9860 S Thomas Dr #508 · Panama City Beach, FL 32408

$369,900

3 bd · 2.0 ba · 1,262 sqft · Condo public records · 37 Days on market

Built 2008 $293/sqft · at area comps Est $383k · at est.

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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 +9.0/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Cash flow +3.3/30.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Experience the best of coastal living with this Gulf-side condo at Laketown Wharf, offering a front-row seat to some of the most incredible Florida sunsets. This spacious 3-bedroom, 2-bathroom residence features a thoughtfully designed floor plan that truly feels like home. Inside, the open-concept layout creates a seamless flow between the kitchen and living areas--perfect for relaxing or entertaining. The kitchen is well-appointed with granite countertops, stainless steel appliances, and ample space for gathering. The living room has been updated with luxury vinyl plank flooring, adding both style and durability, while the in-unit washer and dryer provide everyday convenience. The Gulf-fr

Key facts

• Fitness center
• Five unique pools
• Community pool

Tags

• EXPANSIVE PRIVATE BALCONY
• DIRECT BALCONY ACCESS
• GULF FRONT PRIMARY SUITE
• FIVE UNIQUE POOLS
• DIRECT GATED BEACH ACCESS
• FITNESS CENTER

Property features AI

Finance

• HOA & community: Homeowners association with gazebo, barbecue area, and picnic area; Community amenities include clubhouse, fitness center, media room, pool, tennis courts, dock, park, business center, elevator, shopping, barbecue areas, and short-term rentals allowed

Exterior

• Security: Fire alarm; Smoke detectors; Security service
• Utilities: Cable connected; Electricity available; High-speed internet available; Public sewer
• Home design: Multi-family residence; Entry on level 5; Has a view
• Exterior features: Balcony; Community in-ground pool with electric heat; Community spa

Interior

• Kitchen: Electric range
• Bedrooms: Primary bedroom; Two additional bedrooms; Total of 3 bedrooms (buyer to verify measurements)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Home theater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $370k.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $327k (11.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (26.4% below list).
• Recommended offer: $272k (26.4% 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; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• This rent runs 40% 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 $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 37 days — a 3% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y 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 $240k; list at $370k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.
• Climate carrying-cost: 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 $272,287 (26.4% 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 37 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
8. 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.
9. 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.
10. 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: 0.74% ✗
• Cap rate: 2.54%
• Cash-on-cash: -13.40%
• DSCR: 0.40
• GRM: 11.3

CMA / ARV

• ARV (median comp): $382,531
• List price: $369,900
• Delta: -3.30%
• 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: -41.9%
• Equity multiple: -0.30×
• Total profit: $-134,335
• Equity at exit: $55,153

10-year hold

• IRR: -73.7%
• Equity multiple: -1.07×
• Total profit: $-214,787
• Equity at exit: $31,982

Cash invested: $103,572 (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: 11.3×

Monthly cashflow live

• Estimated rent: $2,723 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$298 /mo · $3,574/yr
• Insurance: −$154
• HOA est. from 10 same-building comps: −$916
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $-1,157

Break-even live

Break-even rent $4,187

Max offer price $165,565

Occupancy floor —

Sensitivity live

Price	-10% $-947	-5% $-1,052	+0% $-1,157	+5% $-1,261	+10% $-1,366
Rent	-10% $-1,372	-5% $-1,264	+0% $-1,157	+5% $-1,049	+10% $-942
Rate	-1.0pp $-970	-0.5pp $-1,063	base $-1,157	+0.5pp $-1,253	+1.0pp $-1,350

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Rent comps 28 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	0.10mi
9815 S Thomas Dr Unit 1523339P Panama City, FL	3.0	2.0	1259	$4,018	$3.19	23d	1	0.19mi
998 Gulfside Ct Unit 1523366P Panama City Beach, FL	2.0	2.0	1065	$4,124	$3.87	15d	1	0.23mi
104 Gulfside Ct Unit 1523320P Panama City Beach, FL	3.0	3.0	1496	$5,020	$3.36	15d	1	0.24mi
10625 Front Beach Rd Unit 1354975P Panama City Beach, FL	2.0	2.0	1140	$3,166	$2.78	15d	1	0.56mi
204 Potters Bluff Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1035	$1,947	$1.88	15d	12	0.62mi
10811 Front Beach Rd Unit 1354928P Panama City Beach, FL	3.0	2.0	1194	$3,463	$2.90	15d	1	0.72mi
135 Grande Island Blvd Unit 1355007P Panama City Beach, FL	3.0	3.5	1797	$2,759	$1.54	23d	1	0.76mi
133 W Leslie Ln Unit 1 Panama City Beach, FL	2.0	1.5	950	$2,200	$2.32	23d	1	0.86mi
2858 Joan Ave Unit 1523343P Panama City, FL	4.0	3.0	1754	$5,270	$3.00	15d	1	0.89mi
8715 Surf Dr Unit 1523323P Panama City Beach, FL	2.0	2.0	1194	$5,377	$4.50	15d	1	0.92mi
2521 Allison Ave Panama City, FL	2.0	2.0	980	$1,450	$1.48	23d	1	0.97mi
136 Bonnie Ln Panama City Beach, FL	2.0	1.5	972	$1,750	$1.80	15d	1	1.00mi
138 Bonnie Ln Panama City Beach, FL	2.0	1.5	972	$1,599	$1.65	15d	1	1.00mi
2917 Allison Ave Panama City Beach, FL	3.0	2.0	1592	$1,700	$1.07	23d	1	1.03mi
2301 Anne Ave Unit 8901 Laird Panama City, FL	2.0	2.0	900	$1,625	$1.81	15d	1	1.08mi
2216 Anne Ave Panama City, FL	2.0	2.0	951	$1,300	$1.37	15d	1	1.12mi
98 Paddock Club Dr Panama City Beach, FL	1.0–3.0	1.0–2.0	1093	$2,063	$1.89	15d	19	1.18mi
2526 Laurie Ave Panama City, FL	2.0	2.0	950	$1,750	$1.84	15d	1	1.23mi
520 N Richard Jackson Blvd #1912 Panama City Beach, FL	2.0	2.0	1200	$2,375	$1.98	15d	1	1.30mi
11222 Hutchison Blvd Unit 1523347P Panama City Beach, FL	2.0	2.0	1194	$3,907	$3.27	23d	1	1.36mi
1609 Vecuna Cir Panama City Beach, FL	3.0	2.0	1268	$2,100	$1.66	15d	1	1.37mi
104 White Cap Way Panama City Beach, FL	3.0	2.0	1146	$2,700	$2.36	23d	1	1.39mi
8604 Whelch Dr Panama City, FL	1.0–3.0	1.0–3.0	1087	$2,950	$2.71	15d	18	1.39mi
8700 Front Beach Rd Panama City Beach, FL	2.0–3.0	2.5	1543	$2,400	$1.56	15d	2	1.39mi
10400 Panama City Beach Pkwy Panama City Beach, FL	1.0–3.0	1.0–2.0	1151	$2,372	$2.06	15d	20	1.40mi
175 White Cap Way Unit 1 Panama City Beach, FL	3.0	2.5	1432	$1,750	$1.22	15d	1	1.44mi
8623 N Lagoon Dr Panama City Beach, FL	2.0	2.5	1600	$2,350	$1.47	23d	1	1.47mi

HOA detail condo

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

Listing history 35 events

1. 2026-06-21
   days on market $369,900 Active 37 DOM
2. 2026-06-19
   days on market $369,900 Active 35 DOM
3. 2026-06-18
   days on market $369,900 Active 34 DOM
4. 2026-06-17
   days on market $369,900 Active 33 DOM
5. 2026-06-16
   days on market $369,900 Active 32 DOM
6. 2026-06-15
   days on market $369,900 Active 31 DOM
7. 2026-06-14
   days on market $369,900 Active 29 DOM
8. 2026-06-13
   days on market $369,900 Active 28 DOM
9. 2026-06-10
   days on market $369,900 Active 26 DOM
10. 2026-06-09
    days on market $369,900 Active 25 DOM
11. 2026-06-08
    days on market $369,900 Active 24 DOM
12. 2026-06-07
    days on market $369,900 Active 23 DOM
13. 2026-06-05
    days on market $369,900 Active 20 DOM
14. 2026-06-03
    days on market $369,900 Active 19 DOM
15. 2026-06-02
    days on market $369,900 Active 18 DOM
16. 2026-06-01
    days on market $369,900 Active 17 DOM
17. 2026-05-31
    days on market $369,900 Active 16 DOM
18. 2026-05-30
    days on market $369,900 Active 15 DOM
19. 2026-05-04
    listed $369,900 Active 1675-char remark
20. 2024-01-31
    historical
21. 2023-08-10
    price $465,000
22. 2023-07-21
    listed $485,000 Active
23. 2023-03-16
    historical
24. 2023-03-15
    historical
25. 2022-10-27
    listed $475,000 Active
26. 2022-10-27
    listed $475,000 Active
27. 2022-10-27
    historical
28. 2022-09-09
    listed $485,000 Active
29. 2020-03-02
    soldstatus $240,000
30. 2020-03-02
    soldstatus $240,000
31. 2020-03-02
    soldstatus $240,000
32. 2019-10-01
    listed $240,000
33. 2019-01-25
    listed $240,000
34. 2019-01-25
    listed $240,000
35. 2015-02-06
    soldstatus $57,690,000

ⓘ 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: $3,574 · $298/mo
• Projected year-2 tax: $3,574 · $298/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 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $32,674
• − Mortgage interest: −$20,720
• − Property taxes: −$3,574
• − Insurance: −$1,850
• − Repairs & maintenance: −$2,614
• − Management: −$2,614
• − HOA: −$10,992
• − Depreciation: −$10,761
• Taxable loss: −$20,450
• Est. tax savings @ 24.0%: +$4,908
• After-tax cash flow: $-8,972/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: 50,689
• 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

-99.4% since first listed

17 events — show timeline

• 2026-05-04 Listed $369,900 CPARMLS
• 2024-01-31 Listing Removed — CPARMLS
• 2023-08-10 Price Changed $465,000 CPARMLS
• 2023-07-21 Listed $485,000 CPARMLS
• 2023-03-16 Delisted — ECAR
• 2023-03-15 Listing Removed — NAMLS
• 2022-10-27 Listed $475,000 ECAR
• 2022-10-27 Listing Removed — NAMLS
• 2022-10-27 Listed $475,000 NAMLS
• 2022-09-09 Listed $485,000 NAMLS
• 2020-03-02 Sold (MLS) $240,000 ECAR
• 2020-03-02 Sold (MLS) $240,000 NAMLS
• 2020-03-02 Sold (MLS) $240,000 CPARMLS
• 2019-10-01 Listed $240,000 CPARMLS
• 2019-01-25 Listed $240,000 ECAR
• 2019-01-25 Listed $240,000 NAMLS
• 2015-02-06 Sold (Public Records) $57,690,000 Public Records

Property tax history

+9.6%/yr

Latest (2025): $3,574 · -16.5% YoY. Source: county tax records.