22805 SW 66th Ave #101 · Watergate, FL 33428

$165,777

2 bd · 2.0 ba · 874 sqft · Condo public records · 25 Days on market

Built 1977 $430/mo HOA · 18% 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 +25.7/30.0
• 1% rule +9.0/10.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

ASSOC. says 55+, allows Rental for 4 mo/year. Senior community with 3 pools and Clubhouse. Breezeline cable & Internet. AC-2025; W/ H-2023; Breaker Box-2024; SS appl, granite counters, newer cabinets, all tile flooring. Parking conveniently located just outside your condo, with ample Guest parking. Great location in walking distance to shopping, dining, and banking. PRICED TO SELL QUICKLY. .. .

Key facts

• $430 HOA
• Parking
• Community pool

Property features AI

Finance

• Financial info: Pets not allowed; Property is in a senior community
• HOA & community: Association: EDGEWOOD Unit ONE Association; Monthly HOA fee of $430; Association amenities include clubhouse, storage, heated pool, internet (included), maintained community, sidewalks, street lights, recreation facilities; HOA fee covers cable TV, insurance, internet, grounds and structure maintenance, sewer, trash, water, common areas, reserve funds, roof repairs, recreation facility, and pool service

Exterior

• Parking: Assigned parking; Guest parking; Asphalt parking surface; 1 parking space total
• Security: Smoke detectors; Security lights
• Utilities: Public water; Public sewer; Electricity with circuit breakers; Cable connected; Sewer connected; Water connected
• Home design: Condominium; Resale property; 1st floor entry; Faces south; 2 stories in building
• Construction: Concrete block construction (no stucco); Tar and gravel roof
• Exterior features: Covered and screened patio; Patio

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric central heating (individual); Central individual cooling; Ceiling fans
• Interior features: Entrance foyer; Walk-in closets; Blinds and drapes; Storm and sliding windows
• Laundry & utility: Laundry in common area on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $166k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $166k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#585 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment 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: Hammock Pointe Elementary School (math 61% / reading 63%, grade B, #608 of 2,144 statewide, top 29%, 958 students, 42% FRL); Eagles Landing Middle School (math 66% / reading 67%, grade A-, #84 of 571 statewide, top 16%, 1,508 students, 27% FRL); Olympic Heights Community High (math 52% / reading 64%, grade C, #120 of 667 statewide, top 18%, 2,602 students, 30% FRL) — zoned schools average 33% FRL vs 52% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 62% at this address vs 50% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Palm Beach average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.7%/yr); 267 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 32% of the median local income ($89k/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

• It's been on market 25 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 5 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 $80k; list at $166k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,290 (1.5% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-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: 9.16%
• Cash-on-cash: 10.23%
• DSCR: 1.46
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.72% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-7,468
• Equity at exit: $24,718

10-year hold

• IRR: 6.6%
• Equity multiple: 1.52×
• Total profit: $24,164
• Equity at exit: $14,333

Cash invested: $46,418 (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 33428

• Rents YoY: 3.7%
• Active inventory: 267
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,326 high
• Mortgage (P&I): −$869
• Tax from tax record: −$74 /mo · $883/yr
• Insurance: −$69
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$430
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $273

Break-even live

Break-even rent $1,980

Max offer price $165,777

Occupancy floor 83%

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: $41,444
• Closing costs: $4,973
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9949 Sandalfoot Blvd Boca Raton, FL	2.0	1.5–2.0	818	$2,000	$2.44	12d	2	0.03mi
9949 Sandalfoot Blvd #531 Boca Raton, FL	2.0	2.0	820	$2,200	$2.68	24d	1	0.03mi
9915 Sandalfoot Blvd Boca Raton, FL	2.0	1.0	777	$2,000	$2.57	11d	2	0.04mi
9921 Three Lakes Cir Unit 9921 Boca Raton, FL	3.0	2.0	967	$2,700	$2.79	24d	1	0.14mi
9973 Three Lakes Cir Boca Raton, FL	2.0	2.0	1026	$2,500	$2.44	24d	1	0.15mi
9993 Three Lakes Cir Boca Raton, FL	3.0	2.0	972	$2,600	$2.67	14d	1	0.16mi
10166 Marlin Cir Unit 2 Boca Raton, FL	2.0	1.0	789	$1,450	$1.84	16d	1	0.23mi
22605 SW 66th Ave #403 Boca Raton, FL	2.0	2.0	1030	$2,100	$2.04	24d	1	0.24mi
22605 SW 66th Ave #206 Boca Raton, FL	1.0	1.5	960	$1,650	$1.72	5d	1	0.24mi
10267 Boca Bnd W Unit G4 Boca Raton, FL	2.0	2.0	1068	$2,850	$2.67	24d	1	0.32mi
10323 Boca Bnd W Unit K4 Boca Raton, FL	2.0	2.0	1068	$2,600	$2.43	24d	1	0.38mi
1620 SW 64th Way Unit H Boca Raton, FL	2.0	2.0	1008	$2,250	$2.23	24d	1	0.40mi
9780 Marina Blvd #415 Boca Raton, FL	2.0	2.0	955	$2,000	$2.09	24d	1	0.46mi
10457 S 228th Ln Boca Raton, FL	2.0	2.0	1104	$1,900	$1.72	7d	1	0.48mi
9355 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	780	$1,975	$2.53	1d	4	0.54mi
9860 SW 3rd St Boca Raton, FL	1.0–3.0	1.5–2.5	1222	$2,631	$2.15	2d	36	0.57mi
9826 Marina Blvd #1027 Boca Raton, FL	2.0	2.0	955	$2,500	$2.62	24d	1	0.59mi
9273 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	878	$2,200	$2.51	3d	3	0.63mi
10669 Boca Entrada Blvd Boca Raton, FL	3.0	2.0	1083	$3,450	$3.19	24d	1	0.64mi
22974 Seaspray Pl Boca Raton, FL	3.0	2.0	1080	$2,200	$2.04	12d	1	0.69mi
9370 SW 8th St #107 Boca Raton, FL	2.0	2.0	900	$2,150	$2.39	15d	1	0.71mi
9370 SW 8th St #107 Boca Raton, FL	2.0	2.0	900	$2,100	$2.33	5d	1	0.71mi
9503 Boca Cove Cir #603 Boca Raton, FL	2.0	2.0	912	$2,200	$2.41	22d	1	0.71mi
9233 SW 8th St #110 Boca Raton, FL	2.0	2.0	979	$1,800	$1.84	7d	1	0.72mi
9466 Boca Cove Cir #310 Boca Raton, FL	2.0	2.0	770	$2,000	$2.60	24d	1	0.74mi
9374 SW 3rd St #708 Boca Raton, FL	2.0	2.0	961	$2,100	$2.19	7d	1	0.79mi
9440 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	878	$1,950	$2.22	2d	2	0.80mi
9260 Boca Vue Dr Boca Raton, FL	1.0–3.0	1.0–2.0	1052	$3,304	$3.14	1d	33	0.81mi
9235 SW 8th St Boca Raton, FL	2.0	2.0	1045	$2,175	$2.08	11d	4	0.81mi
9235 SW 8th St Boca Raton, FL	2.0	2.0	900	$2,150	$2.39	2d	2	0.81mi
9338 SW 3rd St #508 Boca Raton, FL	2.0	2.0	961	$2,300	$2.39	14d	1	0.83mi
9338 SW 3rd St #508 Boca Raton, FL	2.0	2.0	961	$2,300	$2.39	12d	1	0.83mi
9162 SW 5th St Unit A Boca Raton, FL	2.0	2.0	1039	$2,400	$2.31	24d	1	0.84mi
9210 SW 3rd St #216 Boca Raton, FL	2.0	2.0	961	$2,350	$2.45	24d	1	0.88mi
9200 SW 3rd St #109 Boca Raton, FL	2.0	2.0	961	$2,250	$2.34	24d	1	0.89mi
11887 Anchorage Way Boca Raton, FL	2.0	2.0	960	$1,900	$1.98	24d	1	0.95mi
5800 NW 74th Pl Coconut Creek, FL	1.0–2.0	1.0–2.0	1115	$2,407	$2.16	2d	17	0.98mi
11942 N Branch Rd Boca Raton, FL	2.0	2.0	900	$1,950	$2.17	24d	1	0.99mi
11992 Coral Pl Boca Raton, FL	2.0	1.5	720	$2,000	$2.78	24d	1	1.05mi
23398 SW 57th Ave Boca Raton, FL	2.0	2.0	988	$2,150	$2.18	5d	2	1.11mi

HOA detail condo

• Monthly dues: $430 · $5,160/yr
• Likely covers: internetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-05-01
   listed $165,777 Active
2. 2020-12-30
   historical
3. 2020-11-23
   price $125,000
4. 2020-06-30
   listed $135,000 Active
5. 2020-03-25
   historical
6. 2020-03-13
   listed $135,000 Active
7. 2017-03-06
   soldstatus $80,000
8. 2017-02-25
   status Pending
9. 2017-02-24
   soldstatus $80,000 Closed
10. 2017-02-09
    historical Active Under Contract
11. 2017-01-20
    listed $85,000 Active
12. 2002-02-06
    soldstatus $64,000
13. 2000-05-08
    soldstatus $45,000
14. 2000-05-03
    soldstatus $45,000
15. 2000-04-27
    historical
16. 1999-12-17
    listed $51,499

ⓘ 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: $883 · $74/mo
• Projected year-2 tax: $1,376 · $115/mo
• Expected delta: +$493/yr (+$41/mo · 55.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AO · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,912
• − Mortgage interest: −$9,286
• − Property taxes: −$883
• − Insurance: −$2,296
• − Repairs & maintenance: −$2,233
• − Management: −$2,233
• − HOA: −$5,160
• − Depreciation: −$4,823
• Taxable income: $999
• Est. tax owed @ 24.0%: −$240
• After-tax cash flow: $3,040/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 — Watergate

• Score: 67/100
• State rank: #585
• US rank: #11201

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment F 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
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 47,588
• Household income: $88,543
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1990.0

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 0.69)
• Race & ethnicity: White 50% Two or more races 23% Hispanic / Latino 22% Black 7% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Estonian 12% Romanian 3% Scotch-Irish 3%
• Foreign-born: 37% · Canada, Jamaica, Vietnam
• Languages at home: 55% English-only · Spanish 19% Other Indo-European 17% French/Haitian/Cajun 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: ▼ -299.00%
• Current HPI: 373.2649
• Rent YoY: ▲ 3.72%
• 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

+221.9% since first listed

16 events — show timeline

• 2026-05-01 Listed $165,777 Beaches MLS
• 2020-12-30 Listing Removed — Beaches MLS
• 2020-11-23 Price Changed $125,000 Beaches MLS
• 2020-06-30 Listed $135,000 Beaches MLS
• 2020-03-25 Listing Removed — Beaches MLS
• 2020-03-13 Listed $135,000 Beaches MLS
• 2017-03-06 Sold (Public Records) $80,000 Public Records
• 2017-02-25 Pending — Beaches MLS
• 2017-02-24 Sold (MLS) $80,000 Beaches MLS
• 2017-02-09 Contingent — Beaches MLS
• 2017-01-20 Listed $85,000 Beaches MLS
• 2002-02-06 Sold (Public Records) $64,000 Public Records
• 2000-05-08 Sold (Public Records) $45,000 Public Records
• 2000-05-03 Sold (MLS) $45,000 Beaches MLS
• 2000-04-27 Listing Removed — Beaches MLS
• 1999-12-17 Listed $51,499 Beaches MLS

Property tax history

+6.4%/yr

Latest (2025): $883 · +4.5% YoY. Source: county tax records.