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$296,000

Rare opportunity in the COVE, Panama City, FL! Two-dwelling properties like this are extremely hard to find! This unique income-producing property features three separate structures, two dwelling units, separate utilities, and brand-new roofs on all buildings, making it an ideal option for investors, house hackers, multi-generational living, or short-term/long-term rental strategies. This home is only 0.5 miles from Harrison Avenue and downtown Panama City, an area that blends historic charm with modern energy. Situated on the shores of St. Andrews Bay, downtown has experienced a resurgence in recent years, with new shops, restaurants, breweries, galleries, and community events revitalizing its historic core. The front home is vacant and fully remodeled (2023) and offers 2 bedrooms, 1 bathroom, and 859 sq. ft. of living space. Updates include a new A/C (2025, under warranty), impact skylight, new appliances, washer & dryer, new plumbing, new flooring, new blinds, and a fully fenced private yard with off-street parking and storage. Previous rent: $1,900/mo. Unit B features 1 bedroom, 1 bathroom, and 470 sq. ft., with a new split A/C (2026), covered patio, private fenced yard, and separate driveway with private alley access! Perfect for rental income, guest suite, or entertainment space. Rented: $900/mo. Each unit has separate electric and water meters, allowing for a true income-producing operation that offers privacy for each unit and simplified property management. A third structure provides dedicated laundry for Unit B and additional storage for both homes, increasing functionality and tenant appeal. Located in the highly desirable Cove area of Panama City, this property offers charm, convenience, and long-term value just minutes from downtown shopping, dining, schools, and the water. This is a unique investment opportunity in one of the city's most established neighborhoods! Measurements are to be verified by Buyer.

3 Beds ⋅ 2 Baths ⋅ 994435 MLS ⋅ 1,329 SqFt.

206 E 2nd Ct Unit A & B, Panama City

$296,000

CURRENTLY UNDER CONTRACT, SELLER WILL CONSIDER BACKUP OFFERS. Rare opportunity in the Cove, Panama City! Two-dwelling properties like this are hard to find. This already income-producing setup includes three structures total: The primary, front house, an entirely separate guest house (ADU), and a storage building with enough space for both homes. The upgrades, separate utility meters, proven rental history, and privacy fencing for each home makes this find ideal for investors, house hacking, multi-generational living, or versatile rental strategies! Just ½ mile from Harrison Avenue and downtown Panama City, you're right near the heart of a revitalized waterfront district filled with local shops, restaurants, breweries, galleries, and year-round community events along St. Andrews Bay. The front home is fully renovated (2023) and vacant, offering 2 bedrooms, 1 bathroom, and 859 sq. ft. Recent updates include a new A/C (2025, under warranty), impact skylight, appliances, washer & dryer, plumbing, flooring, blinds, a privately fenced yard, spacious off-street parking, and designated storage. Previously rented for $1,900 and $1750/month. The back home features 1 bedroom, 1 bathroom, and 470 sq. ft., with a new split A/C (2026), covered patio, private fenced yard, and its own driveway with alley access - perfect for rental income, guests, office space, relative housing, or a private retreat for yourself. It's a versatile space ready to be tailored to your vision. It is currently income producing, bringing in a steady $900 per month. A third structure provides a dedicated laundry room for the back house plus a second room for additional storage, adding convenience and tenant appeal. Separate electric and water meters for each unit allow for streamlined management and true income potential. This property is essentially a 2-for-1 steal! Located in one of Panama City's most established and sought-after neighborhoods, this property blends character, convenience, and long-term value just minutes from downtown, the bay, and everything that makes the Cove so special! Come see for yourself.

3 Beds ⋅ 2 Baths ⋅ 784339 MLS

206 E 2nd Court Unit A & B, Panama City