616 Sea Pine Way Unit A1 · Greenacres, FL 33415

$159,000

2 bd · 2.0 ba · 1,005 sqft · Condo public records · 2 Days on market

Built 1982 $412/mo HOA · 20% 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 +21.2/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GROUND FLOOR, EAST EXPOSURE, END UNIT, NEWER WASHER/DRYER & WATER HEATER MICROWAVE INCLUDED. NEWER BATH SINKS & FAUCET

Key facts

• Ground-floor access
• Prime location
• $412 HOA

Tags

• FIRST-FLOOR CORNER UNIT
• GROUND-FLOOR ACCESS
• PRIME LOCATION

Property features AI

Finance

• HOA & community: Homeowners association with monthly dues; Monthly HOA fee of $412; HOA covers water, sewer, trash and common areas; Community amenities include pool (heated), tennis courts, pickleball courts, basketball court, game room, park and picnic area

Exterior

• Parking: Asphalt parking; 1 parking space
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water available
• Home design: Condominium; One-story; Resale condition; Faces west
• Construction: Built with block/CBS construction; Shingle roof; Concrete perimeter foundation
• Exterior features: Not waterfront

Interior

• Kitchen: Dishwasher; Refrigerator; Electric cooktop; Freezer
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets
• Laundry & utility: Laundry area in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).

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: employment D, amenities F, 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: Cholee Lake Elementary School (math 35% / reading 34%, grade F, #1,709 of 2,144 statewide, top 81%, 936 students, 72% FRL); Okeeheelee Middle School (math 34% / reading 40%, grade F, #399 of 571 statewide, top 71%, 1,377 students, 68% FRL) — zoned schools average 70% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-14 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 (-1.6%/yr); 314 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 40% of the median local income ($61k/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 $5k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 27y 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 $50k; list at $159k implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.27% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.22%
• DSCR: 1.28
• GRM: 6.5

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: -10.8%
• Equity multiple: 0.62×
• Total profit: $-16,816
• Equity at exit: $23,707

10-year hold

• IRR: -7.6%
• Equity multiple: 0.60×
• Total profit: $-17,865
• Equity at exit: $13,747

Cash invested: $44,520 (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 33415

• Rents YoY: -1.6%
• Active inventory: 314
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,025 high
• Mortgage (P&I): −$834
• Tax from tax record: −$57 /mo · $683/yr
• Insurance: −$66
• HOA: −$412
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $231

Break-even live

Break-even rent $1,733

Max offer price $159,000

Occupancy floor 84%

Sensitivity live

Price	-10% $321	-5% $276	+0% $231	+5% $186	+10% $141
Rent	-10% $71	-5% $151	+0% $231	+5% $311	+10% $391
Rate	-1.0pp $311	-0.5pp $271	base $231	+0.5pp $189	+1.0pp $147

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
616 Sea Pine Way Unit C3 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	25d	1	0.02mi
527 Shady Pine Way Greenacres, FL	2.0	2.0	1115	$1,975	$1.77	0d	2	0.08mi
633 Sea Pine Way Unit C Greenacres, FL	2.0	2.0	1370	$2,450	$1.79	25d	1	0.15mi
511 Shady Pine Way Unit D2 Greenacres, FL	2.0	2.0	1115	$2,200	$1.97	25d	1	0.17mi
511 Shady Pine Way Unit D2 Greenacres, FL	2.0	2.0	1115	$2,200	$1.97	4d	1	0.17mi
507 Shady Pine Way Unit D1 Greenacres, FL	1.0	1.0	788	$1,400	$1.78	15d	1	0.18mi
508 Shady Pine Way Unit D1 Greenacres, FL	2.0	2.0	1115	$1,850	$1.66	22d	1	0.19mi
502 Shady Pine Way Unit D2 Greenacres, FL	2.0	1.0	991	$1,900	$1.92	0d	1	0.25mi
628 Sea Pine Way Unit A2 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	17d	1	0.26mi
703 Sunny Pine Way Unit G2 Greenacres, FL	2.0	2.0	1068	$2,000	$1.87	16d	1	0.26mi
504 Shady Pine Way Unit 2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	25d	1	0.28mi
207 Foxtail Dr Unit E3 Greenacres, FL	2.0	2.0	1005	$1,900	$1.89	5d	1	0.28mi
629 Sea Pine Way Unit D3 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	22d	1	0.29mi
208 Foxtail Dr Greenacres, FL	2.0	2.0	1005	$2,000	$1.99	25d	2	0.30mi
208 Foxtail Dr Unit C2 Greenacres, FL	2.0	2.0	1005	$2,000	$1.99	16d	1	0.30mi
2641 Gately Dr W West Palm Beach, FL	2.0–3.0	2.5	1238	$1,800	$1.45	0d	2	0.30mi
802 Sky Pine Way Unit E2 Greenacres, FL	2.0	2.0	1111	$1,750	$1.58	8d	1	0.30mi
205 Foxtail Dr Unit G3 Greenacres, FL	2.0	2.0	1005	$2,200	$2.19	25d	1	0.31mi
2212 White Pine Cir Unit B Greenacres, FL	3.0	2.5	1410	$2,600	$1.84	22d	1	0.31mi
703 Sunny Pine Way Greenacres, FL	2.0	2.0	1068	$1,900	$1.78	25d	2	0.31mi
2228 White Pine Cir Unit B Greenacres, FL	2.0	2.5	1252	$2,275	$1.82	14d	1	0.32mi
726 Sunny Pine Way Unit B2 Greenacres, FL	3.0	2.0	1254	$2,200	$1.75	4d	1	0.33mi
202 Foxtail Dr Greenacres, FL	2.0	2.0	1005	$1,925	$1.92	22d	2	0.34mi
202 Foxtail Dr Unit F1 Greenacres, FL	2.0	2.0	1005	$2,000	$1.99	8d	1	0.34mi
2221 White Pine Cir Greenacres, FL	2.0	2.5	1200	$1,800	$1.50	25d	1	0.34mi
2221 White Pine Cir Greenacres, FL	2.0	2.5	1200	$1,800	$1.50	19d	1	0.34mi
811 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1064	$1,550	$1.46	20d	1	0.34mi
813 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1111	$1,725	$1.55	3d	1	0.35mi
813 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1111	$1,725	$1.55	15d	1	0.35mi
203 Foxtail Dr Unit B3 Greenacres, FL	2.0	2.0	1005	$1,900	$1.89	6d	1	0.35mi
724 Sunny Pine Way Unit D2 Greenacres, FL	2.0	2.0	1111	$1,950	$1.76	25d	1	0.35mi
817 Sky Pine Way Unit H Greenacres, FL	2.0	2.0	1370	$2,300	$1.68	17d	1	0.36mi
812 Sky Pine Way Greenacres, FL	2.0	2.0	1064	$2,100	$1.97	25d	1	0.38mi
826 Sky Pine Way Greenacres, FL	2.0–3.0	2.0	1304	$1,800	$1.38	13d	2	0.38mi
712 Sunny Pine Way Greenacres, FL	2.0	2.0	1068	$2,150	$2.01	25d	1	0.44mi
5775 Fernley Dr W #131 West Palm Beach, FL	2.0	2.0	1072	$2,000	$1.87	11d	1	0.45mi
2206 Laurel Way West Palm Beach, FL	1.0–3.0	1.0–2.0	850	$1,975	$2.32	25d	3	0.45mi
6010 Sherwood Glen Way West Palm Beach, FL	1.0–2.0	1.0–2.0	942	$1,990	$2.11	0d	4	0.46mi
718 Sunny Pine Way Unit H2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	21d	1	0.47mi
718 Sunny Pine Way Unit H2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	6d	1	0.47mi

HOA detail condo

• Monthly dues: $412 · $4,944/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-18
   days on market $159,000 Active 2 DOM
2. 2026-06-17
   remarks 636-char remark
3. 2026-06-17
   listed $159,000 Active 1 DOM

ⓘ 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: $683 · $57/mo
• Projected year-2 tax: $1,320 · $110/mo
• Expected delta: +$637/yr (+$53/mo · 93.3%)

ⓘ 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 10/10 Extreme 7 d/yr ≥105°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 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,297
• − Mortgage interest: −$8,906
• − Property taxes: −$683
• − Insurance: −$795
• − Repairs & maintenance: −$1,944
• − Management: −$1,944
• − HOA: −$4,944
• − Depreciation: −$4,625
• Taxable income: $456
• Est. tax owed @ 24.0%: −$109
• After-tax cash flow: $2,658/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

• Census place: Greenacres, FL
• County: Palm Beach County · 1,438,312 people
• City population: 65,478
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,581
• Household income: $61,274
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 2254.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 53% Two or more races 26% White 21% Black 21% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Cuban 14% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 9% Romanian 1% Lithuanian 1%
• Foreign-born: 44% · Canada, Jamaica, Dominican Republic
• Languages at home: 40% English-only · Spanish 49% French/Haitian/Cajun 8% Other Indo-European 1%

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: ▼ -400.29%
• Current HPI: 413.9695
• Rent YoY: ▼ -1.64%
• 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

+225.2% since first listed

5 events — show timeline

• 2026-06-16 Listed $159,000 Beaches MLS
• 1999-08-21 Sold (MLS) $50,000 Beaches MLS
• 1999-08-10 Listing Removed — Beaches MLS
• 1999-08-10 Listed $52,900 Beaches MLS
• 1992-04-27 Sold (Public Records) $48,900 Public Records

Property tax history

+0.7%/yr

Latest (2025): $683 · +5.8% YoY. Source: county tax records.