5742 NW 24th Ave #501 · Boca Raton, FL 33496

$649,000

3 bd · 2.0 ba · 2,040 sqft · Condo public records

Built 1988 $1441/mo HOA · 22% 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 +13.3/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +4.3/10.0
• DSCR +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0

Key facts

• $1,441 HOA
• Garage
• Community pool

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $649k.

Deal economics

• At list price, monthly cash flow is $-1 ($-10/yr) — negative.
• To cash-flow at today's rent, offer at most $649k (0.0% below list).
• Meets the 1% rule at list price ($7k rent vs $649k).
• Recommended offer: $649k (0.0% below list) — sets the bar for cash-flow.

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: Calusa Elementary School (math 83% / reading 85%, grade A+, #55 of 2,144 statewide, top 3%, 867 students, 17% FRL); Omni Middle School (math 66% / reading 66%, grade A-, #93 of 571 statewide, top 16%, 1,128 students, 29% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL) — zoned schools average 24% FRL vs 52% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 73% at this address vs 50% district-wide (+24 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: Rents rising (+2.3%/yr); 324 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $69k of equity ($4k loan paydown + $65k appreciation (10.0% 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 (10.0% appreciation + 2.3% rent growth), your $182k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$112k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $251k; list at $649k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% 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 $648,854

Questions for the listing agent

1. 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?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.03% ✓
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.92×
• Total profit: $349,390
• Equity at exit: $584,671

10-year hold

• IRR: 21.1%
• Equity multiple: 6.62×
• Total profit: $1,021,018
• Equity at exit: $1,260,864

Cash invested: $181,720 (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 33496

• Home prices YoY: 3.5%
• Rents YoY: 2.3%
• Active inventory: 324
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $6,689 high
• Mortgage (P&I): −$3,403
• Tax from tax record: −$170 /mo · $2,041/yr
• Insurance: −$270
• HOA: −$1,441
• Vacancy / Maint / Mgmt: −$1,405
• Net cashflow: $-1

Break-even live

Break-even rent $6,690

Max offer price $648,854

Occupancy floor 95%

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5801 NW 24th Ave #1001 Boca Raton, FL	3.0	2.5	1957	$13,000	$6.64	16d	1	0.05mi
2431 NW 59th St #404 Boca Raton, FL	3.0	2.5	1957	$10,000	$5.11	24d	1	0.14mi
2464 NW 66th Dr Boca Raton, FL	3.0	3.5	2568	$10,000	$3.89	24d	1	0.51mi
2485 NW 66th Dr Boca Raton, FL	3.0	2.5	2472	$9,500	$3.84	10d	1	0.56mi
2485 NW 66th Dr Boca Raton, FL	3.0	2.5	2472	$9,500	$3.84	24d	1	0.56mi
2237 NW 53rd St Boca Raton, FL	3.0	3.5	2305	$25,000	$10.85	24d	1	0.60mi
6213 NW 21st Ct Boca Raton, FL	3.0	4.0	2746	$10,000	$3.64	24d	1	0.64mi
2218 NW 52nd St Boca Raton, FL	2.0	2.5	1482	$13,000	$8.77	24d	1	0.66mi
2093 NW 52nd St Unit 2093 Boca Raton, FL	3.0	2.5	1835	$13,000	$7.08	24d	1	0.72mi
2771 NW 49th St Boca Raton, FL	4.0	3.0	2596	$6,195	$2.39	17d	1	0.73mi
5555 N Military Trl Boca Raton, FL	2.0–3.0	2.0–3.0	1282	$5,069	$3.95	1d	21	0.74mi
2034 NW 52nd St Boca Raton, FL	2.0	2.5	1527	$12,000	$7.86	24d	1	0.78mi
6503 N Military Trl Boca Raton, FL	1.0–2.0	1.0–2.0	1155	$3,211	$2.78	1d	52	0.79mi
2011 NW 53rd St Boca Raton, FL	3.0	2.5	2461	$11,000	$4.47	12d	1	0.79mi
2683 NW 45th St Boca Raton, FL	4.0	2.5	2371	$6,750	$2.85	5d	1	0.83mi
5500 N Military Trl Boca Raton, FL	1.0–3.0	1.0–2.0	1053	$5,719	$5.43	3d	27	0.92mi
3151 Clint Moore Rd #103 Boca Raton, FL	3.0	2.0	1497	$3,145	$2.10	24d	1	1.00mi
3143 Clint Moore Rd #105 Boca Raton, FL	3.0	2.0	1497	$3,250	$2.17	24d	1	1.05mi
2598 NW 36th St Boca Raton, FL	3.0	2.0	1800	$4,900	$2.72	24d	1	1.24mi
3509 NW 25th Way Boca Raton, FL	3.0	2.0	1427	$5,200	$3.64	24d	1	1.25mi
3509 NW 26th Ct Boca Raton, FL	3.0	3.0	1804	$5,100	$2.83	17d	1	1.29mi
4872 NW 16th Ter Boca Raton, FL	3.0	2.5	2008	$4,500	$2.24	17d	1	1.31mi
3289 NW 25th Way Unit 3289 Boca Raton, FL	3.0	2.0	1622	$4,500	$2.77	16d	1	1.33mi
3289 NW 25th Way Boca Raton, FL	3.0	2.0	1622	$4,500	$2.77	24d	1	1.33mi
3210 NW 23rd Ter Boca Raton, FL	3.0	2.0	1742	$6,300	$3.62	24d	1	1.34mi
4930 NW 15th Ave Boca Raton, FL	4.0	3.5	2998	$4,800	$1.60	7d	1	1.37mi
1428 NW 50th Dr Boca Raton, FL	3.0	3.0	1839	$4,300	$2.34	3d	1	1.38mi
4695 Brandywine Dr Boca Raton, FL	3.0	3.0	1974	$4,750	$2.41	24d	1	1.40mi
2411 NW 31st St Boca Raton, FL	3.0	2.0	1777	$5,800	$3.26	24d	1	1.40mi
3374 NW 28th Ter Boca Raton, FL	3.0	2.5	2268	$5,450	$2.40	24d	1	1.42mi
19550 Sawgrass Dr #2102 Boca Raton, FL	2.0	2.0	1460	$5,500	$3.77	24d	1	1.45mi
3068 NW 25th Way Boca Raton, FL	4.0	2.5	1695	$5,200	$3.07	7d	1	1.48mi
3048 NW 25th Way Boca Raton, FL	4.0	2.0	2000	$4,300	$2.15	10d	1	1.49mi

HOA detail condo

• Monthly dues: $1,441 · $17,292/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-03-11
   status Pending
2. 2026-03-06
   listed $649,000
3. 2026-03-06
   historical
4. 1996-08-21
   soldstatus $251,000
5. 1989-04-13
   soldstatus $279,000

ⓘ 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: $2,041 · $170/mo
• Projected year-2 tax: $5,387 · $449/mo
• Expected delta: +$3,346/yr (+$279/mo · 163.9%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,265
• − Mortgage interest: −$36,354
• − Property taxes: −$2,041
• − Insurance: −$3,245
• − Repairs & maintenance: −$6,421
• − Management: −$6,421
• − HOA: −$17,292
• − Depreciation: −$18,880
• Taxable loss: −$10,390
• Est. tax savings @ 24.0%: +$2,494
• After-tax cash flow: $2,484/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): 26,579
• Household income: $114,885
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 464.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 11% Two or more races 8% Asian 5% Black 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Scotch-Irish 13% Romanian 9% Italian 3%
• Foreign-born: 24% · Canada, Jamaica, Dominican Republic
• Languages at home: 75% English-only · Spanish 9% Other Indo-European 5% Russian/Polish/Slavic 4%

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: ▲ 10.48%
• Current HPI: 313.9058
• Rent YoY: ▲ 2.31%
• 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

+132.6% since first listed

5 events — show timeline

• 2026-03-11 Pending — Beaches MLS
• 2026-03-06 Listing Removed — Beaches MLS
• 2026-03-06 Listed $649,000 Beaches MLS
• 1996-08-21 Sold (Public Records) $251,000 Public Records
• 1989-04-13 Sold (Public Records) $279,000 Public Records

Property tax history

-4.2%/yr

Latest (2025): $2,041 · +3.4% YoY. Source: county tax records.