2616 Garden Dr N #303 · Palm Springs, FL 33461

$115,000

2 bd · 2.0 ba · 1,080 sqft · Condo public records · 77 Days on market

Built 1967 $512/mo HOA · 27% of rent

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Why this score? — see what drove the C+ 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).

• Cash flow +23.9/30.0
• 1% rule +10.0/10.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss an opportunity to live in desirable 55+community; Over $100k under value! You can't replace the view, but you can make this your own! Check out the savings ... HOA Reserves will be met this year and dues lowered. Seller has adjusted price with this in mind. Come take a look and tour the community. Check out more detailed description and videos in the photos section.

Key facts

• Private balcony
• Waterfront community
• Central a/c

Tags

• WATERFRONT COMMUNITY
• PRIVATE BALCONY
• CENTRAL A/C
• STORM SHUTTERS
• ASSIGNED PARKING
• RESORT-STYLE AMENITIES

Property features AI

Finance

• Other: Senior community
• Financial info: Not a land lease; Pets allowed (pet restrictions possible); Community contains many units (large association)
• HOA & community: Lake Clarke Gardens Condo Association; Monthly association fee; Association fee includes cable TV, insurance, grounds maintenance, pest control, water, common area maintenance, and elevator; Community amenities: pool, fitness center, clubhouse, billiard room, sauna, shuffleboard court, workshop area, library, manager on site, parking, laundry, elevators, trash chute, internet included, sidewalks, street lights

Exterior

• Parking: Assigned parking and guest spaces; 1 parking space listed plus 10 open parking spaces
• Security: Smoke detectors; Security lights
• Utilities: Public water; Public sewer; Three-phase electric; Cable available; Water and sewer available
• Home design: Condominium; Multi/split levels; Resale condition; Faces west; Building 9
• Construction: Stucco and CBS construction; Composition / Rolled/Hot Mop / Tar & Gravel / Pre-stressed roof types; Slab foundation; 3-story building; Built area reported from public records
• Exterior features: Sidewalks; Paved private maintained road; Waterfront (no specified waterfront features); No other structures

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms (main level)
• Flooring: Laminate; Wood
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating (electric, radiant); Central air conditioning (electric)
• Interior features: Walk-in closets; Split bedroom layout; Closet cabinetry; Blinds and drapes; Sliding windows
• Laundry & utility: Laundry room in building; Common area laundry (in hall/inside)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $223 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#297 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, amenities F, commute 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: Meadow Park Elementary School (math 64% / reading 73%, grade B+, #409 of 2,144 statewide, top 20%, 809 students, 65% FRL); Forest Hill Community High School (math 20% / reading 41%, grade F, #434 of 667 statewide, top 66%, 2,407 students, 66% FRL).
• Market conditions: Rents soft (-2.5%/yr); 274 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 37% of the median local income ($62k/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 $795 of loan paydown is wiped out by about $3k 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 77 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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 $84k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.67% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.31%
• DSCR: 1.37
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.70×
• Total profit: $-9,741
• Equity at exit: $17,147

10-year hold

• IRR: -6.5%
• Equity multiple: 0.67×
• Total profit: $-10,628
• Equity at exit: $9,943

Cash invested: $32,200 (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 33461

• Rents YoY: -2.5%
• Active inventory: 274
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,925 high
• Mortgage (P&I): −$603
• Tax from tax record: −$135 /mo · $1,618/yr
• Insurance: −$48
• HOA: −$512
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $223

Break-even live

Break-even rent $1,643

Max offer price $115,000

Occupancy floor 83%

Sensitivity live

Price	-10% $288	-5% $255	+0% $223	+5% $190	+10% $158
Rent	-10% $71	-5% $147	+0% $223	+5% $299	+10% $375
Rate	-1.0pp $281	-0.5pp $252	base $223	+0.5pp $193	+1.0pp $163

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2668 Garden Dr N #312 Lake Worth, FL	2.0	2.0	1080	$1,500	$1.39	2d	1	0.08mi
2668 Garden Dr N #312 Lake Worth, FL	2.0	2.0	1080	$1,500	$1.39	4d	1	0.08mi
2581 Garden Dr N #203 Lake Worth, FL	2.0	2.0	894	$1,650	$1.85	8d	1	0.09mi
2581 Garden Dr N #203 Lake Worth, FL	2.0	2.0	894	$1,650	$1.85	15d	1	0.09mi
2791 S Florida Mango Rd Lake Worth, FL	2.0	2.0	1100	$1,995	$1.81	21d	1	0.10mi
2566 Garden Dr S Lake Worth Beach, FL	1.0	1.0	744	$1,395	$1.88	25d	1	0.11mi
2721 Garden Dr N #105 Lake Worth, FL	2.0	1.0	894	$1,800	$2.01	21d	1	0.15mi
230 Lake Arbor Dr Palm Springs, FL	2.0	2.0	1232	$2,200	$1.79	25d	1	0.16mi
2856 Garden Dr S #112 Lake Worth, FL	2.0	1.0	894	$1,800	$2.01	25d	1	0.27mi
2428 Waterside Dr Unit 2428 Lake Worth Beach, FL	2.0	2.5	1400	$2,250	$1.61	25d	1	0.30mi
331 Lake Arbor Dr Palm Springs, FL	2.0	2.0	1232	$2,300	$1.87	25d	1	0.31mi
21 Lake Arbor Dr Palm Springs, FL	2.0	2.5	1232	$2,500	$2.03	19d	1	0.36mi
2391 Waterside Dr Unit 22d Lake Worth, FL	2.0	3.0	1328	$2,600	$1.96	25d	1	0.36mi
2508 10th Ave N Lake Worth Beach, FL	3.0	2.0	1025	$2,557	$2.49	25d	1	0.44mi
2508 10th Ave N Lake Worth Beach, FL	2.0	1.0	800	$1,746	$2.18	14d	1	0.44mi
2508 10th Ave N Lake Worth Beach, FL	2.0	1.0	800	$1,672	$2.09	11d	1	0.44mi
910 Rudolf Rd Lake Worth, FL	3.0	1.0	1000	$2,500	$2.50	25d	1	0.46mi
2901 10th Ave N Palm Springs, FL	2.0	1.0	900	$1,795	$1.99	25d	1	0.49mi
100 Rex Ave Palm Springs, FL	2.0	2.0	1000	$1,850	$1.85	25d	3	0.51mi
3386 Rudolph Rd Lake Worth Beach, FL	2.0	1.0	840	$2,100	$2.50	3d	1	0.53mi
220 Henthorne Dr Palm Springs, FL	1.0–2.0	1.5–2.0	900	$1,850	$2.06	25d	4	0.61mi
3440 Rudolph Rd Unit 3440-03 Lake Worth Beach, FL	2.0	2.0	935	$2,100	$2.25	19d	1	0.61mi
3300 Boutwell Rd Lake Worth Beach, FL	1.0–2.0	1.0–2.0	765	$2,720	$3.56	25d	1	0.62mi
3431 Helena Dr Lake Worth, FL	2.0	2.0	935	$2,075	$2.22	14d	2	0.62mi
3431 Helena Dr Unit 3481-11 Lake Worth Beach, FL	2.0	2.0	935	$2,050	$2.19	25d	1	0.62mi
3481 Helena Dr Unit 11 Lake Worth Beach, FL	2.0	2.0	935	$2,050	$2.19	25d	1	0.64mi
124 Abaco Dr Palm Springs, FL	3.0	2.0	988	$2,900	$2.94	16d	1	0.69mi
3031 French Ave Lake Worth, FL	3.0	1.0	840	$2,400	$2.86	8d	1	0.72mi
1742 W Terrace Dr Lake Worth Beach, FL	2.0	1.5	1000	$2,700	$2.70	25d	1	0.75mi
3017 Buckley Ave Lake Worth, FL	2.0	1.0	720	$2,200	$3.06	25d	1	0.76mi
1065 Manor Dr Palm Springs, FL	2.0	2.0	1098	$2,100	$1.91	3d	1	0.77mi
965 Manor Dr Palm Springs, FL	2.0	1.0	687	$1,995	$2.90	2d	5	0.77mi
1020 Manor Dr Palm Springs, FL	2.0	2.0	1098	$2,200	$2.00	22d	1	0.82mi
1016 Manor Dr Unit 5c Palm Springs, FL	2.0	2.0	1098	$2,256	$2.05	25d	1	0.84mi
2085 S Congress Ave Palm Springs, FL	1.0–3.0	1.0–2.0	963	$2,558	$2.65	2d	14	0.95mi
225 Bonnie Blvd Palm Springs, FL	1.0–2.0	1.5–2.0	944	$1,850	$1.96	25d	2	0.98mi
225 Bonnie Blvd #116 Palm Springs, FL	2.0	2.0	988	$1,850	$1.87	19d	1	0.98mi
1905 Meadow Ct West Palm Beach, FL	3.0	2.0	1222	$7,000	$5.73	25d	1	0.98mi
1802 Waterview Cir #1802 Palm Springs, FL	2.0	2.0	951	$1,925	$2.02	25d	1	0.99mi
246 Cypress Ln Lake Worth Beach, FL	1.0–2.0	1.0	850	$1,750	$2.06	25d	2	1.00mi

HOA detail condo

• Monthly dues: $512 · $6,144/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $115,000 Active 77 DOM
2. 2026-06-17
   days on market $115,000 Active 76 DOM
3. 2026-06-16
   days on market $115,000 Active 75 DOM
4. 2026-06-15
   days on market $115,000 Active 74 DOM
5. 2026-06-13
   days on market $115,000 Active 72 DOM
6. 2026-06-09
   days on market $115,000 Active 68 DOM
7. 2026-06-08
   days on market $115,000 Active 67 DOM
8. 2026-06-07
   days on market $115,000 Active 66 DOM
9. 2026-06-04
   days on market $115,000 Active 63 DOM
10. 2026-06-03
    days on market $115,000 Active 62 DOM
11. 2026-06-02
    days on market $115,000 Active 61 DOM
12. 2026-06-01
    days on market $115,000 Active 60 DOM
13. 2026-05-31
    days on market $115,000 Active 59 DOM
14. 2026-04-01
    listed $115,000 Active
15. 2025-02-07
    soldstatus $84,000 Closed 380-char remark

    Show marketing remark (380 chars)

    Don't miss an opportunity to live in desirable 55+community; Over $100k under value! You can't replace the view, but you can make this your own! Check out the savings ... HOA Reserves will be met this year and dues lowered. Seller has adjusted price with this in mind. Come take a look and tour the community. Check out more detailed description and videos in the photos section.

16. 2025-01-14
    historical Active Under Contract 380-char remark

    Show marketing remark (380 chars)

    Don't miss an opportunity to live in desirable 55+community; Over $100k under value! You can't replace the view, but you can make this your own! Check out the savings ... HOA Reserves will be met this year and dues lowered. Seller has adjusted price with this in mind. Come take a look and tour the community. Check out more detailed description and videos in the photos section.

17. 2024-10-14
    listed $89,900 Active 380-char remark

    Show marketing remark (380 chars)

    Don't miss an opportunity to live in desirable 55+community; Over $100k under value! You can't replace the view, but you can make this your own! Check out the savings ... HOA Reserves will be met this year and dues lowered. Seller has adjusted price with this in mind. Come take a look and tour the community. Check out more detailed description and videos in the photos section.

18. 2024-06-25
    historical
19. 2024-05-25
    price $139,000
20. 2024-05-09
    price $149,900
21. 2024-04-18
    listed $153,500 Active
22. 1997-03-03
    soldstatus $46,900
23. 1990-02-02
    soldstatus $55,000

ⓘ 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: $1,618 · $135/mo
• Projected year-2 tax: $1,618 · $135/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 10/10 Extreme 7 d/yr ≥105°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,100
• − Mortgage interest: −$6,442
• − Property taxes: −$1,618
• − Insurance: −$575
• − Repairs & maintenance: −$1,848
• − Management: −$1,848
• − HOA: −$6,144
• − Depreciation: −$3,345
• Taxable income: $1,280
• Est. tax owed @ 24.0%: −$307
• After-tax cash flow: $2,368/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 — Palm Springs

• Score: 73/100
• State rank: #297
• US rank: #5045

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 49,443
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 49,443
• Household income: $61,963
• Rent vs Own: 48.2% rent · 51.8% own
• Severe rent burden: 2663.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Hispanic / Latino 59% Two or more races 26% White 20% Black 17% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 6% Cuban 16% Dominican 2%
• Common ancestry: Hispanic 9% Romanian 1% Lithuanian 1%
• Foreign-born: 52% · Canada, Jamaica
• Languages at home: 31% English-only · Spanish 54% French/Haitian/Cajun 10% Other Indo-European 2%

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: ▼ -269.03%
• Current HPI: 493.0041
• Rent YoY: ▼ -2.47%
• 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

+109.1% since first listed

10 events — show timeline

• 2026-04-01 Listed $115,000 Beaches MLS
• 2025-02-07 Sold (MLS) $84,000 Beaches MLS
• 2025-01-14 Contingent — Beaches MLS
• 2024-10-14 Listed $89,900 Beaches MLS
• 2024-06-25 Listing Removed — Beaches MLS
• 2024-05-25 Price Changed $139,000 Beaches MLS
• 2024-05-09 Price Changed $149,900 Beaches MLS
• 2024-04-18 Listed $153,500 Beaches MLS
• 1997-03-03 Sold (Public Records) $46,900 Public Records
• 1990-02-02 Sold (Public Records) $55,000 Public Records

Property tax history

+10.2%/yr

Latest (2025): $1,618 · -25.7% YoY. Source: county tax records.