9860 S Thomas Dr #108 · Panama City Beach, FL 32408

$330,000

3 bd · 2.0 ba · 1,262 sqft · Condo public records · 6 Days on market

Built 2008

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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 +7.5/15.0
• Schools +4.3/10.0
• Cash flow +4.2/30.0
• Livability +3.9/5.0
• 1% rule +3.3/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

'CURRENTLY UNDER CONTRACT, SELLER WILL CONSIDER BACKUP OFFERS'. .. * Price Improvement!!!! * BEAUTIFUL Low Floor 2BR/2BA w/ Bunk Room Lake View Unit at Laketown Wharf Resort!!! This East End Lake View Unit Is A Must See For Anyone Who Is Looking For A Spacious and Tranquil Getaway!!! In The Heart Of All The Fun & Excitement In Panama City Beach!!! This Amazing Unit Boasts Luxury Vinyl Flooring Throughout The Bedrooms & Living Area, Large Balcony & Located in One of The Quieter & More Peaceful Locations in the Resort. So Not Only Will You Or Your Guests Adore Spending Time Relaxing In Comfort On The Inside, With This Lake View & Balcony You Will Relax And Enjoy Yourself On The Outside As Well!!! All Of This And You Are Just Steps Away From The World's Most Beautiful White-Sand Beaches, Shopping, Dining & Entertainment. This Beachside Resort Offers Wonderful Amenities With Convenient Beach Access, 5 Unique Pools, A Kids Funscape Playground, Splash Bar & Grill, Gulf View Fitness Center & Covered Garage Parking. So Don't Wait Come See It All For Yourself! All Dimensions Are Approximate And Should Be Verified If Important.

Key facts

• Oversized balcony
• Gated beach access
• Five pools

Tags

• LAKEFRONT BALCONY VIEWS
• OVERSIZED BALCONY
• UPDATED GRANITE COUNTERTOPS
• EXTENDED GRANITE ISLAND
• GATED BEACH ACCESS
• FIVE POOLS

Property features AI

Finance

• Other: All units furnished (multi-unit information); Total units in building: 765
• HOA & community: Homeowners association; Community features: barbecue, beach access, business center, clubhouse, elevator, fitness center, golf, park, pool, storage facilities, shopping, community pool; Short-term rentals allowed

Exterior

• Parking: Garage with 2 spaces; Additional parking available
• Security: Fire alarm; Smoke detectors; Security service
• Utilities: Cable connected; Electricity available; High-speed internet available; Public sewer
• Home design: Multi-family residential zoning; Entry level: 1
• Construction: Dumpster on property; Total stories: 21
• Exterior features: Balcony; Paved surroundings; City street frontage; Publicly maintained road; Lakefront waterfront view; Has view

Interior

• Kitchen: Electric oven
• Bedrooms: Primary bedroom on main level; Additional bedrooms (first floor)
• Bathrooms: Two full bathrooms; Primary bathroom with double vanity, soaking tub, and separate shower
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Balcony; Double vanity in primary bath; Soaking tub; Separate shower; Entrance foyer; Double-pane windows; Main level primary bedroom
• Laundry & utility: Stacked washer/dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $330k.

Deal economics

• At list price, monthly cash flow is $-892 ($-11k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (17.5% below list).
• Recommended offer: $272k (17.5% 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 15d 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 $2k of loan paydown is wiped out by about $10k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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.

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 (17.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 0.83% ✗
• Cap rate: 3.05%
• Cash-on-cash: -11.58%
• DSCR: 0.48
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.55% rent growth · sell at horizon

5-year hold

• IRR: -38.0%
• Equity multiple: -0.20×
• Total profit: $-110,978
• Equity at exit: $49,204

10-year hold

• IRR: -59.4%
• Equity multiple: -0.87×
• Total profit: $-172,680
• Equity at exit: $28,532

Cash invested: $92,400 (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 32408

• Rents YoY: 2.5%
• Active inventory: 1032
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,723 high
• Mortgage (P&I): −$1,731
• Tax from tax record: −$259 /mo · $3,103/yr
• Insurance: −$138
• HOA est. from 10 same-building comps: −$916
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $-892

Break-even live

Break-even rent $3,851

Max offer price $172,497

Occupancy floor —

Sensitivity live

Price	-10% $-705	-5% $-798	+0% $-892	+5% $-985	+10% $-1,078
Rent	-10% $-1,107	-5% $-999	+0% $-892	+5% $-784	+10% $-676
Rate	-1.0pp $-725	-0.5pp $-808	base $-892	+0.5pp $-977	+1.0pp $-1,064

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: $82,500
• Closing costs: $9,900
• 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
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-21
   days on market $330,000 Active 6 DOM
2. 2026-06-19
   days on market $330,000 Active 4 DOM
3. 2026-06-18
   days on market $330,000 Active 3 DOM
4. 2026-06-17
   days on market $330,000 Active 2 DOM
5. 2026-06-15
   remarks 692-char remark
6. 2026-06-15
   listed $330,000 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: $3,103 · $259/mo
• Projected year-2 tax: $3,103 · $259/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 4/10 Moderate FEMA zone X (unshaded) · 13% 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: −$18,485
• − Property taxes: −$3,103
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,614
• − Management: −$2,614
• − HOA: −$10,992
• − Depreciation: −$9,600
• Taxable loss: −$16,384
• Est. tax savings @ 24.0%: +$3,932
• After-tax cash flow: $-6,767/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

• 2026-06-15 Listed $330,000 CPARMLS
• 2026-06-15 Listed $330,000 ECAR
• 2024-12-02 Sold (MLS) $295,000 CPARMLS
• 2024-10-12 Contingent — CPARMLS
• 2024-09-28 Price Changed $299,500 CPARMLS
• 2024-08-24 Price Changed $365,000 CPARMLS
• 2024-06-09 Price Changed $375,000 CPARMLS
• 2024-04-12 Price Changed $385,000 CPARMLS
• 2024-02-29 Listed $395,000 CPARMLS
• 2021-03-04 Sold (Public Records) $240,000 Public Records
• 2021-03-01 Sold (MLS) $240,000 NAMLS
• 2021-03-01 Sold (MLS) $240,000 ECAR
• 2021-03-01 Sold (MLS) $240,000 CPARMLS
• 2021-01-26 Listed $240,000 CPARMLS
• 2019-01-31 Listed $240,000 NAMLS
• 2019-01-31 Listed $240,000 ECAR
• 2015-02-06 Sold (Public Records) $57,690,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $3,103 · -34.9% YoY. Source: county tax records.