Next after making this decision, look at monthly reoccurning costs. Which complex is more? Currently, Portside is $328 per month and Dunes of Panama is $335 per month. Make sure you work with an Accredite Buyer's Representative. As a buyer, you are entitled to get a copy of the financials. When getting them you want to make sure that the reserve fund is fully funded. Your agent can also find out how many of the units in the complex are in foreclosure or how many unit owners are not currently current with their condo dues. This will affect dues in the future.
Look at the age of the complexes. Portside was built in 1986 and Dunes of Panama was built in 1974. I recently showed several condos at Dunes of Panama and thought that the entire complex looked like it needed a lot of maintenance. It looked old and worn out and it did not show well. The parking lot was only half full and the front desk was not all that friendly. All things to consider when purchasing.
Don't forget to look at what you get price per s.f. and the amenities that are involved in the complex as well. A good agent will line up all you need to know side by side in a convenient report so that you can make an informed decision.
In summary, yes location is one thing that cannot be changed about a property. However, looking and weighing all of the factors of an investment unit will tell you a more and then you can make an informed decision.
Kelly gave an excellent answer! I have a spreadsheet that calculates the rental income and the expenses to give you cash flow info.
If you would like assistance from an experienced Realtor located in Panama City Beach please give me a shout.
You can also search all the condos from my website: http://www.coastal-lifestyles.com
Century 21 Ryan Realty
Panama City Beach, FL