9632 Sills Dr E #204 · Boynton Beach, FL 33437

$219,999

2 bd · 2.0 ba · 1,605 sqft · Condo public records · 161 Days on market

Built 1996 $575/mo HOA · 21% 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 +21.0/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Appreciation +4.9/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming 55+ community with a great location! Off of Boynton Beach Blvd. in between Military Trail and Jog Rd. you are close to anything you could want, shopping, beach, I-95 and Turnpike. This large second floor corner condo has two bedrooms and a den, two bathrooms, a front and back screened in balcony with vaulted ceilings. There is a large open eat in kitchen. The master bedroom is roomy with a walk-in closet. The master bath has dual sinks and a large walk-in shower. Concerned about the steps? Don't be, this condo has it's own private elevator! The community features a large clubhouse with a pool, tennis, pickleball, sauna and more! Make this condo yours and start enjoying everything t

Key facts

• Tennis
• Pickleball
• Private elevator

Tags

• PRIVATE ELEVATOR
• LARGE OPEN EAT IN KITCHEN
• LARGE CLUBHOUSE
• POOL
• TENNIS
• PICKLEBALL

Property features AI

Finance

• HOA & community: Community of 354 units; Monthly association fee; Association amenities include clubhouse, fitness center, pool, sauna, billiard room, shuffleboard, tennis courts, pickleball courts, and on-site manager; HOA covers cable TV, insurance, grounds maintenance, sewer, water, common areas and common real estate tax; Pets allowed with no restrictions; Senior community

Exterior

• Parking: Assigned parking; Guest parking (1 open space)
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Multi/split levels; South-facing
• Construction: CBS construction; 2-story building
• Exterior features: No waterfront; Concrete and tile roof

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Ceramic tile; Laminate; Wood
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Cathedral and vaulted ceilings; Walk-in closets; Split bedroom layout; Furnished
• Laundry & utility: Laundry closet inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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.
• Market conditions: Rents rising (+1.3%/yr); 479 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 42% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $989 of equity ($2k loan paydown + $-532 appreciation (-0.2% local appreciation)).
• 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 161 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $108k; list at $220k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% 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 $193,599 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.27% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.01%
• DSCR: 1.27
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.24% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: 2.2%
• Equity multiple: 1.10×
• Total profit: $6,252
• Equity at exit: $61,235

10-year hold

• IRR: 6.4%
• Equity multiple: 1.63×
• Total profit: $39,093
• Equity at exit: $71,528

Cash invested: $61,600 (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 33437

• Home prices YoY: -0.1%
• Rents YoY: 1.3%
• Active inventory: 479
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,798 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$81 /mo · $977/yr
• Insurance: −$92
• HOA: −$575
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $309

Break-even live

Break-even rent $2,407

Max offer price $219,999

Occupancy floor 84%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5275 Europa Dr Unit I Boynton Beach, FL	3.0	2.0	1282	$2,500	$1.95	2d	1	0.09mi
5418 Firenze Dr Unit P Boynton Beach, FL	2.0	2.0	1139	$2,400	$2.11	3d	1	0.16mi
5234 Europa Dr Unit A Boynton Beach, FL	3.0	2.0	1578	$2,500	$1.58	20d	1	0.18mi
5299 Europa Dr Unit P Boynton Beach, FL	3.0	2.0	1606	$3,000	$1.87	14d	1	0.22mi
5373 Mirror Lakes Blvd Boynton Beach, FL	3.0	2.0	1310	$2,100	$1.60	24d	1	0.26mi
9565 El Clair Ranch Rd Boynton Beach, FL	3.0	2.0	1867	$3,500	$1.87	8d	1	0.30mi
9565 El Clair Ranch Rd Boynton Beach, FL	3.0	2.0	1867	$3,500	$1.87	21d	1	0.30mi
5133 Brisata Cir Unit P Boynton Beach, FL	3.0	2.0	1374	$2,800	$2.04	24d	1	0.35mi
10492 Boynton Place Cir Boynton Beach, FL	1.0–3.0	1.0–2.0	1017	$2,375	$2.33	2d	19	0.40mi
5155 Europa Dr Unit J Boynton Beach, FL	3.0	2.0	1333	$2,750	$2.06	24d	1	0.42mi
5157 Floria Way Unit J Boynton Beach, FL	3.0	2.0	1447	$3,300	$2.28	24d	1	0.42mi
10056 Boynton Place Cir Boynton Beach, FL	3.0	2.0	1253	$2,950	$2.35	2d	1	0.52mi
10056 Boynton Place Cir Boynton Beach, FL	3.0	2.0	1253	$3,000	$2.39	24d	1	0.52mi
6165 Country Fair Cir Boynton Beach, FL	3.0	2.5	1656	$3,200	$1.93	24d	1	0.58mi
5895 Autumn Lake Ln Unit A Boynton Beach, FL	3.0	2.0	1469	$2,600	$1.77	24d	1	0.59mi
10187 Mangrove Dr #104 Boynton Beach, FL	2.0	2.0	1260	$2,350	$1.87	24d	1	0.60mi
9498 S Military Trl #5 Boynton Beach, FL	3.0	2.5	1317	$2,900	$2.20	24d	1	0.62mi
9926 Watermill Cir Unit F Boynton Beach, FL	3.0	2.0	1471	$2,400	$1.63	24d	1	0.77mi
6037 Rossmoor Lakes Ct Boynton Beach, FL	3.0	2.0	1617	$4,700	$2.91	24d	1	0.77mi
5217 Cedar Lake Rd Boynton Beach, FL	1.0–3.0	1.0–2.0	1030	$2,266	$2.20	2d	51	0.80mi
9336 Water Course Way Boynton Beach, FL	3.0	2.0	1779	$3,600	$2.02	22d	1	0.90mi
9336 Water Course Way Boynton Beach, FL	3.0	2.0	1779	$3,600	$2.02	24d	1	0.90mi
4944 Equestrian Cir Unit A Boynton Beach, FL	2.0	2.0	1400	$2,500	$1.79	8d	1	0.96mi
10592 Tropic Palm Ave #202 Boynton Beach, FL	2.0	2.0	1385	$2,450	$1.77	24d	1	0.97mi
6365 Lansdowne Cir Boynton Beach, FL	3.0	2.0	1769	$3,200	$1.81	3d	1	1.00mi
10624 Tropic Palm Ave #202 Boynton Beach, FL	3.0	2.0	1385	$2,550	$1.84	24d	1	1.00mi
10596 Sunset Isles Ct Boynton Beach, FL	3.0	2.0	1769	$4,500	$2.54	24d	1	1.03mi
10390 Utopia Cir E Unit E Boynton Beach, FL	3.0	2.0	1845	$4,200	$2.28	3d	1	1.05mi
10390 Utopia Cir E Unit 10390 Boynton Beach, FL	3.0	2.0	1845	$4,200	$2.28	24d	1	1.05mi
5537 Pebble Brook Ln Boynton Beach, FL	3.0	2.0	1166	$2,825	$2.42	15d	1	1.06mi
9940 Bauhinia Tree Way Unit B Boynton Beach, FL	1.0	1.0	1200	$2,000	$1.67	24d	1	1.10mi
9940 Bauhinia Tree Way Unit B Boynton Beach, FL	1.0	1.0	1200	$1,800	$1.50	8d	1	1.10mi
4525 Nutmeg Tree Ln Unit A Boynton Beach, FL	2.0	2.0	1404	$3,000	$2.14	24d	1	1.12mi
4907 Boxwood Cir Boynton Beach, FL	3.0	2.0	1731	$2,900	$1.68	24d	1	1.15mi
10206 Stonehenge Cir Boynton Beach, FL	1.0–3.0	1.0–2.0	1054	$2,367	$2.25	2d	13	1.19mi
4045 White Pine Dr Boynton Beach, FL	3.0	2.0	1566	$1,800	$1.15	1d	1	1.19mi
10921 Royal Caribbean Cir Boynton Beach, FL	3.0	2.0	1762	$3,800	$2.16	4d	1	1.24mi
10921 Royal Caribbean Cir Boynton Beach, FL	3.0	2.0	1782	$3,800	$2.13	24d	1	1.24mi
6396 Park Lake Cir Boynton Beach, FL	3.0	2.5	1422	$2,950	$2.07	15d	1	1.25mi
5916 Seashell Ter Boynton Beach, FL	3.0	2.0	1882	$2,900	$1.54	15d	1	1.35mi

HOA detail condo

• Monthly dues: $575 · $6,900/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $219,999 Active 161 DOM
2. 2026-06-17
   days on market $219,999 Active 160 DOM
3. 2026-06-16
   days on market $219,999 Active 159 DOM
4. 2026-06-15
   days on market $219,999 Active 158 DOM
5. 2026-06-13
   days on market $219,999 Active 156 DOM
6. 2026-06-09
   days on market $219,999 Active 152 DOM
7. 2026-06-07
   days on market $219,999 Active 150 DOM
8. 2026-06-04
   days on market $219,999 Active 147 DOM
9. 2026-06-03
   days on market $219,999 Active 146 DOM
10. 2026-06-01
    days on market $219,999 Active 144 DOM
11. 2026-05-31
    days on market $219,999 Active 143 DOM
12. 2026-03-18
    price $219,999
13. 2026-02-10
    price $229,900
14. 2026-01-09
    listed $235,000 Active
15. 1997-02-07
    soldstatus $108,000

ⓘ 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: $977 · $81/mo
• Projected year-2 tax: $1,826 · $152/mo
• Expected delta: +$849/yr (+$71/mo · 86.9%)

ⓘ 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 9/10 Extreme 7 d/yr ≥106°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,577
• − Mortgage interest: −$12,323
• − Property taxes: −$977
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,686
• − Management: −$2,686
• − HOA: −$6,900
• − Depreciation: −$6,400
• Taxable income: $504
• Est. tax owed @ 24.0%: −$121
• After-tax cash flow: $3,583/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 — 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

• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 37,229
• Household income: $80,710
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 902.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 13% Hispanic / Latino 12% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1% Dominican 1%
• Common ancestry: Scotch-Irish 8% Romanian 8% Hispanic 6%
• Foreign-born: 18% · Canada, Jamaica, Vietnam
• Languages at home: 78% English-only · Spanish 10% French/Haitian/Cajun 6% 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: ▼ -0.24%
• Current HPI: 257.5891
• Rent YoY: ▲ 1.28%
• 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

+103.7% since first listed

4 events — show timeline

• 2026-03-18 Price Changed $219,999 Beaches MLS
• 2026-02-10 Price Changed $229,900 Beaches MLS
• 2026-01-09 Listed $235,000 Beaches MLS
• 1997-02-07 Sold (Public Records) $108,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $977 · +4.6% YoY. Source: county tax records.