37010 Exuma Bay · Boynton Beach, FL 33436

$147,000

3 bd · 2.0 ba · 1,056 sqft · Condo public records · 82 Days on market

Built 1978 $270/mo HOA · 10% of rent ↓ 21% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2-bedroom, 2-bath home in a gated 55+ community, ready for your finishing touches. Features include an open floor plan, updated kitchen with island, spacious living room, new 150 amp electric panel, and refreshed bathrooms with vinyl flooring. Roof has been sealed. Enjoy added living space in the enclosed Florida room and enclosed carport with window A/C. Extended shed includes washer, dryer, and ample storage. Prime location near the pool and clubhouse. Monthly fee covers internet, water, sewer, lawn care, onsite management, and more. Community amenities include heated pools, shuffleboard, exercise classes, billiards, bingo, cards, ping pong, pickleball, dances and so much more. C

Key facts

• Gated community
• Open floor plan
• Enclosed carport

Tags

• GATED COMMUNITY
• OPEN FLOOR PLAN
• UPDATED KITCHEN
• ENCLOSED FLORIDA ROOM
• ENCLOSED CARPORT
• EXTENDED SHED

Property features AI

Finance

• Financial info: Pets allowed with number and size limits
• HOA & community: Part of Jamaica Bay community; Monthly association fee; Association amenities include: heated pool, pool, clubhouse, community room, billiard room, library, management/manager on site, dog park, picnic area, bocce ball, shuffleboard court, pickleball courts, street lights, internet included, maintenance of grounds, security, sewer and water for common areas

Exterior

• Parking: Attached carport; Covered carport with 2 spaces (2 total parking spaces)
• Security: Gated community with guard
• Utilities: Public water; Public sewer; Sewer available; Water available
• Home design: Manufactured home (double wide, modular); Single-story; Faces south; Resale property
• Construction: Metal roof
• Exterior features: Screened patio; Screened porch; Patio; Porch; Glass-enclosed porch

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Cathedral ceilings; Vaulted ceilings; Kitchen island; Walk-in closet(s); Bedroom layout with stacked bedrooms; Partially furnished
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $147k.

Deal economics

• At list price, monthly cash flow is $874 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $147k).
• Recommended offer: $138k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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.

Location & tenants

• 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: Hidden Oaks K-8 (math 42% / reading 53%, grade D, #1,182 of 2,144 statewide, top 55%, 785 students, 54% FRL); Congress Community Middle School (math 21% / reading 28%, grade F, #522 of 571 statewide, top 93%, 988 students, 72% FRL); Boynton Beach Community High (math 13% / reading 25%, grade F, #565 of 667 statewide, top 85%, 1,547 students, 65% FRL).
• Zoned-school proficiency averages 30% at this address vs 50% district-wide (-19 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; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 42% of the median local income ($76k/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 $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $138,180 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — 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. 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?
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: 1.82% ✓
• Cap rate: 13.43%
• Cash-on-cash: 25.49%
• DSCR: 2.13
• GRM: 4.6

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: 15.3%
• Equity multiple: 1.59×
• Total profit: $24,210
• Equity at exit: $21,918

10-year hold

• IRR: 21.4%
• Equity multiple: 2.54×
• Total profit: $63,232
• Equity at exit: $12,710

Cash invested: $41,160 (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 33436

• Home prices YoY: -26.0%
• Rents YoY: -0.6%
• Active inventory: 457
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,673 high
• Mortgage (P&I): −$771
• Tax from tax record: −$135 /mo · $1,621/yr
• Insurance: −$61
• HOA: −$270
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $874

Break-even live

Break-even rent $1,566

Max offer price $147,000

Occupancy floor 62%

Sensitivity live

Price	-10% $958	-5% $916	+0% $874	+5% $833	+10% $791
Rent	-10% $663	-5% $769	+0% $874	+5% $980	+10% $1,085
Rate	-1.0pp $948	-0.5pp $912	base $874	+0.5pp $836	+1.0pp $797

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: $36,750
• Closing costs: $4,410
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8949 Oak St Boynton Beach, FL	2.0	2.0	1040	$1,300	$1.25	25d	1	0.59mi
9498 S Military Trl #5 Boynton Beach, FL	3.0	2.5	1317	$2,900	$2.20	25d	1	0.69mi
5537 Pebble Brook Ln Boynton Beach, FL	3.0	2.0	1166	$2,825	$2.42	16d	1	0.88mi
5373 Mirror Lakes Blvd Boynton Beach, FL	3.0	2.0	1310	$2,100	$1.60	25d	1	0.90mi
5155 Europa Dr Unit J Boynton Beach, FL	3.0	2.0	1333	$2,750	$2.06	25d	1	0.90mi
5072 Arbor Glen Cir Lake Worth, FL	3.0	2.0	1232	$3,300	$2.68	16d	1	0.95mi
5157 Floria Way Unit J Boynton Beach, FL	3.0	2.0	1447	$3,300	$2.28	25d	1	1.04mi
3736 Coelebs Ave Boynton Beach, FL	3.0	2.0	1232	$3,000	$2.44	25d	1	1.07mi
9900 Pineapple Tree Dr #106 Boynton Beach, FL	2.0	2.0	1008	$2,250	$2.23	25d	1	1.07mi
3930 Max Pl Boynton Beach, FL	2.0	2.0	1250	$2,370	$1.90	0d	1	1.09mi
5275 Europa Dr Unit I Boynton Beach, FL	3.0	2.0	1282	$2,500	$1.95	3d	1	1.10mi
9935 Pineapple Tree Dr #202 Boynton Beach, FL	2.0	2.0	1008	$2,575	$2.55	16d	1	1.10mi
5133 Brisata Cir Unit P Boynton Beach, FL	3.0	2.0	1374	$2,800	$2.04	25d	1	1.10mi
5418 Firenze Dr Unit P Boynton Beach, FL	2.0	2.0	1139	$2,400	$2.11	4d	1	1.16mi
3500 Sandpiper Dr Boynton Beach, FL	1.0–2.0	1.0–2.0	1147	$2,579	$2.25	23d	22	1.18mi
4525 Nutmeg Tree Ln Unit A Boynton Beach, FL	2.0	2.0	1404	$3,000	$2.14	25d	1	1.18mi
920 Sun Acres Ln Boynton Beach, FL	2.0	2.0	1352	$2,200	$1.63	25d	1	1.23mi
4220 Grove Park Ln Unit 1 Boynton Beach, FL	3.0	2.0	1406	$3,600	$2.56	25d	1	1.25mi
4220 Grove Park Ln Unit 1 Boynton Beach, FL	3.0	2.0	1406	$3,400	$2.42	5d	1	1.25mi
7705 Forest Green Ln Boynton Beach, FL	2.0	2.0	1379	$3,200	$2.32	19d	1	1.25mi
7705 Forest Green Ln Boynton Beach, FL	3.0	2.0	1379	$3,200	$2.32	25d	1	1.25mi
9873 Lawrence Rd Boynton Beach, FL	2.0	2.0	1200	$2,267	$1.89	23d	1	1.27mi
9873 Lawrence Rd Boynton Beach, FL	2.0	2.0	1200	$2,315	$1.93	5d	1	1.27mi
4259 Wood Ride Unit E Boynton Beach, FL	2.0	2.0	1240	$2,350	$1.90	9d	1	1.39mi
3561 Oberon Ave Boynton Beach, FL	3.0	2.0	1248	$2,850	$2.28	22d	1	1.40mi
9746 Nickels Blvd Boynton Beach, FL	2.0	2.0	1215	$2,800	$2.30	25d	1	1.46mi
1239 Sussex St Boynton Beach, FL	3.0	2.0	1436	$3,100	$2.16	25d	1	1.46mi
1239 Sussex St Boynton Beach, FL	3.0	2.0	1436	$3,100	$2.16	21d	1	1.46mi
5945 Parkwalk Dr Boynton Beach, FL	2.0	2.0	1178	$2,500	$2.12	23d	1	1.47mi

HOA detail condo

• Monthly dues: $270 · $3,240/yr
• Likely covers: watersewerelectricinternetlandscapingpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $147,000 Active 82 DOM
2. 2026-06-18
   days on market $147,000 Active 79 DOM
3. 2026-06-17
   days on market $147,000 Active 78 DOM
4. 2026-06-16
   days on market $147,000 Active 77 DOM
5. 2026-06-15
   days on market $147,000 Active 76 DOM
6. 2026-06-13
   days on market $147,000 Active 74 DOM
7. 2026-06-09
   days on market $147,000 Active 70 DOM
8. 2026-06-08
   days on market $147,000 Active 69 DOM
9. 2026-06-07
   days on market $147,000 Active 68 DOM
10. 2026-06-04
    days on market $147,000 Active 65 DOM
11. 2026-06-03
    days on market $147,000 Active 64 DOM
12. 2026-06-02
    days on market $147,000 Active 63 DOM
13. 2026-06-01
    days on market $147,000 Active 62 DOM
14. 2026-05-31
    days on market $147,000 Active 61 DOM
15. 2026-03-30
    listed $147,000 Active
16. 2026-03-30
    historical
17. 2025-07-31
    price $157,000
18. 2025-03-30
    price $159,000
19. 2025-03-10
    price $169,000
20. 2024-12-05
    price $179,000
21. 2024-10-25
    listed $185,000 Active

ⓘ 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: $1,621 · $135/mo
• Projected year-2 tax: $1,621 · $135/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 6 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,075
• − Mortgage interest: −$8,234
• − Property taxes: −$1,621
• − Insurance: −$735
• − Repairs & maintenance: −$2,566
• − Management: −$2,566
• − HOA: −$3,240
• − Depreciation: −$4,276
• Taxable income: $8,836
• Est. tax owed @ 24.0%: −$2,121
• After-tax cash flow: $8,371/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 — Boynton Beach

• Score: 72/100
• State rank: #351
• US rank: #6098

Category grades

Amenities D+ Commute F Cost of living B Crime D- Employment C 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
• City population: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 48,743
• Household income: $75,789
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 1813.0

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 0.64)
• Race & ethnicity: White 52% Black 24% Hispanic / Latino 19% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 3% Dominican 1%
• Common ancestry: Hispanic 12% Romanian 3% Scotch-Irish 2%
• Foreign-born: 27% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 14% French/Haitian/Cajun 13% 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: ▼ -109.59%
• Current HPI: 311.7742
• Rent YoY: ▼ -0.57%
• 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

-20.5% since first listed

7 events — show timeline

• 2026-03-30 Listing Removed — Beaches MLS
• 2026-03-30 Listed $147,000 Beaches MLS
• 2025-07-31 Price Changed $157,000 Beaches MLS
• 2025-03-30 Price Changed $159,000 Beaches MLS
• 2025-03-10 Price Changed $169,000 Beaches MLS
• 2024-12-05 Price Changed $179,000 Beaches MLS
• 2024-10-25 Listed $185,000 Beaches MLS

Property tax history

+2.5%/yr

Latest (2025): $1,621 · +3.8% YoY. Source: county tax records.