6400 NW 2nd Ave #423 · Boca Raton, FL 33487

$190,000

2 bd · 2.0 ba · 1,316 sqft · Condo · 268 Days on market

Built 1983 $1147/mo HOA · 41% 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).

• 1% rule +9.9/10.0
• Cash flow +7.6/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This lovely condo is conveniently located in East Boca. It is close to I95, the beach, shopping and a plethora of restaurants to choose from! This is a large condo with a split floor plan and a huge living space. Huge master bedroom features ensuite and walk in closet. Enjoy your mornings on your beautiful screened in patio while drinking coffee. This unit has a full sized washer and dryer in unit! This is an all age building thst is very safe and secure. Community offers many amenities including a large pool.

Key facts

• 4th floor
• Elevators
• Just renovated

Tags

• 4TH FLOOR
• ELEVATORS
• JUST RENOVATED

Property features AI

Finance

• HOA & community: Community association with monthly fee; Community amenities include pool and sidewalks

Exterior

• Parking: Assigned parking; Guest parking available
• Utilities: Public water; Three-phase electric service; Cable available; Water service available
• Home design: Condominium; Resale unit; Faces west; 5-story building
• Construction: Concrete/CBS construction
• Exterior features: Not waterfront

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric heating; Central building heating; Central air conditioning (electric)
• Interior features: Built-in features
• Laundry & utility: Washer/dryer area inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-228 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (17.4% below list).
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $157k (17.4% below list) — sets the bar for cash-flow.
• Cap rate 4.9% 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: employment A+, health & safety A+, crime B+; 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.
• Zoned schools: Blue Lake Elementary (731 students, 18% FRL); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% FRL); West Boca Raton High School (math 55% / reading 70%, grade B-, #93 of 667 statewide, top 14%, 2,271 students, 28% FRL) — zoned schools average 29% FRL vs 52% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.6%/yr); 330 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 35% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 268 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 25y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 41% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,955 (17.4% 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 268 days. Have you received any prior offers? Is the seller open to a 17% 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: 1.49% ✓
• Cap rate: 4.85%
• Cash-on-cash: -5.15%
• DSCR: 0.77
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -23.2%
• Equity multiple: 0.19×
• Total profit: $-42,928
• Equity at exit: $28,330

10-year hold

• IRR: -14.1%
• Equity multiple: 0.13×
• Total profit: $-46,188
• Equity at exit: $16,428

Cash invested: $53,200 (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 33487

• Rents YoY: 3.6%
• Active inventory: 330
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,825 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$1,147
• Vacancy / Maint / Mgmt: −$593
• Net cashflow: $-228

Break-even live

Break-even rent $3,114

Max offer price $156,955

Occupancy floor —

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6500 NW 2nd Ave #512 Boca Raton, FL	2.0	2.0	1316	$2,800	$2.13	24d	1	0.04mi
6500 NW 2nd Ave Unit 311 Boca Raton, FL	3.0	2.0	1316	$2,850	$2.17	3d	1	0.04mi
6461 NW 2nd Ave #501 Boca Raton, FL	2.0	2.0	1300	$2,200	$1.69	20d	1	0.12mi
6461 NW 2nd Ave Boca Raton, FL	2.0	2.0	1300	$2,148	$1.65	24d	2	0.13mi
140 NW 70th St #1020 Boca Raton, FL	2.0	2.0	1018	$2,100	$2.06	7d	1	0.15mi
140 NW 70th St #2030 Boca Raton, FL	2.0	2.0	1018	$2,500	$2.46	5d	1	0.15mi
140 NW 70th St #2040 Boca Raton, FL	2.0	2.0	1018	$2,400	$2.36	24d	1	0.15mi
130 NW 70th St Unit 202 Boca Raton, FL	2.0	2.0	1018	$2,300	$2.26	24d	1	0.17mi
6850 NW 2nd Ave #18 Boca Raton, FL	2.0	2.0	1420	$3,300	$2.32	20d	1	0.19mi
120 NW 70th St Unit 102 Boca Raton, FL	2.0	2.0	1018	$2,250	$2.21	24d	1	0.21mi
6161 NW 2nd Ave Unit 520 Boca Raton, FL	2.0	2.0	1200	$2,195	$1.83	24d	1	0.24mi
5961 NW 2nd Ave Apt 108 Boca Raton, FL	2.0	2.0	1050	$2,400	$2.29	7d	1	0.29mi
159 NW 70th St #518 Boca Raton, FL	2.0	2.0	995	$2,250	$2.26	24d	1	0.32mi
149 NW 70th St Unit 101C Boca Raton, FL	2.0	2.5	1300	$2,750	$2.12	24d	1	0.32mi
255 Glouchester St Boca Raton, FL	3.0	2.0	1470	$3,950	$2.69	24d	1	0.33mi
6000 NW 2nd Ave #437 Boca Raton, FL	2.0	2.0	1300	$2,500	$1.92	15d	1	0.35mi
380 NW 67th St Unit J204 Boca Raton, FL	3.0	2.0	1436	$3,250	$2.26	24d	1	0.37mi
380 NW 67th St Boca Raton, FL	3.0	2.0	1436	$3,250	$2.26	17d	1	0.37mi
7200 NW 2nd Ave #160 Boca Raton, FL	2.0	2.0	1054	$2,400	$2.28	20d	1	0.39mi
7200 NW 2nd Ave #146 Boca Raton, FL	2.0	2.0	1054	$2,300	$2.18	7d	1	0.41mi
660 Coventry St Unit 6 Boca Raton, FL	3.0	2.5	1800	$3,500	$1.94	7d	1	0.43mi
6991 NE 7th Ave Boca Raton, FL	3.0	2.0	1854	$8,000	$4.31	17d	1	0.51mi
701 Appleby St Boca Raton, FL	3.0	2.0	1552	$7,800	$5.03	2d	1	0.52mi
701 Appleby St Boca Raton, FL	3.0	2.0	1552	$7,800	$5.03	18d	1	0.52mi
92 Lariat Cir Boca Raton, FL	3.0	2.0	1237	$3,800	$3.07	20d	1	0.53mi
713 Forsyth St Boca Raton, FL	3.0	2.0	1626	$16,500	$10.15	15d	1	0.54mi
713 Forsyth St Unit 33487 Boca Raton, FL	3.0	2.0	1626	$16,500	$10.15	20d	1	0.54mi
380 Kingsbridge St Boca Raton, FL	3.0	2.0	1800	$2,549	$1.42	24d	1	0.57mi
740 NE 69th St Boca Raton, FL	3.0	2.0	1540	$9,400	$6.10	24d	1	0.59mi
5700 NW 2nd Ave Boca Raton, FL	2.0	2.0	1125	$2,162	$1.92	20d	4	0.61mi
5700 NW 2nd Ave Boca Raton, FL	2.0	2.0	1125	$2,350	$2.09	17d	3	0.61mi
250 W Hidden Valley Blvd Unit 104 Boca Raton, FL	3.0	2.0	1387	$3,925	$2.83	24d	1	0.63mi
5501 NW 2nd Ave Boca Raton, FL	1.0–2.0	1.5–2.0	925	$2,500	$2.70	5d	3	0.63mi
100 W Hidden Valley Blvd Boca Raton, FL	1.0–3.0	1.5–2.0	1350	$3,104	$2.30	2d	8	0.63mi
5500 NW 2nd Ave #514 Boca Raton, FL	3.0	2.0	1200	$2,900	$2.42	15d	1	0.66mi
350 W Hidden Valley Blvd Unit 104 Boca Raton, FL	3.0	2.0	1387	$3,900	$2.81	24d	1	0.67mi
5301 NW 2nd Ave Boca Raton, FL	2.0	2.0–2.5	1300	$2,698	$2.08	7d	2	0.73mi
5301 NW 2nd Ave Boca Raton, FL	2.0	2.0–2.5	1300	$2,640	$2.03	5d	2	0.73mi
817 NE 71st St Boca Raton, FL	3.0	2.0	1300	$10,000	$7.69	3d	1	0.74mi
5301 NW 2nd Ave Apt 307 Boca Raton, FL	2.0	2.0	1300	$2,900	$2.23	24d	1	0.74mi

HOA detail condo

• Monthly dues: $1,147 · $13,764/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $190,000 Active 268 DOM
2. 2026-06-17
   days on market $190,000 Active 267 DOM
3. 2026-06-16
   days on market $190,000 Active 266 DOM
4. 2026-06-15
   days on market $190,000 Active 265 DOM
5. 2026-06-13
   days on market $190,000 Active 263 DOM
6. 2026-06-09
   days on market $190,000 Active 259 DOM
7. 2026-06-07
   days on market $190,000 Active 257 DOM
8. 2026-06-04
   days on market $190,000 Active 254 DOM
9. 2026-06-03
   days on market $190,000 Active 253 DOM
10. 2026-06-01
    days on market $190,000 Active 251 DOM
11. 2026-05-31
    days on market $190,000 Active 250 DOM
12. 2025-11-04
    price $190,000
13. 2025-09-22
    listed $210,000 Active
14. 2025-06-27
    historical $1,980
15. 2025-06-12
    price $1,980
16. 2025-05-15
    price $2,100
17. 2025-04-22
    listed $2,400
18. 2024-02-19
    historical
19. 2024-02-02
    historical $2,430
20. 2024-01-19
    listed $2,430
21. 2023-12-26
    listed $299,000 Active
22. 2022-02-15
    soldstatus $285,000 Closed 515-char remark

    Show marketing remark (515 chars)

    This lovely condo is conveniently located in East Boca. It is close to I95, the beach, shopping and a plethora of restaurants to choose from! This is a large condo with a split floor plan and a huge living space. Huge master bedroom features ensuite and walk in closet. Enjoy your mornings on your beautiful screened in patio while drinking coffee. This unit has a full sized washer and dryer in unit! This is an all age building thst is very safe and secure. Community offers many amenities including a large pool.

23. 2021-12-21
    status Pending 515-char remark

    Show marketing remark (515 chars)

    This lovely condo is conveniently located in East Boca. It is close to I95, the beach, shopping and a plethora of restaurants to choose from! This is a large condo with a split floor plan and a huge living space. Huge master bedroom features ensuite and walk in closet. Enjoy your mornings on your beautiful screened in patio while drinking coffee. This unit has a full sized washer and dryer in unit! This is an all age building thst is very safe and secure. Community offers many amenities including a large pool.

24. 2021-12-14
    listed $270,000 Active 515-char remark

    Show marketing remark (515 chars)

    This lovely condo is conveniently located in East Boca. It is close to I95, the beach, shopping and a plethora of restaurants to choose from! This is a large condo with a split floor plan and a huge living space. Huge master bedroom features ensuite and walk in closet. Enjoy your mornings on your beautiful screened in patio while drinking coffee. This unit has a full sized washer and dryer in unit! This is an all age building thst is very safe and secure. Community offers many amenities including a large pool.

25. 2001-10-12
    soldstatus $120,000
26. 2001-09-05
    historical
27. 2001-08-27
    listed $125,000

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

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 7 d/yr ≥106°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,899
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$2,712
• − Management: −$2,712
• − HOA: −$13,764
• − Depreciation: −$5,527
• Taxable loss: −$5,259
• Est. tax savings @ 24.0%: +$1,262
• After-tax cash flow: $-1,478/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

• Census place: Boca Raton, FL
• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,717
• Household income: $96,066
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 896.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 11% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 7% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 4% Russian/Polish/Slavic 3%

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: ▼ -331.59%
• Current HPI: 352.5852
• Rent YoY: ▲ 3.58%
• 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

+52.0% since first listed

16 events — show timeline

• 2025-11-04 Price Changed $190,000 Beaches MLS
• 2025-09-22 Listed $210,000 Beaches MLS
• 2025-06-27 Rental Removed $1,980 MARMLS
• 2025-06-12 Price Changed $1,980 MARMLS
• 2025-05-15 Price Changed $2,100 MARMLS
• 2025-04-22 Listed for Rent $2,400 MARMLS
• 2024-02-19 Listing Removed — MARMLS
• 2024-02-02 Rental Removed $2,430 MARMLS
• 2024-01-19 Listed for Rent $2,430 MARMLS
• 2023-12-26 Listed $299,000 MARMLS
• 2022-02-15 Sold (MLS) $285,000 Beaches MLS
• 2021-12-21 Pending — Beaches MLS
• 2021-12-14 Listed $270,000 Beaches MLS
• 2001-10-12 Sold (MLS) $120,000 Beaches MLS
• 2001-09-05 Listing Removed — Beaches MLS
• 2001-08-27 Listed $125,000 Beaches MLS