2449 NW 64th St

Boca Raton, FL 33496

$692,000B

3 bd · 2.5 ba · 2,103 sqft · Built 1990 · SingleFamily · Active · 212 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,196/mo
• Mortgage (P&I): −$3,629
• Tax + insurance: −$1,100
• HOA: −$500
• Vac / Maint / Mgmt: −$1,721
• Net cashflow: $1,246/mo
• Annual: $14,947/yr
• Cap rate: 8.45%
• Cash-on-cash: 7.71%
• DSCR: 1.34
• 1% rule: 1.18%
• Cash to close: $193,760

Investor read

• This is a 3-bed/2.5-bath single-family listed at $692k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $692k).
• It's been on market 212 days — a 12% lower offer ($609k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $609k (12.0% below list) — sets the bar for market timing.
• In year one you build about $74k of equity ($5k loan paydown + $69k appreciation (10.0% local appreciation)).
• 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; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 25y ago; this cycle's ask has dropped $59k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $260k; list at $692k implies a 166% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 2.3% rent growth), your $194k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$119k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 8.5% 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.
• At $8,196/mo this rent would consume 86% of the median local household income ($115k/yr) (locally 464% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.