91 Coventry D

Schall Circle, FL 33417

$94,900D

1 bd · 1.0 ba · 630 sqft · Built 1969 · Condo · Active · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,414/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$135
• HOA: −$553
• Vac / Maint / Mgmt: −$297
• Net cashflow: $-69/mo
• Annual: $-822/yr
• Cap rate: 5.43%
• Cash-on-cash: -3.09%
• DSCR: 0.86
• 1% rule: 1.49%
• Cash to close: $26,572

Investor read

• This is a 1-bed/1.0-bath condo listed at $95k.
• At list price, monthly cash flow is $-69 ($-822/yr) — negative.
• To cash-flow at today's rent, offer at most $83k (12.8% below list).
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 163 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $83k (12.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#762 in FL) — a middle-class / working-renter tenant base. Strengths: housing A, cost of living A-; Watch: schools 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.
• Watch-outs: HOA is 39% of rent.
• Market conditions: Rents flat; 473 active listings in the ZIP; 40 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 11 sale attempts since 12y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• This rent runs 33% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 163 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?