3899 Redman Pkwy #143

Boynton Beach, FL 33436

$145,000B

4 bd · 2.0 ba · 1,360 sqft · Built 2000 · Manufactured · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,234/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$0
• Vac / Maint / Mgmt: −$679
• Net cashflow: $1,553/mo
• Annual: $18,635/yr
• Cap rate: 19.14%
• Cash-on-cash: 45.90%
• DSCR: 3.04
• 1% rule: 2.23%
• Cash to close: $40,600

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $145k. Condition is rated good.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• It's been on market 30 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#351 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: amenities D+, crime D-, 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: Freedom Shores Elementary School (math 38% / reading 41%, grade F, #1,513 of 2,144 statewide, top 73%, 677 students, 69% FRL); Tradewinds Middle School (math 25% / reading 35%, grade F, #468 of 571 statewide, top 82%, 912 students, 74% FRL); Santaluces Community High (math 22% / reading 39%, grade F, #434 of 667 statewide, top 66%, 2,675 students, 61% FRL) — zoned schools average 68% FRL vs 52% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 50% district-wide (-16 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.6%/yr); 457 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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.
• Cap rate 19.1% vs local median 4.3% in Boynton Beach — 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.
• At $3,234/mo this rent would consume 51% of the median local household income ($76k/yr) (locally 1813% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.
• 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.