105 Allen Ave #56 · Panama City, FL 32401

$169,900

1 bd · 1.0 ba · 924 sqft · Condo public records · 211 Days on market

Built 1983 $184/sqft · 22% below area Est $218k · 22% under

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Why this score? — see what drove the C- 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 +17.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• Schools +4.3/10.0
• 1% rule +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

RECENTLY REMODELED with a modern industrial design, this stylish condo is in a prime location in the heart of Panama City - The Cove. Located directly across the street from St. Andrews Bay, this first floor unit features updated finishes throughout, including exposed ductwork, concrete -style accents, stainless steel appliances, quartz countertops and custom cabinetry. There is also a small fenced in yard and doggy door, which is also removable, for your furry friends. The open-concept floor plan is ideal for comfortable living and entertaining. Residents enjoy access to a large waterfront community pool and private dock, perfect for waterfront activities like paddleboarding, kayaking or just soaking in the sun. And with downtown Panama City less than a mile away, you can enjoy shopping, great restaurants and live music in minutes. This condo will come partially furnished and move in ready. The A/C was replaced last year and there is an all in one, ventless washer/dryer combo that will stay. Whether you're looking for a full-time residence, vacation home, or income producing property, this condo delivers on every level. Don't miss your change to live by the water in the Cove.

Key facts

• Quartz countertops
• Exposed ductwork
• Updated finishes

Tags

• MODERN INDUSTRIAL DESIGN
• PRIME LOCATION
• UPDATED FINISHES
• EXPOSED DUCTWORK
• STAINLESS STEEL APPLIANCES
• QUARTZ COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $170k.

Deal economics

• At list price, monthly cash flow is $121 ($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 $152k (10.6% below list).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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.
• Market conditions: Rents flat; 258 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 35% 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 $5k 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 211 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 22y ago; this cycle's ask has dropped $19k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $144k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 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. 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?
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: 0.89% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.06%
• DSCR: 1.14
• GRM: 9.3

CMA / ARV

• ARV (median comp): $218,153
• List price: $169,900
• Delta: -22.12%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.2%
• Equity multiple: 0.50×
• Total profit: $-23,651
• Equity at exit: $25,333

10-year hold

• IRR: -9.8%
• Equity multiple: 0.46×
• Total profit: $-25,619
• Equity at exit: $14,690

Cash invested: $47,572 (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 32401

• Home prices YoY: -32.9%
• Rents YoY: 0.5%
• Active inventory: 258
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,518 high
• Mortgage (P&I): −$891
• Tax from tax record: −$117 /mo · $1,399/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $121

Break-even live

Break-even rent $1,365

Max offer price $169,900

Occupancy floor 87%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
316 Cherry St #24 Panama City, FL	2.0	2.0	860	$1,800	$2.09	13d	1	0.03mi
603 E 2nd St Panama City, FL	2.0	1.0	900	$1,300	$1.44	21d	1	0.22mi
307 Wilson Ave Unit 1 Panama City, FL	1.0	1.0	570	$1,345	$2.36	21d	1	0.38mi
335 Massalina Dr Panama City, FL	1.0	1.0	742	$1,200	$1.62	13d	1	0.49mi
388 Massalina Dr Panama City, FL	2.0	2.0	800	$1,800	$2.25	13d	1	0.62mi
329 N Palo Alto Ave Unit B Panama City, FL	1.0	1.0	800	$750	$0.94	21d	1	0.63mi

HOA detail condo

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

Listing history 40 events

1. 2026-06-19
   days on market $169,900 Active 211 DOM
2. 2026-06-18
   days on market $169,900 Active 210 DOM
3. 2026-06-17
   days on market $169,900 Active 209 DOM
4. 2026-06-16
   days on market $169,900 Active 208 DOM
5. 2026-06-15
   days on market $169,900 Active 207 DOM
6. 2026-06-14
   days on market $169,900 Active 205 DOM
7. 2026-06-13
   days on market $169,900 Active 204 DOM
8. 2026-06-10
   days on market $169,900 Active 202 DOM
9. 2026-06-09
   days on market $169,900 Active 201 DOM
10. 2026-06-08
    days on market $169,900 Active 200 DOM
11. 2026-06-07
    days on market $169,900 Active 199 DOM
12. 2026-06-05
    days on market $169,900 Active 196 DOM
13. 2026-06-03
    price $169,900 Active 195 DOM
14. 2026-05-30
    days on market $184,900 Active 195 DOM
15. 2025-12-02
    price $184,900 1197-char remark

    Show marketing remark (1197 chars)

    RECENTLY REMODELED with a modern industrial design, this stylish condo is in a prime location in the heart of Panama City - The Cove. Located directly across the street from St. Andrews Bay, this first floor unit features updated finishes throughout, including exposed ductwork, concrete -style accents, stainless steel appliances, quartz countertops and custom cabinetry. There is also a small fenced in yard and doggy door, which is also removable, for your furry friends. The open-concept floor plan is ideal for comfortable living and entertaining. Residents enjoy access to a large waterfront community pool and private dock, perfect for waterfront activities like paddleboarding, kayaking or just soaking in the sun. And with downtown Panama City less than a mile away, you can enjoy shopping, great restaurants and live music in minutes. This condo will come partially furnished and move in ready. The A/C was replaced last year and there is an all in one, ventless washer/dryer combo that will stay. Whether you're looking for a full-time residence, vacation home, or income producing property, this condo delivers on every level. Don't miss your change to live by the water in the Cove.

16. 2025-11-16
    listed $189,000 Active 1197-char remark

    Show marketing remark (1197 chars)

    RECENTLY REMODELED with a modern industrial design, this stylish condo is in a prime location in the heart of Panama City - The Cove. Located directly across the street from St. Andrews Bay, this first floor unit features updated finishes throughout, including exposed ductwork, concrete -style accents, stainless steel appliances, quartz countertops and custom cabinetry. There is also a small fenced in yard and doggy door, which is also removable, for your furry friends. The open-concept floor plan is ideal for comfortable living and entertaining. Residents enjoy access to a large waterfront community pool and private dock, perfect for waterfront activities like paddleboarding, kayaking or just soaking in the sun. And with downtown Panama City less than a mile away, you can enjoy shopping, great restaurants and live music in minutes. This condo will come partially furnished and move in ready. The A/C was replaced last year and there is an all in one, ventless washer/dryer combo that will stay. Whether you're looking for a full-time residence, vacation home, or income producing property, this condo delivers on every level. Don't miss your change to live by the water in the Cove.

17. 2025-09-23
    historical
18. 2025-09-21
    status Active
19. 2025-07-05
    historical Active Under Contract
20. 2025-06-27
    listed $189,900 Active
21. 2023-05-01
    soldstatus $144,000
22. 2023-04-28
    soldstatus $144,000 Closed
23. 2023-03-24
    status Pending
24. 2023-03-16
    status Active
25. 2023-03-13
    status Pending
26. 2023-03-09
    price $150,000
27. 2023-02-04
    listed $155,000 Active
28. 2021-12-14
    historical
29. 2021-12-14
    historical
30. 2014-08-14
    soldstatus $58,000
31. 2014-08-13
    soldstatus $58,000
32. 2013-10-15
    listed $54,000
33. 2013-01-26
    listed $94,900
34. 2008-03-01
    listed $118,900
35. 2004-10-28
    soldstatus $109,000
36. 2004-10-27
    soldstatus $109,000
37. 2004-09-07
    listed $109,000
38. 2004-08-31
    soldstatus $75,000
39. 1992-06-01
    soldstatus $38,000
40. 1982-08-01
    soldstatus $39,900

ⓘ 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: $1,399 · $117/mo
• Projected year-2 tax: $1,410 · $118/mo
• Expected delta: +$11/yr (+$1/mo · 0.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 6 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,220
• − Mortgage interest: −$9,517
• − Property taxes: −$1,399
• − Insurance: −$850
• − Repairs & maintenance: −$1,458
• − Management: −$1,458
• − Depreciation: −$4,943
• Taxable loss: −$1,403
• Est. tax savings @ 24.0%: +$337
• After-tax cash flow: $1,790/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

+363.4% since first listed

26 events — show timeline

• 2025-12-02 Price Changed $184,900 CPARMLS
• 2025-11-16 Listed $189,000 CPARMLS
• 2025-09-23 Listing Removed — CPARMLS
• 2025-09-21 Relisted — CPARMLS
• 2025-07-05 Contingent — CPARMLS
• 2025-06-27 Listed $189,900 CPARMLS
• 2023-05-01 Sold (Public Records) $144,000 Public Records
• 2023-04-28 Sold (MLS) $144,000 CPARMLS
• 2023-03-24 Pending — CPARMLS
• 2023-03-16 Relisted — CPARMLS
• 2023-03-13 Pending — CPARMLS
• 2023-03-09 Price Changed $150,000 CPARMLS
• 2023-02-04 Listed $155,000 CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2021-12-14 Listing Removed — CPARMLS
• 2014-08-14 Sold (Public Records) $58,000 Public Records
• 2014-08-13 Sold (MLS) $58,000 CPARMLS
• 2013-10-15 Listed $54,000 CPARMLS
• 2013-01-26 Listed $94,900 CPARMLS
• 2008-03-01 Listed $118,900 CPARMLS
• 2004-10-28 Sold (Public Records) $109,000 Public Records
• 2004-10-27 Sold (MLS) $109,000 CPARMLS
• 2004-09-07 Listed $109,000 CPARMLS
• 2004-08-31 Sold (Public Records) $75,000 Public Records
• 1992-06-01 Sold (Public Records) $38,000 Public Records
• 1982-08-01 Sold (Public Records) $39,900 Public Records

Property tax history

+13.3%/yr

Latest (2025): $1,399 · +3.8% YoY. Source: county tax records.