8204 South St · Boca Raton, FL 33433

$249,900

3 bd · 2.0 ba · 1,248 sqft · Condo public records · 102 Days on market

Built 2005 $250/mo HOA · 9% 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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +6.7/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOCATION, LOCATION, LOCATION!!! GREAT MOBILE HOME W/ LAND. VERY WELL MAINTAINED COMMUNITY. LOW MAINT. $120 PER MONTH INCLUDES CABLE WITH 3 HBO STATIONS. SO MUCH OFFERED FOR SOOOOO LITTLE. MAKE YOUR OFFER TODAY!!!

Key facts

• Custom cabinetry
• Waterfront home
• Canal views

Tags

• WATERFRONT HOME
• CUSTOM CABINETRY
• QUARTZ CRYSTAL COUNTER-TOPS
• CERAMIC TILE FLOORING
• CANAL VIEWS
• ENCLOSED PATIO

Property features AI

Finance

• Other: Property faces north
• HOA & community: Association with clubhouse and pool; Monthly association fee of 250; Association fee includes grounds maintenance; Senior community; Pets allowed with size limit

Exterior

• Parking: Attached carport; Covered parking; Driveway; One carport space
• Utilities: Public water; Public sewer; Cable available
• Home design: Mobile home; One story; First-floor entry; Property resale
• Construction: Shingle/composition roof
• Exterior features: Screened porch; Porch; Shed(s); Waterfront: Yes (no waterfront features listed)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Ceramic tile; Tile
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Kitchen island; Three-way split bedroom layout; Roman tub; Skylights
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $394 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $227k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 2.7% in Boca Raton — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#192 in FL, #3,070 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, health & safety A+; Watch: amenities D, cost of living 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 flat; 435 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 42% of the median local income ($84k/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 $2k of loan paydown is wiped out by about $7k 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 102 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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 $250k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $227,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.17% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.76%
• DSCR: 1.30
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.33% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.67×
• Total profit: $-22,839
• Equity at exit: $37,261

10-year hold

• IRR: -4.1%
• Equity multiple: 0.76×
• Total profit: $-16,558
• Equity at exit: $21,607

Cash invested: $69,972 (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 33433

• Rents YoY: 0.3%
• Active inventory: 435
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,912 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$242 /mo · $2,900/yr
• Insurance: −$104
• HOA: −$250
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $394

Break-even live

Break-even rent $2,413

Max offer price $249,900

Occupancy floor 81%

Sensitivity live

Price	-10% $536	-5% $465	+0% $394	+5% $324	+10% $253
Rent	-10% $164	-5% $279	+0% $394	+5% $509	+10% $625
Rate	-1.0pp $520	-0.5pp $458	base $394	+0.5pp $330	+1.0pp $264

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8588 Bella Vista Dr Boca Raton, FL	2.0	2.0	1332	$2,999	$2.25	25d	1	0.40mi
8458 Boca Glades Blvd E Boca Raton, FL	2.0	2.0	1307	$3,200	$2.45	6d	1	0.40mi
21214 Lago Cir Unit 8f Boca Raton, FL	2.0	2.0	1216	$4,200	$3.45	25d	1	0.47mi
8440 Boca Glades Blvd E Boca Raton, FL	2.0	2.0	1307	$3,400	$2.60	23d	1	0.52mi
8657 Boca Glades Blvd E Unit C Boca Raton, FL	3.0	2.0	1098	$2,800	$2.55	25d	1	0.52mi
8729 Chevy Chase Dr Boca Raton, FL	2.0	2.0	1332	$2,000	$1.50	25d	1	0.52mi
8732 Bella Vista Dr #42 Boca Raton, FL	2.0	2.0	908	$1,900	$2.09	25d	1	0.54mi
8425 Casa del Lago Unit C Boca Raton, FL	2.0	2.0	1216	$2,100	$1.73	23d	1	0.55mi
8744 Bella Vista Dr Boca Raton, FL	2.0	2.0	1332	$2,100	$1.58	6d	1	0.55mi
20867 Wendall Ter Boca Raton, FL	2.0	1.5	908	$1,800	$1.98	25d	1	0.55mi
20886 Vinesta Cir Unit 313 Boca Raton, FL	2.0	2.0	1332	$1,800	$1.35	25d	1	0.55mi
7911 Eastlake Dr Unit H Boca Raton, FL	2.0	2.0	1216	$2,200	$1.81	25d	1	0.59mi
7944 Eastlake Dr Unit D Boca Raton, FL	2.0	2.0	1216	$2,100	$1.73	25d	1	0.60mi
8045 Eastlake Dr Unit 1-G Boca Raton, FL	2.0	2.0	1216	$2,750	$2.26	25d	1	0.63mi
8833 Bella Vista Dr #8833 Boca Raton, FL	2.0	2.0	908	$3,250	$3.58	25d	1	0.65mi
21643 Cypress Rd Unit 14C Boca Raton, FL	2.0	2.5	1426	$2,590	$1.82	4d	1	0.70mi
8334 Cypress Ln Unit 1A Boca Raton, FL	2.0	2.0	1216	$3,000	$2.47	25d	1	0.72mi
21411 Juego Cir Unit 32b Boca Raton, FL	2.0	2.0	1216	$1,950	$1.60	25d	1	0.74mi
21542 Juego Cir Unit 27H Boca Raton, FL	2.0	2.0	1216	$2,400	$1.97	0d	1	0.74mi
20927 Sedgewick Dr Unit 20927 Boca Raton, FL	2.0	1.0	908	$1,950	$2.15	25d	1	0.74mi
21362 Juego Cir Unit 33f Boca Raton, FL	2.0	2.0	1216	$3,500	$2.88	25d	1	0.75mi
1405 Bridgewood Dr Unit 1405 Boca Raton, FL	2.0	2.5	1400	$3,100	$2.21	25d	1	0.77mi
1405 Bridgewood Dr Unit 1405 Boca Raton, FL	2.0	2.5	1400	$3,000	$2.14	23d	1	0.77mi
2404 Bridgewood Dr Boca Raton, FL	2.0	2.5	1400	$4,700	$3.36	25d	1	0.80mi
3705 Bridgewood Dr Boca Raton, FL	2.0	2.0	1400	$3,500	$2.50	25d	1	0.82mi
8436 Cypress Ln Unit 7d Boca Raton, FL	2.0	2.0	1216	$2,450	$2.01	18d	1	0.83mi
8436 Cypress Ln Unit 7d Boca Raton, FL	2.0	2.0	1216	$2,450	$2.01	16d	1	0.83mi
21650 Juego Cir Unit 24b Boca Raton, FL	2.0	2.0	1216	$3,000	$2.47	25d	1	0.86mi
3604 Bridgewood Dr Boca Raton, FL	2.0	2.5	1400	$2,450	$1.75	25d	1	0.90mi
21925 Mizner Way Boca Raton, FL	2.0–3.0	2.0	1302	$2,705	$2.08	0d	16	0.93mi
7744 Courtyard Run W Boca Raton, FL	3.0	2.5	1449	$3,100	$2.14	25d	1	0.99mi
20525 S Charlston St Boca Raton, FL	2.0–3.0	2.0	1484	$4,216	$2.84	0d	3	0.99mi
21535 Cypress Hammock Dr Unit 36J Boca Raton, FL	2.0	2.0	1266	$2,200	$1.74	25d	1	1.00mi
3205 Bridgewood Dr #3205 Boca Raton, FL	2.0	2.5	1400	$3,200	$2.29	25d	1	1.01mi
21866 Cypress Cir Unit 31e Boca Raton, FL	2.0	2.0	1216	$2,600	$2.14	5d	1	1.01mi
21529 Cypress Hammock Dr Unit 35J Boca Raton, FL	2.0	2.0	1266	$2,395	$1.89	13d	1	1.03mi
23392 Country Club Dr Boca Raton, FL	3.0	2.0	1200	$3,500	$2.92	0d	1	1.04mi
21500 Cypress Hammock Dr Unit 38C Boca Raton, FL	2.0	2.0	1266	$2,500	$1.97	25d	1	1.06mi
7482 Courtyard Run E Unit E Boca Raton, FL	3.0	2.5	1449	$2,800	$1.93	4d	1	1.08mi
9280 Sable Ridge Cir Apt B Boca Raton, FL	2.0	2.0	1475	$2,700	$1.83	4d	1	1.09mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: cable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $249,900 Active 102 DOM
2. 2026-06-18
   days on market $249,900 Active 99 DOM
3. 2026-06-17
   days on market $249,900 Active 98 DOM
4. 2026-06-16
   days on market $249,900 Active 97 DOM
5. 2026-06-15
   days on market $249,900 Active 96 DOM
6. 2026-06-13
   days on market $249,900 Active 94 DOM
7. 2026-06-09
   days on market $249,900 Active 90 DOM
8. 2026-06-08
   days on market $249,900 Active 89 DOM
9. 2026-06-07
   days on market $249,900 Active 88 DOM
10. 2026-06-04
    days on market $249,900 Active 85 DOM
11. 2026-06-03
    days on market $249,900 Active 84 DOM
12. 2026-06-02
    days on market $249,900 Active 83 DOM
13. 2026-06-01
    days on market $249,900 Active 82 DOM
14. 2026-05-31
    days on market $249,900 Active 81 DOM
15. 2025-09-24
    listed $249,900 Active
16. 2004-12-07
    soldstatus $50,000 212-char remark

    Show marketing remark (212 chars)

    LOCATION, LOCATION, LOCATION!!! GREAT MOBILE HOME W/ LAND. VERY WELL MAINTAINED COMMUNITY. LOW MAINT. $120 PER MONTH INCLUDES CABLE WITH 3 HBO STATIONS. SO MUCH OFFERED FOR SOOOOO LITTLE. MAKE YOUR OFFER TODAY!!!

17. 2004-10-19
    historical 212-char remark

    Show marketing remark (212 chars)

    LOCATION, LOCATION, LOCATION!!! GREAT MOBILE HOME W/ LAND. VERY WELL MAINTAINED COMMUNITY. LOW MAINT. $120 PER MONTH INCLUDES CABLE WITH 3 HBO STATIONS. SO MUCH OFFERED FOR SOOOOO LITTLE. MAKE YOUR OFFER TODAY!!!

18. 2004-09-22
    listed $59,999 212-char remark

    Show marketing remark (212 chars)

    LOCATION, LOCATION, LOCATION!!! GREAT MOBILE HOME W/ LAND. VERY WELL MAINTAINED COMMUNITY. LOW MAINT. $120 PER MONTH INCLUDES CABLE WITH 3 HBO STATIONS. SO MUCH OFFERED FOR SOOOOO LITTLE. MAKE YOUR OFFER TODAY!!!

ⓘ 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: $2,900 · $242/mo
• Projected year-2 tax: $2,900 · $242/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 ≥107°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,948
• − Mortgage interest: −$13,998
• − Property taxes: −$2,900
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,796
• − Management: −$2,796
• − HOA: −$3,000
• − Depreciation: −$7,270
• Taxable income: $939
• Est. tax owed @ 24.0%: −$225
• After-tax cash flow: $4,508/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 — Boca Raton

• Score: 77/100
• State rank: #192
• US rank: #3070

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 47,005
• Household income: $84,091
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 2900.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 18% Two or more races 15% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 2% Dominican 1%
• Common ancestry: Romanian 6% Scotch-Irish 5% Russian 3%
• Foreign-born: 27% · Canada, Jamaica, China
• Languages at home: 65% English-only · Spanish 15% Other Indo-European 10% Russian/Polish/Slavic 3%

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: ▼ -227.85%
• Current HPI: 306.738
• Rent YoY: ▲ 0.33%
• 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

+316.5% since first listed

4 events — show timeline

• 2025-09-24 Listed $249,900 Beaches MLS
• 2004-12-07 Sold (MLS) $50,000 Beaches MLS
• 2004-10-19 Listing Removed — Beaches MLS
• 2004-09-22 Listed $59,999 Beaches MLS

Property tax history

+8.6%/yr

Latest (2025): $2,900 · +8.8% YoY. Source: county tax records.