Investor/visionary opportunity in the heart of Panama City. This historic Folk Victorian sits on a quarter-acre corner lot just steps from St. Andrews Bay with second-floor water views. The main home has been taken down to the studs--giving you complete freedom to design, renovate, reconfigure, or build new. No guesswork, just a blank canvas ready for your vision. The property also includes a charming 2-bedroom carriage house already livable, offering immediate rental income or guest space. Surrounded by live oaks and walkable to downtown shops, dining, parks, and events, this is a rare chance to create something truly special while owning a piece of local history.