661 Sun Ray Ct · Boynton Beach, FL 33436

$115,000

2 bd · 2.0 ba · 1,300 sqft · Manufactured · 218 Days on market

Built 1984 8,712 sqft lot $1004/mo HOA · 39% of rent ↓ 17% since listing

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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 +24.8/30.0
• 1% rule +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Just Listed !!! Beautiful 2 bedroom 2 bath lakefront home sold fully furnished tunkey. Relax on your back patio and enjoy the views. This home is immaculate . Gorgeous designer driveway , attached carport and storage . Large bedrooms . Open floor plan. New AC compressor and motor 2025. Located in a gated community with Clubhouse, Pool, , Fitness Center, Tennis Courts, Whirlpool Spa, Bocce Court.

Key facts

• Gated community
• Attached carport
• Clubhouse

Tags

• LAKEFRONT HOME
• BACK PATIO
• DESIGNER DRIVEWAY
• ATTACHED CARPORT
• GATED COMMUNITY
• CLUBHOUSE

Property features AI

Finance

• Other: Pets allowed (subject to number and size limits)
• Financial info: Association fee applies
• HOA & community: Homeowners association with monthly fee (includes common areas, grounds maintenance, pool(s), recreation facilities, and taxes); Gated community; Clubhouse; Senior community

Exterior

• Parking: 1 total parking space; 1 covered parking space
• Utilities: Electricity connected; 110V and 220V service
• Home design: Manufactured home; Single-story
• Construction: Manufactured construction
• Exterior features: Waterfront on a lake; Lot approximately 0.2 acres

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Furnished

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 4.3% in Boynton Beach — 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 72/100 on livability (#351 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: amenities D+, crime D-, 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.
• Market conditions: Rents soft (-0.6%/yr); 457 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 41% of the median local income ($76k/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 218 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $14k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.25% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.05%
• DSCR: 1.40
• GRM: 3.7

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: -9.1%
• Equity multiple: 0.69×
• Total profit: $-10,078
• Equity at exit: $17,147

10-year hold

• IRR: -11.1%
• Equity multiple: 0.52×
• Total profit: $-15,455
• 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 33436

• Home prices YoY: -26.0%
• Rents YoY: -0.6%
• Active inventory: 457
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,584 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$1,004
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $243

Break-even live

Break-even rent $2,277

Max offer price $115,000

Occupancy floor 86%

Sensitivity live

Price	-10% $322	-5% $283	+0% $243	+5% $203	+10% $163
Rent	-10% $39	-5% $141	+0% $243	+5% $345	+10% $447
Rate	-1.0pp $301	-0.5pp $272	base $243	+0.5pp $213	+1.0pp $183

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
190 Temple Ave Boynton Beach, FL	3.0	2.0	1781	$4,200	$2.36	25d	1	0.24mi
1515 Arezzo Cir Boynton Beach, FL	2.0	2.5	1286	$2,750	$2.14	25d	1	0.28mi
920 Sun Acres Ln Boynton Beach, FL	2.0	2.0	1352	$2,200	$1.63	25d	1	0.33mi
107 Buttonwood Ln Unit 107 Boynton Beach, FL	2.0	2.5	1264	$2,600	$2.06	25d	1	0.34mi
3930 Max Pl Boynton Beach, FL	2.0	2.0	1250	$2,370	$1.90	0d	1	0.38mi
3930 Max Pl Boynton Beach, FL	3.0	2.0	1550	$2,825	$1.82	25d	1	0.38mi
3930 Max Pl Boynton Beach, FL	1.0	1.0	925	$2,550	$2.76	23d	1	0.38mi
3500 Sandpiper Dr Boynton Beach, FL	1.0–2.0	1.0–2.0	1147	$2,579	$2.25	23d	22	0.44mi
2305 N Congress Ave #18 Boynton Beach, FL	3.0	2.0	1217	$2,600	$2.14	16d	1	0.48mi
2317 N Congress Ave #24 Boynton Beach, FL	2.0	1.0	902	$2,300	$2.55	6d	1	0.49mi
2303 N Congress Ave #15 Boynton Beach, FL	2.0	1.0	925	$1,950	$2.11	25d	1	0.50mi
2319 N Congress Ave #28 Boynton Beach, FL	2.0	2.0	1172	$1,945	$1.66	8d	1	0.51mi
2307 N Congress Ave #24 Boynton Beach, FL	2.0	1.0	902	$1,700	$1.88	4d	1	0.51mi
4101 Mahogany Dr Boynton Beach, FL	1.0–2.0	1.0–2.0	950	$2,159	$2.27	0d	12	0.52mi
80 Baytree Cir Boynton Beach, FL	3.0	2.0	1584	$3,230	$2.04	16d	1	0.55mi
6 Via de Casas Sur #104 Boynton Beach, FL	2.0	2.0	996	$2,195	$2.20	25d	1	0.57mi
8202 White Rock Cir Boynton Beach, FL	3.0	2.0	1738	$3,300	$1.90	8d	1	0.61mi
18 Via de Casas Sur #205 Boynton Beach, FL	3.0	2.0	1096	$2,750	$2.51	25d	1	0.61mi
15 Via de Casas Sur #204 Boynton Beach, FL	2.0	2.0	996	$2,400	$2.41	25d	1	0.66mi
1071 Fosters Mill Rd Boynton Beach, FL	3.0	2.0	1615	$2,900	$1.80	6d	1	0.66mi
220 Savannah Lakes Dr Boynton Beach, FL	2.0	2.0	1098	$2,365	$2.15	4d	1	0.69mi
51 Meadows Dr Boynton Beach, FL	2.0	2.0	1263	$2,400	$1.90	25d	1	0.70mi
1239 Sussex St Boynton Beach, FL	3.0	2.0	1436	$3,100	$2.16	25d	1	0.73mi
1239 Sussex St Boynton Beach, FL	3.0	2.0	1436	$3,100	$2.16	20d	1	0.73mi
54 Egret Way Boynton Beach, FL	3.0	2.0	1608	$3,500	$2.18	3d	1	0.76mi
3736 Coelebs Ave Boynton Beach, FL	3.0	2.0	1232	$3,000	$2.44	25d	1	0.79mi
1831 Renaissance Commons Blvd Boynton Beach, FL	2.0	2.0	975	$2,210	$2.27	25d	1	0.81mi
1831 Renaissance Commons Blvd Boynton Beach, FL	2.0	2.0	975	$2,230	$2.29	6d	1	0.81mi
2791 S Evergreen Cir Boynton Beach, FL	3.0	2.5	1727	$3,200	$1.85	25d	1	0.85mi
2789 S Evergreen Cir Boynton Beach, FL	3.0	2.5	1626	$3,000	$1.85	18d	1	0.85mi
3901 Medford Ct Boynton Beach, FL	2.0	2.5	1374	$2,650	$1.93	6d	1	0.86mi
3901 Medford Ct Boynton Beach, FL	2.0	2.5	1374	$2,650	$1.93	25d	1	0.86mi
3 Afton Pl Boynton Beach, FL	2.0	2.0	1196	$2,645	$2.21	20d	1	0.87mi
1605 Renaissance Commons Blvd Boynton Beach, FL	1.0–3.0	1.0–2.0	1148	$2,538	$2.21	0d	13	0.89mi
8949 Oak St Boynton Beach, FL	2.0	2.0	1040	$1,300	$1.25	25d	1	0.89mi
4220 Grove Park Ln Unit 1 Boynton Beach, FL	3.0	2.0	1406	$3,600	$2.56	25d	1	0.90mi
4220 Grove Park Ln Unit 1 Boynton Beach, FL	3.0	2.0	1406	$3,400	$2.42	5d	1	0.90mi
1859 Via Granada Boynton Beach, FL	3.0	3.0	1805	$2,995	$1.66	25d	1	0.90mi
2866 S Oasis Dr Boynton Beach, FL	3.0	2.5	1739	$3,100	$1.78	15d	1	0.91mi
4408 Renaissance Way Unit 408 Boynton Beach, FL	2.0	2.0	1048	$2,350	$2.24	18d	1	0.92mi

HOA detail

• Monthly dues: $1,004 · $12,048/yr
• Likely covers: poolgymsecurity

Listing history 16 events

1. 2026-06-21
   days on market $115,000 Active 218 DOM
2. 2026-06-18
   days on market $115,000 Active 215 DOM
3. 2026-06-17
   days on market $115,000 Active 214 DOM
4. 2026-06-16
   days on market $115,000 Active 213 DOM
5. 2026-06-15
   days on market $115,000 Active 212 DOM
6. 2026-06-13
   days on market $115,000 Active 210 DOM
7. 2026-06-09
   days on market $115,000 Active 206 DOM
8. 2026-06-07
   days on market $115,000 Active 204 DOM
9. 2026-06-04
   days on market $115,000 Active 201 DOM
10. 2026-06-03
    days on market $115,000 Active 200 DOM
11. 2026-06-01
    days on market $115,000 Active 198 DOM
12. 2026-05-31
    days on market $115,000 Active 197 DOM
13. 2026-02-25
    price $115,000
14. 2025-11-15
    listed $129,000 Active
15. 2025-08-14
    historical
16. 2025-03-14
    listed $139,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 25 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: $31,013
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$2,481
• − Management: −$2,481
• − HOA: −$12,048
• − Depreciation: −$3,345
• Taxable income: $1,916
• Est. tax owed @ 24.0%: −$460
• After-tax cash flow: $2,456/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 — Boynton Beach

• Score: 72/100
• State rank: #351
• US rank: #6098

Category grades

Amenities D+ Commute F Cost of living B Crime D- Employment C Housing A+ Health & safety B+ 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: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 48,743
• Household income: $75,789
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 1813.0

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 0.64)
• Race & ethnicity: White 52% Black 24% Hispanic / Latino 19% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 3% Dominican 1%
• Common ancestry: Hispanic 12% Romanian 3% Scotch-Irish 2%
• Foreign-born: 27% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 14% French/Haitian/Cajun 13% 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: ▼ -109.59%
• Current HPI: 311.7742
• Rent YoY: ▼ -0.57%
• 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

-17.3% since first listed

4 events — show timeline

• 2026-02-25 Price Changed $115,000 MCRTC
• 2025-11-15 Listed $129,000 MCRTC
• 2025-08-14 Listing Removed — MCRTC
• 2025-03-14 Listed $139,000 MCRTC