5700 NW 2nd Ave #401 · Boca Raton, FL 33487

$199,900

2 bd · 2.0 ba · 1,200 sqft · Condo public records · 469 Days on market

Built 1970 $755/mo HOA · 28% of rent

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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 +16.7/30.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 2 bedroom + den, 2 bath corner residence. Recently updated kitchen and master bath, AC replaced in 2013, updated electric panel in 2014. Living areas all tiled. Glass enclosed Patio with patio furniture incl. Extra Storage. Seller has Service Contract with ATLAS service - transferable at closing. The building entrance Medeco key is also required for the elevator. Washer/Dryer hook-up is installed. Front entry storm door with screen updated in 2013.

Key facts

• $755 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Living area reported as 1,200 (public records)
• Financial info: Pets not allowed
• HOA & community: Community of approximately 1,300 units; Monthly association fee; Building amenities include elevator(s), pool, storage, trash chute, and sidewalks; HOA fee covers cable TV, insurance, grounds maintenance, sewer, trash and water

Exterior

• Parking: Assigned parking; Open parking (1 open space)
• Security: Smoke detectors; Entry phone/intercom
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Resale property; 7-story building; Faces west; Building name: 5700
• Construction: Stucco and CBS construction
• Exterior features: Tar/gravel roof; Sidewalks; Not waterfront

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Entrance foyer; Walk-in closet(s); Stacked bedroom layout; Blinds; Storm windows
• Laundry & utility: Unfurnished (no laundry appliances listed)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $126 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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.

Location & tenants

• Location reads 77/100 on livability (#192 in FL, #3,070 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime B+; 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.
• Zoned schools: Blue Lake Elementary (731 students, 18% FRL); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% FRL); West Boca Raton High School (math 55% / reading 70%, grade B-, #93 of 667 statewide, top 14%, 2,271 students, 28% FRL) — zoned schools average 29% FRL vs 52% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.6%/yr); 330 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 34% of the median local income ($96k/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 $6k 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 469 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $69k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $141k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• 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.

Recommended offer $175,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 469 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.37% ✓
• Cap rate: 7.05%
• Cash-on-cash: 2.71%
• DSCR: 1.12
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.60×
• Total profit: $-22,298
• Equity at exit: $29,806

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-569
• Equity at exit: $17,284

Cash invested: $55,972 (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 33487

• Rents YoY: 3.6%
• Active inventory: 330
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,743 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$154 /mo · $1,851/yr
• Insurance: −$83
• HOA: −$755
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $126

Break-even live

Break-even rent $2,583

Max offer price $199,900

Occupancy floor 90%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5700 NW 2nd Ave Boca Raton, FL	2.0	2.0	1125	$2,162	$1.92	20d	4	0.01mi
5700 NW 2nd Ave Boca Raton, FL	2.0	2.0	1125	$2,350	$2.09	17d	3	0.01mi
5500 NW 2nd Ave #514 Boca Raton, FL	3.0	2.0	1200	$2,900	$2.42	15d	1	0.04mi
5501 NW 2nd Ave #2130 Boca Raton, FL	2.0	2.0	850	$1,599	$1.88	7d	1	0.07mi
5501 NW 2nd Ave Unit 111 Boca Raton, FL	1.0	1.5	850	$1,700	$2.00	18d	1	0.07mi
5501 NW 2nd Ave Unit 111 Boca Raton, FL	1.0	1.5	850	$1,700	$2.00	7d	1	0.07mi
5501 NW 2nd Ave Boca Raton, FL	1.0–2.0	1.5–2.0	925	$2,500	$2.70	5d	3	0.08mi
5301 NW 2nd Ave Boca Raton, FL	2.0	2.0–2.5	1300	$2,698	$2.08	7d	2	0.13mi
5301 NW 2nd Ave Boca Raton, FL	2.0	2.0–2.5	1300	$2,640	$2.03	5d	2	0.13mi
5340 NW 2nd Ave #226 Boca Raton, FL	2.0	2.0	1316	$3,500	$2.66	24d	1	0.13mi
5301 NW 2nd Ave #1010 Boca Raton, FL	2.0	2.0	1300	$2,800	$2.15	24d	1	0.13mi
5301 NW 2nd Ave Apt 307 Boca Raton, FL	2.0	2.0	1300	$2,900	$2.23	24d	1	0.13mi
299 NW 52nd Ter Unit X Boca Raton, FL	2.0	2.0	1300	$3,000	$2.31	24d	1	0.23mi
299 NW 52nd Ter Unit PHX Boca Raton, FL	2.0	2.0	1300	$3,000	$2.31	7d	1	0.23mi
5200 E Club Cir Boca Raton, FL	2.0	2.0	1200	$2,224	$1.85	24d	2	0.24mi
5121 Sabal Gardens Ln #2 Boca Raton, FL	2.0	2.5	1456	$3,200	$2.20	24d	1	0.25mi
400 Club Cir Boca Raton, FL	2.0	2.0	1200	$2,900	$2.42	24d	1	0.27mi
6000 NW 2nd Ave #437 Boca Raton, FL	2.0	2.0	1300	$2,500	$1.92	15d	1	0.28mi
400 Club Cir #101 Boca Raton, FL	2.0	2.0	1200	$2,800	$2.33	2d	1	0.28mi
350 Club Cir #208 Boca Raton, FL	2.0	2.0	1200	$2,450	$2.04	7d	1	0.30mi
5151 W Club Cir #206 Boca Raton, FL	2.0	2.0	1200	$2,500	$2.08	14d	1	0.32mi
5961 NW 2nd Ave Apt 108 Boca Raton, FL	2.0	2.0	1050	$2,400	$2.29	7d	1	0.34mi
6080 Dixie Hwy Rm 3 Boca Raton, FL	1.0	1.0	800	$1,100	$1.38	24d	1	0.38mi
6161 NW 2nd Ave Unit 520 Boca Raton, FL	2.0	2.0	1200	$2,195	$1.83	24d	1	0.39mi
516 NW 54th St Boca Raton, FL	3.0	2.0	1415	$4,550	$3.22	20d	1	0.41mi
516 NW 54th St Unit 516 Boca Raton, FL	3.0	2.0	1415	$4,850	$3.43	18d	1	0.41mi
516 NW 54th St Boca Raton, FL	3.0	2.0	1415	$4,650	$3.29	11d	1	0.41mi
500 NW 53rd St Boca Raton, FL	2.0	2.0	1320	$3,000	$2.27	24d	1	0.41mi
564 NW 55th St Boca Raton, FL	2.0	2.0	1385	$3,200	$2.31	24d	1	0.44mi
6461 NW 2nd Ave Boca Raton, FL	2.0	2.0	1300	$2,148	$1.65	24d	2	0.51mi
6461 NW 2nd Ave #501 Boca Raton, FL	2.0	2.0	1300	$2,200	$1.69	20d	1	0.51mi
255 Glouchester St Boca Raton, FL	3.0	2.0	1470	$3,950	$2.69	24d	1	0.51mi
4850 NE 5th Ave Boca Raton, FL	3.0	1.0–2.0	700	$2,217	$3.17	10d	4	0.52mi
541 NE 48th St Unit 203 Boca Raton, FL	1.0	1.0	700	$1,750	$2.50	3d	1	0.54mi
518 NE 48th St Boca Raton, FL	2.0	2.0	1350	$3,250	$2.41	24d	1	0.57mi
518 NE 48th St Unit 518 Boca Raton, FL	2.0	2.0	1350	$3,250	$2.41	15d	1	0.57mi
530 NE 47th St Boca Raton, FL	2.0	1.0–2.0	670	$2,124	$3.17	3d	4	0.62mi
665 Glouchester St Boca Raton, FL	2.0	1.0	800	$2,095	$2.62	5d	2	0.64mi
6500 NW 2nd Ave #512 Boca Raton, FL	2.0	2.0	1316	$2,800	$2.13	24d	1	0.66mi
6500 NW 2nd Ave Unit 311 Boca Raton, FL	3.0	2.0	1316	$2,850	$2.17	3d	1	0.67mi

HOA detail condo

• Monthly dues: $755 · $9,060/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $199,900 Active 469 DOM
2. 2026-06-17
   days on market $199,900 Active 468 DOM
3. 2026-06-16
   days on market $199,900 Active 467 DOM
4. 2026-06-15
   days on market $199,900 Active 466 DOM
5. 2026-06-13
   days on market $199,900 Active 464 DOM
6. 2026-06-09
   days on market $199,900 Active 460 DOM
7. 2026-06-07
   days on market $199,900 Active 458 DOM
8. 2026-06-04
   days on market $199,900 Active 455 DOM
9. 2026-06-03
   days on market $199,900 Active 454 DOM
10. 2026-06-01
    days on market $199,900 Active 452 DOM
11. 2026-05-31
    days on market $199,900 Active 451 DOM
12. 2026-05-22
    price $199,900
13. 2026-01-23
    price $214,990
14. 2025-12-29
    price $225,000
15. 2025-11-24
    price $235,000
16. 2025-07-30
    status Active
17. 2025-06-01
    historical Active Under Contract
18. 2025-04-08
    price $249,900
19. 2025-03-06
    listed $269,000 Active
20. 2025-03-04
    historical $269,000
21. 2016-09-01
    soldstatus $141,000
22. 2016-08-30
    soldstatus $141,000 Closed 461-char remark

    Show marketing remark (461 chars)

    Spacious 2 bedroom + den, 2 bath corner residence. Recently updated kitchen and master bath, AC replaced in 2013, updated electric panel in 2014. Living areas all tiled. Glass enclosed Patio with patio furniture incl. Extra Storage. Seller has Service Contract with ATLAS service - transferable at closing. The building entrance Medeco key is also required for the elevator. Washer/Dryer hook-up is installed. Front entry storm door with screen updated in 2013.

23. 2016-07-02
    historical Contingent 461-char remark

    Show marketing remark (461 chars)

    Spacious 2 bedroom + den, 2 bath corner residence. Recently updated kitchen and master bath, AC replaced in 2013, updated electric panel in 2014. Living areas all tiled. Glass enclosed Patio with patio furniture incl. Extra Storage. Seller has Service Contract with ATLAS service - transferable at closing. The building entrance Medeco key is also required for the elevator. Washer/Dryer hook-up is installed. Front entry storm door with screen updated in 2013.

24. 2016-06-09
    price $144,900 461-char remark

    Show marketing remark (461 chars)

    Spacious 2 bedroom + den, 2 bath corner residence. Recently updated kitchen and master bath, AC replaced in 2013, updated electric panel in 2014. Living areas all tiled. Glass enclosed Patio with patio furniture incl. Extra Storage. Seller has Service Contract with ATLAS service - transferable at closing. The building entrance Medeco key is also required for the elevator. Washer/Dryer hook-up is installed. Front entry storm door with screen updated in 2013.

25. 2016-06-03
    status Active 461-char remark

    Show marketing remark (461 chars)

    Spacious 2 bedroom + den, 2 bath corner residence. Recently updated kitchen and master bath, AC replaced in 2013, updated electric panel in 2014. Living areas all tiled. Glass enclosed Patio with patio furniture incl. Extra Storage. Seller has Service Contract with ATLAS service - transferable at closing. The building entrance Medeco key is also required for the elevator. Washer/Dryer hook-up is installed. Front entry storm door with screen updated in 2013.

26. 2016-05-31
    status Pending 461-char remark

    Show marketing remark (461 chars)

    Spacious 2 bedroom + den, 2 bath corner residence. Recently updated kitchen and master bath, AC replaced in 2013, updated electric panel in 2014. Living areas all tiled. Glass enclosed Patio with patio furniture incl. Extra Storage. Seller has Service Contract with ATLAS service - transferable at closing. The building entrance Medeco key is also required for the elevator. Washer/Dryer hook-up is installed. Front entry storm door with screen updated in 2013.

27. 2016-04-27
    listed $149,900 Active 461-char remark

    Show marketing remark (461 chars)

    Spacious 2 bedroom + den, 2 bath corner residence. Recently updated kitchen and master bath, AC replaced in 2013, updated electric panel in 2014. Living areas all tiled. Glass enclosed Patio with patio furniture incl. Extra Storage. Seller has Service Contract with ATLAS service - transferable at closing. The building entrance Medeco key is also required for the elevator. Washer/Dryer hook-up is installed. Front entry storm door with screen updated in 2013.

28. 1990-10-30
    soldstatus $63,000
29. 1973-01-01
    soldstatus $41,000

ⓘ 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: $1,851 · $154/mo
• Projected year-2 tax: $1,851 · $154/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,917
• − Mortgage interest: −$11,198
• − Property taxes: −$1,851
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,633
• − Management: −$2,633
• − HOA: −$9,060
• − Depreciation: −$5,815
• Taxable loss: −$1,273
• Est. tax savings @ 24.0%: +$306
• After-tax cash flow: $1,820/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 — Boca Raton

• Score: 77/100
• State rank: #192
• US rank: #3070

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boca Raton, FL
• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,717
• Household income: $96,066
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 896.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 11% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 7% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 4% Russian/Polish/Slavic 3%

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: ▼ -331.59%
• Current HPI: 352.5852
• Rent YoY: ▲ 3.58%
• 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

+387.6% since first listed

18 events — show timeline

• 2026-05-22 Price Changed $199,900 Beaches MLS
• 2026-01-23 Price Changed $214,990 Beaches MLS
• 2025-12-29 Price Changed $225,000 Beaches MLS
• 2025-11-24 Price Changed $235,000 Beaches MLS
• 2025-07-30 Relisted — Beaches MLS
• 2025-06-01 Contingent — Beaches MLS
• 2025-04-08 Price Changed $249,900 Beaches MLS
• 2025-03-06 Listed $269,000 Beaches MLS
• 2025-03-04 Coming Soon $269,000 Beaches MLS
• 2016-09-01 Sold (Public Records) $141,000 Public Records
• 2016-08-30 Sold (MLS) $141,000 Beaches MLS
• 2016-07-02 Contingent — Beaches MLS
• 2016-06-09 Price Changed $144,900 Beaches MLS
• 2016-06-03 Relisted — Beaches MLS
• 2016-05-31 Pending — Beaches MLS
• 2016-04-27 Listed $149,900 Beaches MLS
• 1990-10-30 Sold (Public Records) $63,000 Public Records
• 1973-01-01 Sold (Public Records) $41,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,851 · +3.5% YoY. Source: county tax records.