120 Sparrow Dr #115 · Royal Palm Beach, FL 33411

$249,000

2 bd · 2.0 ba · 793 sqft · Condo public records · 22 Days on market

Built 1975 $590/mo HOA · 29% 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 +4.6/30.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• 1% rule +3.1/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Two bedroom, two bathroom condo on first floor across from park. SS appliances in kitchen. Washer/dryer in unit. Large, open living room area with screened porch area off sliders.

Key facts

• $590 HOA
• Parking
• Community pool

Property features AI

Finance

• Financial info: Pets allowed (breed restrictions and possible pet restrictions)
• HOA & community: Association with monthly fee (includes grounds maintenance, common areas, pool service); Community amenities: parking, pool, maintained community, sidewalks, street lights

Exterior

• Parking: 1 open/guest parking space
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity available; Water available
• Home design: Condominium; One story; Updated/remodeled; Faces north
• Construction: Built with CBS construction; Shingle roof; 1,146 building area
• Exterior features: Covered patio; Patio; Asphalt/paved road access; Not waterfront

Interior

• Kitchen: Microwave; Refrigerator; Freezer; Electric water heater
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fan(s)
• Interior features: Walk-in closet(s); Blinds; Smoke detector(s)
• Laundry & utility: In-unit laundry located in a laundry closet/bathroom (inside)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $249k.

Deal economics

• At list price, monthly cash flow is $-631 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (44.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (18.6% below list).
• Recommended offer: $138k (44.8% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 79/100 on livability (#135 in FL, #2,039 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, 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: Cypress Trails Elementary School (math 52% / reading 62%, grade C+, #781 of 2,144 statewide, top 38%, 492 students, 53% FRL); Crestwood Community Middle (math 49% / reading 52%, grade C, #246 of 571 statewide, top 44%, 724 students, 50% FRL); Royal Palm Beach High School (math 22% / reading 38%, grade F, #441 of 667 statewide, top 67%, 2,343 students, 57% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents flat; 574 active listings in the ZIP; 31 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).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k 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 ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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 $72k; list at $249k implies a 246% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% 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 $137,541 (44.8% 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. Built in 1975 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. 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?
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: 0.81% ✗
• Cap rate: 3.25%
• Cash-on-cash: -10.86%
• DSCR: 0.52
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.85% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 2.31×
• Total profit: $91,478
• Equity at exit: $224,319

10-year hold

• IRR: 15.0%
• Equity multiple: 5.21×
• Total profit: $293,706
• Equity at exit: $483,752

Cash invested: $69,720 (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 33411

• Home prices YoY: 1.9%
• Rents YoY: 0.8%
• Active inventory: 574
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,027 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$233 /mo · $2,796/yr
• Insurance: −$104
• HOA: −$590
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-631

Break-even live

Break-even rent $2,826

Max offer price $137,541

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 Sparrow Dr Royal Palm Beach, FL	2.0	2.0–2.5	793	$2,200	$2.77	22d	2	0.02mi
120 Sparrow Dr #205 Royal Palm Beach, FL	2.0	2.0	793	$2,200	$2.77	24d	1	0.03mi
139 Sparrow Dr Royal Palm Beach, FL	2.0–3.0	1.5–2.5	1100	$1,850	$1.68	15d	3	0.21mi
73 Macadamia Ct Royal Palm Beach, FL	2.0	2.0	1112	$2,000	$1.80	11d	1	0.30mi
7 Greenway Vlg N Royal Palm Beach, FL	1.0–2.0	1.5–2.0	930	$1,700	$1.83	17d	2	0.31mi
7 Greenway Vlg N #107 Royal Palm Beach, FL	1.0	1.5	780	$1,650	$2.12	5d	1	0.31mi
2 Greenway Vlg N #210 Royal Palm Beach, FL	2.0	2.0	1080	$2,000	$1.85	24d	1	0.32mi
4 Greenway Vlg N #203 Royal Palm Beach, FL	2.0	2.0	1080	$2,000	$1.85	24d	1	0.38mi
149 West Ct Royal Palm Beach, FL	1.0	1.0	648	$1,800	$2.78	11d	1	0.41mi
12009 Poinciana Blvd #102 Royal Palm Beach, FL	1.0	1.0	660	$1,500	$2.27	24d	1	0.45mi
12007 Poinciana Blvd #205 Royal Palm Beach, FL	2.0	2.0	1088	$1,590	$1.46	15d	1	0.46mi
12002 Poinciana Blvd #204 Royal Palm Beach, FL	2.0	2.0	1048	$1,750	$1.67	24d	1	0.51mi
12021 W Greenway Dr #101 Royal Palm Beach, FL	1.0	1.5	660	$1,400	$2.12	24d	1	0.59mi
4 W Greenway Dr Unit 201 Royal Palm Beach, FL	1.0	1.5	780	$1,450	$1.86	24d	1	0.61mi
202 Sparrow Dr #1 Royal Palm Beach, FL	3.0	2.0	1020	$2,400	$2.35	24d	1	0.63mi
210 Sparrow Dr #4 Royal Palm Beach, FL	2.0	2.0	930	$1,900	$2.04	21d	1	0.68mi
263 Deerfield Ct Royal Palm Beach, FL	2.0	2.0	1120	$1,800	$1.61	24d	1	0.71mi
1049 Grandview Cir Royal Palm Beach, FL	3.0	2.0	792	$3,100	$3.91	18d	1	0.78mi
201 Seminole Lakes Dr Royal Palm Beach, FL	1.0	1.0	800	$1,400	$1.75	24d	1	0.81mi
280 Crestwood Cir #204 Royal Palm Beach, FL	2.0	2.0	1024	$2,150	$2.10	15d	1	1.25mi
310 Crestwood Ct N Unit 310 Royal Palm Beach, FL	2.0	2.0	1112	$2,250	$2.02	4d	1	1.36mi
600 Crestwood Ct N #609 Royal Palm Beach, FL	2.0	2.0	1112	$2,250	$2.02	15d	1	1.40mi
300 Crestwood Ct N #310 Royal Palm Beach, FL	2.0	2.0	1112	$2,250	$2.02	4d	1	1.41mi
10324 Fox Trail Rd S Unit 324 Royal Palm Beach, FL	2.0	2.0	1048	$1,900	$1.81	24d	1	1.43mi
10336 Fox Trail Rd S #1305 West Palm Beach, FL	2.0	2.0	1048	$2,100	$2.00	24d	1	1.43mi
700 Crestwood Ct S #708 Royal Palm Beach, FL	2.0	2.0	1075	$2,750	$2.56	24d	1	1.44mi
10354 Fox Trail Rd S #1501 West Palm Beach, FL	2.0	2.0	1048	$2,000	$1.91	17d	1	1.44mi
10360 Fox Trail Rd S #1602 West Palm Beach, FL	2.0	2.0	1048	$1,920	$1.83	21d	1	1.46mi
10342 Fox Trail Rd S Unit 342 Royal Palm Beach, FL	1.0	1.0	784	$1,700	$2.17	24d	1	1.46mi
1000 Crestwood Ct S #1009 Royal Palm Beach, FL	2.0	2.0	1112	$2,200	$1.98	8d	1	1.47mi
10306 Fox Trail Rd S #912 West Palm Beach, FL	1.0	1.0	775	$1,700	$2.19	3d	1	1.50mi

HOA detail condo

• Monthly dues: $590 · $7,080/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-17
   days on market $249,000 Active 22 DOM
2. 2026-06-16
   days on market $249,000 Active 21 DOM
3. 2026-06-15
   days on market $249,000 Active 20 DOM
4. 2026-06-13
   days on market $249,000 Active 18 DOM
5. 2026-06-09
   days on market $249,000 Active 14 DOM
6. 2026-06-08
   days on market $249,000 Active 13 DOM
7. 2026-06-07
   days on market $249,000 Active 12 DOM
8. 2026-06-04
   days on market $249,000 Active 9 DOM
9. 2026-06-03
   days on market $249,000 Active 8 DOM
10. 2026-06-02
    days on market $249,000 Active 7 DOM
11. 2026-06-01
    days on market $249,000 Active 6 DOM
12. 2026-05-31
    days on market $249,000 Active 5 DOM
13. 2026-05-26
    listed $249,000 Active
14. 2026-05-05
    historical
15. 2014-10-08
    soldstatus $72,000 Closed 182-char remark

    Show marketing remark (182 chars)

    Two bedroom, two bathroom condo on first floor across from park. SS appliances in kitchen. Washer/dryer in unit. Large, open living room area with screened porch area off sliders.

16. 2014-09-12
    status Pending 182-char remark

    Show marketing remark (182 chars)

    Two bedroom, two bathroom condo on first floor across from park. SS appliances in kitchen. Washer/dryer in unit. Large, open living room area with screened porch area off sliders.

17. 2014-08-21
    listed $59,500 Active 182-char remark

    Show marketing remark (182 chars)

    Two bedroom, two bathroom condo on first floor across from park. SS appliances in kitchen. Washer/dryer in unit. Large, open living room area with screened porch area off sliders.

ⓘ 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: $2,796 · $233/mo
• Projected year-2 tax: $2,796 · $233/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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,328
• − Mortgage interest: −$13,948
• − Property taxes: −$2,796
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − HOA: −$7,080
• − Depreciation: −$7,244
• Taxable loss: −$11,877
• Est. tax savings @ 24.0%: +$2,850
• After-tax cash flow: $-4,721/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 — Royal Palm Beach

• Score: 79/100
• State rank: #135
• US rank: #2039

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Royal Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 75,299
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 76,863
• Household income: $92,591
• Rent vs Own: 20.5% rent · 79.5% own
• Severe rent burden: 1870.0

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 0.70)
• Race & ethnicity: White 44% Hispanic / Latino 24% Black 23% Two or more races 16% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 5% Cuban 4% Dominican 2%
• Common ancestry: Hispanic 6% Romanian 2% Italian 1%
• Foreign-born: 26% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 17% French/Haitian/Cajun 4% 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: ▲ 17.04%
• Current HPI: 903.78
• Rent YoY: ▲ 0.85%
• 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

+318.5% since first listed

5 events — show timeline

• 2026-05-26 Listed $249,000 Beaches MLS
• 2026-05-05 Listing Removed — Beaches MLS
• 2014-10-08 Sold (MLS) $72,000 Beaches MLS
• 2014-09-12 Pending — Beaches MLS
• 2014-08-21 Listed $59,500 Beaches MLS

Property tax history

+18.8%/yr

Latest (2025): $2,796 · +4.8% YoY. Source: county tax records.