2615 Garden Dr N #104 · Palm Springs, FL 33461

$98,000

2 bd · 1.0 ba · 894 sqft · Condo public records · 95 Days on market

Built 1968 $779/mo HOA · 42% 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 +18.9/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +4.3/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SPACIOUS 1ST FLOOR CONVERTIBLE IN BLDG #3 PORCH FACING GREEN AREA HAS ROLL UPS/ COVERED PARKING/ ACTIVE COMMUNITY/ COURTESY BUS TO SHOPPING/ BOTH SAUNAS REDONE/ ROOF 2 YRS OLD/AC CONDENSER 2 YRS OLD

Key facts

• Quartz counter top
• Brand new kitchen
• Newer appliances

Tags

• REMODELED CONDO
• FIRST FLOOR
• BRAND NEW KITCHEN
• QUARTZ COUNTER TOP
• NEW LIGHT FIXTURES
• NEWER APPLIANCES

Property features AI

Finance

• Other: Senior community
• Financial info: Pets allowed with restrictions (breed, number and size limits may apply)
• HOA & community: Lake Clarke Gardens Condominium association; Monthly HOA fee; Association amenities include pool (heated), clubhouse, fitness center, billiard/game rooms, sauna, laundry, storage, workshop area, manager on site, trash chute, parking, playground, picnic area, shuffleboard, bocce, pickleball, putting green, library, community room, courtesy bus, internet included, kitchen facilities, recreation facilities, maintained community, street lights, security, and maintenance; HOA fee covers cable TV, insurance, internet, grounds maintenance, pest control, security, sewer, trash, water, common areas, elevator, hot water, reserve funds, recreation facility and pool service

Exterior

• Parking: Assigned parking; Covered parking; Detached carport (1 space); Total 2 parking spaces
• Security: Community security
• Utilities: Public water; Public sewer; Cable available; Electricity available; Water connected
• Home design: Condominium; One level; Resale, updated/remodeled; Accessible approach with ramp; West-facing
• Construction: Block construction; Block foundation; Concrete / pre-stressed roof; 3 total stories
• Exterior features: Screened porch; Porch; Storage; Workshop; Not waterfront

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Freezer
• Bedrooms: 1 bedroom on the main level
• Flooring: Tile
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating; Central air; Ceiling fan(s); Exhaust fan; Central individual cooling
• Interior features: Entrance foyer; Walk-in closet(s); Blinds, sliding and shuttered windows
• Laundry & utility: Common area laundry; Electric water heater; Tankless water heater (owned)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $98k.

Deal economics

• At list price, monthly cash flow is $101 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $89k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#297 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, schools D-, amenities 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 soft (-2.5%/yr); 274 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 36% of the median local income ($62k/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 $678 of loan paydown is wiped out by about $3k 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 95 days — a 9% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $26k; list at $98k implies a 277% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 42% 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 $89,180 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.90% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.47×
• Total profit: $-14,461
• Equity at exit: $14,612

10-year hold

• IRR: -24.0%
• Equity multiple: 0.14×
• Total profit: $-23,567
• Equity at exit: $8,473

Cash invested: $27,440 (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 33461

• Rents YoY: -2.5%
• Active inventory: 274
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,862 high
• Mortgage (P&I): −$514
• Tax from tax record: −$36 /mo · $438/yr
• Insurance: −$41
• HOA: −$779
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $101

Break-even live

Break-even rent $1,734

Max offer price $98,000

Occupancy floor 90%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2581 Garden Dr N #203 Lake Worth, FL	2.0	2.0	894	$1,650	$1.85	8d	1	0.04mi
2581 Garden Dr N #203 Lake Worth, FL	2.0	2.0	894	$1,650	$1.85	15d	1	0.04mi
2791 S Florida Mango Rd Lake Worth, FL	2.0	2.0	1100	$1,995	$1.81	21d	1	0.07mi
2668 Garden Dr N #312 Lake Worth, FL	2.0	2.0	1080	$1,500	$1.39	4d	1	0.08mi
2668 Garden Dr N #312 Lake Worth, FL	2.0	2.0	1080	$1,500	$1.39	2d	1	0.08mi
2721 Garden Dr N #105 Lake Worth, FL	2.0	1.0	894	$1,800	$2.01	21d	1	0.12mi
2566 Garden Dr S Lake Worth Beach, FL	1.0	1.0	744	$1,395	$1.88	24d	1	0.18mi
2856 Garden Dr S #112 Lake Worth, FL	2.0	1.0	894	$1,800	$2.01	24d	1	0.30mi
2508 10th Ave N Lake Worth Beach, FL	2.0	1.0	800	$1,746	$2.18	14d	1	0.50mi
2508 10th Ave N Lake Worth Beach, FL	2.0	1.0	800	$1,672	$2.09	11d	1	0.50mi
2508 10th Ave N Lake Worth Beach, FL	3.0	2.0	1025	$2,557	$2.49	24d	1	0.50mi
100 Rex Ave Palm Springs, FL	2.0	2.0	1000	$1,850	$1.85	24d	3	0.52mi
910 Rudolf Rd Lake Worth, FL	3.0	1.0	1000	$2,500	$2.50	24d	1	0.53mi
2901 10th Ave N Palm Springs, FL	2.0	1.0	900	$1,795	$1.99	24d	1	0.54mi
3386 Rudolph Rd Lake Worth Beach, FL	2.0	1.0	840	$2,100	$2.50	3d	1	0.60mi
220 Henthorne Dr Palm Springs, FL	1.0–2.0	1.5–2.0	900	$1,850	$2.06	24d	4	0.63mi
3300 Boutwell Rd Lake Worth Beach, FL	1.0–2.0	1.0–2.0	765	$2,720	$3.56	24d	1	0.67mi
3440 Rudolph Rd Unit 3440-03 Lake Worth Beach, FL	2.0	2.0	935	$2,100	$2.25	19d	1	0.68mi
3431 Helena Dr Unit 3481-11 Lake Worth Beach, FL	2.0	2.0	935	$2,050	$2.19	24d	1	0.69mi
3431 Helena Dr Lake Worth, FL	2.0	2.0	935	$2,075	$2.22	14d	2	0.69mi
3481 Helena Dr Unit 11 Lake Worth Beach, FL	2.0	2.0	935	$2,050	$2.19	24d	1	0.70mi
124 Abaco Dr Palm Springs, FL	3.0	2.0	988	$2,900	$2.94	15d	1	0.72mi
1742 W Terrace Dr Lake Worth Beach, FL	2.0	1.5	1000	$2,700	$2.70	24d	1	0.73mi
3031 French Ave Lake Worth, FL	3.0	1.0	840	$2,400	$2.86	8d	1	0.79mi
1755 Forest Hill Blvd Lake Clarke Shores, FL	1.0	1.0	662	$1,595	$2.41	8d	1	0.81mi
1065 Manor Dr Palm Springs, FL	2.0	2.0	1098	$2,100	$1.91	3d	1	0.81mi
965 Manor Dr Palm Springs, FL	2.0	1.0	687	$1,995	$2.90	1d	5	0.82mi
3017 Buckley Ave Lake Worth, FL	2.0	1.0	720	$2,200	$3.06	24d	1	0.83mi
1020 Manor Dr Palm Springs, FL	2.0	2.0	1098	$2,200	$2.00	22d	1	0.87mi
1016 Manor Dr Unit 5c Palm Springs, FL	2.0	2.0	1098	$2,256	$2.05	24d	1	0.88mi
2085 S Congress Ave Palm Springs, FL	1.0–3.0	1.0–2.0	963	$2,558	$2.65	2d	14	0.89mi
225 Bonnie Blvd #116 Palm Springs, FL	2.0	2.0	988	$1,850	$1.87	19d	1	0.93mi
225 Bonnie Blvd Palm Springs, FL	1.0–2.0	1.5–2.0	944	$1,850	$1.96	24d	2	0.93mi
246 Cypress Ln Lake Worth Beach, FL	1.0–2.0	1.0	850	$1,750	$2.06	24d	2	0.96mi
240 Alemeda Dr Palm Springs, FL	1.0–2.0	1.0–2.0	825	$1,850	$2.24	24d	3	0.97mi
247 Cypress Ln Unit 246-C06 Palm Springs, FL	2.0	1.0	850	$1,750	$2.06	24d	1	0.97mi
247 Cypress Ln Unit 246-C12 Palm Springs, FL	2.0	1.0	850	$1,750	$2.06	5d	1	0.97mi
200 Bonnie Blvd #132 Palm Springs, FL	1.0	1.0	577	$1,500	$2.60	22d	1	1.01mi
500 Bonnie Blvd #165 Palm Springs, FL	1.0	1.5	782	$1,350	$1.73	24d	1	1.02mi
1802 Waterview Cir #1802 Palm Springs, FL	2.0	2.0	951	$1,925	$2.02	24d	1	1.03mi

HOA detail condo

• Monthly dues: $779 · $9,348/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $98,000 Active 95 DOM
2. 2026-06-17
   days on market $98,000 Active 94 DOM
3. 2026-06-16
   days on market $98,000 Active 93 DOM
4. 2026-06-15
   days on market $98,000 Active 92 DOM
5. 2026-06-13
   days on market $98,000 Active 90 DOM
6. 2026-06-09
   days on market $98,000 Active 86 DOM
7. 2026-06-08
   days on market $98,000 Active 85 DOM
8. 2026-06-07
   days on market $98,000 Active 84 DOM
9. 2026-06-04
   days on market $98,000 Active 81 DOM
10. 2026-06-03
    days on market $98,000 Active 80 DOM
11. 2026-06-02
    days on market $98,000 Active 79 DOM
12. 2026-06-01
    days on market $98,000 Active 78 DOM
13. 2026-05-31
    days on market $98,000 Active 77 DOM
14. 2026-03-15
    listed $98,000 Active
15. 2000-08-14
    soldstatus $26,000
16. 2000-07-24
    soldstatus $26,000 198-char remark

    Show marketing remark (198 chars)

    SPACIOUS 1ST FLOOR CONVERTIBLE IN BLDG #3 PORCH FACING GREEN AREA HAS ROLL UPS/ COVERED PARKING/ ACTIVE COMMUNITY/ COURTESY BUS TO SHOPPING/ BOTH SAUNAS REDONE/ ROOF 2 YRS OLD/AC CONDENSER 2 YRS OLD

17. 2000-06-28
    historical 198-char remark

    Show marketing remark (198 chars)

    SPACIOUS 1ST FLOOR CONVERTIBLE IN BLDG #3 PORCH FACING GREEN AREA HAS ROLL UPS/ COVERED PARKING/ ACTIVE COMMUNITY/ COURTESY BUS TO SHOPPING/ BOTH SAUNAS REDONE/ ROOF 2 YRS OLD/AC CONDENSER 2 YRS OLD

18. 2000-03-14
    listed $27,900 198-char remark

    Show marketing remark (198 chars)

    SPACIOUS 1ST FLOOR CONVERTIBLE IN BLDG #3 PORCH FACING GREEN AREA HAS ROLL UPS/ COVERED PARKING/ ACTIVE COMMUNITY/ COURTESY BUS TO SHOPPING/ BOTH SAUNAS REDONE/ ROOF 2 YRS OLD/AC CONDENSER 2 YRS OLD

19. 1988-08-01
    soldstatus $39,500

ⓘ 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: $438 · $36/mo
• Projected year-2 tax: $813 · $68/mo
• Expected delta: +$376/yr (+$31/mo · 85.8%)

ⓘ 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 10/10 Extreme 7 d/yr ≥105°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 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,346
• − Mortgage interest: −$5,490
• − Property taxes: −$438
• − Insurance: −$490
• − Repairs & maintenance: −$1,788
• − Management: −$1,788
• − HOA: −$9,348
• − Depreciation: −$2,851
• Taxable income: $154
• Est. tax owed @ 24.0%: −$37
• After-tax cash flow: $1,173/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 — Palm Springs

• Score: 73/100
• State rank: #297
• US rank: #5045

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment D+ Housing A+ Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 49,443
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 49,443
• Household income: $61,963
• Rent vs Own: 48.2% rent · 51.8% own
• Severe rent burden: 2663.0

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 0.59)
• Race & ethnicity: Hispanic / Latino 59% Two or more races 26% White 20% Black 17% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 6% Cuban 16% Dominican 2%
• Common ancestry: Hispanic 9% Romanian 1% Lithuanian 1%
• Foreign-born: 52% · Canada, Jamaica
• Languages at home: 31% English-only · Spanish 54% French/Haitian/Cajun 10% 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: ▼ -269.03%
• Current HPI: 493.0041
• Rent YoY: ▼ -2.47%
• 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

+148.1% since first listed

6 events — show timeline

• 2026-03-15 Listed $98,000 Beaches MLS
• 2000-08-14 Sold (Public Records) $26,000 Public Records
• 2000-07-24 Sold (MLS) $26,000 Beaches MLS
• 2000-06-28 Listing Removed — Beaches MLS
• 2000-03-14 Listed $27,900 Beaches MLS
• 1988-08-01 Sold (Public Records) $39,500 Public Records

Property tax history

+5.0%/yr

Latest (2025): $438 · +5.9% YoY. Source: county tax records.