1108 Lighthouse Rd · Panama City Beach, FL 32407

$205,000

2 bd · 2.0 ba · 935 sqft · Condo public records · 484 Days on market

Built 2007 $219/sqft · 7% above area Est $191k · 7% over

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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 +15.5/30.0
• DSCR +4.8/10.0
• Schools +4.3/10.0
• ARV discount +4.2/15.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled in a serene and well-maintained neighborhood, this home offers the benefit of a no short-term rental policy, ensuring a quiet and secure living environment. Welcome to easy coastal living in this fully furnished 2-bedroom, 2-bathroom ground-floor end unit, perfectly situated next to a tranquil pond in the gated Nautilus Cove community. Inside, you'll find an open floor plan featuring two spacious bedrooms, each with its own private bath and walk-in closet—ideal for privacy and convenience. The well-equipped kitchen, cozy living area, and in-unit washer and dryer make this home move-in ready! Located in the heart of Panama City Beach, you're just minutes away from the stunning Gulf beaches, as well as premier shopping, dining, and entertainment at Pier Park. Enjoy resort-style amenities, including a large pool, fitness center, clubhouse with full kitchen, playground, and pet-friendly walking areas. Located next door is the Nautilus Station Shopping Center. Whether you're looking for a primary residence or a vacation home without the hustle and bustle of constant guests next door, this property provides the perfect retreat. This condo is a must-see! Schedule your showing today!

Key facts

• Gated community
• Open floor plan
• Tranquil pond

Tags

• GATED COMMUNITY
• TRANQUIL POND
• OPEN FLOOR PLAN
• WELL-EQUIPPED KITCHEN
• IN-UNIT WASHER AND DRYER
• RESORT-STYLE AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $205k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (11.9% below list).
• Recommended offer: $180k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 2.6% in Panama City Beach — 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 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.
• Market conditions: Rents soft (-0.2%/yr); 705 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).

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 484 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 484 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. 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?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.88% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.76%
• DSCR: 1.08
• GRM: 9.5

CMA / ARV

• ARV (median comp): $191,118
• List price: $205,000
• Delta: 7.26%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.42×
• Total profit: $-33,154
• Equity at exit: $30,566

10-year hold

• IRR: -14.9%
• Equity multiple: 0.26×
• Total profit: $-42,477
• Equity at exit: $17,725

Cash invested: $57,400 (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 32407

• Home prices YoY: -29.5%
• Rents YoY: -0.2%
• Active inventory: 705
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,806 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$182 /mo · $2,184/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $84

Break-even live

Break-even rent $1,699

Max offer price $205,000

Occupancy floor 90%

Sensitivity live

Price	-10% $200	-5% $142	+0% $84	+5% $26	+10% $-32
Rent	-10% $-58	-5% $13	+0% $84	+5% $156	+10% $227
Rate	-1.0pp $188	-0.5pp $137	base $84	+0.5pp $31	+1.0pp $-23

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Lighthouse Rd Panama City Beach, FL	2.0	2.0	965	$1,500	$1.55	22d	1	0.15mi
231 Poinsettia Dr Unit A Panama City Beach, FL	2.0	2.0	840	$1,500	$1.79	22d	1	0.49mi
505 Anemone St Unit 1511627P Panama City Beach, FL	2.0	2.0	990	$3,929	$3.97	22d	1	0.60mi
1105 Clara Ave Panama City Beach, FL	3.0	1.0–2.0	938	$1,863	$1.99	14d	14	0.70mi
314 Evergreen St Panama City Beach, FL	3.0	2.0	960	$1,800	$1.88	22d	1	0.75mi
900 Clara Ave Panama City Beach, FL	1.0–3.0	1.0–2.0	1134	$1,800	$1.59	14d	15	0.80mi
15817 Front Beach Rd Unit 1523369P Panama City Beach, FL	1.0	2.0	839	$5,602	$6.68	14d	1	0.93mi
201 Hills Rd Panama City Beach, FL	1.0–2.0	1.0–2.0	994	$2,175	$2.19	22d	20	0.95mi

HOA detail condo

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

Listing history 33 events

1. 2026-06-21
   days on market $205,000 Active 484 DOM
2. 2026-06-19
   days on market $205,000 Active 482 DOM
3. 2026-06-18
   days on market $205,000 Active 481 DOM
4. 2026-06-17
   days on market $205,000 Active 480 DOM
5. 2026-06-16
   days on market $205,000 Active 479 DOM
6. 2026-06-15
   days on market $205,000 Active 478 DOM
7. 2026-06-14
   days on market $205,000 Active 476 DOM
8. 2026-06-13
   days on market $205,000 Active 475 DOM
9. 2026-06-10
   days on market $205,000 Active 473 DOM
10. 2026-06-09
    days on market $205,000 Active 472 DOM
11. 2026-06-08
    days on market $205,000 Active 471 DOM
12. 2026-06-07
    days on market $205,000 Active 470 DOM
13. 2026-06-05
    days on market $205,000 Active 467 DOM
14. 2026-06-03
    days on market $205,000 Active 466 DOM
15. 2026-06-02
    days on market $205,000 Active 465 DOM
16. 2026-06-01
    days on market $205,000 Active 464 DOM
17. 2026-05-31
    days on market $205,000 Active 463 DOM
18. 2026-05-30
    days on market $205,000 Active 462 DOM
19. 2026-02-17
    price $205,000 1209-char remark

    Show marketing remark (1209 chars)

    Nestled in a serene and well-maintained neighborhood, this home offers the benefit of a no short-term rental policy, ensuring a quiet and secure living environment. Welcome to easy coastal living in this fully furnished 2-bedroom, 2-bathroom ground-floor end unit, perfectly situated next to a tranquil pond in the gated Nautilus Cove community. Inside, you'll find an open floor plan featuring two spacious bedrooms, each with its own private bath and walk-in closet—ideal for privacy and convenience. The well-equipped kitchen, cozy living area, and in-unit washer and dryer make this home move-in ready! Located in the heart of Panama City Beach, you're just minutes away from the stunning Gulf beaches, as well as premier shopping, dining, and entertainment at Pier Park. Enjoy resort-style amenities, including a large pool, fitness center, clubhouse with full kitchen, playground, and pet-friendly walking areas. Located next door is the Nautilus Station Shopping Center. Whether you're looking for a primary residence or a vacation home without the hustle and bustle of constant guests next door, this property provides the perfect retreat. This condo is a must-see! Schedule your showing today!

20. 2025-11-30
    price $210,000 1209-char remark

    Show marketing remark (1209 chars)

    Nestled in a serene and well-maintained neighborhood, this home offers the benefit of a no short-term rental policy, ensuring a quiet and secure living environment. Welcome to easy coastal living in this fully furnished 2-bedroom, 2-bathroom ground-floor end unit, perfectly situated next to a tranquil pond in the gated Nautilus Cove community. Inside, you'll find an open floor plan featuring two spacious bedrooms, each with its own private bath and walk-in closet—ideal for privacy and convenience. The well-equipped kitchen, cozy living area, and in-unit washer and dryer make this home move-in ready! Located in the heart of Panama City Beach, you're just minutes away from the stunning Gulf beaches, as well as premier shopping, dining, and entertainment at Pier Park. Enjoy resort-style amenities, including a large pool, fitness center, clubhouse with full kitchen, playground, and pet-friendly walking areas. Located next door is the Nautilus Station Shopping Center. Whether you're looking for a primary residence or a vacation home without the hustle and bustle of constant guests next door, this property provides the perfect retreat. This condo is a must-see! Schedule your showing today!

21. 2025-04-07
    price $220,000 1209-char remark

    Show marketing remark (1209 chars)

    Nestled in a serene and well-maintained neighborhood, this home offers the benefit of a no short-term rental policy, ensuring a quiet and secure living environment. Welcome to easy coastal living in this fully furnished 2-bedroom, 2-bathroom ground-floor end unit, perfectly situated next to a tranquil pond in the gated Nautilus Cove community. Inside, you'll find an open floor plan featuring two spacious bedrooms, each with its own private bath and walk-in closet—ideal for privacy and convenience. The well-equipped kitchen, cozy living area, and in-unit washer and dryer make this home move-in ready! Located in the heart of Panama City Beach, you're just minutes away from the stunning Gulf beaches, as well as premier shopping, dining, and entertainment at Pier Park. Enjoy resort-style amenities, including a large pool, fitness center, clubhouse with full kitchen, playground, and pet-friendly walking areas. Located next door is the Nautilus Station Shopping Center. Whether you're looking for a primary residence or a vacation home without the hustle and bustle of constant guests next door, this property provides the perfect retreat. This condo is a must-see! Schedule your showing today!

22. 2025-02-22
    listed $225,000 Active 1209-char remark

    Show marketing remark (1209 chars)

    Nestled in a serene and well-maintained neighborhood, this home offers the benefit of a no short-term rental policy, ensuring a quiet and secure living environment. Welcome to easy coastal living in this fully furnished 2-bedroom, 2-bathroom ground-floor end unit, perfectly situated next to a tranquil pond in the gated Nautilus Cove community. Inside, you'll find an open floor plan featuring two spacious bedrooms, each with its own private bath and walk-in closet—ideal for privacy and convenience. The well-equipped kitchen, cozy living area, and in-unit washer and dryer make this home move-in ready! Located in the heart of Panama City Beach, you're just minutes away from the stunning Gulf beaches, as well as premier shopping, dining, and entertainment at Pier Park. Enjoy resort-style amenities, including a large pool, fitness center, clubhouse with full kitchen, playground, and pet-friendly walking areas. Located next door is the Nautilus Station Shopping Center. Whether you're looking for a primary residence or a vacation home without the hustle and bustle of constant guests next door, this property provides the perfect retreat. This condo is a must-see! Schedule your showing today!

23. 2022-03-09
    soldstatus $205,000 Closed 355-char remark

    Show marketing remark (355 chars)

    MOVE-IN READY!! So convenient to everything!! 2 bdrm / 2 bath FIRST FLOOR condo in the gated community of Nautilus Cove. Fully furnished. Granite & SS appliances. Large pantry. Perfect roommate floorplan: each bedrm has its own bath and walk-in closet. Washer and dryer included. Nice and private - back opens to trees and right next to the pond.

24. 2022-02-21
    historical 355-char remark

    Show marketing remark (355 chars)

    MOVE-IN READY!! So convenient to everything!! 2 bdrm / 2 bath FIRST FLOOR condo in the gated community of Nautilus Cove. Fully furnished. Granite & SS appliances. Large pantry. Perfect roommate floorplan: each bedrm has its own bath and walk-in closet. Washer and dryer included. Nice and private - back opens to trees and right next to the pond.

25. 2021-10-09
    listed $194,500 355-char remark

    Show marketing remark (355 chars)

    MOVE-IN READY!! So convenient to everything!! 2 bdrm / 2 bath FIRST FLOOR condo in the gated community of Nautilus Cove. Fully furnished. Granite & SS appliances. Large pantry. Perfect roommate floorplan: each bedrm has its own bath and walk-in closet. Washer and dryer included. Nice and private - back opens to trees and right next to the pond.

26. 2018-12-03
    soldstatus $130,000
27. 2018-11-30
    soldstatus $130,000
28. 2018-09-30
    listed $129,900
29. 2018-04-26
    soldstatus $118,600
30. 2018-04-25
    soldstatus $118,550
31. 2018-03-23
    historical
32. 2018-02-09
    listed $120,000
33. 2018-02-09
    listed $120,000

ⓘ 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: $2,184 · $182/mo
• Projected year-2 tax: $2,184 · $182/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $21,674
• − Mortgage interest: −$11,483
• − Property taxes: −$2,184
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − Depreciation: −$5,964
• Taxable loss: −$2,450
• Est. tax savings @ 24.0%: +$588
• After-tax cash flow: $1,601/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: 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): 16,404
• Household income: $80,831
• Rent vs Own: 43.6% rent · 56.4% own
• Severe rent burden: 939.0

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 (73%)
• Race & ethnicity: White 73% Black 10% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 4% Italian 3% Portuguese 2%
• Foreign-born: 12% · Canada, Jamaica, South Korea
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -116.39%
• Current HPI: 277.8875
• Rent YoY: ▼ -0.25%
• 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

+70.8% since first listed

15 events — show timeline

• 2026-02-17 Price Changed $205,000 CPARMLS
• 2025-11-30 Price Changed $210,000 CPARMLS
• 2025-04-07 Price Changed $220,000 CPARMLS
• 2025-02-22 Listed $225,000 CPARMLS
• 2022-03-09 Sold (MLS) $205,000 CPARMLS
• 2022-02-21 Listing Removed — CPARMLS
• 2021-10-09 Listed $194,500 CPARMLS
• 2018-12-03 Sold (Public Records) $130,000 Public Records
• 2018-11-30 Sold (MLS) $130,000 CPARMLS
• 2018-09-30 Listed $129,900 CPARMLS
• 2018-04-26 Sold (Public Records) $118,600 Public Records
• 2018-04-25 Sold (MLS) $118,550 CPARMLS
• 2018-03-23 Listing Removed — CPARMLS
• 2018-02-09 Listed $120,000 CPARMLS
• 2018-02-09 Listed $120,000 CPARMLS

Property tax history

+11.5%/yr

Latest (2025): $2,184 · -2.4% YoY. Source: county tax records.