1115 Mckenzie Ave · Panama City, FL 32401

$235,000

2 bd · 1.0 ba · 1,304 sqft · SingleFamily public records · 18 Days on market

Built 1940 0.35 ac lot Est $254k · 8% under

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Why this score? — see what drove the D 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 +13.0/30.0
• ARV discount +10.9/15.0
• Schools +4.3/10.0
• DSCR +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

AGE, SF, LOT, RM SZ APPROX: Convenient Cove location, near downtown. Beautifully updated thoughout, you won't believe the huge family room open to the kitchen. Freshly painted formal living room with fireplace, dining room, ceramic tile in kitchen, bath and entry. Central heat and air, energy efficent windows, covered patio. Garage/storage/ wokrshop and back alley access. Compare sq. ft. , amentites and price then see it today

Key facts

• Spacious yard
• Community events
• 0.35 acre lot

Tags

• SPACIOUS YARD
• BEAUTIFULLY TILED SHOWER
• SEPARATE TOILET SINK CLOSET
• WATERFRONT ATTRACTIONS
• COMMUNITY EVENTS
• CLASSIC FLORIDA CHARM

Property features AI

Finance

• HOA & community: Short-term rentals allowed

Exterior

• Utilities: Electricity available; Public sewer
• Home design: Single-story residence
• Construction: Brick and wood siding construction; Composition/shingle roof
• Exterior features: Covered patio and porch; Partial fencing; Paved lot access; City street frontage; Publicly maintained road

Interior

• Kitchen: Electric oven
• Bedrooms: Two bedrooms on the first floor (each ~12 x 12)
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fans
• Interior features: All room measurements are approximate

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-13 ($-160/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (25.7% below list).
• Recommended offer: $175k (25.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.7% in Panama City — 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 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.
• Zoned schools: Merriam Cherry Street Elementary (math 22% / reading 37%, grade F, #1,896 of 2,144 statewide, top 90%, 362 students, 72% FRL); Jinks Middle School (math 41% / reading 42%, grade F, #348 of 571 statewide, top 62%, 570 students, 70% FRL); Bay High School (math 37% / reading 34%, grade F, #367 of 667 statewide, top 57%, 1,255 students, 53% FRL) — zoned schools average 65% FRL vs 48% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 51% district-wide (-16 pts) — the specific schools serving this property underperform the Bay average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 262 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 18 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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 $98k; list at $235k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $174,509 (25.7% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.74% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $254,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1114 Mckenzie Ave	0.03mi	3/2.0 (+1)	1,208 (-7%)	5mo	$230,000	$190	73
900 Wilson Ave	0.38mi	3/2.0 (+1)	1,270 (-3%)	7mo	$255,000	$201	63
1514 Louisiana Ave	0.63mi	3/2.0 (+1)	1,187 (-9%)	2mo	$245,000	$206	45
1210 Hamilton Ave	0.36mi	3/2.0 (+1)	1,122 (-14%)	7mo	$255,000	$227	45
825 E 12th St	0.66mi	3/2.0 (+1)	1,204 (-8%)	3mo	$230,000	$191	45
909 Louisiana Ave	0.49mi	3/2.0 (+1)	1,137 (-13%)	5mo	$240,000	$211	43
1208 Louisiana Ave	0.42mi	3/2.0 (+1)	1,122 (-14%)	8mo	$125,000	$111	42
711 E 10th Ct	0.51mi	3/2.0 (+1)	1,152 (-12%)	8mo	$220,000	$191	41
713 E 10th Ct	0.52mi	3/2.0 (+1)	1,152 (-12%)	8mo	$225,000	$195	41
1332 N Palo Alto Ave	0.64mi	3/1.0 (+1)	1,134 (-13%)	4mo	$150,000	$132	40
1542 Oak Ave	0.67mi	3/2.0 (+1)	1,434 (+10%)	9mo	$237,000	$165	36
910 E 9th Ct	0.73mi	3/2.0 (+1)	1,111 (-15%)	5mo	$225,000	$203	28

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 · 0.45% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.34×
• Total profit: $-43,411
• Equity at exit: $35,039

10-year hold

• IRR: -17.3%
• Equity multiple: 0.14×
• Total profit: $-56,392
• Equity at exit: $20,319

Cash invested: $65,800 (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: 262
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,745 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$62 /mo · $740/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-13

Break-even live

Break-even rent $1,762

Max offer price $232,646

Occupancy floor 96%

Sensitivity live

Price	-10% $120	-5% $53	+0% $-13	+5% $-80	+10% $-146
Rent	-10% $-151	-5% $-82	+0% $-13	+5% $56	+10% $125
Rate	-1.0pp $105	-0.5pp $46	base $-13	+0.5pp $-74	+1.0pp $-136

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1114 Mc Kenzie Ave Unit 1 Panama City, FL	2.0	1.0	880	$1,850	$2.10	23d	1	0.04mi
265 15th St Panama City, FL	1.0–3.0	1.0–2.0	967	$1,252	$1.29	15d	4	0.55mi
1525 Oak Ave Panama City, FL	3.0	1.5	1280	$2,200	$1.72	23d	1	0.64mi
540 E 4th Ct Panama City, FL	2.0	2.0	1196	$1,800	$1.51	23d	1	0.94mi
2002 Wilson Ave Panama City, FL	1.0–3.0	1.0–2.0	977	$1,854	$1.90	15d	25	1.11mi
2121 Harrison Ave Panama City, FL	1.0–2.0	1.0–2.0	800	$1,550	$1.94	23d	13	1.15mi
723 W 19th St Panama City, FL	2.0	2.0	1170	$1,520	$1.30	23d	15	1.18mi
329 N Palo Alto Ave Panama City, FL	3.0	2.0	1300	$1,950	$1.50	15d	1	1.23mi
901 W 19th St Panama City, FL	1.0–2.0	1.0–2.0	787	$1,168	$1.48	23d	5	1.25mi
1827 Balboa Ave Panama City, FL	3.0	2.5	1440	$1,800	$1.25	15d	1	1.32mi
300 Mercedes Ave Unit 1523335P Panama City, FL	3.0	2.0	1194	$3,807	$3.19	23d	1	1.43mi
603 E 2nd St Panama City, FL	2.0	1.0	900	$1,300	$1.44	23d	1	1.49mi

Listing history 14 events

1. 2026-06-21
   days on market $235,000 Active 18 DOM
2. 2026-06-19
   days on market $235,000 Active 16 DOM
3. 2026-06-18
   days on market $235,000 Active 15 DOM
4. 2026-06-17
   days on market $235,000 Active 14 DOM
5. 2026-06-16
   days on market $235,000 Active 13 DOM
6. 2026-06-15
   days on market $235,000 Active 12 DOM
7. 2026-06-14
   days on market $235,000 Active 10 DOM
8. 2026-06-13
   days on market $235,000 Active 9 DOM
9. 2026-06-10
   days on market $235,000 Active 7 DOM
10. 2026-06-09
    days on market $235,000 Active 6 DOM
11. 2026-06-08
    days on market $235,000 Active 5 DOM
12. 2026-06-07
    days on market $235,000 Active 4 DOM
13. 2026-06-03
    remarks 699-char remark
14. 2026-06-03
    listed $235,000 Active 1 DOM

ⓘ 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: $740 · $62/mo
• Projected year-2 tax: $1,950 · $163/mo
• Expected delta: +$1,211/yr (+$101/mo · 163.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 21 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: $20,941
• − Mortgage interest: −$13,164
• − Property taxes: −$740
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,675
• − Management: −$1,675
• − Depreciation: −$6,836
• Taxable loss: −$4,324
• Est. tax savings @ 24.0%: +$1,038
• After-tax cash flow: $878/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

• 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

+437.8% since first listed

7 events — show timeline

• 2026-06-03 Listed $235,000 CPARMLS
• 2009-03-30 Sold (Public Records) $98,000 Public Records
• 2001-08-20 Sold (Public Records) $63,000 Public Records
• 2001-08-17 Sold (MLS) $63,000 CPARMLS
• 2001-06-19 Listed $64,900 CPARMLS
• 1998-11-01 Sold (Public Records) $50,800 Public Records
• 1995-12-01 Sold (Public Records) $43,700 Public Records

Property tax history

+2.5%/yr

Latest (2025): $740 · +4.1% YoY. Source: county tax records.