2566 Garden Dr S #306 · Palm Springs, FL 33461

$65,000

1 bd · 1.0 ba · 744 sqft · Condo public records · 98 Days on market

Built 1968 $582/mo HOA · 36% of rent

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Why this score? — see what drove the B- 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 +29.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

GREAT OPPORTUNITY!! NICE 3RD FLOOR UNIT. CONCRETE WORK ALREADY DONE!! WONDERFUL COMMUNITY W/ MANY AMENITIES.

Key facts

• Neutral flooring
• Convenient to retail
• Newer appliances

Tags

• MODERN KITCHEN
• SOFT CLOSE CABINETS
• NEWER APPLIANCES
• UPDATED BATHROOM
• NEUTRAL FLOORING
• CONVENIENT TO RETAIL

Property features AI

Finance

• Other: Senior community; Pets allowed (pet restrictions possible)
• HOA & community: Association: Lake Clarke Gardens; Monthly HOA fee; Association amenities include billiard room, elevators, fitness center, game room, on-site laundry, management, pool (heated), sauna, shuffleboard court, manager on site, trash chute, bocce ball, community room, library, putting green, and recreation facilities; HOA fee covers cable TV, insurance, internet, grounds maintenance, pest control, sewer, trash, water, common areas, elevator, reserve funds, recreation facility, and pool service

Exterior

• Parking: Assigned parking; Deeded parking; Guest parking; 2 parking spaces total
• Security: Smoke detectors
• Utilities: Public water; Public sewer; 220 volts in kitchen; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; One-story building; Faces east; Resale property
• Construction: Concrete block (CBS) construction; Tar/gravel roof; Originally built as a multi-unit building
• Exterior features: Not waterfront

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Disposal; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom on the main level
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fan(s)
• Interior features: Built-in features; Storm windows
• Laundry & utility: Laundry available in the building (on-site)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $59k (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; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 31% 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 $449 of loan paydown is wiped out by about $2k 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 98 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 28y ago; this cycle's ask has dropped $8k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $39k; list at $65k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 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: 2.48% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.63%
• DSCR: 1.65
• GRM: 3.4

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: -1.1%
• Equity multiple: 0.96×
• Total profit: $-732
• Equity at exit: $9,692

10-year hold

• IRR: 0.9%
• Equity multiple: 1.05×
• Total profit: $889
• Equity at exit: $5,620

Cash invested: $18,200 (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: 3.4×

Monthly cashflow live

• Estimated rent: $1,614 high
• Mortgage (P&I): −$341
• Tax from tax record: −$103 /mo · $1,240/yr
• Insurance: −$27
• HOA: −$582
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $222

Break-even live

Break-even rent $1,333

Max offer price $65,000

Occupancy floor 81%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2566 Garden Dr S Lake Worth Beach, FL	1.0	1.0	744	$1,395	$1.88	24d	1	0.04mi
3260 Hi St Unit B Lake Worth Beach, FL	1.0	1.0	400	$1,700	$4.25	24d	1	0.40mi
3300 Boutwell Rd Lake Worth Beach, FL	1.0–2.0	1.0–2.0	765	$1,870	$2.44	24d	1	0.47mi
3017 Buckley Ave Lake Worth, FL	2.0	1.0	720	$2,200	$3.06	24d	1	0.65mi
965 Manor Dr Palm Springs, FL	2.0	1.0	687	$1,722	$2.51	1d	5	0.75mi
1765 16th Ct N Lake Worth Beach, FL	—	1.0	450	$1,700	$3.78	24d	1	0.88mi
2571 Lake Worth Rd Lake Worth, FL	1.0–2.0	1.0–2.0	750	$1,378	$1.84	2d	2	0.96mi
1755 Forest Hill Blvd Lake Clarke Shores, FL	1.0	1.0	662	$1,595	$2.41	8d	1	0.97mi
2220 Lake Worth Rd Lake Worth, FL	1.0	1.0	700	$1,779	$2.54	22d	1	1.02mi
2085 S Congress Ave Palm Springs, FL	1.0–3.0	1.0–2.0	963	$2,055	$2.13	2d	14	1.10mi
246 Cypress Ln Lake Worth Beach, FL	1.0–2.0	1.0	850	$1,550	$1.82	24d	2	1.13mi
240 Alemeda Dr Palm Springs, FL	1.0–2.0	1.0–2.0	825	$1,650	$2.00	24d	3	1.15mi
200 Bonnie Blvd #132 Palm Springs, FL	1.0	1.0	577	$1,500	$2.60	22d	1	1.18mi
300 Bonnie Blvd #144 Palm Springs, FL	1.0	1.0	702	$1,350	$1.92	24d	1	1.23mi
3654 Coconut Rd Palm Springs, FL	1.0	1.0	600	$1,500	$2.50	24d	1	1.24mi
1201 N E St Unit 2 Lake Worth Beach, FL	1.0	1.0	600	$1,500	$2.50	24d	1	1.24mi
123 Erie St Apt 10 Lake Worth, FL	1.0	1.0	600	$1,325	$2.21	24d	1	1.29mi
3901 Lakewood Rd Unit A Lake Worth Beach, FL	2.0	1.0	704	$2,000	$2.84	24d	1	1.30mi
136 Akron St Apt B2 Lake Worth Beach, FL	1.0	1.0	599	$2,175	$3.63	24d	1	1.30mi
136 Akron St Unit A1 Lake Worth Beach, FL	1.0	1.0	599	$2,075	$3.46	24d	1	1.30mi
436 Fontana Dr Lake Worth, FL	1.0	1.0	550	$1,450	$2.64	24d	1	1.40mi
436 Fontana Dr Lake Worth, FL	1.0	1.0	550	$1,375	$2.50	22d	1	1.40mi
417 N E St Unit 36 Lake Worth Beach, FL	1.0	1.0	650	$1,550	$2.38	12d	1	1.42mi
417 N E St Unit 39 Lake Worth Beach, FL	1.0	1.0	700	$1,550	$2.21	24d	1	1.42mi
413 N E St Lake Worth Beach, FL	2.0	1.0	646	$2,000	$3.10	24d	1	1.44mi
3874 7th Ave N Unit 3878 Lake Worth Beach, FL	1.0	1.0	528	$1,600	$3.03	24d	1	1.44mi
1601 N Dixie Hwy Lake Worth Beach, FL	1.0–2.0	1.0–2.0	831	$1,785	$2.15	1d	7	1.45mi
920 11th Ave N Unit 912 Lake Worth Beach, FL	1.0	1.0	600	$1,100	$1.83	21d	1	1.45mi
1118 N H St Unit 15 Lake Worth Beach, FL	1.0	1.0	483	$1,550	$3.21	14d	1	1.46mi
912 11th Ave N Lake Worth Beach, FL	1.0	1.0	600	$1,100	$1.83	21d	1	1.47mi
801 N H St #1 Lake Worth Beach, FL	1.0	1.0	600	$1,550	$2.58	24d	1	1.47mi
1715 N Dixie Hwy Lake Worth Beach, FL	1.0–3.0	1.0–2.0	1014	$1,850	$1.82	24d	11	1.48mi
318 N E St Lake Worth Beach, FL	—	1.0	584	$1,800	$3.08	14d	1	1.50mi

HOA detail condo

• Monthly dues: $582 · $6,984/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $65,000 Active 98 DOM
2. 2026-06-17
   days on market $65,000 Active 97 DOM
3. 2026-06-16
   days on market $65,000 Active 96 DOM
4. 2026-06-15
   days on market $65,000 Active 95 DOM
5. 2026-06-13
   days on market $65,000 Active 93 DOM
6. 2026-06-09
   days on market $65,000 Active 89 DOM
7. 2026-06-08
   days on market $65,000 Active 88 DOM
8. 2026-06-07
   days on market $65,000 Active 87 DOM
9. 2026-06-04
   days on market $65,000 Active 84 DOM
10. 2026-06-03
    days on market $65,000 Active 83 DOM
11. 2026-06-02
    days on market $65,000 Active 82 DOM
12. 2026-06-01
    days on market $65,000 Active 81 DOM
13. 2026-05-31
    days on market $65,000 Active 80 DOM
14. 2026-05-23
    price $65,000
15. 2026-03-12
    listed $73,000 Active
16. 2024-11-11
    historical $1,600
17. 2024-11-11
    historical $1,600
18. 2024-05-11
    listed $1,600
19. 2024-05-11
    listed $1,600
20. 2004-02-18
    soldstatus $39,000
21. 2004-02-13
    soldstatus $39,000 108-char remark

    Show marketing remark (108 chars)

    GREAT OPPORTUNITY!! NICE 3RD FLOOR UNIT. CONCRETE WORK ALREADY DONE!! WONDERFUL COMMUNITY W/ MANY AMENITIES.

22. 2004-01-21
    historical 108-char remark

    Show marketing remark (108 chars)

    GREAT OPPORTUNITY!! NICE 3RD FLOOR UNIT. CONCRETE WORK ALREADY DONE!! WONDERFUL COMMUNITY W/ MANY AMENITIES.

23. 2004-01-12
    listed $39,900 108-char remark

    Show marketing remark (108 chars)

    GREAT OPPORTUNITY!! NICE 3RD FLOOR UNIT. CONCRETE WORK ALREADY DONE!! WONDERFUL COMMUNITY W/ MANY AMENITIES.

24. 2000-08-21
    soldstatus $25,000
25. 2000-08-11
    soldstatus $25,000 51-char remark

    Show marketing remark (51 chars)

    FULLY FURNISHED THIRD FLOOR UNIT, 2 COMMUNITY POOLS

26. 2000-07-30
    historical 51-char remark

    Show marketing remark (51 chars)

    FULLY FURNISHED THIRD FLOOR UNIT, 2 COMMUNITY POOLS

27. 2000-07-17
    listed $26,900 51-char remark

    Show marketing remark (51 chars)

    FULLY FURNISHED THIRD FLOOR UNIT, 2 COMMUNITY POOLS

28. 1999-08-16
    soldstatus $20,500
29. 1999-02-19
    soldstatus $20,500
30. 1999-01-10
    historical
31. 1998-12-04
    listed $22,000

ⓘ 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: $1,240 · $103/mo
• Projected year-2 tax: $1,240 · $103/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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 23 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: $19,371
• − Mortgage interest: −$3,641
• − Property taxes: −$1,240
• − Insurance: −$325
• − Repairs & maintenance: −$1,550
• − Management: −$1,550
• − HOA: −$6,984
• − Depreciation: −$1,891
• Taxable income: $2,190
• Est. tax owed @ 24.0%: −$526
• After-tax cash flow: $2,138/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

+195.5% since first listed

18 events — show timeline

• 2026-05-23 Price Changed $65,000 Beaches MLS
• 2026-03-12 Listed $73,000 Beaches MLS
• 2024-11-11 Rental Removed $1,600 GFLMLS
• 2024-11-11 Rental Removed $1,600 RMLSFL
• 2024-05-11 Listed for Rent $1,600 GFLMLS
• 2024-05-11 Listed for Rent $1,600 RMLSFL
• 2004-02-18 Sold (Public Records) $39,000 Public Records
• 2004-02-13 Sold (MLS) $39,000 Beaches MLS
• 2004-01-21 Listing Removed — Beaches MLS
• 2004-01-12 Listed $39,900 Beaches MLS
• 2000-08-21 Sold (Public Records) $25,000 Public Records
• 2000-08-11 Sold (MLS) $25,000 Beaches MLS
• 2000-07-30 Listing Removed — Beaches MLS
• 2000-07-17 Listed $26,900 Beaches MLS
• 1999-08-16 Sold (Public Records) $20,500 Public Records
• 1999-02-19 Sold (MLS) $20,500 Beaches MLS
• 1999-01-10 Listing Removed — Beaches MLS
• 1998-12-04 Listed $22,000 Beaches MLS

Property tax history

+13.9%/yr

Latest (2025): $1,240 · -0.3% YoY. Source: county tax records.