22564 Middletown Dr · Parkland, FL 33428

$605,000

4 bd · 2.5 ba · 2,269 sqft · SingleFamily public records · 67 Days on market

Built 1989 6,098 sqft lot Est $833k · 27% under $162/mo HOA · 3% 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).

• ARV discount +15.0/15.0
• Cash flow +13.2/30.0
• Schools +4.3/10.0
• DSCR +4.0/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this spacious 4 Bed, 2.5 Bath home located in the desirable Boca Winds community. With 2,867sq ft total and 2,269sq ft under air, this property offers a functional and flexible layout with great potential for customization. The home features a convenient first floor primary bedroom with an en-suite bathroom and a half bath for guests. Upstairs you'll find 3 Beds and 1 Full bath. A 2-car garage offers plenty of storage and parking. The AC is 2026 and the roof is 2005. Conveniently located near shopping, dining, and everyday essentials. Boca Winds residents enjoy easy access to parks, golf courses, and major roadways. Located within a highly regarded school district and is zoned fo

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Community pool

Property features AI

Finance

• Other: Pets allowed with no restrictions
• HOA & community: Community managed by Grant Property Management; Monthly HOA fee; HOA amenities include pool, tennis courts, pickleball courts, basketball court, playground, jogging path, trails, park, picnic area, sidewalks, and street lights; HOA covers maintenance of grounds, common areas, and recreation facilities

Exterior

• Parking: Attached 2-car garage; Driveway; Concrete parking; On-street parking; Covered parking (2 spaces)
• Utilities: Public water; Public sewer; Cable connected; Electricity available; Phone available; Sewer connected; Water connected
• Home design: Single family residence; Two stories; Main-level entry; Southwest facing
• Construction: CBS construction; Shingle roof; Built as resale (existing property)
• Exterior features: Covered patio; Screened patio; Open porch; Wood fencing; Patio

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: One main-level bedroom
• Flooring: Carpet; Tile
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Kitchen island; Walk-in closets; Unfurnished
• Laundry & utility: Laundry closet inside the home

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $605k.

Deal economics

• At list price, monthly cash flow is $-9 ($-108/yr) — negative.
• To cash-flow at today's rent, offer at most $603k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $487k (19.6% below list).
• Recommended offer: $487k (19.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.5% in Parkland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 67/100 on livability (#551 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, 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: Waters Edge Elementary School (math 89% / reading 86%, grade A+, #22 of 2,144 statewide, top 1%, 700 students, 20% FRL); Loggers' Run Community Middle School (math 65% / reading 66%, grade A-, #95 of 571 statewide, top 17%, 1,110 students, 30% FRL); West Boca Raton High School (math 55% / reading 70%, grade B-, #93 of 667 statewide, top 14%, 2,271 students, 28% FRL) — zoned schools average 26% FRL vs 52% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 72% at this address vs 50% district-wide (+22 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); 268 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).
• At $4,866/mo this rent would consume 66% of the median local household income ($89k/yr) (locally 1990% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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 67 days — a 6% lower offer ($569k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $127k; list at $605k implies a 376% 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; major wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $486,638 (19.6% 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 67 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 0.80% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $832,723
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21991 Altona Dr	0.38mi	4/3.0	2,269 (0%)	18mo	$833,000	$367	66

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -15.7%
• Equity multiple: 0.44×
• Total profit: $-95,184
• Equity at exit: $90,207

10-year hold

• IRR: -6.2%
• Equity multiple: 0.59×
• Total profit: $-69,355
• Equity at exit: $52,309

Cash invested: $169,400 (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: 268
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $4,866 high
• Mortgage (P&I): −$3,173
• Tax from tax record: −$267 /mo · $3,200/yr
• Insurance: −$252
• HOA: −$162
• Vacancy / Maint / Mgmt: −$1,022
• Net cashflow: $-9

Break-even live

Break-even rent $4,878

Max offer price $603,417

Occupancy floor 95%

Sensitivity live

Price	-10% $334	-5% $162	+0% $-9	+5% $-180	+10% $-351
Rent	-10% $-393	-5% $-201	+0% $-9	+5% $183	+10% $375
Rate	-1.0pp $296	-0.5pp $145	base $-9	+0.5pp $-166	+1.0pp $-325

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: $151,250
• Closing costs: $18,150
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22492 Middletown Dr Boca Raton, FL	4.0	2.5	2001	$4,300	$2.15	25d	1	0.19mi
22492 Middletown Dr Boca Raton, FL	4.0	2.5	2001	$4,300	$2.15	12d	1	0.19mi
12686 Little Palm Ln Unit 12686 Boca Raton, FL	5.0	3.0	2835	$5,300	$1.87	3d	1	0.21mi
22040 Altona Dr Boca Raton, FL	4.0	2.0	1797	$4,500	$2.50	8d	1	0.35mi
22040 Altona Dr Boca Raton, FL	4.0	2.0	1797	$4,500	$2.50	15d	1	0.35mi
22625 Blue Fin Trl Boca Raton, FL	3.0	2.0	1766	$4,500	$2.55	20d	1	0.48mi
9620 Waterview Way #9620 Parkland, FL	3.0	2.5	1875	$4,150	$2.21	23d	1	0.53mi
9575 Town Parc Cir N Parkland, FL	4.0	3.5	2030	$4,500	$2.22	18d	1	0.54mi
12502 Baywind Ct Boca Raton, FL	3.0	2.0	2139	$5,900	$2.76	23d	1	0.54mi
21783 Philmont Ct Boca Raton, FL	4.0	3.0	2269	$5,600	$2.47	25d	1	0.57mi
8435 Blue Cove Way Parkland, FL	4.0	3.5	1714	$3,995	$2.33	25d	1	0.60mi
22442 Sea Bass Dr Boca Raton, FL	4.0	2.5	2424	$4,850	$2.00	25d	1	0.64mi
12149 Quilting Ln Boca Raton, FL	4.0	2.5	2440	$4,400	$1.80	8d	1	0.71mi
12149 Quilting Ln Boca Raton, FL	4.0	2.5	2440	$4,400	$1.80	25d	1	0.71mi
8671 Lakeside Bnd Unit 1 Parkland, FL	4.0	4.0	2982	$5,700	$1.91	16d	1	0.75mi
8671 Lakeside Bnd Unit 1 Parkland, FL	4.0	4.0	2982	$5,700	$1.91	18d	1	0.75mi
8671 Lakeside Bnd Parkland, FL	4.0	4.0	2982	$5,700	$1.91	13d	1	0.75mi
8671 Lakeside Bnd Unit 1 Parkland, FL	4.0	4.0	2982	$5,300	$1.78	4d	1	0.75mi
10185 Cameilla St Parkland, FL	5.0	3.5	3372	$8,900	$2.64	13d	1	1.03mi
10185 Cameilla St Parkland, FL	5.0	3.5	3372	$8,900	$2.64	4d	1	1.03mi
8256 Bradford Way Parkland, FL	4.0	3.0	3221	$8,700	$2.70	8d	1	1.12mi
7663 Old Thyme Ct Unit 7C Parkland, FL	3.0	2.0	1663	$5,500	$3.31	18d	1	1.28mi
7663 Old Thyme Ct Unit 7C Parkland, FL	3.0	2.0	1663	$5,500	$3.31	6d	1	1.28mi
7616 Old Thyme Ct Unit 11B Parkland, FL	4.0	2.0	2288	$6,500	$2.84	20d	1	1.28mi
7551 Old Thyme Ct Parkland, FL	3.0	2.0	1663	$5,200	$3.13	8d	1	1.30mi
22618 Vistawood Way Boca Raton, FL	4.0	2.0	1668	$3,400	$2.04	8d	1	1.41mi
8197 NW 107th Ter Parkland, FL	4.0	3.0	2450	$5,400	$2.20	20d	1	1.42mi
8197 NW 107th Ter Parkland, FL	4.0	3.0	2450	$5,400	$2.20	6d	1	1.42mi
21232 Rock Ridge Dr Boca Raton, FL	4.0	3.0	2970	$5,950	$2.00	20d	1	1.48mi
21232 Rock Ridge Dr Boca Raton, FL	4.0	3.0	2970	$5,950	$2.00	25d	1	1.48mi

HOA detail

• Monthly dues: $162 · $1,944/yr

Listing history 16 events

1. 2026-06-21
   days on market $605,000 Active 67 DOM
2. 2026-06-18
   days on market $605,000 Active 64 DOM
3. 2026-06-17
   days on market $605,000 Active 63 DOM
4. 2026-06-16
   days on market $605,000 Active 62 DOM
5. 2026-06-15
   days on market $605,000 Active 61 DOM
6. 2026-06-13
   days on market $605,000 Active 59 DOM
7. 2026-06-09
   days on market $605,000 Active 55 DOM
8. 2026-06-08
   days on market $605,000 Active 54 DOM
9. 2026-06-07
   days on market $605,000 Active 53 DOM
10. 2026-06-04
    days on market $605,000 Active 50 DOM
11. 2026-06-03
    days on market $605,000 Active 49 DOM
12. 2026-06-02
    days on market $605,000 Active 48 DOM
13. 2026-06-01
    days on market $605,000 Active 47 DOM
14. 2026-05-31
    days on market $605,000 Active 46 DOM
15. 2026-04-15
    listed $605,000 Active
16. 1990-07-11
    soldstatus $127,000

ⓘ 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: $3,200 · $267/mo
• Projected year-2 tax: $5,022 · $418/mo
• Expected delta: +$1,822/yr (+$152/mo · 56.9%)

ⓘ 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 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 26 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: $58,397
• − Mortgage interest: −$33,889
• − Property taxes: −$3,200
• − Insurance: −$3,025
• − Repairs & maintenance: −$4,672
• − Management: −$4,672
• − HOA: −$1,944
• − Depreciation: −$17,600
• Taxable loss: −$10,605
• Est. tax savings @ 24.0%: +$2,545
• After-tax cash flow: $2,438/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 — Parkland

• Score: 67/100
• State rank: #551
• US rank: #10403

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety F 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: 72,110
• 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

+376.4% since first listed

2 events — show timeline

• 2026-04-15 Listed $605,000 Beaches MLS
• 1990-07-11 Sold (Public Records) $127,000 Public Records

Property tax history

+1.3%/yr

Latest (2025): $3,200 · +3.3% YoY. Source: county tax records.