4272 Deste Ct #101

Greenacres, FL 33467

$185,000D

2 bd · 2.0 ba · 978 sqft · Built 1974 · Condo · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,174/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$630
• Vac / Maint / Mgmt: −$457
• Net cashflow: $-191/mo
• Annual: $-2,289/yr
• Cap rate: 5.06%
• Cash-on-cash: -4.42%
• DSCR: 0.80
• 1% rule: 1.18%
• Cash to close: $51,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $185k. Condition is rated fair.
• At list price, monthly cash flow is $-191 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (14.9% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 138 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $157k (14.9% below list) — sets the bar for cash-flow.
• 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.
• 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: Heritage Elementary School (math 35% / reading 39%, grade F, #1,609 of 2,144 statewide, top 77%, 786 students, 75% FRL); Woodlands Middle School (math 51% / reading 58%, grade B-, #183 of 571 statewide, top 34%, 1,551 students, 40% FRL); Santaluces Community High (math 22% / reading 39%, grade F, #434 of 667 statewide, top 66%, 2,675 students, 61% FRL).
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents soft (-0.4%/yr); 905 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 65d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $13k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $142k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 138 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen backsplash — Tiled backsplash appears slightly worn
• Minor: kitchen flooring — Tile flooring in kitchen shows some wear
• Minor: exterior siding — Residential building siding appears slightly weathered