18051 S 104th Ter Ter S · Boca Raton, FL 33498

$430,000

2 bd · 2.0 ba · 1,470 sqft · SingleFamily public records · 17 Days on market

Built 1981 6,206 sqft lot $218/mo HOA · 6% 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 +16.1/30.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Picture perfect home just move in. totally remodeled. Stone look tile in living areas, wood floor in bedrooms. Newer kitchen and baths , Jacuzzi tub in master, lots of recess lighting, the list goes on. No popcorn ceilings here. Custom window treatments, crown molding. Amazing 20x20 screened patio with aluminum roof adds additional space great for entertaining, all overlooking a gorgeous green with private and beautiful views. Community offers clubhouse, tennis, and great community pool. Low HOA fee includes cable and common areas. Show this one first! Wont last.

Key facts

• High-hat lighting
• Vaulted ceilings
• Fresh interior paint

Tags

• VAULTED CEILINGS
• HIGH-HAT LIGHTING
• ABUNDANT NATURAL LIGHT
• NEW ROOF
• FULL STORM PROTECTION
• FRESH INTERIOR PAINT

Property features AI

Finance

• Other: Located in a senior community; Pets allowed (restrictions and limits apply)
• HOA & community: Community amenities include clubhouse, pool, tennis courts, pickleball courts and sidewalks; HOA dues paid monthly

Exterior

• Parking: Attached garage (1 car, covered)
• Utilities: Public water; Three-phase electric; Water available
• Home design: Single-family residence; One-story; Entry-level living area; East-facing
• Construction: Built with CBS construction materials; Composition/shingle roof
• Exterior features: Covered patio; Screened patio; Patio

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Unfurnished; Electric water heater; Disposal
• Laundry & utility: Laundry in garage

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $430k.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $386k (10.3% below list).
• Recommended offer: $386k (10.3% below list) — sets the bar for 1% rule.

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: Sunrise Park Elementary School (math 80% / reading 81%, grade A+, #104 of 2,144 statewide, top 5%, 1,074 students, 23% FRL); Eagles Landing Middle School (math 66% / reading 67%, grade A-, #84 of 571 statewide, top 16%, 1,508 students, 27% FRL); Olympic Heights Community High (math 52% / reading 64%, grade C, #120 of 667 statewide, top 18%, 2,602 students, 30% FRL) — zoned schools average 27% FRL vs 52% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 68% at this address vs 50% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Palm Beach average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 95 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($3k loan paydown + $20k appreciation (4.7% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $120k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($424k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $50k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $250k; list at $430k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $385,502 (10.3% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.90% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.16%
• DSCR: 1.10
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.68% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.87×
• Total profit: $105,030
• Equity at exit: $235,327

10-year hold

• IRR: 14.8%
• Equity multiple: 3.57×
• Total profit: $309,453
• Equity at exit: $399,403

Cash invested: $120,400 (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 33498

• Home prices YoY: 1.5%
• Active inventory: 95
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $3,855 high
• Mortgage (P&I): −$2,255
• Tax from tax record: −$177 /mo · $2,120/yr
• Insurance: −$179
• HOA: −$218
• Vacancy / Maint / Mgmt: −$810
• Net cashflow: $217

Break-even live

Break-even rent $3,581

Max offer price $430,000

Occupancy floor 89%

Sensitivity live

Price	-10% $460	-5% $338	+0% $217	+5% $95	+10% $-27
Rent	-10% $-88	-5% $64	+0% $217	+5% $369	+10% $521
Rate	-1.0pp $433	-0.5pp $326	base $217	+0.5pp $105	+1.0pp $-8

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10781 Cypress Lake Ter Boca Raton, FL	3.0	2.0	1450	$3,800	$2.62	20d	1	0.36mi
10781 Cypress Lake Ter Boca Raton, FL	3.0	2.0	1450	$3,600	$2.48	19d	1	0.36mi
10780 Cypress Lake Ter Boca Raton, FL	3.0	2.0	1450	$3,500	$2.41	9d	1	0.37mi
10875 Lake Front Pl Unit 10875 Boca Raton, FL	2.0	2.0	1204	$2,300	$1.91	26d	1	0.40mi
9975 Boca Gardens Trl Unit A Boca Raton, FL	3.0	2.0	1276	$3,300	$2.59	9d	1	0.59mi
9713 Boca Gardens Pkwy Unit D Boca Raton, FL	3.0	3.5	1325	$3,995	$3.02	16d	1	0.80mi
9928 Moss Pond Dr Boca Raton, FL	3.0	2.5	1843	$4,500	$2.44	26d	1	0.86mi
9928 Moss Pond Dr Boca Raton, FL	3.0	2.5	1843	$4,500	$2.44	13d	1	0.86mi
9928 Moss Pond Dr Unit 9928 Boca Raton, FL	3.0	2.5	1843	$4,500	$2.44	16d	1	0.86mi
9850 Ridgecreek Rd Boca Raton, FL	3.0	2.0	1364	$3,600	$2.64	26d	1	0.89mi
9841 Ridgecreek Rd Boca Raton, FL	3.0	2.0	1435	$4,500	$3.14	26d	1	0.89mi
9785 Ridgecreek Rd Boca Raton, FL	2.0	2.0	1172	$3,450	$2.94	6d	1	0.95mi
9785 Ridgecreek Rd Boca Raton, FL	3.0	2.0	1172	$3,600	$3.07	20d	1	0.95mi
18813 Cloud Lake Cir Boca Raton, FL	3.0	2.0	1132	$3,400	$3.00	5d	1	0.95mi
18813 Cloud Lake Cir Boca Raton, FL	3.0	2.0	1132	$3,500	$3.09	6d	1	0.95mi
9448 Saddlebrook Dr Boca Raton, FL	3.0	2.0	1243	$3,500	$2.82	22d	1	1.08mi
9448 Saddlebrook Dr Unit 9448 Boca Raton, FL	3.0	2.0	1243	$3,500	$2.82	26d	1	1.08mi
18917 Cloud Lake Cir Boca Raton, FL	3.0	2.0	1132	$3,350	$2.96	26d	1	1.09mi
9392 Affirmed Ln Boca Raton, FL	3.0	2.0	1635	$3,200	$1.96	16d	1	1.10mi
18965 Adagio Dr Boca Raton, FL	3.0	2.0	1795	$5,250	$2.92	26d	1	1.11mi
9636 Tavernier Dr Boca Raton, FL	3.0	2.0	1820	$4,200	$2.31	26d	1	1.22mi
9238 Vineland Ct Unit G Boca Raton, FL	3.0	2.0	1318	$3,100	$2.35	0d	1	1.25mi
9190 Boca Gardens Pkwy Unit B Boca Raton, FL	3.0	2.5	1845	$3,500	$1.90	26d	1	1.29mi
9104 Affirmed Ln Boca Raton, FL	3.0	2.0	1266	$3,215	$2.54	1d	1	1.37mi
18730 Stewart Cir #5 Boca Raton, FL	2.0	2.0	1227	$2,500	$2.04	26d	1	1.43mi
19287 Liberty Rd Boca Raton, FL	3.0	3.0	1327	$3,450	$2.60	12d	1	1.47mi
19287 Liberty Rd Boca Raton, FL	3.0	3.0	1327	$3,450	$2.60	7d	1	1.47mi
19287 Liberty Rd Boca Raton, FL	3.0	2.0	1327	$3,450	$2.60	26d	1	1.47mi

HOA detail

• Monthly dues: $218 · $2,616/yr
• Likely covers: cablepool

Listing history 29 events

1. 2026-06-21
   days on market $430,000 Active 17 DOM
2. 2026-06-18
   days on market $430,000 Active 14 DOM
3. 2026-06-17
   days on market $430,000 Active 13 DOM
4. 2026-06-16
   days on market $430,000 Active 12 DOM
5. 2026-06-15
   days on market $430,000 Active 11 DOM
6. 2026-06-13
   days on market $430,000 Active 9 DOM
7. 2026-06-09
   days on market $430,000 Active 5 DOM
8. 2026-06-08
   days on market $430,000 Active 4 DOM
9. 2026-06-07
   days on market $430,000 Active 3 DOM
10. 2026-06-04
    remarks 699-char remark
11. 2026-06-04
    pricedays on marketlisting id $430,000 Active 1 DOM
12. 2026-03-30
    price $448,900
13. 2026-02-17
    price $464,900
14. 2025-12-01
    listed $479,900 Active
15. 2015-06-15
    soldstatus $250,000
16. 2015-05-26
    soldstatus $250,000 Closed 569-char remark

    Show marketing remark (569 chars)

    Picture perfect home just move in. totally remodeled. Stone look tile in living areas, wood floor in bedrooms. Newer kitchen and baths , Jacuzzi tub in master, lots of recess lighting, the list goes on. No popcorn ceilings here. Custom window treatments, crown molding. Amazing 20x20 screened patio with aluminum roof adds additional space great for entertaining, all overlooking a gorgeous green with private and beautiful views. Community offers clubhouse, tennis, and great community pool. Low HOA fee includes cable and common areas. Show this one first! Wont last.

17. 2015-04-14
    historical Contingent 569-char remark

    Show marketing remark (569 chars)

    Picture perfect home just move in. totally remodeled. Stone look tile in living areas, wood floor in bedrooms. Newer kitchen and baths , Jacuzzi tub in master, lots of recess lighting, the list goes on. No popcorn ceilings here. Custom window treatments, crown molding. Amazing 20x20 screened patio with aluminum roof adds additional space great for entertaining, all overlooking a gorgeous green with private and beautiful views. Community offers clubhouse, tennis, and great community pool. Low HOA fee includes cable and common areas. Show this one first! Wont last.

18. 2015-04-13
    historical
19. 2015-04-11
    listed $254,000 Active
20. 2015-04-09
    listed $254,900 Active 569-char remark

    Show marketing remark (569 chars)

    Picture perfect home just move in. totally remodeled. Stone look tile in living areas, wood floor in bedrooms. Newer kitchen and baths , Jacuzzi tub in master, lots of recess lighting, the list goes on. No popcorn ceilings here. Custom window treatments, crown molding. Amazing 20x20 screened patio with aluminum roof adds additional space great for entertaining, all overlooking a gorgeous green with private and beautiful views. Community offers clubhouse, tennis, and great community pool. Low HOA fee includes cable and common areas. Show this one first! Wont last.

21. 2015-01-12
    historical
22. 2013-09-21
    historical
23. 2007-03-15
    listed $322,900
24. 2006-06-09
    listed $329,000
25. 2003-02-27
    soldstatus $145,000
26. 2003-02-25
    soldstatus $145,000
27. 2003-01-17
    historical
28. 2002-09-23
    listed $149,900
29. 1981-04-01
    soldstatus $74,100

ⓘ 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: $2,120 · $177/mo
• Projected year-2 tax: $3,569 · $297/mo
• Expected delta: +$1,449/yr (+$121/mo · 68.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 9/10 Extreme 6 d/yr ≥107°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,260
• − Mortgage interest: −$24,087
• − Property taxes: −$2,120
• − Insurance: −$2,150
• − Repairs & maintenance: −$3,701
• − Management: −$3,701
• − HOA: −$2,616
• − Depreciation: −$12,509
• Taxable loss: −$4,623
• Est. tax savings @ 24.0%: +$1,110
• After-tax cash flow: $3,709/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

• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 16,853
• Household income: $146,765
• Rent vs Own: 5.3% rent · 94.7% own
• Severe rent burden: 65.0

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% Hispanic / Latino 20% Two or more races 16% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 2% Cuban 6%
• Common ancestry: Romanian 17% Scotch-Irish 6% Italian 3%
• Foreign-born: 28% · Canada, Dominican Republic, China
• Languages at home: 72% English-only · Spanish 12% Other Indo-European 6% Russian/Polish/Slavic 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: ▲ 4.68%
• Current HPI: 325.4026
• Rent YoY: —
• 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

+505.8% since first listed

18 events — show timeline

• 2026-03-30 Price Changed $448,900 Beaches MLS
• 2026-02-17 Price Changed $464,900 Beaches MLS
• 2025-12-01 Listed $479,900 Beaches MLS
• 2015-06-15 Sold (Public Records) $250,000 Public Records
• 2015-05-26 Sold (MLS) $250,000 Beaches MLS
• 2015-04-14 Contingent — Beaches MLS
• 2015-04-13 Listing Removed — Beaches MLS
• 2015-04-11 Listed $254,000 Beaches MLS
• 2015-04-09 Listed $254,900 Beaches MLS
• 2015-01-12 Listing Removed — Beaches MLS
• 2013-09-21 Listing Removed — Beaches MLS
• 2007-03-15 Listed $322,900 Beaches MLS
• 2006-06-09 Listed $329,000 Beaches MLS
• 2003-02-27 Sold (Public Records) $145,000 Public Records
• 2003-02-25 Sold (MLS) $145,000 Beaches MLS
• 2003-01-17 Listing Removed — Beaches MLS
• 2002-09-23 Listed $149,900 Beaches MLS
• 1981-04-01 Sold (Public Records) $74,100 Public Records

Property tax history

+13.4%/yr

Latest (2025): $2,120 · +3.5% YoY. Source: county tax records.