635 SW 20th St · Boynton Beach, FL 33426

$160,000

2 bd · 1.0 ba · 788 sqft · Other · 26 Days on market

Average condition

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.8/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Sell by owner. Please do not contact me unless you are a buyer (or have a buyer). Very nice 2bd 1 bath apartment with a new roof. Located near downtown Delray. Walking distance from many stores and right next to the bus station. Somewhat remodeled on the inside. Currently occupied by a long term tenant. AC is 5 years old.

Key facts

• Next to bus station
• Walking distance
• Ac is 5 years old

Tags

• NEW ROOF
• WALKING DISTANCE
• NEXT TO BUS STATION
• AC IS 5 YEARS OLD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $160k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $652 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.2% 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.
• Zoned schools: Galaxy Elementary School (math 36% / reading 39%, grade F, #1,596 of 2,144 statewide, top 75%, 617 students, 87% FRL); Congress Community Middle School (math 21% / reading 28%, grade F, #522 of 571 statewide, top 93%, 988 students, 72% FRL); Boynton Beach Community High (math 13% / reading 25%, grade F, #565 of 667 statewide, top 85%, 1,547 students, 65% FRL) — zoned schools average 75% FRL vs 52% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 232 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 36% of the median local income ($74k/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 $5k 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.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,600 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.39% ✓
• Cap rate: 11.18%
• Cash-on-cash: 17.46%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.93% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.25×
• Total profit: $11,079
• Equity at exit: $23,857

10-year hold

• IRR: 13.9%
• Equity multiple: 2.01×
• Total profit: $45,365
• Equity at exit: $13,834

Cash invested: $44,800 (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 33426

• Rents YoY: 0.9%
• Active inventory: 232
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,225 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $652

Break-even live

Break-even rent $1,400

Max offer price $160,000

Occupancy floor 66%

Sensitivity live

Price	-10% $762	-5% $707	+0% $652	+5% $596	+10% $541
Rent	-10% $476	-5% $564	+0% $652	+5% $740	+10% $828
Rate	-1.0pp $732	-0.5pp $692	base $652	+0.5pp $610	+1.0pp $568

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 SW 13th St Boynton Beach, FL	2.0	1.0	1044	$2,275	$2.18	26d	1	0.24mi
1009 SW 3rd Way Boynton Beach, FL	2.0	1.0	1050	$2,200	$2.10	7d	1	0.32mi
108 SW 9th St Boynton Beach, FL	2.0	1.5	1080	$2,900	$2.69	26d	1	0.42mi
1561 Stonehaven Dr Boynton Beach, FL	1.0–2.0	1.0–2.0	975	$2,084	$2.14	5d	4	0.43mi
2141 W Woolbright Rd Unit L106 Boynton Beach, FL	2.0	2.0	1000	$1,900	$1.90	15d	1	0.43mi
2001 W Woolbright Rd Unit F204 Boynton Beach, FL	2.0	2.0	986	$1,975	$2.00	26d	1	0.45mi
1575 SW 8th St Boynton Beach, FL	1.0–3.0	1.0–2.0	1104	$2,288	$2.07	0d	23	0.46mi
806 Ocean Dr Boynton Beach, FL	2.0	1.0	1012	$2,100	$2.08	26d	1	0.49mi
100 Newlake Dr Boynton Beach, FL	1.0–3.0	1.0–2.0	1261	$2,514	$1.99	0d	22	0.58mi
815 W Boynton Beach Blvd Boynton Beach, FL	2.0	2.0	885	$2,250	$2.54	4d	4	0.60mi
815 Boynton Beach Blvd Unit 2-106 Boynton Beach, FL	2.0	2.0	887	$1,800	$2.03	9d	1	0.60mi
815 Boynton Beach Blvd Unit 12-106 Boynton Beach, FL	2.0	2.0	887	$2,500	$2.82	5d	1	0.62mi
815 Boynton Beach Blvd Unit 10-203 Boynton Beach, FL	2.0	2.0	1104	$1,850	$1.68	26d	1	0.64mi
815 Boynton Beach Blvd Unit 11-202 Boynton Beach, FL	2.0	2.0	994	$2,000	$2.01	26d	1	0.66mi
815 Boynton Beach Blvd Unit 6-104 Boynton Beach, FL	1.0	1.0	791	$1,850	$2.34	12d	1	0.66mi
815 Boynton Beach Blvd Unit 14-102 Boynton Beach, FL	1.0	1.0	768	$1,800	$2.34	6d	1	0.66mi
815 Boynton Beach Blvd Unit 14-106 Boynton Beach, FL	2.0	2.0	887	$2,250	$2.54	26d	1	0.72mi
815 Boynton Beach Blvd Unit 14-106 Boynton Beach, FL	2.0	2.0	887	$2,050	$2.31	14d	1	0.72mi
204 Belmont Pl Boynton Beach, FL	1.0	1.0	878	$2,200	$2.51	26d	1	0.74mi
815 Boynton Beach Blvd Unit 15-203 Boynton Beach, FL	2.0	2.0	884	$2,200	$2.49	26d	1	0.75mi
815 Boynton Beach Blvd Unit 16-205 Boynton Beach, FL	2.0	2.0	884	$2,150	$2.43	12d	1	0.81mi
815 Boynton Beach Blvd Unit 10-205 Boynton Beach, FL	2.0	2.0	884	$1,800	$2.04	4d	1	0.81mi
815 Boynton Beach Blvd Unit 10-205 Boynton Beach, FL	2.0	2.0	884	$1,900	$2.15	20d	1	0.81mi
815 Boynton Beach Blvd Unit 12-101 Boynton Beach, FL	2.0	2.0	887	$1,900	$2.14	26d	1	0.81mi
2301 S Congress Ave Boynton Beach, FL	1.0–3.0	1.0–2.0	1033	$2,156	$2.09	1d	16	0.87mi
600 Sealofts Dr Boynton Beach, FL	1.0	1.0	882	$2,476	$2.81	5d	1	0.90mi
600 Sealofts Dr Boynton Beach, FL	1.0	1.0	882	$2,360	$2.68	3d	1	0.90mi
600 Sealofts Dr Boynton Beach, FL	2.0	2.0	1066	$2,716	$2.55	4d	1	0.90mi
600 Sealofts Dr Boynton Beach, FL	1.0–3.0	1.0–2.5	1217	$2,849	$2.34	0d	15	0.90mi
255 South Blvd Unit D Boynton Beach, FL	2.0	2.0	1104	$2,100	$1.90	26d	1	1.11mi
255 South Blvd Unit D Boynton Beach, FL	2.0	2.0	1104	$1,975	$1.79	4d	1	1.11mi
1100 Audace Ave Boynton Beach, FL	1.0–3.0	1.0–2.0	1021	$2,646	$2.59	0d	22	1.21mi
1000 Audace Ave Boynton Beach, FL	1.0	1.0	800	$2,180	$2.73	23d	1	1.23mi
1000 Audace Ave Boynton Beach, FL	1.0	1.0	800	$2,180	$2.73	18d	1	1.23mi
127 SW 10th Ave Boynton Beach, FL	2.0	1.5	754	$3,500	$4.64	16d	1	1.30mi
115 SW 1st Ave Boynton Beach, FL	1.0–2.0	1.0–2.0	804	$2,250	$2.80	16d	2	1.39mi
113 SE 8th Ave Boynton Beach, FL	3.0	2.0	1002	$3,050	$3.04	23d	1	1.40mi
200 Main Blvd Unit 2D Boynton Beach, FL	2.0	2.0	1104	$1,200	$1.09	18d	1	1.42mi
3 Renaissance Way #210 Boynton Beach, FL	1.0	1.0	912	$1,850	$2.03	6d	1	1.43mi
4 Renaissance Way #302 Boynton Beach, FL	1.0	1.0	747	$1,945	$2.60	12d	1	1.44mi

Listing history 13 events

1. 2026-06-21
   days on market $160,000 Active 26 DOM
2. 2026-06-18
   days on market $160,000 Active 23 DOM
3. 2026-06-17
   days on market $160,000 Active 22 DOM
4. 2026-06-16
   days on market $160,000 Active 21 DOM
5. 2026-06-15
   days on market $160,000 Active 20 DOM
6. 2026-06-13
   days on market $160,000 Active 18 DOM
7. 2026-06-09
   days on market $160,000 Active 14 DOM
8. 2026-06-07
   days on market $160,000 Active 12 DOM
9. 2026-06-04
   days on market $160,000 Active 9 DOM
10. 2026-06-03
    days on market $160,000 Active 8 DOM
11. 2026-06-01
    days on market $160,000 Active 6 DOM
12. 2026-05-31
    days on market $160,000 Active 5 DOM
13. 2026-05-26
    listed $160,000 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 5/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥105°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,696
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$2,136
• − Management: −$2,136
• − Depreciation: −$4,655
• Taxable income: $5,608
• Est. tax owed @ 24.0%: −$1,346
• After-tax cash flow: $6,475/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.

Condition & rehab AI · 1 photo

Average 55/100 Cosmetic rehab

A well-maintained apartment with a new roof, but some interior paint wear and an older AC unit. Minor repairs and updates to the interior walls and AC would significantly enhance its value.

Repairs flagged

• Minor interior walls/paint — Some paint wear
• Minor interior walls/paint — Some paint wear

Value-add opportunities

• Both Paint interior walls and trim — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace AC — Modern AC improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
interior walls/paint · Some paint wear	Minor	$500–3,000
interior walls/paint · Some paint wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint interior walls and trim — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace AC — Modern AC improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• Census place: Boynton Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 24,255
• Household income: $74,223
• Rent vs Own: 36.7% rent · 63.3% own
• Severe rent burden: 1417.0

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 0.66)
• Race & ethnicity: White 51% Black 23% Hispanic / Latino 17% Two or more races 14% Asian 4%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Hispanic 9% Romanian 2% Lithuanian 2%
• Foreign-born: 29% · Canada, Jamaica, Vietnam
• Languages at home: 66% English-only · Spanish 16% French/Haitian/Cajun 11% Other Indo-European 5%

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: ▼ -205.96%
• Current HPI: 335.3805
• Rent YoY: ▲ 0.93%
• 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

1 event — show timeline

• 2026-05-26 Listed $160,000 FSBO.com