Second level features two master bedroom suites with two covered porches. One covered porch looks out to the bay.

25. 2010-02-21
    historical
26. 2008-08-22
    listed $279,000
27. 2004-09-29
    soldstatus $230,000
28. 2001-01-24
    soldstatus $95,000
29. 1995-04-01
    soldstatus $79,500
30. 1987-10-01
    soldstatus $59,000

ⓘ 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: $2,734 · $228/mo
• Projected year-2 tax: $2,734 · $228/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 10/10 Extreme FEMA zone VE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,000
• − Mortgage interest: −$15,371
• − Property taxes: −$2,734
• − Insurance: −$9,400
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − HOA: −$1,800
• − Depreciation: −$7,983
• Taxable loss: −$12,088
• Est. tax savings @ 24.0%: +$2,901
• After-tax cash flow: $-4,601/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: Wakulla
• NCES district ID: 1201950
• Math proficiency: 56% ▼ -7.00%
• Reading proficiency: 56% ▼ -5.00%
• Median HH income: $53,740
• Composite: 48.12/100
• National rank: #2183
• State rank: #18 of 73 in FL

Livability — Panacea

• Score: 60/100
• State rank: #799
• US rank: #18502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,393

Population outlook (Wakulla County) Hauer SSP2

• Today (2025): 32,809 people
• By 2030: 33,165 · +1.1%
• By 2040: 33,245 · +1.3%
• By 2050: 32,539 · -0.8%
• By 2075: 29,676 · -9.5%
• By 2100: 22,931 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Scottish 2% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Wakulla

• 2024 margin: Solid R (+44.4) · D 27.4% · R 71.8%
• 2008→2024 swing: -19.5pp toward R · 2008: -24.8pp · 2024: -44.4pp
• All cycles: 2024: R+44.4 2020: R+40.9 2016: R+40.1 2012: R+28.1 2008: R+24.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 87.07%
• Current HPI: 417.3486
• Rent YoY: —
• Metro: —
• 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

+366.1% since first listed

15 events — show timeline

• 2026-04-21 Price Changed $275,000 CATRS
• 2026-04-13 Price Changed $295,500 CATRS
• 2026-02-23 Price Changed $299,000 CATRS
• 2026-02-04 Listed $310,000 CATRS
• 2024-08-15 Sold (Public Records) $282,000 Public Records
• 2024-08-13 Sold (MLS) $282,000 CATRS
• 2024-04-05 Listed $305,000 CATRS
• 2020-08-14 Sold (MLS) $169,000 CATRS
• 2020-06-10 Listed $176,000 CATRS
• 2010-02-21 Listing Removed — CATRS
• 2008-08-22 Listed $279,000 CATRS
• 2004-09-29 Sold (Public Records) $230,000 Public Records
• 2001-01-24 Sold (Public Records) $95,000 Public Records
• 1995-04-01 Sold (Public Records) $79,500 Public Records
• 1987-10-01 Sold (Public Records) $59,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $2,734 · +9.8% YoY. Source: county tax records.