374 Bennington Ln

Greenacres, FL 33467

$184,000D

2 bd · 2.0 ba · 941 sqft · Built 1983 · Condo · Active · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,145/mo
• Mortgage (P&I): −$965
• Tax + insurance: −$269
• HOA: −$527
• Vac / Maint / Mgmt: −$451
• Net cashflow: $-66/mo
• Annual: $-793/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.54%
• DSCR: 0.93
• 1% rule: 1.17%
• Cash to close: $51,520

Investor read

• This is a 2-bed/2.0-bath condo listed at $184k.
• At list price, monthly cash flow is $-66 ($-793/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (6.3% below list).
• Meets the 1% rule at list price ($2k rent vs $184k).
• It's been on market 125 days — a 12% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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: Liberty Park Elementary School (math 25% / reading 38%, grade F, #1,841 of 2,144 statewide, top 86%, 845 students, 76% FRL); Okeeheelee Middle School (math 34% / reading 40%, grade F, #399 of 571 statewide, top 71%, 1,377 students, 68% FRL); Palm Beach Central High School (math 42% / reading 55%, grade D, #198 of 667 statewide, top 30%, 2,980 students, 40% FRL).
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents soft (-0.4%/yr); 681 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts; this cycle's ask is 9846% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $51k; list at $184k implies a 261% gain — meaningful room to come down on a strong offer.
• 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.

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 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?