815 Salem Ln · Greenacres, FL 33467

$150,000

2 bd · 2.0 ba · 941 sqft · Condo public records · 92 Days on market

Built 1983 $549/mo HOA · 26% 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 +17.8/30.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Seller wants condo sold!! Will pay 3 months of COA fees with an acceptable offer. Spic and span 2 bedroom, 2 bath condo in beautiful Covered Bridge. Completely tiled, washer and dryer in unit, with new electric throughout including main breaker. Park right outside your door and start living the South Florida lifestyle. Covered Bridge is convenient to PBI airport, shopping, restaurants, turnpike and the beach. Come enjoy all the wonderful amenities Covered Bridge has to offer. 2 beautiful lakes with walking paths, 2 heated pools, library, clubhouse, numerous clubs and activities. Come see this condo which is priced to sell.

Key facts

• Beautiful lakes
• Scenic walking paths
• Brand-new pools

Tags

• SINGLE-FLOOR LIVING
• PET-FRIENDLY ENVIRONMENT
• BRAND-NEW POOLS
• SCENIC WALKING PATHS
• BEAUTIFUL LAKES
• EASY ACCESS TO SHOPPING

Property features AI

Finance

• Other: Pets allowed with possible breed, number and size restrictions
• HOA & community: Part of Covered Bridge Condominium Association; Monthly association fee (amount listed separately); Association amenities include: clubhouse, pool, fitness center, sauna, tennis and shuffleboard courts, bocce ball, billiard and game rooms, community room, picnic area, jogging path, sidewalks, street lights, library, workshop area, manager on site, on-site management, parking, internet included, and recreation facilities; Community of 960 units; Senior community

Exterior

• Parking: Assigned parking and guest parking; Two parking spaces total (including one open space)
• Security: Smoke detectors; Owned security system
• Utilities: Public water; Public sewer; Electricity with circuit breakers and three-phase available; Cable connected; Water, sewer and electricity available
• Home design: Condominium; One-story property; Entry level living area
• Construction: Concrete/CBS block construction with stucco finish; Mansard and rolled/hot mop roof; Slab foundation; Built/resale property (public records list living area as 941)
• Exterior features: Workshop structure on property; Sidewalks; Private maintained paved asphalt road frontage; Waterfront designation (no specific waterfront features)

Interior

• Kitchen: Electric range; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Flooring: Ceramic tile flooring
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central individual heating; Central individual cooling; Ceiling fans
• Interior features: Bedroom layout with stacked configuration; Dome-style kitchen
• Laundry & utility: In-unit laundry with washer hookup in a main-level laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#490 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D+, employment 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 (-0.4%/yr); 651 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).

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.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $95k; list at $150k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 26% 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 $136,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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?
7. 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.
8. 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.
9. 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: 1.40% ✓
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• GRM: 6.0

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: -15.4%
• Equity multiple: 0.47×
• Total profit: $-22,174
• Equity at exit: $22,365

10-year hold

• IRR: -16.9%
• Equity multiple: 0.25×
• Total profit: $-31,489
• Equity at exit: $12,969

Cash invested: $42,000 (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 33467

• Rents YoY: -0.4%
• Active inventory: 651
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,101 high
• Mortgage (P&I): −$787
• Tax from tax record: −$137 /mo · $1,638/yr
• Insurance: −$62
• HOA: −$549
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $125

Break-even live

Break-even rent $1,943

Max offer price $150,000

Occupancy floor 89%

Sensitivity live

Price	-10% $210	-5% $167	+0% $125	+5% $82	+10% $40
Rent	-10% $-41	-5% $42	+0% $125	+5% $208	+10% $291
Rate	-1.0pp $200	-0.5pp $163	base $125	+0.5pp $86	+1.0pp $46

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
845 Salem Ln Lake Worth, FL	2.0	2.0	1024	$1,850	$1.81	25d	1	0.03mi
192 Cape Cod Cir Lake Worth, FL	1.0	1.5	902	$1,850	$2.05	25d	1	0.34mi
386 Bennington Ln Lake Worth, FL	2.0	2.0	941	$2,000	$2.13	15d	1	0.39mi
711 Laconia Cir Unit B Lake Worth, FL	2.0	2.0	1088	$2,300	$2.11	25d	1	0.41mi
733 Nantucket Cir Lake Worth, FL	2.0	2.0	941	$2,500	$2.66	25d	1	0.41mi
245 Down East Ln Unit B Lake Worth, FL	2.0	2.0	941	$1,900	$2.02	25d	1	0.42mi
3593 Birdie Dr #103 Lake Worth, FL	1.0	1.5	824	$1,600	$1.94	25d	1	0.53mi
3755 Via Poinciana #304 Lake Worth, FL	2.0	2.0	1103	$2,000	$1.81	25d	1	0.60mi
3661 Via Poinciana #616 Lake Worth, FL	2.0	2.0	1103	$2,000	$1.81	22d	1	0.65mi
3661 Via Poinciana #616 Lake Worth, FL	2.0	2.0	1103	$2,000	$1.81	14d	1	0.65mi
4373 Trevi Ct Lake Worth, FL	2.0	1.5	1080	$2,500	$2.31	18d	1	0.69mi
3810 Via Poinciana #404 Lake Worth, FL	2.0	2.0	1114	$1,900	$1.71	8d	1	0.73mi
3590 Via Poinciana #510 Lake Worth, FL	1.0	1.5	849	$1,600	$1.88	25d	1	0.74mi
4363 Trevi Ct #203 Lake Worth, FL	1.0	1.5	761	$1,650	$2.17	25d	1	0.75mi
4070 Tivoli Ct #307 Lake Worth, FL	2.0	2.0	939	$1,675	$1.78	6d	1	0.75mi
4070 Tivoli Ct #307 Lake Worth, FL	2.0	2.0	939	$1,750	$1.86	21d	1	0.75mi
4575 Lucerne Lakes Blvd W #104 Lake Worth, FL	1.0	1.0	900	$1,240	$1.38	12d	1	0.76mi
4575 Lucerne Lakes Blvd W #104 Lake Worth, FL	1.0	1.0	900	$1,275	$1.42	8d	1	0.76mi
7257 Golf Colony Ct #203 Lake Worth, FL	2.0	2.0	790	$1,950	$2.47	8d	1	0.82mi
4345 Trevi Ct #204 Lake Worth, FL	2.0	2.0	1005	$2,100	$2.09	21d	1	0.82mi
3212 Strawflower Way Lake Worth, FL	2.0	2.0	1017	$2,000	$1.97	18d	2	0.82mi
3212 Strawflower Way #207 Lake Worth, FL	2.0	2.0	1017	$1,850	$1.82	25d	1	0.82mi
3212 Strawflower Way Greenacres, FL	2.0	2.0	1017	$2,200	$2.16	11d	1	0.82mi
4640 Lucerne Lakes Blvd W Lake Worth, FL	2.0	1.0–2.0	960	$1,525	$1.59	5d	2	0.83mi
7149 Golf Colony Ct #104 Lake Worth, FL	2.0	2.0	790	$2,300	$2.91	25d	1	0.84mi
7149 Golf Colony Ct Lake Worth, FL	2.0	2.0	823	$2,075	$2.52	2d	3	0.84mi
7149 Golf Colony Ct Lake Worth, FL	2.0	2.0	823	$2,098	$2.55	13d	2	0.84mi
7101 Golf Colony Ct #102 Lake Worth, FL	2.0	2.0	790	$2,500	$3.16	25d	1	0.87mi
7137 Golf Colony Ct #202 Lake Worth, FL	2.0	2.0	735	$2,000	$2.72	4d	1	0.87mi
7137 Golf Colony Ct #202 Lake Worth, FL	2.0	2.0	735	$1,995	$2.71	15d	1	0.87mi
8300 Garden Catalina Cir Lake Worth, FL	2.0	2.0	1097	$2,595	$2.37	25d	1	0.87mi
7250 Golf Colony Ct #104 Lake Worth, FL	2.0	2.0	815	$1,985	$2.44	25d	1	0.88mi
7250 Golf Colony Ct #104 Lake Worth, FL	2.0	2.0	815	$2,100	$2.58	0d	1	0.88mi
7281 Golf Colony Ct #204 Lake Worth, FL	1.0	1.0	857	$1,450	$1.69	12d	1	0.89mi
4120 Tivoli Ct #305 Lake Worth, FL	1.0	1.0	704	$1,750	$2.49	25d	1	0.89mi
4598 Lucerne Lakes Blvd E #101 Lake Worth, FL	2.0	2.0	872	$2,250	$2.58	25d	1	0.89mi
4598 Lucerne Lakes Blvd E #101 Lake Worth, FL	2.0	2.0	872	$2,250	$2.58	5d	1	0.89mi
7091 Golf Colony Ct #201 Lake Worth, FL	2.0	2.0	735	$1,850	$2.52	14d	1	0.89mi
7178 Golf Colony Ct #101 Lake Worth, FL	2.0	2.0	735	$1,700	$2.31	25d	1	0.90mi
4100 Tivoli Ct #104 Lake Worth, FL	1.0	1.0	780	$1,600	$2.05	25d	1	0.91mi

HOA detail condo

• Monthly dues: $549 · $6,588/yr
• Likely covers: electricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $150,000 Active 92 DOM
2. 2026-06-17
   days on market $150,000 Active 91 DOM
3. 2026-06-16
   days on market $150,000 Active 90 DOM
4. 2026-06-15
   days on market $150,000 Active 89 DOM
5. 2026-06-13
   days on market $150,000 Active 87 DOM
6. 2026-06-09
   days on market $150,000 Active 83 DOM
7. 2026-06-08
   days on market $150,000 Active 82 DOM
8. 2026-06-07
   days on market $150,000 Active 81 DOM
9. 2026-06-04
   days on market $150,000 Active 78 DOM
10. 2026-06-03
    days on market $150,000 Active 77 DOM
11. 2026-06-02
    days on market $150,000 Active 76 DOM
12. 2026-06-01
    days on market $150,000 Active 75 DOM
13. 2026-05-31
    days on market $150,000 Active 74 DOM
14. 2026-03-16
    listed $150,000 Active
15. 2020-03-26
    soldstatus $95,000
16. 2020-03-24
    soldstatus $95,000 Closed 637-char remark

    Show marketing remark (637 chars)

    Seller wants condo sold!! Will pay 3 months of COA fees with an acceptable offer. Spic and span 2 bedroom, 2 bath condo in beautiful Covered Bridge. Completely tiled, washer and dryer in unit, with new electric throughout including main breaker. Park right outside your door and start living the South Florida lifestyle. Covered Bridge is convenient to PBI airport, shopping, restaurants, turnpike and the beach. Come enjoy all the wonderful amenities Covered Bridge has to offer. 2 beautiful lakes with walking paths, 2 heated pools, library, clubhouse, numerous clubs and activities. Come see this condo which is priced to sell.

17. 2020-02-20
    status Pending 637-char remark

    Show marketing remark (637 chars)

    Seller wants condo sold!! Will pay 3 months of COA fees with an acceptable offer. Spic and span 2 bedroom, 2 bath condo in beautiful Covered Bridge. Completely tiled, washer and dryer in unit, with new electric throughout including main breaker. Park right outside your door and start living the South Florida lifestyle. Covered Bridge is convenient to PBI airport, shopping, restaurants, turnpike and the beach. Come enjoy all the wonderful amenities Covered Bridge has to offer. 2 beautiful lakes with walking paths, 2 heated pools, library, clubhouse, numerous clubs and activities. Come see this condo which is priced to sell.

18. 2020-02-18
    price $103,000 637-char remark

    Show marketing remark (637 chars)

    Seller wants condo sold!! Will pay 3 months of COA fees with an acceptable offer. Spic and span 2 bedroom, 2 bath condo in beautiful Covered Bridge. Completely tiled, washer and dryer in unit, with new electric throughout including main breaker. Park right outside your door and start living the South Florida lifestyle. Covered Bridge is convenient to PBI airport, shopping, restaurants, turnpike and the beach. Come enjoy all the wonderful amenities Covered Bridge has to offer. 2 beautiful lakes with walking paths, 2 heated pools, library, clubhouse, numerous clubs and activities. Come see this condo which is priced to sell.

19. 2020-01-24
    price $109,000 637-char remark

    Show marketing remark (637 chars)

    Seller wants condo sold!! Will pay 3 months of COA fees with an acceptable offer. Spic and span 2 bedroom, 2 bath condo in beautiful Covered Bridge. Completely tiled, washer and dryer in unit, with new electric throughout including main breaker. Park right outside your door and start living the South Florida lifestyle. Covered Bridge is convenient to PBI airport, shopping, restaurants, turnpike and the beach. Come enjoy all the wonderful amenities Covered Bridge has to offer. 2 beautiful lakes with walking paths, 2 heated pools, library, clubhouse, numerous clubs and activities. Come see this condo which is priced to sell.

20. 2019-11-20
    listed $110,000 Active 637-char remark

    Show marketing remark (637 chars)

    Seller wants condo sold!! Will pay 3 months of COA fees with an acceptable offer. Spic and span 2 bedroom, 2 bath condo in beautiful Covered Bridge. Completely tiled, washer and dryer in unit, with new electric throughout including main breaker. Park right outside your door and start living the South Florida lifestyle. Covered Bridge is convenient to PBI airport, shopping, restaurants, turnpike and the beach. Come enjoy all the wonderful amenities Covered Bridge has to offer. 2 beautiful lakes with walking paths, 2 heated pools, library, clubhouse, numerous clubs and activities. Come see this condo which is priced to sell.

21. 2019-11-12
    historical
22. 2019-11-09
    price $107,900
23. 2019-07-31
    listed $112,900 Active
24. 1984-07-01
    soldstatus $48,000
25. 1984-07-01
    soldstatus $48,000

ⓘ 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: $1,638 · $137/mo
• Projected year-2 tax: $1,638 · $137/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 ≥106°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: $25,207
• − Mortgage interest: −$8,402
• − Property taxes: −$1,638
• − Insurance: −$750
• − Repairs & maintenance: −$2,017
• − Management: −$2,017
• − HOA: −$6,588
• − Depreciation: −$4,364
• Taxable loss: −$568
• Est. tax savings @ 24.0%: +$136
• After-tax cash flow: $1,634/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 — Greenacres

• Score: 69/100
• State rank: #490
• US rank: #9008

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment D Housing A+ Health & safety A 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: 65,478
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 58,411
• Household income: $95,739
• Rent vs Own: 13.6% rent · 86.4% own
• Severe rent burden: 960.0

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: White 59% Hispanic / Latino 22% Two or more races 13% Black 10% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 4% Dominican 2%
• Common ancestry: Romanian 4% Scotch-Irish 3% Hispanic 3%
• Foreign-born: 24% · Canada, Jamaica, Vietnam
• Languages at home: 71% English-only · Spanish 17% French/Haitian/Cajun 5% Other Indo-European 3%

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: ▼ -288.94%
• Current HPI: 343.7738
• Rent YoY: ▼ -0.40%
• 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

+212.5% since first listed

12 events — show timeline

• 2026-03-16 Listed $150,000 Beaches MLS
• 2020-03-26 Sold (Public Records) $95,000 Public Records
• 2020-03-24 Sold (MLS) $95,000 Beaches MLS
• 2020-02-20 Pending — Beaches MLS
• 2020-02-18 Price Changed $103,000 Beaches MLS
• 2020-01-24 Price Changed $109,000 Beaches MLS
• 2019-11-20 Listed $110,000 Beaches MLS
• 2019-11-12 Listing Removed — Beaches MLS
• 2019-11-09 Price Changed $107,900 Beaches MLS
• 2019-07-31 Listed $112,900 Beaches MLS
• 1984-07-01 Sold (Public Records) $48,000 Public Records
• 1984-07-01 Sold (Public Records) $48,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $1,638 · -12.9% YoY. Source: county tax records.