4734 Lucerne Lakes Blvd E #301

Greenacres, FL 33467

$124,000B-

2 bd · 2.0 ba · 1,402 sqft · Built 1996 · Condo · Pending · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,192/mo
• Mortgage (P&I): −$650
• Tax + insurance: −$90
• HOA: −$540
• Vac / Maint / Mgmt: −$460
• Net cashflow: $451/mo
• Annual: $5,415/yr
• Cap rate: 10.66%
• Cash-on-cash: 15.60%
• DSCR: 1.69
• 1% rule: 1.77%
• Cash to close: $34,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $124k.
• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• It's been on market 66 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#490 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: Discovery Key Elementary School (math 61% / reading 72%, grade B+, #473 of 2,144 statewide, top 23%, 1,050 students, 31% FRL); Woodlands Middle School (math 51% / reading 58%, grade B-, #183 of 571 statewide, top 34%, 1,551 students, 40% FRL) — zoned schools average 36% FRL vs 52% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents soft (-0.4%/yr); 665 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $79k; list at $124k implies a 57% gain — meaningful room to come down on a strong offer.
• 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.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% 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?
• 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?
• 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 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?
• 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.