Definitely check out Edgewater Beach Resort. They have gulf-front units for under $150/night (I quoted mid-August).
There are some negative reviews, but mostly for the "golf villas", which are across the street from the main building (which is oceanfront).
It is a nice place, awesome pool, nearby shopping/restaurants.
http://www.resideo.com/us/florida/panamacitybeach/39316488.hotel
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