2566 Garden Dr S #209 · Palm Springs, FL 33461

$80,000

2 bd · 2.0 ba · 1,080 sqft · Condo public records · 160 Days on market

Built 1969 $703/mo HOA · 35% of rent

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Why this score? — see what drove the B- 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 +29.9/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Would you like to find a really nice condo, near the beach, without paying ''beach prices?''... You found it. this 2 bedroom, 2 bath, offers diagonal tile and wood laminate throughout. Large closets have wooden shelves and racks built in. All but the small bathroom window are updated to hurricane code. Crown molding. Kitchen pass through and the patio is now an open area. The HOA covers just about everything! Call me today to view this one before it is gone!

Key facts

• $703 HOA
• Community pool
• Built 1969

Property features AI

Finance

• Financial info: Pets allowed with breed restrictions
• HOA & community: Community has amenities including billiard room, clubhouse, fitness center, pool, sauna, shuffleboard court, workshop area, manager on site, trash chute, community room, courtesy bus, library, putting green, sidewalks, and street lights; Monthly HOA fee

Exterior

• Utilities: Public water; Three-phase electric; Cable available; Water available
• Home design: Condominium; 3-story building; Faces west; Resale
• Construction: CBS construction
• Exterior features: Patio; Porch; Glass-enclosed porch

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms (all on main level)
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Built-in features; Walk-in closet(s)
• Laundry & utility: Unfurnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#297 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, schools 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 (-2.5%/yr); 274 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).
• This rent runs 39% of the median local income ($62k/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 $553 of loan paydown is wiped out by about $2k 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 160 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 20y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.51% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.83%
• DSCR: 1.70
• GRM: 3.3

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: 0.6%
• Equity multiple: 1.02×
• Total profit: $461
• Equity at exit: $11,928

10-year hold

• IRR: 3.2%
• Equity multiple: 1.17×
• Total profit: $3,877
• Equity at exit: $6,917

Cash invested: $22,400 (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 33461

• Rents YoY: -2.5%
• Active inventory: 274
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,006 high
• Mortgage (P&I): −$420
• Tax from tax record: −$133 /mo · $1,602/yr
• Insurance: −$33
• HOA: −$703
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $296

Break-even live

Break-even rent $1,632

Max offer price $80,000

Occupancy floor 80%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2566 Garden Dr S Lake Worth Beach, FL	1.0	1.0	744	$1,395	$1.88	24d	1	0.04mi
2428 Waterside Dr Unit 2428 Lake Worth Beach, FL	2.0	2.5	1400	$2,250	$1.61	24d	1	0.19mi
2791 S Florida Mango Rd Lake Worth, FL	2.0	2.0	1100	$1,995	$1.81	21d	1	0.20mi
2668 Garden Dr N #312 Lake Worth, FL	2.0	2.0	1080	$1,500	$1.39	2d	1	0.21mi
2668 Garden Dr N #312 Lake Worth, FL	2.0	2.0	1080	$1,500	$1.39	4d	1	0.21mi
2581 Garden Dr N #203 Lake Worth, FL	2.0	2.0	894	$1,650	$1.85	15d	1	0.22mi
2581 Garden Dr N #203 Lake Worth, FL	2.0	2.0	894	$1,650	$1.85	8d	1	0.22mi
2391 Waterside Dr Unit 22d Lake Worth, FL	2.0	3.0	1328	$2,600	$1.96	24d	1	0.22mi
2508 10th Ave N Lake Worth Beach, FL	2.0	1.0	800	$1,672	$2.09	11d	1	0.29mi
2508 10th Ave N Lake Worth Beach, FL	2.0	1.0	800	$1,746	$2.18	14d	1	0.29mi
2508 10th Ave N Lake Worth Beach, FL	3.0	2.0	1025	$2,557	$2.49	24d	1	0.29mi
2721 Garden Dr N #105 Lake Worth, FL	2.0	1.0	894	$1,800	$2.01	21d	1	0.30mi
230 Lake Arbor Dr Palm Springs, FL	2.0	2.0	1232	$2,200	$1.79	24d	1	0.31mi
2856 Garden Dr S #112 Lake Worth, FL	2.0	1.0	894	$1,800	$2.01	24d	1	0.32mi
910 Rudolf Rd Lake Worth, FL	3.0	1.0	1000	$2,500	$2.50	24d	1	0.36mi
3386 Rudolph Rd Lake Worth Beach, FL	2.0	1.0	840	$2,100	$2.50	3d	1	0.42mi
2901 10th Ave N Palm Springs, FL	2.0	1.0	900	$1,795	$1.99	24d	1	0.43mi
331 Lake Arbor Dr Palm Springs, FL	2.0	2.0	1232	$2,300	$1.87	24d	1	0.45mi
3300 Boutwell Rd Lake Worth Beach, FL	1.0–2.0	1.0–2.0	765	$2,720	$3.56	24d	1	0.47mi
3440 Rudolph Rd Unit 3440-03 Lake Worth Beach, FL	2.0	2.0	935	$2,100	$2.25	19d	1	0.50mi
3431 Helena Dr Unit 3481-11 Lake Worth Beach, FL	2.0	2.0	935	$2,050	$2.19	24d	1	0.50mi
3431 Helena Dr Lake Worth, FL	2.0	2.0	935	$2,075	$2.22	14d	2	0.50mi
21 Lake Arbor Dr Palm Springs, FL	2.0	2.5	1232	$2,500	$2.03	19d	1	0.50mi
3481 Helena Dr Unit 11 Lake Worth Beach, FL	2.0	2.0	935	$2,050	$2.19	24d	1	0.51mi
100 Rex Ave Palm Springs, FL	2.0	2.0	1000	$1,850	$1.85	24d	3	0.58mi
3031 French Ave Lake Worth, FL	3.0	1.0	840	$2,400	$2.86	8d	1	0.62mi
3017 Buckley Ave Lake Worth, FL	2.0	1.0	720	$2,200	$3.06	24d	1	0.65mi
220 Henthorne Dr Palm Springs, FL	1.0–2.0	1.5–2.0	900	$1,850	$2.06	24d	4	0.67mi
124 Abaco Dr Palm Springs, FL	3.0	2.0	988	$2,900	$2.94	15d	1	0.71mi
1065 Manor Dr Palm Springs, FL	2.0	2.0	1098	$2,100	$1.91	3d	1	0.73mi
1742 W Terrace Dr Lake Worth Beach, FL	2.0	1.5	1000	$2,700	$2.70	24d	1	0.75mi
965 Manor Dr Palm Springs, FL	2.0	1.0	687	$1,995	$2.90	1d	5	0.75mi
1020 Manor Dr Palm Springs, FL	2.0	2.0	1098	$2,200	$2.00	22d	1	0.79mi
1016 Manor Dr Unit 5c Palm Springs, FL	2.0	2.0	1098	$2,256	$2.05	24d	1	0.81mi
1802 Waterview Cir #1802 Palm Springs, FL	2.0	2.0	951	$1,925	$2.02	24d	1	0.95mi
2571 Lake Worth Rd Lake Worth, FL	1.0–2.0	1.0–2.0	750	$1,657	$2.21	2d	2	0.96mi
1717 16th Ct N Lake Worth Beach, FL	3.0	2.0	1360	$3,250	$2.39	24d	1	0.99mi
2220 Lake Worth Rd Lake Worth, FL	1.0	1.0	700	$1,779	$2.54	22d	1	1.02mi
1731 Lavue Ave Lake Worth Beach, FL	3.0	2.0	1466	$2,900	$1.98	5d	1	1.03mi
6003 Waterview Cir Palm Springs, FL	3.0	2.5	1500	$2,550	$1.70	24d	1	1.05mi

HOA detail condo

• Monthly dues: $703 · $8,436/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 42 events

1. 2026-06-18
   days on market $80,000 Active 160 DOM
2. 2026-06-17
   days on market $80,000 Active 159 DOM
3. 2026-06-16
   days on market $80,000 Active 158 DOM
4. 2026-06-15
   days on market $80,000 Active 157 DOM
5. 2026-06-13
   days on market $80,000 Active 155 DOM
6. 2026-06-09
   days on market $80,000 Active 151 DOM
7. 2026-06-07
   days on market $80,000 Active 149 DOM
8. 2026-06-04
   days on market $80,000 Active 146 DOM
9. 2026-06-03
   days on market $80,000 Active 145 DOM
10. 2026-06-01
    days on market $80,000 Active 143 DOM
11. 2026-05-31
    days on market $80,000 Active 142 DOM
12. 2026-05-20
    price $80,000
13. 2026-01-05
    listed $90,000 Active
14. 2026-01-01
    historical
15. 2025-08-27
    listed $110,000 Active
16. 2018-12-26
    soldstatus $60,000
17. 2018-12-21
    soldstatus $60,000 Closed 470-char remark

    Show marketing remark (470 chars)

    Would you like to find a really nice condo, near the beach, without paying ''beach prices?''... You found it. this 2 bedroom, 2 bath, offers diagonal tile and wood laminate throughout. Large closets have wooden shelves and racks built in. All but the small bathroom window are updated to hurricane code. Crown molding. Kitchen pass through and the patio is now an open area. The HOA covers just about everything! Call me today to view this one before it is gone!

18. 2018-12-02
    historical Contingent 470-char remark

    Show marketing remark (470 chars)

    Would you like to find a really nice condo, near the beach, without paying ''beach prices?''... You found it. this 2 bedroom, 2 bath, offers diagonal tile and wood laminate throughout. Large closets have wooden shelves and racks built in. All but the small bathroom window are updated to hurricane code. Crown molding. Kitchen pass through and the patio is now an open area. The HOA covers just about everything! Call me today to view this one before it is gone!

19. 2018-11-28
    status Active 470-char remark

    Show marketing remark (470 chars)

    Would you like to find a really nice condo, near the beach, without paying ''beach prices?''... You found it. this 2 bedroom, 2 bath, offers diagonal tile and wood laminate throughout. Large closets have wooden shelves and racks built in. All but the small bathroom window are updated to hurricane code. Crown molding. Kitchen pass through and the patio is now an open area. The HOA covers just about everything! Call me today to view this one before it is gone!

20. 2018-11-18
    historical Contingent 470-char remark

    Show marketing remark (470 chars)

    Would you like to find a really nice condo, near the beach, without paying ''beach prices?''... You found it. this 2 bedroom, 2 bath, offers diagonal tile and wood laminate throughout. Large closets have wooden shelves and racks built in. All but the small bathroom window are updated to hurricane code. Crown molding. Kitchen pass through and the patio is now an open area. The HOA covers just about everything! Call me today to view this one before it is gone!

21. 2018-11-14
    listed $64,900 Active 470-char remark

    Show marketing remark (470 chars)

    Would you like to find a really nice condo, near the beach, without paying ''beach prices?''... You found it. this 2 bedroom, 2 bath, offers diagonal tile and wood laminate throughout. Large closets have wooden shelves and racks built in. All but the small bathroom window are updated to hurricane code. Crown molding. Kitchen pass through and the patio is now an open area. The HOA covers just about everything! Call me today to view this one before it is gone!

22. 2018-11-13
    historical
23. 2018-09-14
    status Active
24. 2018-08-31
    status Pending
25. 2018-08-08
    price $69,900
26. 2018-08-07
    status Active
27. 2018-08-04
    historical Contingent
28. 2018-08-03
    status Active
29. 2018-07-19
    status Pending
30. 2018-06-09
    listed $76,900 Active
31. 2016-06-02
    soldstatus $60,500
32. 2016-02-11
    historical
33. 2016-01-03
    price $69,500
34. 2015-11-12
    price $73,500
35. 2015-11-12
    listed $73 Active
36. 2012-06-27
    soldstatus $40,000
37. 2012-06-21
    soldstatus $40,000
38. 2012-05-10
    historical
39. 2009-01-28
    listed $50,000
40. 2009-01-26
    historical
41. 2006-04-17
    listed $128,900
42. 2003-04-23
    soldstatus $30,000

ⓘ 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: $1,602 · $133/mo
• Projected year-2 tax: $1,602 · $133/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 ≥105°F today · 23 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: $24,073
• − Mortgage interest: −$4,481
• − Property taxes: −$1,602
• − Insurance: −$400
• − Repairs & maintenance: −$1,926
• − Management: −$1,926
• − HOA: −$8,436
• − Depreciation: −$2,327
• Taxable income: $2,976
• Est. tax owed @ 24.0%: −$714
• After-tax cash flow: $2,832/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 — Palm Springs

• Score: 73/100
• State rank: #297
• US rank: #5045

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment D+ Housing A+ Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 49,443
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 49,443
• Household income: $61,963
• Rent vs Own: 48.2% rent · 51.8% own
• Severe rent burden: 2663.0

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: Hispanic / Latino 59% Two or more races 26% White 20% Black 17% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 6% Cuban 16% Dominican 2%
• Common ancestry: Hispanic 9% Romanian 1% Lithuanian 1%
• Foreign-born: 52% · Canada, Jamaica
• Languages at home: 31% English-only · Spanish 54% French/Haitian/Cajun 10% Other Indo-European 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: ▼ -269.03%
• Current HPI: 493.0041
• Rent YoY: ▼ -2.47%
• 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

+166.7% since first listed

31 events — show timeline

• 2026-05-20 Price Changed $80,000 Beaches MLS
• 2026-01-05 Listed $90,000 Beaches MLS
• 2026-01-01 Listing Removed — Beaches MLS
• 2025-08-27 Listed $110,000 Beaches MLS
• 2018-12-26 Sold (Public Records) $60,000 Public Records
• 2018-12-21 Sold (MLS) $60,000 Beaches MLS
• 2018-12-02 Contingent — Beaches MLS
• 2018-11-28 Relisted — Beaches MLS
• 2018-11-18 Contingent — Beaches MLS
• 2018-11-14 Listed $64,900 Beaches MLS
• 2018-11-13 Listing Removed — Beaches MLS
• 2018-09-14 Relisted — Beaches MLS
• 2018-08-31 Pending — Beaches MLS
• 2018-08-08 Price Changed $69,900 Beaches MLS
• 2018-08-07 Relisted — Beaches MLS
• 2018-08-04 Contingent — Beaches MLS
• 2018-08-03 Relisted — Beaches MLS
• 2018-07-19 Pending — Beaches MLS
• 2018-06-09 Listed $76,900 Beaches MLS
• 2016-06-02 Sold (Public Records) $60,500 Public Records
• 2016-02-11 Listing Removed — Beaches MLS
• 2016-01-03 Price Changed $69,500 Beaches MLS
• 2015-11-12 Price Changed $73,500 Beaches MLS
• 2015-11-12 Listed $73 Beaches MLS
• 2012-06-27 Sold (Public Records) $40,000 Public Records
• 2012-06-21 Sold (MLS) $40,000 Beaches MLS
• 2012-05-10 Listing Removed — Beaches MLS
• 2009-01-28 Listed $50,000 Beaches MLS
• 2009-01-26 Listing Removed — Beaches MLS
• 2006-04-17 Listed $128,900 Beaches MLS
• 2003-04-23 Sold (Public Records) $30,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $1,602 · -3.9% YoY. Source: county tax records.