8223 Springlake Dr #8223 · Boca Raton, FL 33496

$474,500

3 bd · 2.0 ba · 1,508 sqft · Condo public records · 98 Days on market

Built 1992 $745/mo HOA · 19% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.1/30.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.1/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• DSCR +1.2/10.0

Listing remarks

This villa offers a large, open-concept living area with two bedrooms, two bathrooms, and a versatile den, maximizing space, natural light, and comfort. The abundant living space is ideal for entertaining or relaxing w/ ease. The chef-inspired kitchen boasts modern appliances, ample counter & cabinet space, & a convenient breakfast nook perfect for casual dining. Bathrooms are luxuriously appointed w/ elegant fixtures & designer finishes. This villa is located within a gated, social 55+ community that offers an abundance of amenities: swim in the pool w/ Aqua Aerobics, stay active in the fitness center w/ Pilates or Aerobics, play tennis or pickleball, or even join the croc

Key facts

• Breakfast nook
• Gated community
• Fitness center

Tags

• OPEN-CONCEPT LIVING AREA
• CHEF-INSPIRED KITCHEN
• BREAKFAST NOOK
• GATED COMMUNITY
• FITNESS CENTER

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Association: Park Shore Condo Association; Quarterly HOA fee; HOA fee includes cable TV, security, sewer, trash, water, common areas, recreation facility, and pool service; Community amenities: billiard room, clubhouse, jogging path, parking, pool, community room, kitchen facilities, library, maintained community, pickleball court(s); Senior community

Exterior

• Parking: 2 total parking spaces; Attached garage with 1 garage space; 1 covered space; Driveway
• Security: Entry phone/intercom
• Utilities: Public water; Public sewer; Cable available; Sewer available
• Home design: Condominium; One story; First floor entry; Faces south; Resale condition
• Construction: Built with CBS construction; Block foundation; Shingle and other roof types
• Exterior features: Zero lot line; No waterfront; No other structures

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: High ceilings; Walk-in closet(s); Blinds on windows; First floor entry
• Laundry & utility: Laundry in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $474k.

Deal economics

• At list price, monthly cash flow is $-685 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $353k (25.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $382k (19.4% below list).
• Recommended offer: $353k (25.5% below list) — sets the bar for cash-flow.
• Cap rate 4.6% vs local median 2.8% in Boca Raton — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#192 in FL, #3,070 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, health & safety A+; Watch: amenities D, cost of living F.
• Palm Beach (suburban): math 46% / reading 53% proficiency, ranked #34 of 73 in FL (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 324 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 40% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $51k of equity ($3k loan paydown + $47k appreciation (10.0% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $175k; list at $474k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 4→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $353,498 (25.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 4.56%
• Cash-on-cash: -6.19%
• DSCR: 0.72
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: 19.7%
• Equity multiple: 2.60×
• Total profit: $212,482
• Equity at exit: $427,467

10-year hold

• IRR: 17.9%
• Equity multiple: 5.93×
• Total profit: $655,467
• Equity at exit: $921,849

Cash invested: $132,860 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33496

• Home prices YoY: 3.5%
• Rents YoY: 2.3%
• Active inventory: 324
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $3,824 high
• Mortgage (P&I): −$2,488
• Tax from tax record: −$275 /mo · $3,302/yr
• Insurance: −$198
• HOA: −$745
• Vacancy / Maint / Mgmt: −$803
• Net cashflow: $-685

Break-even live

Break-even rent $4,691

Max offer price $353,498

Occupancy floor —

Sensitivity live

Price	-10% $-416	-5% $-551	+0% $-685	+5% $-819	+10% $-954
Rent	-10% $-987	-5% $-836	+0% $-685	+5% $-534	+10% $-383
Rate	-1.0pp $-446	-0.5pp $-564	base $-685	+0.5pp $-808	+1.0pp $-933

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $118,625
• Closing costs: $14,235
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8146 Windgate Dr Boca Raton, FL	2.0	2.0	1310	$5,000	$3.82	25d	1	0.18mi
18475 Via Di Sorrento Boca Raton, FL	3.0	2.0	1544	$4,095	$2.65	8d	1	0.23mi
18428 Via Di Regina #18428 Boca Raton, FL	3.0	2.0	1544	$3,900	$2.53	0d	1	0.23mi
18428 Via Di Regina #18428 Boca Raton, FL	3.0	2.0	1544	$3,900	$2.53	25d	1	0.23mi
18434 Via Di Sorrento Boca Raton, FL	3.0	2.0	1480	$3,495	$2.36	8d	1	0.28mi
8550 Via Romana Boca Raton, FL	3.0	2.0	1778	$3,500	$1.97	11d	1	0.34mi
8550 Via Romana #2 Boca Raton, FL	3.0	2.0	1778	$3,500	$1.97	22d	1	0.34mi
8550 Via Romana #2 Boca Raton, FL	3.0	2.0	1778	$3,500	$1.97	25d	1	0.34mi
8664 Jasmine Way Boca Raton, FL	2.0	2.0	1162	$1,795	$1.54	25d	1	0.37mi
8705 Via Giula #4 Boca Raton, FL	3.0	2.0	1477	$3,500	$2.37	25d	1	0.52mi
8705 Via Giula #4 Boca Raton, FL	3.0	2.0	1477	$3,400	$2.30	15d	1	0.52mi
9708 Erica Ct Boca Raton, FL	2.0	2.0	1410	$4,800	$3.40	25d	1	0.61mi
4278 NW 65th Rd Boca Raton, FL	3.0	2.0	1607	$16,500	$10.27	11d	1	0.61mi
4007 Yarmouth a Boca Raton, FL	2.0	2.0	1132	$2,200	$1.94	25d	1	0.81mi
9110 Fairbanks Ln #4 Boca Raton, FL	2.0	2.0	1227	$2,400	$1.96	25d	1	0.88mi
9104 Affirmed Ln Boca Raton, FL	3.0	2.0	1266	$3,215	$2.54	0d	1	0.94mi
18730 Stewart Cir #5 Boca Raton, FL	2.0	2.0	1227	$2,500	$2.04	25d	1	0.98mi
9203 Boca Gardens Cir S Unit D Boca Raton, FL	3.0	2.5	2088	$3,300	$1.58	25d	1	1.02mi
9190 Boca Gardens Pkwy Unit B Boca Raton, FL	3.0	2.5	1845	$3,500	$1.90	25d	1	1.04mi
9387 Richmond Cir Boca Raton, FL	3.0	2.0	1849	$4,100	$2.22	0d	1	1.19mi
9387 Richmond Cir Boca Raton, FL	3.0	2.0	1849	$4,100	$2.22	11d	1	1.19mi
9392 Affirmed Ln Boca Raton, FL	3.0	2.0	1635	$3,200	$1.96	15d	1	1.23mi
9448 Saddlebrook Dr Unit 9448 Boca Raton, FL	3.0	2.0	1243	$3,500	$2.82	25d	1	1.25mi
9448 Saddlebrook Dr Boca Raton, FL	3.0	2.0	1243	$3,500	$2.82	21d	1	1.25mi
8410 Brussels Way Boca Raton, FL	3.0	2.0	1763	$5,999	$3.40	6d	1	1.26mi
9505 Aegean Dr Boca Raton, FL	4.0	2.5	2133	$4,200	$1.97	8d	1	1.28mi
19809 Boca West Dr Unit 4043 Boca Raton, FL	2.0	2.0	1400	$3,100	$2.21	25d	1	1.28mi
9590 Islamorada Ter Boca Raton, FL	4.0	2.5	2064	$5,000	$2.42	22d	1	1.37mi
19550 Sawgrass Dr #2102 Boca Raton, FL	2.0	2.0	1460	$5,500	$3.77	25d	1	1.37mi
7754 Lakeside Blvd #446 Boca Raton, FL	2.0	2.0	1050	$3,500	$3.33	25d	1	1.39mi
7754 Lakeside Blvd #483 Boca Raton, FL	2.0	2.0	1050	$2,700	$2.57	3d	1	1.39mi
17345 Sea Blossom Way Boca Raton, FL	3.0	3.0	2240	$10,500	$4.69	18d	1	1.40mi
7835 Lakeside Blvd #946 Boca Raton, FL	2.0	2.0	1050	$3,800	$3.62	6d	1	1.41mi
9585 Affirmed Ln Boca Raton, FL	4.0	2.0	1756	$3,950	$2.25	6d	1	1.43mi
7738 Lakeside Blvd #373 Boca Raton, FL	2.0	2.0	1050	$2,200	$2.10	25d	1	1.45mi
9636 Tavernier Dr Boca Raton, FL	3.0	2.0	1820	$4,200	$2.31	25d	1	1.47mi
20020 Rima Cir Unit 20020 Boca Raton, FL	3.0	2.0	1575	$3,700	$2.35	4d	1	1.48mi
9234 Southampton Pl Boca Raton, FL	4.0	2.0	1520	$6,000	$3.95	22d	1	1.48mi

HOA detail condo

• Monthly dues: $745 · $8,940/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $474,500 Active 98 DOM
2. 2026-06-17
   days on market $474,500 Active 97 DOM
3. 2026-06-16
   days on market $474,500 Active 96 DOM
4. 2026-06-15
   days on market $474,500 Active 95 DOM
5. 2026-06-13
   days on market $474,500 Active 93 DOM
6. 2026-06-09
   days on market $474,500 Active 89 DOM
7. 2026-06-08
   days on market $474,500 Active 88 DOM
8. 2026-06-07
   days on market $474,500 Active 87 DOM
9. 2026-06-04
   days on market $474,500 Active 84 DOM
10. 2026-06-03
    days on market $474,500 Active 83 DOM
11. 2026-06-02
    days on market $474,500 Active 82 DOM
12. 2026-06-01
    days on market $474,500 Active 81 DOM
13. 2026-05-31
    days on market $474,500 Active 80 DOM
14. 2026-03-27
    status Active
15. 2026-03-26
    historical
16. 2025-10-27
    listed $474,500 Active
17. 2014-11-17
    soldstatus $175,000
18. 2007-05-22
    soldstatus $242,000
19. 2001-07-05
    soldstatus $143,000
20. 1993-03-18
    soldstatus $124,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $3,302 · $275/mo
• Projected year-2 tax: $3,938 · $328/mo
• Expected delta: +$636/yr (+$53/mo · 19.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 4 d/yr ≥107°F today · 13 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,892
• − Mortgage interest: −$26,579
• − Property taxes: −$3,302
• − Insurance: −$2,372
• − Repairs & maintenance: −$3,671
• − Management: −$3,671
• − HOA: −$8,940
• − Depreciation: −$13,804
• Taxable loss: −$16,448
• Est. tax savings @ 24.0%: +$3,948
• After-tax cash flow: $-4,272/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Palm Beach
• NCES district ID: 1201500
• Math proficiency: 46% ▼ -16.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $53,943
• Composite: 42.72/100
• National rank: #3160
• State rank: #34 of 73 in FL

Livability — Boca Raton

• Score: 77/100
• State rank: #192
• US rank: #3070

Category grades

Amenities D Commute B Cost of living F Crime B+ Employment A+ Housing B+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 26,579
• Household income: $114,885
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 464.0

Population outlook (Palm Beach County) Hauer SSP2

• Today (2025): 1,637,487 people
• By 2030: 1,743,255 · +6.5%
• By 2040: 1,948,712 · +19.0%
• By 2050: 2,132,979 · +30.3%
• By 2075: 2,530,027 · +54.5%
• By 2100: 2,706,979 · +65.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 11% Two or more races 8% Asian 5% Black 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Scotch-Irish 13% Romanian 9% Italian 3%
• Foreign-born: 24% · Canada, Jamaica, Dominican Republic
• Languages at home: 75% English-only · Spanish 9% Other Indo-European 5% Russian/Polish/Slavic 4%

Political lean MEDSL · Palm Beach

• 2024 margin: Toss-up / Even · D 50.0% · R 49.2%
• 2008→2024 swing: -22.1pp toward R · 2008: 22.9pp · 2024: 0.8pp
• All cycles: 2024: D+0.8 2020: D+12.8 2016: D+15.3 2012: D+17.0 2008: D+22.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.48%
• Current HPI: 313.9058
• Rent YoY: ▲ 2.31%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+282.7% since first listed

7 events — show timeline

• 2026-03-27 Relisted — Beaches MLS
• 2026-03-26 Listing Removed — Beaches MLS
• 2025-10-27 Listed $474,500 Beaches MLS
• 2014-11-17 Sold (Public Records) $175,000 Public Records
• 2007-05-22 Sold (Public Records) $242,000 Public Records
• 2001-07-05 Sold (Public Records) $143,000 Public Records
• 1993-03-18 Sold (Public Records) $124,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $3,302 · +2.9% YoY. Source: county tax records.