5505 Sun Harbor Rd #235 · Panama City, FL 32401

$169,900

1 bd · 1.0 ba · 540 sqft · Condo public records · 198 Days on market

Built 1984 $315/sqft · at area comps Est $166k · at est.

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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 +9.1/30.0
• ARV discount +6.6/15.0
• 1% rule +6.2/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

Key facts

• Quartz countertops
• Updated bath
• Fully modernized

Tags

• WATERFRONT CONDO
• FULLY MODERNIZED
• CUSTOM SOLID-WOOD KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• UPDATED BATH

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 $-556 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (8.4% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.

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: 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-school proficiency averages 38% at this address vs 51% district-wide (-12 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; 2 comparable units currently listed for rent nearby; 2,473 units permitted in Bay County in 2024 (559 in 5+ unit buildings).
• This rent runs 43% 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 198 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $97k; list at $170k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 25% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $149,512 (12.0% 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 198 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
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: 1.12% ✓
• Cap rate: 5.38%
• Cash-on-cash: -3.27%
• DSCR: 0.85
• GRM: 7.5

CMA / ARV

• ARV (median comp): $166,471
• List price: $169,900
• Delta: 2.06%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -48.8%
• Equity multiple: -0.41×
• Total profit: $-67,130
• Equity at exit: $25,333

10-year hold

• IRR: —
• Equity multiple: -1.53×
• Total profit: $-120,249
• 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: 262
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,895 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$190 /mo · $2,279/yr
• Insurance: −$71
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 1 same-building comp: −$475
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-556

Break-even live

Break-even rent $2,599

Max offer price $71,640

Occupancy floor —

Sensitivity live

Price	-10% $-460	-5% $-508	+0% $-556	+5% $-604	+10% $-652
Rent	-10% $-706	-5% $-631	+0% $-556	+5% $-481	+10% $-407
Rate	-1.0pp $-471	-0.5pp $-513	base $-556	+0.5pp $-600	+1.0pp $-645

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5505 Sun Harbor Rd Unit 1541779P Panama City, FL	1.0	1.0	495	$2,519	$5.09	23d	1	0.03mi
4324 W 20th St Panama City, FL	1.0–3.0	1.0–2.5	1000	$1,135	$1.14	15d	12	0.83mi

HOA detail condo

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

Listing history 32 events

1. 2026-06-21
   days on market $169,900 Active 198 DOM
2. 2026-06-19
   days on market $169,900 Active 196 DOM
3. 2026-06-18
   days on market $169,900 Active 195 DOM
4. 2026-06-17
   days on market $169,900 Active 194 DOM
5. 2026-06-16
   days on market $169,900 Active 193 DOM
6. 2026-06-15
   days on market $169,900 Active 192 DOM
7. 2026-06-14
   days on market $169,900 Active 190 DOM
8. 2026-06-13
   days on market $169,900 Active 189 DOM
9. 2026-06-10
   days on market $169,900 Active 187 DOM
10. 2026-06-09
    days on market $169,900 Active 186 DOM
11. 2026-06-08
    days on market $169,900 Active 185 DOM
12. 2026-06-07
    days on market $169,900 Active 184 DOM
13. 2026-06-05
    pricedays on market $169,900 Active 181 DOM
14. 2026-06-03
    days on market $174,950 Active 180 DOM
15. 2026-06-02
    days on market $174,950 Active 179 DOM
16. 2026-06-01
    days on market $174,950 Active 178 DOM
17. 2026-05-31
    days on market $174,950 Active 177 DOM
18. 2026-05-30
    days on market $174,950 Active 176 DOM
19. 2026-05-07
    price $179,950 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

20. 2026-04-03
    price $169,950 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

21. 2026-03-22
    price $174,950 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

22. 2026-03-12
    price $179,500 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

23. 2026-02-08
    price $189,500 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

24. 2026-02-04
    price $194,500 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

25. 2026-01-29
    status Active 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

26. 2025-12-09
    price $179,500 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

27. 2025-12-06
    price $194,500 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

28. 2025-12-02
    price $179,500 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

29. 2025-11-14
    listed $199,500 Active 674-char remark

    Show marketing remark (674 chars)

    Fully Renovated Waterfront Condo ready to be added to your STR Portfolio. With a boat slip for 1 year with a lift. - Sun Harbor Move-in ready 2nd-floor condo, the only unit fully modernized in Sun Harbor. Features include luxury vinyl flooring, custom solid-wood kitchen with Quartz countertops & new stainless steel appliances, updated bath with herringbone tile, and private deck overlooking the marina. Enjoy sunsets and direct access to Sun Harbor Marina with jet ski & pontoon rentals, excursions, and private cruises. Ready for your fun in the sun, 2nd home and or another STR rental and this condo unit comes with a boat slip and lift for 1 year included.

30. 2020-03-17
    soldstatus $97,000
31. 2020-03-16
    soldstatus $97,000 450-char remark

    Show marketing remark (450 chars)

    WATERFRONT! Completely furnished Sun Harbor Condo on St. Andrews Bay. Move in ready for college students, boat enthusiast or permanent resident . Close to beach, restaurants, shopping and Gulf Coast College and FSU. A balcony to sit and watch the sunset and a pool to enjoy outside unit. Sun Harbor HOA has recently painted all units and replaced all windows and doors. The unit has new water heater, blinds and AC (3 yr old) and never been rented.

32. 2020-02-17
    listed $99,500 450-char remark

    Show marketing remark (450 chars)

    WATERFRONT! Completely furnished Sun Harbor Condo on St. Andrews Bay. Move in ready for college students, boat enthusiast or permanent resident . Close to beach, restaurants, shopping and Gulf Coast College and FSU. A balcony to sit and watch the sunset and a pool to enjoy outside unit. Sun Harbor HOA has recently painted all units and replaced all windows and doors. The unit has new water heater, blinds and AC (3 yr old) and never been rented.

ⓘ 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: $2,279 · $190/mo
• Projected year-2 tax: $2,279 · $190/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $22,739
• − Mortgage interest: −$9,517
• − Property taxes: −$2,279
• − Insurance: −$5,968
• − Repairs & maintenance: −$1,819
• − Management: −$1,819
• − HOA: −$5,700
• − Depreciation: −$4,943
• Taxable loss: −$9,306
• Est. tax savings @ 24.0%: +$2,233
• After-tax cash flow: $-4,441/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

+80.9% since first listed

14 events — show timeline

• 2026-05-07 Price Changed $179,950 CPARMLS
• 2026-04-03 Price Changed $169,950 CPARMLS
• 2026-03-22 Price Changed $174,950 CPARMLS
• 2026-03-12 Price Changed $179,500 CPARMLS
• 2026-02-08 Price Changed $189,500 CPARMLS
• 2026-02-04 Price Changed $194,500 CPARMLS
• 2026-01-29 Relisted — CPARMLS
• 2025-12-09 Price Changed $179,500 CPARMLS
• 2025-12-06 Price Changed $194,500 CPARMLS
• 2025-12-02 Price Changed $179,500 CPARMLS
• 2025-11-14 Listed $199,500 CPARMLS
• 2020-03-17 Sold (Public Records) $97,000 Public Records
• 2020-03-16 Sold (MLS) $97,000 CPARMLS
• 2020-02-17 Listed $99,500 CPARMLS

Property tax history

+11.8%/yr

Latest (2025): $2,279 · +7.0% YoY. Source: county tax records.