9902 S Thomas Dr #1834 · Panama City Beach, FL 32408

$379,990

3 bd · 3.0 ba · 1,681 sqft · Condo public records · 148 Days on market

Built 2007 $226/sqft · at area comps Est $381k · at est. · waterfront

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Why this score? — see what drove the F 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).

• ARV discount +7.6/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Rent growth +3.1/5.0
• Cash flow +3.0/30.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Laketown Wharf 1834 — Your Coastal Escape Awaits Experience the pinnacle of modern coastal living in this fully renovated, turn-key condo at one of Panama City Beach's most sought-after resorts. Designed with comfort and style in mind, this stunning unit features brand-new flooring, freshly painted interiors, and updated lighting that create a clean, bright, and sophisticated atmosphere from the moment you walk in. Spacious • Stylish • Designed for Comfort With three king bedrooms, three full bathrooms, and a sleeper sofa, this expansive condo comfortably sleeps up to 10 guests—perfect for families, groups, or rental flexibility. The kitchen is equipped with a new refrigerator and stove, while new TVs throughout ensure entertainment is always at your fingertips. Whether you're unwinding after a day at the beach or hosting friends and family, this condo offers the ideal blend of relaxation and function. ⸻ The Ultimate Turnkey Investment Property More than a vacation home, Laketown Wharf 1834 represents a smart investment opportunity. Nestled in the heart of Panama City Beach, the Laketown Wharf Resort draws guests year-round with its unmatched amenities and prime location. Resort Amenities Include: • Five sparkling pools and two hot tubs • Fully equipped fitness center • Private beach access • Covered parking • Nightly fountain & light show—a guest favorite • Five on-site restaurants, market shops, and a poolside bar • 810 Billiards & Bowling for added entertainment Whether you're seeking a luxurious second home or a high-performing rental property, this condo delivers comfort, convenience, and exceptional investment potential.

Key facts

• Fully renovated
• Two hot tubs
• Five sparkling pools

Tags

• FULLY RENOVATED
• PRIVATE BEACH ACCESS
• FIVE SPARKLING POOLS
• TWO HOT TUBS
• FULLY EQUIPPED FITNESS CENTER
• NIGHTLY FOUNTAIN LIGHT SHOW

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $380k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $376k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $325k (14.4% below list).
• Recommended offer: $325k (14.4% below list) — sets the bar for 1% rule.

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.
• Zoned schools: Breakfast Point Academy (math 62% / reading 57%, grade B-, #690 of 2,144 statewide, top 34%, 1,058 students, 47% FRL); J.R. Arnold High School (math 41% / reading 54%, grade D, #204 of 667 statewide, top 31%, 1,617 students, 36% FRL).
• Market conditions: Rents rising (+2.5%/yr); 1032 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).
• At $3,254/mo this rent would consume 48% of the median local household income ($81k/yr) (locally 817% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 148 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 12y 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 $270k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 39% of rent.
• Climate carrying-cost: major flood risk; 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 $325,440 (14.4% 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 148 days. Have you received any prior offers? Is the seller open to a 14% 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 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?
9. 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?
10. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
11. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
12. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
13. 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.
14. 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.
15. 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: 0.86% ✗
• Cap rate: 2.38%
• Cash-on-cash: -13.96%
• DSCR: 0.38
• GRM: 9.7

CMA / ARV

• ARV (median comp): $380,782
• List price: $379,990
• Delta: -0.21%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -44.8%
• Equity multiple: -0.37×
• Total profit: $-145,312
• Equity at exit: $56,658

10-year hold

• IRR: -84.0%
• Equity multiple: -1.22×
• Total profit: $-236,170
• Equity at exit: $32,855

Cash invested: $106,397 (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: 1032
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $3,254 high
• Mortgage (P&I): −$1,993
• Tax from tax record: −$374 /mo · $4,488/yr
• Insurance: −$158
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 6 same-building comps: −$1,284
• Vacancy / Maint / Mgmt: −$683
• Net cashflow: $-1,305

Break-even live

Break-even rent $4,906

Max offer price $149,536

Occupancy floor —

Sensitivity live

Price	-10% $-1,089	-5% $-1,197	+0% $-1,305	+5% $-1,412	+10% $-1,520
Rent	-10% $-1,562	-5% $-1,433	+0% $-1,305	+5% $-1,176	+10% $-1,047
Rate	-1.0pp $-1,113	-0.5pp $-1,208	base $-1,305	+0.5pp $-1,403	+1.0pp $-1,503

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: $94,998
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9902 S Thomas Dr Unit 1354966P Panama City Beach, FL	2.0	2.0	1259	$1,970	$1.56	15d	1	0.02mi
9815 S Thomas Dr Unit 1523339P Panama City, FL	3.0	2.0	1259	$4,018	$3.19	23d	1	0.10mi
104 Gulfside Ct Unit 1523320P Panama City Beach, FL	3.0	3.0	1496	$5,020	$3.36	15d	1	0.15mi
998 Gulfside Ct Unit 1523366P Panama City Beach, FL	2.0	2.0	1065	$4,124	$3.87	15d	1	0.15mi
10625 Front Beach Rd Unit 1354975P Panama City Beach, FL	2.0	2.0	1140	$3,166	$2.78	15d	1	0.48mi
204 Potters Bluff Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1035	$1,947	$1.88	15d	12	0.56mi
10811 Front Beach Rd Unit 1354928P Panama City Beach, FL	3.0	2.0	1194	$3,463	$2.90	15d	1	0.64mi
135 Grande Island Blvd Unit 1355007P Panama City Beach, FL	3.0	3.5	1797	$2,759	$1.54	23d	1	0.67mi
2858 Joan Ave Unit 1523343P Panama City, FL	4.0	3.0	1754	$5,270	$3.00	15d	1	0.97mi
8715 Surf Dr Unit 1523323P Panama City Beach, FL	2.0	2.0	1194	$5,377	$4.50	15d	1	1.01mi
98 Paddock Club Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1093	$2,063	$1.89	15d	19	1.09mi
2917 Allison Ave Panama City Beach, FL	3.0	2.0	1592	$1,700	$1.07	23d	1	1.10mi
520 N Richard Jackson Blvd #1912 Panama City Beach, FL	2.0	2.0	1200	$2,375	$1.98	15d	1	1.21mi
11222 Hutchison Blvd Unit 1523347P Panama City Beach, FL	2.0	2.0	1194	$3,907	$3.27	23d	1	1.27mi
104 White Cap Way Panama City Beach, FL	3.0	2.0	1146	$2,700	$2.36	23d	1	1.30mi
10400 Panama City Beach Pkwy Panama City Beach, FL	1.0–3.0	1.0–2.0	1151	$2,372	$2.06	15d	20	1.33mi
175 White Cap Way Unit 1 Panama City Beach, FL	3.0	2.5	1432	$1,750	$1.22	15d	1	1.35mi
1609 Vecuna Cir Panama City Beach, FL	3.0	2.0	1268	$2,100	$1.66	15d	1	1.38mi
8700 Front Beach Rd Panama City Beach, FL	2.0–3.0	2.5	1543	$2,400	$1.56	15d	2	1.41mi
8604 Whelch Dr Panama City, FL	1.0–3.0	1.0–3.0	1087	$2,950	$2.71	15d	18	1.42mi

HOA detail condo

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

Listing history 41 events

1. 2026-06-21
   days on market $379,990 Active 148 DOM
2. 2026-06-19
   days on market $379,990 Active 146 DOM
3. 2026-06-18
   days on market $379,990 Active 145 DOM
4. 2026-06-17
   days on market $379,990 Active 144 DOM
5. 2026-06-16
   days on market $379,990 Active 143 DOM
6. 2026-06-15
   days on market $379,990 Active 142 DOM
7. 2026-06-14
   days on market $379,990 Active 140 DOM
8. 2026-06-13
   days on market $379,990 Active 139 DOM
9. 2026-06-10
   days on market $379,990 Active 137 DOM
10. 2026-06-09
    days on market $379,990 Active 136 DOM
11. 2026-06-08
    days on market $379,990 Active 135 DOM
12. 2026-06-07
    days on market $379,990 Active 134 DOM
13. 2026-06-05
    days on market $379,990 Active 131 DOM
14. 2026-06-03
    days on market $379,990 Active 130 DOM
15. 2026-06-02
    days on market $379,990 Active 129 DOM
16. 2026-06-01
    days on market $379,990 Active 128 DOM
17. 2026-05-31
    days on market $379,990 Active 127 DOM
18. 2026-05-30
    days on market $379,990 Active 126 DOM
19. 2026-01-24
    listed $379,990 Active 1769-char remark

    Show marketing remark (1769 chars)

    Welcome to Laketown Wharf 1834 — Your Coastal Escape Awaits Experience the pinnacle of modern coastal living in this fully renovated, turn-key condo at one of Panama City Beach's most sought-after resorts. Designed with comfort and style in mind, this stunning unit features brand-new flooring, freshly painted interiors, and updated lighting that create a clean, bright, and sophisticated atmosphere from the moment you walk in. Spacious • Stylish • Designed for Comfort With three king bedrooms, three full bathrooms, and a sleeper sofa, this expansive condo comfortably sleeps up to 10 guests—perfect for families, groups, or rental flexibility. The kitchen is equipped with a new refrigerator and stove, while new TVs throughout ensure entertainment is always at your fingertips. Whether you're unwinding after a day at the beach or hosting friends and family, this condo offers the ideal blend of relaxation and function. ⸻ The Ultimate Turnkey Investment Property More than a vacation home, Laketown Wharf 1834 represents a smart investment opportunity. Nestled in the heart of Panama City Beach, the Laketown Wharf Resort draws guests year-round with its unmatched amenities and prime location. Resort Amenities Include: • Five sparkling pools and two hot tubs • Fully equipped fitness center • Private beach access • Covered parking • Nightly fountain & light show—a guest favorite • Five on-site restaurants, market shops, and a poolside bar • 810 Billiards & Bowling for added entertainment Whether you're seeking a luxurious second home or a high-performing rental property, this condo delivers comfort, convenience, and exceptional investment potential.

20. 2024-02-20
    historical
21. 2023-11-20
    price $450,000
22. 2023-11-20
    status Active
23. 2023-11-02
    historical
24. 2023-09-06
    price $475,000
25. 2023-09-06
    status Active
26. 2023-09-06
    price $475,000
27. 2023-09-06
    status Active
28. 2023-09-02
    historical
29. 2023-08-05
    price $499,900
30. 2023-08-05
    price $499,900
31. 2023-06-05
    listed $525,000 Active
32. 2023-06-02
    listed $525,000 Active
33. 2019-03-06
    soldstatus $270,000
34. 2019-03-06
    soldstatus $270,000
35. 2019-03-06
    soldstatus $270,000
36. 2019-03-01
    listed $270,000
37. 2019-03-01
    listed $270,000
38. 2019-03-01
    listed $270,000
39. 2015-06-01
    soldstatus $204,000
40. 2015-05-29
    soldstatus $204,000
41. 2014-10-10
    listed $208,800

ⓘ 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: $4,488 · $374/mo
• Projected year-2 tax: $4,488 · $374/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 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 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: $39,053
• − Mortgage interest: −$21,285
• − Property taxes: −$4,488
• − Insurance: −$2,697
• − Repairs & maintenance: −$3,124
• − Management: −$3,124
• − HOA: −$15,408
• − Depreciation: −$11,054
• Taxable loss: −$22,129
• Est. tax savings @ 24.0%: +$5,311
• After-tax cash flow: $-10,344/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

• Census place: Panama City Beach, 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

+82.0% since first listed

23 events — show timeline

• 2026-01-24 Listed $379,990 CPARMLS
• 2024-02-20 Listing Removed — CPARMLS
• 2023-11-20 Price Changed $450,000 CPARMLS
• 2023-11-20 Relisted — CPARMLS
• 2023-11-02 Listing Removed — CPARMLS
• 2023-09-06 Price Changed $475,000 ECAR
• 2023-09-06 Relisted — ECAR
• 2023-09-06 Price Changed $475,000 CPARMLS
• 2023-09-06 Relisted — CPARMLS
• 2023-09-02 Listing Removed — CPARMLS
• 2023-08-05 Price Changed $499,900 ECAR
• 2023-08-05 Price Changed $499,900 CPARMLS
• 2023-06-05 Listed $525,000 ECAR
• 2023-06-02 Listed $525,000 CPARMLS
• 2019-03-06 Sold (MLS) $270,000 ECAR
• 2019-03-06 Sold (MLS) $270,000 CPARMLS
• 2019-03-06 Sold (MLS) $270,000 NAMLS
• 2019-03-01 Listed $270,000 ECAR
• 2019-03-01 Listed $270,000 CPARMLS
• 2019-03-01 Listed $270,000 NAMLS
• 2015-06-01 Sold (Public Records) $204,000 Public Records
• 2015-05-29 Sold (MLS) $204,000 CPARMLS
• 2014-10-10 Listed $208,800 CPARMLS

Property tax history

+9.9%/yr

Latest (2025): $4,488 · -3.4% YoY. Source: county tax records.