RENTAL HISTORY FIRST • PANAMA CITY BEACH
A useful investment shortlist starts with rental history, then tests the price and expenses. These 10 Panama City Beach condo candidates have reported rental income worth investigating, with asking prices from $214,900 to $596,500.
By Roger Rietsema, Realtor® | Allison James Estates & Homes
Market snapshot: September 22, 2026. All ten were listed as active at review; availability and prices can change.
What the numbers mean: Rental figures below come from listing descriptions and have not been reconciled to owner or management statements. Reported rent divided by asking price is a screening ratio, not profit or ROI. Verified cap rates and cash-on-cash returns remain pending for every property until expenses and financing are reviewed.
Compare the ten | Property details | Understand ROI | Request an analysis
How this FBI list was selected
The review started with 978 active condo listings and 544 closed condo sales in the six-month export for the Bay County beach area. The shortlist prioritizes a defined rental period, income relative to price, comparable-sale support and ownership costs. It is an editorial order for further investigation, not a mathematical ranking of the most profitable condos or a claim that every asking price is a bargain.
Size matters, but price per square foot alone misses differences in beach access, floor, view, condition, parking, dues and rental restrictions. Several candidates are priced above the recent sales reviewed. Those premiums need evidence or negotiation.
The ten at a glance
Quarterly HOA charges are converted to a monthly equivalent below; this does not change the association’s billing schedule. Income periods differ, so a calendar year and a rolling twelve-month period are not directly interchangeable.
Property | Asking price | MLS-reported rental income | HOA / month equivalent | Reported rent ÷ price |
|---|---|---|---|---|
$255,000 | $53,100 | $830.19 | 20.8% | |
$318,900 | $56,643 | $748.33 | 17.8% | |
$485,000 | $47,987 | $915.00 | 9.9% | |
$225,000 | Over $36,000 | $502.67 | 16.0% floor | |
$308,900 | $43,813.01 | $714.68 | 14.2% | |
$229,000 | $28,784 | $250.00 | 12.6% | |
$260,000 | $35,000 | $620.00 | 13.5% | |
$214,900 | Over $26,000 | $458.33 | 12.1% floor | |
$359,800 | $59,176 | $667.87 | 16.4% | |
$596,500 | Approx. $78,000 | $1,451.35 | 13.1% approx. |
“Floor” uses $36,000 or $26,000 where the listing says “over” that amount. It is a calculation floor, not a guaranteed minimum future income. No expenses have been deducted from these ratios. Income definitions must be confirmed from statements.
Rental history, price support and next checks
Closed-sale comparisons cover March 23–September 22, 2026. These are unadjusted sale prices, not appraisals; concessions, condition, furnishings, view and parking can affect comparisons.
01. Laketown Wharf #305
9860 S Thomas Drive #305 · MLS® 789426 · Built 2008
The listing reports $53,100 in 2025 gross rental income against a $255,000 asking price. Same-size sales make this a useful first candidate for a closer review.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $255,000 / $243.55 |
Size and layout | 1,047 heated/cooled sq. ft. · 1 bedroom · 2 baths |
Rental history | $53,100 · 2025 |
Association dues | $2,490.58 quarterly |
Prior-year property tax | $3,375.00 (2025, MLS-reported) |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Lake and pool view; third-floor end unit. Two assigned parking spaces are advertised; confirm transfer terms.
Recent-sale price check: Eight 1,047-sq.-ft. sales ranged from $213,500 to $269,900; median $250,000. Asking is 2.0% above that median. These include Gulf-view and lake-view units; #305 faces the lake/pool. Comparable MLS IDs: 778669, 773781, 787232, 762146, 783311, 776377, 788077, 777321.
Before making an offer: Reconcile the reported rent to monthly 2025 statements. Confirm the two assigned parking spaces and current association obligations.
View photos and the current listing →
Listing courtesy of Coastal Palms Real Estate, Elaine G Fenster. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
02. The Summit #810
8743 Thomas Drive #810 · MLS® 791705 · Built 1984
The Summit #810 reports $56,643 from July 2025 through June 2026. Its $318,900 asking price warrants comparison with recent sales and its renovation quality.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $318,900 / $430.95 |
Size and layout | 740 heated/cooled sq. ft. · 1 bedroom · 1.5 baths |
Rental history | $56,643 · July 2025–June 2026 |
Association dues | $2,245.00 quarterly |
Prior-year property tax | Not supplied in the MLS export |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Gulf-front tower; renovated eighth-floor unit.
Recent-sale price check: Sixteen 740-sq.-ft. Summit sales ranged from $259,900 to $354,900; median $295,000. The $318,900 ask is 8.1% higher. Same-floor #816 sold for $325,000. Comparable MLS IDs: 787272, 784749, 775612.
Before making an offer: Review the full rent roll, direct bookings and owner-use nights. Budget paid management even if the seller self-manages. MLS fields identify one full bath and one half bath.
View photos and the current listing →
Listing courtesy of Alikhver Realty, Gleb Alikhver. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
03. Dunes of Panama #D303
7205 Thomas Drive #D303 · MLS® 786888 · Built 1982
This two-bedroom Gulf-front condo reports $47,987 in 2025 gross rental income and $46,243 in 2024. Asking $485,000, it offers two years of reported performance to investigate.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $485,000 / $461.90 |
Size and layout | 1,050 heated/cooled sq. ft. · 2 bedrooms · 2 baths |
Rental history | $47,987 · 2025; also $46,243 reported for 2024 |
Association dues | $915.00 monthly |
Prior-year property tax | $4,113.00 (2025, MLS-reported) |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Gulf-front, two-bedroom unit in Dunes of Panama Phase IV.
Recent-sale price check: Same-phase, same-size D805 sold for $475,000 on May 1. The $485,000 ask is 2.1% higher. Floor, view, furnishings and repairs still require adjustment. Comparable MLS IDs: 787391.
Before making an offer: Obtain 2024 and 2025 management statements. Confirm milestone work and assessment payment claims with the association, along with the current budget and reserves.
View photos and the current listing →
Listing courtesy of Bright Realty Solutions, Edgar W Barnette. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
04. Nautilus Cove - 601 Cape Cod
601 Cape Cod Drive · MLS® 784103 · Built 2006
At $225,000, this three-bedroom condo reports more than $36,000 in 2025 gross rental income. Verify rental rules and compare its price with other Nautilus Cove sales.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $225,000 / $188.28 |
Size and layout | 1,195 heated/cooled sq. ft. · 3 bedrooms · 2 baths |
Rental history | Over $36,000 · 2025 |
Association dues | $1,508.00 quarterly |
Prior-year property tax | $2,609.00 (2025, MLS-reported) |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Ground-floor, three-bedroom condo in an off-beach community.
Recent-sale price check: Recent three-bedroom sales were $200,000 for 1,195 sq. ft. and $208,000 for 1,225 sq. ft. The ask is 12.5% above the exact-size sale. Income alone does not establish a bargain. Comparable MLS IDs: 784437, 786475.
Before making an offer: Obtain statements, written rental rules and minimum stays. Check which utilities are included in dues. Compare this off-beach community with similar off-beach rentals.
View photos and the current listing →
Listing courtesy of EXP Realty LLC, Melissa A Haworth. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
05. Origin at Seahaven #908
15100 Front Beach Road #908 · MLS® 795514 · Built 2007
Origin #908 reports $43,813.01 for 2025 at a $308,900 asking price. Compare its higher floor and updates with the recent sale of the same-size #608.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $308,900 / $379.02 |
Size and layout | 815 heated/cooled sq. ft. · 1 bedroom · 1 baths |
Rental history | $43,813.01 · 2025 |
Association dues | $714.68 monthly |
Prior-year property tax | $3,672.38 (2025, MLS-reported) |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Across Front Beach Road from the beach; Gulf and pool views are advertised.
Recent-sale price check: Same-size 815-sq.-ft. #608, also described with Gulf/pool views, sold for $275,000 on September 11. The $308,900 ask is 12.3% higher; compare renovation and floor advantages. Comparable MLS IDs: 787720.
Before making an offer: Reconcile monthly 2025 statements and dated 2026 results. Confirm whether the reported revenue includes guest fees, what furnishings convey and current insurance costs.
View photos and the current listing →
Listing courtesy of On The Coast Real Estate Group, Julie Hart. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
06. Pirate's Cove - 101 Cain #O
101 Cain Road #O · MLS® 784621 · Built 1990
This $229,000 studio reports $28,784 in 2025 rental income. Its lower listed HOA dues merit attention, while comparable-sale support still needs work.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $229,000 / $558.54 |
Size and layout | 410 heated/cooled sq. ft. · Studio · 1 baths |
Rental history | $28,784 · 2025 |
Association dues | $750.00 quarterly |
Prior-year property tax | $1,778.90 (2025, MLS-reported) |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Studio in Pirate’s Cove; not directly beachfront.
Recent-sale price check: No same-community, similar-size studio sale was found in the six-month export. Price support remains incomplete; broaden the comp period before making an offer.
Before making an offer: Review rental statements and the complete cost-to-own schedule. Confirm rental rules and obtain broader comparable sales before relying on the asking price.
View photos and the current listing →
Listing courtesy of Live 30A Real Estate LLC, Cameron Garofalo. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
07. Nautical Watch #F12
6205 Thomas Drive #F12 · MLS® 795611 · Built 1984
Nautical Watch #F12 is asking $260,000 and reports $35,000 in 2025 gross rental income. Check the loft configuration, expenses and sales of comparable floor plans.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $260,000 / $329.11 |
Size and layout | 790 heated/cooled sq. ft. · 1 bedroom · 1 baths |
Rental history | $35,000 · 2025 |
Association dues | $1,860.00 quarterly |
Prior-year property tax | $2,758.80 (2025, MLS-reported) |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Low-rise community with beach access; one bedroom plus loft. Confirm this unit’s view and occupancy.
Recent-sale price check: No sale within 10% of its 790 sq. ft. appeared in the community export. Smaller 626-sq.-ft. E12 sold for $230,000; it is context, not a direct valuation of F12. Comparable MLS IDs: 786061.
Before making an offer: Confirm the loft configuration and permitted occupancy. Review rental statements, insurance, association finances and assessment records.
View photos and the current listing →
Listing courtesy of Beachy Beach Real Estate, Brittany Whittaker. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
08. Endless Summer #D6
17614 Front Beach Road #D6 · MLS® 791923 · Built 1986
Asking $214,900, Endless Summer #D6 reports more than $26,000 in 2025 rental income. Recent same-size sales suggest price negotiations deserve attention.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $214,900 / $355.21 |
Size and layout | 605 heated/cooled sq. ft. · 1 bedroom · 1 baths |
Rental history | Over $26,000 · 2025 |
Association dues | $1,375.00 quarterly |
Prior-year property tax | Not supplied in the MLS export |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Poolside condo across the road from the beach; listing identifies beach access 70.
Recent-sale price check: Two exact-size, same-phase 605-sq.-ft. sales closed at $177,500 and $200,000. The ask is 7.5% above the higher sale and 13.9% above their $188,750 median. Comparable MLS IDs: 769882, 790372.
Before making an offer: Review self-management records, replacement management costs and property taxes. Compare condition, pool position and the beach-access route with recent sales.
View photos and the current listing →
Listing courtesy of Corcoran Reverie, Marla M Hanna. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
09. Grand Panama Tower 2 #1006
11800 Front Beach Road #1006 · MLS® 791283 · Built 2007
Tower 2 #1006 reports $59,176 from July 2025 through June 2026. Its $359,800 asking price is above the recent same-size sales reviewed, making price discipline essential.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $359,800 / $398.45 |
Size and layout | 903 heated/cooled sq. ft. · 1 bedroom · 2 baths |
Rental history | $59,176 · July 2025–June 2026 |
Association dues | $667.87 monthly |
Prior-year property tax | Not supplied in the MLS export |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Tower 2 is across the road; beach access via the bridge. Gulf views and four storage lockers are advertised.
Recent-sale price check: Three exact-size Tower 2 sales closed at $289,000, $290,000 and $312,000. The $359,800 ask is 24.1% above the median and 15.3% above the highest sale. Comparable MLS IDs: 785290, 785675, 791289.
Before making an offer: Reconcile direct bookings and the full rent roll. Confirm storage-locker rights and operating costs. The asking-price premium makes this a negotiation candidate.
View photos and the current listing →
Listing courtesy of Alikhver Realty, Gleb Alikhver. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
10. Shores of Panama #1103
9900 S Thomas Drive #1103 · MLS® 789195 · Built 2007
Shores #1103 reports approximately $78,000 in 2025 and $70,000 in 2024. At $596,500, assess the extra parking space, HOA costs and premium over same-stack sales.
Property fact | MLS-reported figure or calculation |
|---|---|
Asking price / price per square foot | $596,500 / $527.41 |
Size and layout | 1,131 heated/cooled sq. ft. · 2 bedrooms · 2.5 baths |
Rental history | Approx. $78,000 · 2025; also approximately $70,000 reported for 2024 |
Association dues | $4,354.06 quarterly |
Prior-year property tax | $6,186.77 (2025, MLS-reported) |
Return analysis | Verified cap rate and cash-on-cash return: pending |
Setting: Gulf-front E-plan corner unit with bunk area. Two deeded parking spaces are advertised; verify the deeds.
Recent-sale price check: Same-size, same-stack E-plan units #1503 and #2003 sold for $507,400 and $520,000. The $596,500 ask is 16.1% above their midpoint. Those listings advertise one deeded space each. Comparable MLS IDs: 785878, 786538.
Before making an offer: Review both years of income, the parking deeds and association budget. Confirm any assessment balance and future funding obligations.
View photos and the current listing →
Listing courtesy of The Premier Property Group, Alexandra Maddox. Source: Central Panhandle MLS. Short-term rentals are marked “Yes” in the listing; confirm current association rules, minimum stays, occupancy limits and applicable local requirements before purchasing.
Yes, ROI belongs in the analysis
Two return measures answer different questions. Cap rate is annual net operating income (NOI) divided by the purchase price, before financing. Cash-on-cash return is annual cash flow after mortgage payments and the modeled reserve allowance, divided by the buyer’s initial cash invested.
NOI is rental revenue less recurring operating expenses. Mortgage principal and interest are excluded from NOI. In the example below, a replacement reserve is also shown separately. These measures exclude appreciation, principal paydown and income-tax effects; neither is a complete prediction of total investment return.
Worked example: why gross income is not your return
Illustration only — not a verified projection for Laketown Wharf #305. This example uses its $255,000 asking price, $53,100 MLS-reported 2025 rental income and listed HOA dues. Every other input is an explicit assumption, not a property expense quote or lender offer. The scenario treats the reported income as lodging revenue before the modeled costs.
Input | Amount | Evidence / assumption |
|---|---|---|
Purchase price | $255,000 | Current asking price; negotiated price may differ |
Annual rental revenue | $53,100 | MLS-reported 2025 figure; statements not reviewed |
Association dues | $9,962.32 / year | Listed quarterly dues × 4 |
Management | 20% of revenue | Illustrative assumption |
Booking/platform costs | 3% of revenue | Illustrative assumption |
Routine maintenance | 5% of revenue | Illustrative assumption |
Buyer property-tax allowance | $4,000 / year | Hypothetical allowance, not a tax estimate; prior seller tax was $3,375 |
Unit insurance allowance | $2,000 / year | Hypothetical; obtain coverage and deductible quotes |
Utilities allowance | $2,400 / year | Hypothetical; remove any duplication with HOA-included utilities |
Licensing / administration | $600 / year | Hypothetical allowance |
Replacement reserve | $1,800 / year | Deducted after NOI in this illustration |
Financing | 25% down; 7% interest; 30 years | Hypothetical fixed-rate, fully amortizing loan; not a lender quote |
Closing / setup cash | $7,650 closing + $5,000 setup/initial reserve | Illustrative cash requirement in addition to the $63,750 down payment |
Cleaning, assessments and disruptions | Not included as additional costs | Assumes guest cleaning charges cover cleaning costs, no special assessment payment and no additional rental interruption. These conditions are not verified. |
Annual result | Base illustration | 15% lower rental revenue |
|---|---|---|
Rental revenue | $53,100 | $45,135 |
Recurring operating expenses | $33,830.32 | $31,600.12 |
NOI before debt and replacement reserve | $19,269.68 | $13,534.88 |
Cap rate | 7.6% | 5.3% |
Mortgage principal and interest | $15,268.69 | $15,268.69 |
Replacement reserve | $1,800 | $1,800 |
Cash flow after debt and reserve | $2,200.99 | -$3,533.81 |
Initial cash invested | $76,400 | $76,400 |
Cash-on-cash return | 2.9% | -4.6% |
The same listing’s 20.8% reported rent-to-price ratio becomes an illustrated 2.9% cash-on-cash return under these assumptions. A 15% revenue decline turns annual cash flow negative. Any uncovered cleaning costs, assessment, higher insurance premium, repair or owner-use reduction would change the results. The lower-revenue scenario is a sensitivity check, not a worst-case forecast.
Will buyers have all the facts?
The page provides the available listing facts and identifies what is still missing. An unknown cost is not entered as zero in a verified property analysis. Before choosing a condo, the goal is to build a documented operating budget for that specific unit and buyer.
Available in this review | Needed to complete a return analysis |
|---|---|
Asking price, size, layout and listing status as of the review date | Confirmed current availability, condition and purchase terms |
MLS-reported rental figures and their periods | Monthly statements; gross lodging revenue versus fees and owner payouts; occupancy, nightly rates, owner use and booking records |
Listed association dues and reported prior-year taxes where supplied | Current budget, reserve study, milestone records, insurance deductibles, assessment ledger and buyer-specific tax estimate |
Recent closed-sale context | Adjustments for view, floor, condition, parking, concessions and included furnishings |
Return definitions and an assumption-based worked example | Management terms, insurance quotes, utilities, maintenance, replacements, cleaning costs, financing and total cash required |
Start with the property that fits your budget
Tell me your price range, available down payment, expected personal-use nights and whether you plan to self-manage. We can narrow the list and work through the rental history, association documents and operating budget before deciding what to offer.
Roger Rietsema, Realtor®
Allison James Estates & Homes
Request a property-specific investment review
Call 850-596-5844
More Panama City Beach investment resources
- Panama City Beach investment condos
- Five condo buildings to consider for rental income
- Using a Panama City Beach condo as a vacation rental
About the FBI name: FBI means Future Best Investment. This independent real estate feature is not affiliated with or endorsed by the Federal Bureau of Investigation or any government agency. Investment returns are not guaranteed.
Sources: Central Panhandle MLS active and closed-sale exports reviewed September 22, 2026, listing descriptions and linked property pages. Rental statements, complete operating expenses and association records were not independently verified for this review. All figures are subject to confirmation; listings may sell, change or be withdrawn. Reported historical rental income does not guarantee future performance. This article is educational and is not a property appraisal or personalized tax, legal or lending advice.
