9500 SW 3rd St #222 · Watergate, FL 33428

$255,000

2 bd · 2.5 ba · 1,336 sqft · Condo public records · 91 Days on market

Built 1979 $555/mo HOA · 21% of rent

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Why this score? — see what drove the D- 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 +10.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Schools +4.3/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great location and schools. 2 bedrooms & 2.5 half bathroom, two-story condo with balcony. 2 cars can be parked. HOA includes cable and water. Information is deemed reliable but not guaranteed. Listing subject to errors, omissions, and changes without notice.

Key facts

• $555 HOA
• Parking
• Community pool

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee; HOA includes cable TV and water; Community amenities: clubhouse, pool, tennis courts

Exterior

• Parking: Assigned and guest parking; 1 open parking space (1 total parking)
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium; Two-story building; Faces southwest; Resale property
• Construction: Block/CBS construction
• Exterior features: Not waterfront; Other-style roof; Sidewalks (community amenity)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Freezer; Electric water heater
• Bedrooms: 2 main-level bedrooms
• Flooring: Ceramic tile; Laminate; Wood
• Bathrooms: 2 full bathrooms and 1 half bathroom (3 total)
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Split bedroom layout; Unfurnished
• Laundry & utility: Laundry closet inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $255k.

Deal economics

• At list price, monthly cash flow is $-136 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (9.5% below list).
• Meets the 1% rule at list price ($3k rent vs $255k).
• Recommended offer: $231k (9.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 67/100 on livability (#585 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment 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: Hammock Pointe Elementary School (math 61% / reading 63%, grade B, #608 of 2,144 statewide, top 29%, 958 students, 42% 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 33% FRL vs 52% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 62% at this address vs 50% district-wide (+13 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 (+3.7%/yr); 267 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 37% of the median local income ($89k/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 $2k of loan paydown is wiped out by about $8k 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 91 days — a 9% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 27y ago; this cycle's ask is 11491% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $105k; list at $255k implies a 143% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $230,887 (9.5% below list)

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. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.06% ✓
• Cap rate: 5.65%
• Cash-on-cash: -2.29%
• DSCR: 0.90
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.72% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.33×
• Total profit: $-47,700
• Equity at exit: $38,021

10-year hold

• IRR: -9.4%
• Equity multiple: 0.40×
• Total profit: $-43,127
• Equity at exit: $22,048

Cash invested: $71,400 (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 33428

• Rents YoY: 3.7%
• Active inventory: 267
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,694 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$266 /mo · $3,193/yr
• Insurance: −$106
• HOA: −$555
• Vacancy / Maint / Mgmt: −$566
• Net cashflow: $-136

Break-even live

Break-even rent $2,867

Max offer price $230,887

Occupancy floor —

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9500 SW 3rd St #259 Boca Raton, FL	2.0	2.5	1336	$2,350	$1.76	24d	1	0.03mi
9374 SW 3rd St #708 Boca Raton, FL	2.0	2.0	961	$2,100	$2.19	8d	1	0.11mi
22465 SW 61st Way #247 Boca Raton, FL	3.0	2.0	1407	$2,600	$1.85	4d	1	0.11mi
22465 SW 61st Way #247 Boca Raton, FL	3.0	2.0	1407	$2,700	$1.92	24d	1	0.11mi
22217 SW 61st Ave Boca Raton, FL	2.0	2.0	1318	$3,200	$2.43	15d	1	0.14mi
22217 SW 61st Ave Boca Raton, FL	2.0	2.0	1318	$3,200	$2.43	22d	1	0.14mi
22217 SW 61st Ave Boca Raton, FL	2.0	2.0	1318	$3,200	$2.43	2d	1	0.14mi
9338 SW 3rd St #508 Boca Raton, FL	2.0	2.0	961	$2,300	$2.39	13d	1	0.14mi
9338 SW 3rd St #508 Boca Raton, FL	2.0	2.0	961	$2,300	$2.39	14d	1	0.14mi
9460 SW 61st Way Unit D Boca Raton, FL	3.0	2.5	1600	$2,900	$1.81	24d	1	0.18mi
9210 SW 3rd St #216 Boca Raton, FL	2.0	2.0	961	$2,350	$2.45	24d	1	0.21mi
9200 SW 3rd St #109 Boca Raton, FL	2.0	2.0	961	$2,250	$2.34	24d	1	0.23mi
9244 SW 2nd St Boca Raton, FL	3.0	2.0	1480	$3,300	$2.23	24d	1	0.25mi
9380 SW 61st Way Unit B Boca Raton, FL	3.0	2.5	1593	$2,900	$1.82	24d	1	0.28mi
9330 SW 61st Way Unit D Boca Raton, FL	2.0	2.5	1593	$2,600	$1.63	17d	1	0.32mi
9162 SW 5th St Unit A Boca Raton, FL	2.0	2.0	1039	$2,400	$2.31	24d	1	0.34mi
9260 Boca Vue Dr Boca Raton, FL	1.0–3.0	1.0–2.0	1052	$3,304	$3.14	1d	33	0.37mi
9233 SW 8th St #110 Boca Raton, FL	2.0	2.0	979	$1,800	$1.84	8d	1	0.38mi
22201 Majestic Woods Way Boca Raton, FL	2.0	2.5	1280	$2,800	$2.19	24d	1	0.39mi
22447 SW 56th Ave Boca Raton, FL	3.0	2.0	1831	$3,400	$1.86	24d	1	0.40mi
9273 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	878	$2,200	$2.51	3d	3	0.40mi
9355 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	780	$1,975	$2.53	1d	4	0.41mi
9235 SW 8th St Boca Raton, FL	2.0	2.0	1045	$2,175	$2.08	11d	4	0.41mi
9235 SW 8th St Boca Raton, FL	2.0	2.0	900	$2,150	$2.39	2d	2	0.41mi
9860 SW 3rd St Boca Raton, FL	1.0–3.0	1.5–2.5	1222	$2,631	$2.15	2d	36	0.44mi
9370 SW 8th St #107 Boca Raton, FL	2.0	2.0	900	$2,100	$2.33	5d	1	0.44mi
9370 SW 8th St #107 Boca Raton, FL	2.0	2.0	900	$2,150	$2.39	15d	1	0.44mi
22682 Family Cir Unit 22682 Boca Raton, FL	3.0	2.0	1425	$3,400	$2.39	14d	1	0.45mi
9440 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	878	$1,950	$2.22	2d	2	0.46mi
22605 SW 66th Ave #403 Boca Raton, FL	2.0	2.0	1030	$2,100	$2.04	24d	1	0.49mi
22605 SW 66th Ave #206 Boca Raton, FL	1.0	1.5	960	$1,650	$1.72	5d	1	0.49mi
22745 SW 65th Way Boca Raton, FL	3.0	2.0	1477	$3,500	$2.37	3d	1	0.49mi
9993 Three Lakes Cir Boca Raton, FL	3.0	2.0	972	$2,600	$2.67	14d	1	0.54mi
9973 Three Lakes Cir Boca Raton, FL	2.0	2.0	1026	$2,500	$2.44	24d	1	0.54mi
22765 SW 66th Ave #204 Boca Raton, FL	2.0	2.0	1170	$3,000	$2.56	24d	1	0.60mi
9921 Three Lakes Cir Unit 9921 Boca Raton, FL	3.0	2.0	967	$2,700	$2.79	24d	1	0.62mi
22735 SW 66th Ave Boca Raton, FL	2.0	2.0	1170	$2,300	$1.97	5d	1	0.62mi
10111 Akenside Dr Unit 10111 Boca Raton, FL	3.0	2.5	1728	$3,600	$2.08	15d	1	0.67mi
10111 Akenside Dr Unit 10111 Boca Raton, FL	3.0	2.5	1728	$3,600	$2.08	4d	1	0.67mi
8895 Old Pine Rd Boca Raton, FL	3.0	2.0	1488	$4,500	$3.02	11d	1	0.70mi

HOA detail condo

• Monthly dues: $555 · $6,660/yr
• Likely covers: watercable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 49 events

1. 2026-06-18
   days on market $255,000 Active 91 DOM
2. 2026-06-17
   days on market $255,000 Active 90 DOM
3. 2026-06-16
   days on market $255,000 Active 89 DOM
4. 2026-06-15
   days on market $255,000 Active 88 DOM
5. 2026-06-13
   pricedays on market $255,000 Active 86 DOM
6. 2026-06-09
   days on market $260,000 Active 82 DOM
7. 2026-06-08
   days on market $260,000 Active 81 DOM
8. 2026-06-07
   days on market $260,000 Active 80 DOM
9. 2026-06-04
   days on market $260,000 Active 77 DOM
10. 2026-06-03
    days on market $260,000 Active 76 DOM
11. 2026-06-02
    days on market $260,000 Active 75 DOM
12. 2026-06-01
    days on market $260,000 Active 74 DOM
13. 2026-05-31
    days on market $260,000 Active 73 DOM
14. 2026-05-24
    listed $2,200
15. 2026-04-26
    price $260,000
16. 2026-03-18
    listed $265,000 Active
17. 2022-05-09
    historical Active Under Contract
18. 2022-05-08
    historical
19. 2022-04-14
    price $234,900
20. 2022-04-14
    status Active
21. 2022-02-28
    historical Active Under Contract
22. 2022-02-25
    price $230,000
23. 2022-01-16
    listed $239,900 Active
24. 2022-01-05
    historical
25. 2021-10-22
    listed $270,000 Active
26. 2014-12-16
    soldstatus $104,995
27. 2014-12-05
    soldstatus $104,995 Closed
28. 2014-11-09
    status Pending
29. 2014-09-27
    price $104,995
30. 2014-08-18
    status Active
31. 2014-07-28
    status Pending
32. 2014-04-30
    price $109,900
33. 2014-04-04
    price $119,900
34. 2014-03-18
    listed $129,900 Active
35. 2013-12-04
    soldstatus $103,000
36. 2013-11-26
    soldstatus $103,000 Closed
37. 2013-10-22
    status Pending
38. 2013-10-03
    price $109,900
39. 2013-09-03
    price $119,900
40. 2013-08-23
    listed $124,900 Active
41. 2013-07-19
    soldstatus $63,000 Closed
42. 2013-06-30
    status Pending
43. 2013-06-27
    historical Contingent
44. 2013-06-18
    listed $64,900 Active
45. 2001-10-23
    soldstatus $77,000
46. 2001-01-18
    historical
47. 1999-11-05
    listed $69,900
48. 1991-08-26
    soldstatus $42,000
49. 1983-08-01
    soldstatus $42,200

ⓘ 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: $3,193 · $266/mo
• Projected year-2 tax: $3,193 · $266/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 B · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 27 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: $32,326
• − Mortgage interest: −$14,284
• − Property taxes: −$3,193
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,586
• − Management: −$2,586
• − HOA: −$6,660
• − Depreciation: −$7,418
• Taxable loss: −$5,677
• Est. tax savings @ 24.0%: +$1,362
• After-tax cash flow: $-276/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 — Watergate

• Score: 67/100
• State rank: #585
• US rank: #11201

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment F 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): 47,588
• Household income: $88,543
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1990.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 50% Two or more races 23% Hispanic / Latino 22% Black 7% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Estonian 12% Romanian 3% Scotch-Irish 3%
• Foreign-born: 37% · Canada, Jamaica, Vietnam
• Languages at home: 55% English-only · Spanish 19% Other Indo-European 17% French/Haitian/Cajun 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: ▼ -299.00%
• Current HPI: 373.2649
• Rent YoY: ▲ 3.72%
• 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

-94.8% since first listed

36 events — show timeline

• 2026-05-24 Listed for Rent $2,200 GFLMLS
• 2026-04-26 Price Changed $260,000 Beaches MLS
• 2026-03-18 Listed $265,000 Beaches MLS
• 2022-05-09 Contingent — Beaches MLS
• 2022-05-08 Listing Removed — Beaches MLS
• 2022-04-14 Price Changed $234,900 Beaches MLS
• 2022-04-14 Relisted — Beaches MLS
• 2022-02-28 Contingent — Beaches MLS
• 2022-02-25 Price Changed $230,000 Beaches MLS
• 2022-01-16 Listed $239,900 Beaches MLS
• 2022-01-05 Listing Removed — Beaches MLS
• 2021-10-22 Listed $270,000 Beaches MLS
• 2014-12-16 Sold (Public Records) $104,995 Public Records
• 2014-12-05 Sold (MLS) $104,995 Beaches MLS
• 2014-11-09 Pending — Beaches MLS
• 2014-09-27 Price Changed $104,995 Beaches MLS
• 2014-08-18 Relisted — Beaches MLS
• 2014-07-28 Pending — Beaches MLS
• 2014-04-30 Price Changed $109,900 Beaches MLS
• 2014-04-04 Price Changed $119,900 Beaches MLS
• 2014-03-18 Listed $129,900 Beaches MLS
• 2013-12-04 Sold (Public Records) $103,000 Public Records
• 2013-11-26 Sold (MLS) $103,000 Beaches MLS
• 2013-10-22 Pending — Beaches MLS
• 2013-10-03 Price Changed $109,900 Beaches MLS
• 2013-09-03 Price Changed $119,900 Beaches MLS
• 2013-08-23 Listed $124,900 Beaches MLS
• 2013-07-19 Sold (MLS) $63,000 Beaches MLS
• 2013-06-30 Pending — Beaches MLS
• 2013-06-27 Contingent — Beaches MLS
• 2013-06-18 Listed $64,900 Beaches MLS
• 2001-10-23 Sold (Public Records) $77,000 Public Records
• 2001-01-18 Listing Removed — Beaches MLS
• 1999-11-05 Listed $69,900 Beaches MLS
• 1991-08-26 Sold (Public Records) $42,000 Public Records
• 1983-08-01 Sold (Public Records) $42,200 Public Records

Property tax history

+8.9%/yr

Latest (2025): $3,193 · -1.4% YoY. Source: county tax records.