1421 Martin Luther King Junior Blvd Unit B · Panama City, FL 32401

$204,000

2 bd · 2.5 ba · 1,007 sqft · MultiFamily · 49 Days on market

Built 2026 Good condition 1,655 sqft lot $203/sqft · 17% above area Est $174k · 17% over ↓ 2% since listing

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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).

• Cash flow +8.5/30.0
• Schools +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• 1% rule +2.6/10.0
• Rent growth +2.6/5.0
• DSCR +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Perfectly positioned for convenience and comfort, this beautifully designed 2-bedroom, 2.5-bath townhome offers easy access to shopping, dining, schools, and is just minutes from the new Martin Luther King Jr. Recreation Center. The main level features a spacious open living area and a well-appointed kitchen with stainless steel appliances, making everyday living and entertaining effortless. A private garage adds everyday convenience with secure parking, additional storage space, and easy access during Florida's unpredictable weather. Upstairs, each bedroom features its own private bathroom, creating the ideal setup for families, guests, or roommates who appreciate privacy. With generous cl

Key facts

• Private garage
• Open living area
• Private bathroom

Tags

• PRIVATE GARAGE
• WELL-APPOINTED KITCHEN
• STAINLESS STEEL APPLIANCES
• OPEN LIVING AREA
• PRIVATE BATHROOM
• GENEROUS CLOSET SPACE

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Parking: Attached garage with garage door opener (1 car)
• Security: Fire alarm
• Utilities: Electricity available; High-speed internet available; Sewer available
• Home design: New construction; Two-story property; Slab foundation
• Construction: HardiPlank exterior; Wood frame construction; Metal roof
• Exterior features: Paved lot; City street frontage; Publicly maintained road

Interior

• Kitchen: Electric cooktop; Electric oven; Icemaker
• Bedrooms: Two bedrooms, both on the second floor (approx. 12 x 10 and 13 x 13)
• Bathrooms: Two full bathrooms and one half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fans
• Interior features: Double-pane windows; Fire alarm
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $204k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-179 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (23.6% below list).
• Recommended offer: $156k (23.6% below list) — sets the bar for 1% rule.

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.
• Market conditions: Rents flat; 258 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 36% 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 49 days — a 3% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,831 (23.6% 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 49 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.76% ✗
• Cap rate: 5.24%
• Cash-on-cash: -3.75%
• DSCR: 0.83
• GRM: 10.9

CMA / ARV

• ARV (median comp): $173,795
• List price: $204,000
• Delta: 17.38%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -25.5%
• Equity multiple: 0.15×
• Total profit: $-48,316
• Equity at exit: $30,417

10-year hold

• IRR: -32.3%
• Equity multiple: -0.26×
• Total profit: $-71,838
• Equity at exit: $17,638

Cash invested: $57,120 (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 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 258
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$1,070
• Tax est. 1.5%: −$255 /mo · $3,060/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-179

Break-even live

Break-even rent $1,785

Max offer price $178,137

Occupancy floor —

Sensitivity live

Price	-10% $-38	-5% $-108	+0% $-179	+5% $-249	+10% $-320
Rent	-10% $-302	-5% $-240	+0% $-179	+5% $-117	+10% $-56
Rate	-1.0pp $-76	-0.5pp $-127	base $-179	+0.5pp $-232	+1.0pp $-285

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: $51,000
• Closing costs: $6,120
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 E 13th St Unit 1 Panama City, FL	2.0	1.0	700	$1,250	$1.79	22d	1	0.20mi
1114 Mc Kenzie Ave Unit 1 Panama City, FL	2.0	1.0	880	$1,850	$2.10	22d	1	0.50mi
400 E 19th St Unit A1 Panama City, FL	2.0	2.0	785	$1,095	$1.39	14d	1	0.66mi
2002 Wilson Ave Panama City, FL	1.0–3.0	1.0–2.0	977	$1,854	$1.90	14d	25	0.76mi
1525 Oak Ave Panama City, FL	3.0	1.5	1280	$2,200	$1.72	22d	1	0.78mi
265 15th St Panama City, FL	1.0–3.0	1.0–2.0	967	$1,252	$1.29	14d	4	0.83mi
2121 Harrison Ave Panama City, FL	1.0–2.0	1.0–2.0	800	$1,550	$1.94	22d	13	0.97mi
540 E 4th Ct Panama City, FL	2.0	2.0	1196	$1,800	$1.51	22d	1	1.26mi
723 W 19th St Panama City, FL	2.0	2.0	1170	$1,520	$1.30	22d	15	1.29mi
725 Sherman Ave Unit B Panama City, FL	3.0	1.0	878	$1,250	$1.42	22d	1	1.30mi
388 Massalina Dr Panama City, FL	2.0	2.0	800	$1,800	$2.25	14d	1	1.33mi
901 W 19th St Panama City, FL	1.0–2.0	1.0–2.0	787	$1,168	$1.48	22d	5	1.43mi
300 W 23rd Pl Unit 1491599P Panama City, FL	2.0	1.5	1313	$2,592	$1.97	22d	1	1.44mi
329 N Palo Alto Ave Unit B Panama City, FL	1.0	1.0	800	$750	$0.94	22d	1	1.44mi
329 N Palo Alto Ave Panama City, FL	3.0	2.0	1300	$1,950	$1.50	14d	1	1.44mi
335 Massalina Dr Panama City, FL	1.0	1.0	742	$1,200	$1.62	14d	1	1.46mi
2623 E 16th St Unit A Panama City, FL	3.0	2.0	1250	$1,625	$1.30	22d	1	1.49mi

Listing history 18 events

1. 2026-06-19
   days on market $204,000 Active 49 DOM
2. 2026-06-18
   days on market $204,000 Active 48 DOM
3. 2026-06-17
   days on market $204,000 Active 47 DOM
4. 2026-06-16
   days on market $204,000 Active 46 DOM
5. 2026-06-15
   days on market $204,000 Active 45 DOM
6. 2026-06-14
   days on market $204,000 Active 43 DOM
7. 2026-06-13
   days on market $204,000 Active 42 DOM
8. 2026-06-10
   days on market $204,000 Active 40 DOM
9. 2026-06-09
   days on market $204,000 Active 39 DOM
10. 2026-06-08
    days on market $204,000 Active 38 DOM
11. 2026-06-07
    days on market $204,000 Active 37 DOM
12. 2026-06-05
    days on market $204,000 Active 34 DOM
13. 2026-06-03
    days on market $204,000 Active 33 DOM
14. 2026-06-02
    days on market $204,000 Active 32 DOM
15. 2026-06-01
    days on market $204,000 Active 31 DOM
16. 2026-05-31
    days on market $204,000 Active 30 DOM
17. 2026-05-30
    days on market $204,000 Active 29 DOM
18. 2026-05-02
    listed $209,000 Active 876-char remark

ⓘ 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 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥105°F today · 18 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: $18,700
• − Mortgage interest: −$11,427
• − Property taxes: −$3,060
• − Insurance: −$1,020
• − Repairs & maintenance: −$1,496
• − Management: −$1,496
• − Depreciation: −$5,935
• Taxable loss: −$5,734
• Est. tax savings @ 24.0%: +$1,376
• After-tax cash flow: $-769/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 None rehab

This well-maintained townhome is move-in ready with a good condition score and potential for further value enhancement through minor updates.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value.
• Both Adding smart home features — Smart home features can increase property value and attract tech-savvy buyers/tenants.
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and attractive to potential buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value. ↑
• Both Adding smart home features — Smart home features can increase property value and attract tech-savvy buyers/tenants. ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and attractive to potential buyers/tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• 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 · 163,593 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: 935.0

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: 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%

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

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

-2.4% since first listed

2 events — show timeline

• 2026-05-22 Price Changed $204,000 CPARMLS
• 2026-05-02 Listed $209,000 CPARMLS