2289 Surf Rd Unit A-6 · Panacea, FL 32346

$194,900

2 bd · 3.0 ba · 1,440 sqft · Condo public records · 82 Days on market

Built 1992 $800/mo HOA · 32% of rent

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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 +12.4/30.0
• Appreciation +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• DSCR +3.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

* One or more pictures are virtually enhanced/staged * Great opportunity to make this waterfront condo your own with cosmetic updates and personal touches. Enjoy three covered patios offering stunning sunrise and sunset views over the bay. Ideally located less than an hour from Tallahassee and just a quick drive to Mashes Sands boat landing, Alligator Point Beaches and Marina, St. George Island and the charming Appalachicola. Just a short golf cart ride to the convince store, Poseys Oyster Bar, and Angelos Restaurant. Enjoy easy access to local dining, beaches, boating, fishing, and scenic trails. HOA covers exterior insurance, flood insurance, exterior maintenance, pool, club house, fishi

Key facts

• Three covered patios
• Waterfront condo
• Fishing dock pier

Tags

• WATERFRONT CONDO
• THREE COVERED PATIOS
• SUNRISE AND SUNSET VIEWS
• FISHING DOCK PIER
• PICKLE BALL TENNIS COURTS
• OVERSIZED GARAGE

Property features AI

Finance

• HOA & community: Annual association fee of $9,600; Association covers clubhouse, common areas, insurance, grounds maintenance, structure maintenance, pest control, and pool(s); Community amenities include pool, tennis courts, sidewalks and street lights

Exterior

• Parking: 2-car garage; Garage parking
• Utilities: Water: waterfront access (bay access); Cooling: central air and ceiling fans (electric); Heating: central and electric (also wood)
• Home design: Unit in a multi-unit property (unit A-6); Has view
• Construction: Block, concrete and stucco construction
• Exterior features: Covered patio/porch; Deck; Patio; Porch; Partial fencing; Waterfront with bay access; Publicly maintained paved road; Property has a view; Private in-ground concrete pool (community access indicated)

Interior

• Kitchen: Cooktop; Oven; Range; Dishwasher; Pantry (kitchen storage)
• Bedrooms: Bedroom 2 — 17 x 12; Additional bedroom/other rooms including pantry and utility room
• Flooring: Tile flooring
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Electric heating; Wood heating option; Central air conditioning; Ceiling fans; Electric cooling
• Interior features: Stall shower; Primary bedroom on main floor; Pantry; Walk-in closets; Fireplace
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $195k.

Deal economics

• At list price, monthly cash flow is $-700 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $71k (63.4% below list).
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $71k (63.4% below list) — sets the bar for cash-flow.
• Cap rate 6.1% vs local median 1.0% in Panacea — 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 60/100 on livability (#799 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: crime D+, schools F, amenities F.
• Wakulla (rural): math 56% / reading 56% proficiency, ranked #18 of 73 in FL (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 146 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 468 units permitted in Wakulla County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $110k; list at $195k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $669/mo; HOA is 32% of rent.
• Climate carrying-cost: in FEMA flood zone VE (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 $71,265 (63.4% 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 82 days. Have you received any prior offers? Is the seller open to a 63% 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is D 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. 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: 1.28% ✓
• Cap rate: 6.10%
• Cash-on-cash: -0.68%
• DSCR: 0.97
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.8%
• Equity multiple: 2.14×
• Total profit: $62,427
• Equity at exit: $175,581

10-year hold

• IRR: 14.0%
• Equity multiple: 5.04×
• Total profit: $220,587
• Equity at exit: $378,648

Cash invested: $54,572 (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 32346

• Home prices YoY: 26.4%
• Active inventory: 146
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$1,022
• Tax from tax record: −$103 /mo · $1,231/yr
• Insurance: −$81
• Flood insurance flood zone: −$669 /mo · $8,028/yr
• HOA: −$800
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $-700

Break-even live

Break-even rent $3,386

Max offer price $71,265

Occupancy floor —

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2289 Surf Rd Unit B6 Panacea, FL	2.0	2.5	1440	$2,500	$1.74	13d	1	0.03mi

HOA detail condo

• Monthly dues: $800 · $9,600/yr
• Likely covers: waterexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   pricedays on market $194,900 Active 82 DOM
2. 2026-06-17
   days on market $199,900 Active 81 DOM
3. 2026-06-16
   days on market $199,900 Active 80 DOM
4. 2026-06-15
   days on market $199,900 Active 79 DOM
5. 2026-06-14
   days on market $199,900 Active 77 DOM
6. 2026-06-10
   days on market $199,900 Active 74 DOM
7. 2026-06-09
   days on market $199,900 Active 73 DOM
8. 2026-06-08
   days on market $199,900 Active 72 DOM
9. 2026-06-07
   days on market $199,900 Active 71 DOM
10. 2026-06-05
    days on market $199,900 Active 68 DOM
11. 2026-06-03
    days on market $199,900 Active 67 DOM
12. 2026-06-02
    days on market $199,900 Active 66 DOM
13. 2026-06-01
    days on market $199,900 Active 65 DOM
14. 2026-05-31
    days on market $199,900 Active 64 DOM
15. 2026-05-30
    days on market $199,900 Active 63 DOM
16. 2026-05-23
    price $199,900
17. 2026-03-28
    listed $205,000 Active
18. 2001-05-24
    soldstatus $110,500
19. 2000-01-25
    soldstatus $92,500
20. 1988-01-01
    soldstatus $73,500
21. 1987-10-01
    soldstatus $59,000

ⓘ 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: $1,231 · $103/mo
• Projected year-2 tax: $1,618 · $135/mo
• Expected delta: +$387/yr (+$32/mo · 31.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone VE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 21 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: $30,000
• − Mortgage interest: −$10,917
• − Property taxes: −$1,231
• − Insurance: −$9,002
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − HOA: −$9,600
• − Depreciation: −$5,670
• Taxable loss: −$11,221
• Est. tax savings @ 24.0%: +$2,693
• After-tax cash flow: $-5,705/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: Wakulla
• NCES district ID: 1201950
• Math proficiency: 56% ▼ -7.00%
• Reading proficiency: 56% ▼ -5.00%
• Median HH income: $53,740
• Composite: 48.12/100
• National rank: #2183
• State rank: #18 of 73 in FL

Livability — Panacea

• Score: 60/100
• State rank: #799
• US rank: #18502

Category grades

Amenities F Commute F Cost of living A+ Crime D+ Employment F Housing B+ Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,393

Population outlook (Wakulla County) Hauer SSP2

• Today (2025): 32,809 people
• By 2030: 33,165 · +1.1%
• By 2040: 33,245 · +1.3%
• By 2050: 32,539 · -0.8%
• By 2075: 29,676 · -9.5%
• By 2100: 22,931 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Scottish 2% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Wakulla

• 2024 margin: Solid R (+44.4) · D 27.4% · R 71.8%
• 2008→2024 swing: -19.5pp toward R · 2008: -24.8pp · 2024: -44.4pp
• All cycles: 2024: R+44.4 2020: R+40.9 2016: R+40.1 2012: R+28.1 2008: R+24.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 87.07%
• Current HPI: 417.3486
• Rent YoY: —
• Metro: —
• 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

+238.8% since first listed

6 events — show timeline

• 2026-05-23 Price Changed $199,900 CATRS
• 2026-03-28 Listed $205,000 CATRS
• 2001-05-24 Sold (Public Records) $110,500 Public Records
• 2000-01-25 Sold (Public Records) $92,500 Public Records
• 1988-01-01 Sold (Public Records) $73,500 Public Records
• 1987-10-01 Sold (Public Records) $59,000 Public Records

Property tax history

+0.3%/yr

Latest (2025): $1,231 · +5.0% YoY. Source: county tax records.