9860 S Thomas Dr #305 · Panama City Beach, FL 32408

$255,000

1 bd · 2.0 ba · 1,047 sqft · Condo public records · 47 Days on market

Built 2008 $244/sqft · 16% below area Est $304k · 16% under · waterfront

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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 +14.8/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Cash flow +1.2/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This 1 bedroom unit in Laketown Wharf has had a 'Consistent and Steady' STR history that has proven to bring back its guests every year. In 2025 this unit made up to $53,000 in STR income and consistently proves the same in 2026. (2025- GRI $53,100). It has built a reputation based on integrity, valued hosting, and quality history. This unit is not new to the STR market so any investor that looks to purchase unit 305 will have a portfolio based on years of rentals. The STR income has been steady and each year has gained a very high end profit. Unit 305 is turn-key, is fully stocked, and comes fully furnished. Overlooking the lake and the pool, the sunsets bring out the best in the view. Loc

Key facts

• Fitness center
• Lakefront boardwalk
• Private beach access

Tags

• OVERLOOKING THE LAKE
• PRIVATE BEACH ACCESS
• 5 UNIQUE POOLS
• FITNESS CENTER
• MINI GOLF COURSE
• LAKEFRONT BOARDWALK

Property features AI

Finance

• Other: Annual tax amount listed (financial details excluded per instructions)
• Financial info: Multi-unit complex with 768 total units
• HOA & community: Homeowners association with amenities including dock, gazebo, barbecue, and picnic area; Community features include clubhouse, fitness center, business center, elevator, playground, park, golf, shopping, and community pool; Short-term rentals allowed; All units furnished (multi-unit property)

Exterior

• Parking: 2-car garage; Additional paved parking
• Security: Gated community with 24-hour security; Fire alarm and smoke detectors; Security service
• Utilities: Public sewer; Cable connected; High-speed internet available
• Home design: Condominium; Resid Multi-Family zoning; 21 total stories; Pillar/post/pier foundation
• Construction: Concrete and stucco construction; Clay and membrane roof
• Exterior features: Balcony; Paved surfaces; City street and highway frontage; Publicly maintained road; Dumpster on site; Has pool (community in-ground gunite pool with gas heat); Community spa

Interior

• Kitchen: Kitchen (appliances not specified)
• Bedrooms: Primary bedroom
• Flooring: Luxury vinyl plank
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Luxury vinyl plank flooring; Total of 5 rooms including dining room and kitchen; Has view
• Laundry & utility: Utilities include cable connection and high-speed internet availability

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $255k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $209k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (27.3% below list).
• Recommended offer: $185k (27.3% below list) — sets the bar for 1% rule.
• Cap rate 1.4% vs local median 2.6% in Panama City Beach — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 20 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 47 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 8y 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 42% 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 $185,470 (27.3% 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 47 days. Have you received any prior offers? Is the seller open to a 27% 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 0.73% ✗
• Cap rate: 1.45%
• Cash-on-cash: -17.30%
• DSCR: 0.23
• GRM: 11.5

CMA / ARV

• ARV (median comp): $304,273
• List price: $255,000
• Delta: -16.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -51.1%
• Equity multiple: -0.50×
• Total profit: $-107,251
• Equity at exit: $38,021

10-year hold

• IRR: —
• Equity multiple: -1.51×
• Total profit: $-179,284
• Equity at exit: $22,048

Cash invested: $71,400 (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: 11.5×

Monthly cashflow live

• Estimated rent: $1,855 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$281 /mo · $3,375/yr
• Insurance: −$106
• HOA est. from 14 same-building comps: −$770
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $-1,030

Break-even live

Break-even rent $3,158

Max offer price $73,127

Occupancy floor —

Sensitivity live

Price	-10% $-885	-5% $-957	+0% $-1,030	+5% $-1,102	+10% $-1,174
Rent	-10% $-1,176	-5% $-1,103	+0% $-1,030	+5% $-956	+10% $-883
Rate	-1.0pp $-901	-0.5pp $-965	base $-1,030	+0.5pp $-1,096	+1.0pp $-1,163

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9850 S Thomas Dr Unit 1 Panama City Beach, FL	1.0	1.0	700	$2,750	$3.93	23d	1	0.05mi
9902 S Thomas Dr Unit 1354966P Panama City Beach, FL	2.0	2.0	1259	$1,970	$1.56	15d	1	0.10mi
998 Gulfside Ct Unit 1523366P Panama City Beach, FL	2.0	2.0	1065	$4,124	$3.87	15d	1	0.23mi
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	$1,355	$1.31	15d	12	0.62mi
133 W Leslie Ln Unit 1 Panama City Beach, FL	2.0	1.5	950	$2,200	$2.32	23d	1	0.86mi
8715 Surf Dr Unit 1523323P Panama City Beach, FL	2.0	2.0	1194	$5,377	$4.50	15d	1	0.92mi
8730 Thomas Dr Unit 1355041P Panama City Beach, FL	1.0	1.0	839	$1,373	$1.64	23d	1	0.94mi
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
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	$1,439	$1.32	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
8604 Whelch Dr Panama City, FL	1.0–3.0	1.0–3.0	1087	$1,550	$1.43	15d	18	1.39mi
8700 Front Beach Rd Panama City Beach, FL	2.0–3.0	2.5	1543	$2,200	$1.43	15d	2	1.39mi
10400 Panama City Beach Pkwy Panama City Beach, FL	1.0–3.0	1.0–2.0	1151	$1,408	$1.22	15d	20	1.40mi

HOA detail condo

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

Listing history 50 events

1. 2026-06-21
   days on market $255,000 Active 47 DOM
2. 2026-06-19
   days on market $255,000 Active 45 DOM
3. 2026-06-18
   days on market $255,000 Active 44 DOM
4. 2026-06-17
   days on market $255,000 Active 43 DOM
5. 2026-06-16
   days on market $255,000 Active 42 DOM
6. 2026-06-15
   days on market $255,000 Active 41 DOM
7. 2026-06-14
   days on market $255,000 Active 39 DOM
8. 2026-06-13
   days on market $255,000 Active 38 DOM
9. 2026-06-10
   days on market $255,000 Active 36 DOM
10. 2026-06-09
    days on market $255,000 Active 35 DOM
11. 2026-06-08
    days on market $255,000 Active 34 DOM
12. 2026-06-07
    days on market $255,000 Active 33 DOM
13. 2026-06-05
    days on market $255,000 Active 30 DOM
14. 2026-06-03
    days on market $255,000 Active 29 DOM
15. 2026-06-02
    days on market $255,000 Active 28 DOM
16. 2026-06-01
    days on market $255,000 Active 27 DOM
17. 2026-05-31
    days on market $255,000 Active 26 DOM
18. 2026-05-30
    days on market $255,000 Active 25 DOM
19. 2026-05-05
    listed $255,000 Active 1568-char remark
20. 2026-04-15
    status Active
21. 2026-04-15
    historical
22. 2026-04-14
    historical
23. 2026-02-27
    price $259,995
24. 2026-02-21
    price $259,996
25. 2026-02-05
    price $259,997
26. 2026-01-21
    price $259,998
27. 2026-01-12
    price $259,999
28. 2025-09-16
    price $260,000
29. 2025-09-01
    status Active
30. 2025-08-31
    historical
31. 2025-07-23
    price $265,000
32. 2025-03-31
    price $285,000
33. 2025-02-25
    price $288,000
34. 2024-11-08
    price $293,000
35. 2024-08-13
    status Active
36. 2024-08-06
    historical
37. 2024-08-06
    listed $295,000
38. 2024-04-24
    historical
39. 2024-03-29
    status Active
40. 2024-02-27
    historical Active Under Contract
41. 2024-02-08
    price $279,000
42. 2023-10-24
    listed $295,000 Active
43. 2023-08-31
    historical
44. 2023-06-06
    price $299,000
45. 2023-05-10
    price $305,000
46. 2023-04-10
    price $309,000
47. 2023-02-11
    listed $319,000 Active
48. 2022-05-16
    soldstatus $275,000
49. 2022-05-12
    soldstatus $275,000 Closed
50. 2022-04-27
    status Pending

ⓘ 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: $3,375 · $281/mo
• Projected year-2 tax: $3,375 · $281/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: $22,256
• − Mortgage interest: −$14,284
• − Property taxes: −$3,375
• − Insurance: −$1,275
• − Repairs & maintenance: −$1,781
• − Management: −$1,781
• − HOA: −$9,240
• − Depreciation: −$7,418
• Taxable loss: −$16,897
• Est. tax savings @ 24.0%: +$4,055
• After-tax cash flow: $-8,299/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

-99.6% since first listed

41 events — show timeline

• 2026-05-05 Listed $255,000 CPARMLS
• 2026-04-15 Relisted — CPARMLS
• 2026-04-15 Listing Removed — CPARMLS
• 2026-04-14 Listing Removed — CPARMLS
• 2026-02-27 Price Changed $259,995 CPARMLS
• 2026-02-21 Price Changed $259,996 CPARMLS
• 2026-02-05 Price Changed $259,997 CPARMLS
• 2026-01-21 Price Changed $259,998 CPARMLS
• 2026-01-12 Price Changed $259,999 CPARMLS
• 2025-09-16 Price Changed $260,000 CPARMLS
• 2025-09-01 Relisted — CPARMLS
• 2025-08-31 Listing Removed — CPARMLS
• 2025-07-23 Price Changed $265,000 CPARMLS
• 2025-03-31 Price Changed $285,000 CPARMLS
• 2025-02-25 Price Changed $288,000 CPARMLS
• 2024-11-08 Price Changed $293,000 CPARMLS
• 2024-08-13 Relisted — CPARMLS
• 2024-08-06 Listed $295,000 CPARMLS
• 2024-08-06 Listing Removed — CPARMLS
• 2024-04-24 Listing Removed — CPARMLS
• 2024-03-29 Relisted — CPARMLS
• 2024-02-27 Contingent — CPARMLS
• 2024-02-08 Price Changed $279,000 CPARMLS
• 2023-10-24 Listed $295,000 CPARMLS
• 2023-08-31 Listing Removed — CPARMLS
• 2023-06-06 Price Changed $299,000 CPARMLS
• 2023-05-10 Price Changed $305,000 CPARMLS
• 2023-04-10 Price Changed $309,000 CPARMLS
• 2023-02-11 Listed $319,000 CPARMLS
• 2022-05-16 Sold (Public Records) $275,000 Public Records
• 2022-05-12 Sold (MLS) $275,000 CPARMLS
• 2022-04-27 Pending — CPARMLS
• 2022-04-22 Price Changed $285,000 CPARMLS
• 2022-04-10 Listed $289,900 CPARMLS
• 2018-11-07 Sold (MLS) $139,900 NAMLS
• 2018-11-07 Sold (MLS) $139,900 ECAR
• 2018-11-07 Sold (MLS) $139,900 CPARMLS
• 2018-07-01 Listed $139,900 NAMLS
• 2018-07-01 Listed $139,900 ECAR
• 2018-07-01 Listed $139,900 CPARMLS
• 2015-02-06 Sold (Public Records) $57,690,000 Public Records

Property tax history

+11.5%/yr

Latest (2025): $3,375 · -6.8% YoY. Source: county tax records.