2204 NW 23rd Ave · Boynton Beach, FL 33436

$25,000

3 bd · 2.5 ba · 792 sqft · Manufactured · 29 Days on market

Built 1971 Fair condition $1177/mo HOA · 49% of rent

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Motivated seller. Endless Potential near the coast! Welcome to Sand and Sea Village, a vibrant Boynton Beach community just minutes from the Atlantic ocean and pristine beaches This 3 bedroom , 2.5 bathroom home offers a rare amount of space for the sq. footage and a great footprint , just waiting to be restored to its full glory. it needs some TLC and is priced accordingly. Private entrance to one of the bedrooms allows for guest privacy. Home is situated on an oversized peaceful lot with privacy. Nice size shed for extra storage. Don't miss out on owning a piece of South Florida at a great price. Bring all offers.

Key facts

• Guest privacy
• Private entrance
• Oversized lot

Tags

• PRIVATE ENTRANCE
• OVERSIZED LOT
• GUEST PRIVACY

Property features AI

Finance

• Other: Pets allowed (possible restrictions and number limits)
• Financial info: Land lease in effect (monthly payment required); Land lease amount: monthly; Land lease expires 2026-12-31
• HOA & community: Community association with extensive amenities (pool, clubhouse, fitness center, tennis and pickleball courts, playground, management/manager on site, heated pool, laundry, maintained community, and more); Association fee paid monthly

Exterior

• Parking: Three open parking spaces (three total parking spaces)
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Water and sewer connected
• Home design: Manufactured home; Single-story (one level); Entry at level 1; Northwest facing
• Construction: Vinyl siding; Aluminum roof; 792 building area; Resale condition
• Exterior features: Paved road access; Shed(s) on the property; Not waterfront

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms and one half bathroom (three total), two on the main level
• Heating & cooling: Heating present (other type); Ceiling fans and wall/window cooling units
• Interior features: No notable built-in interior features listed
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $25k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Cap rate 33.0% vs local median 4.3% in Boynton Beach — 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 72/100 on livability (#351 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: amenities D+, crime D-, 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: Citrus Cove Elementary School (math 47% / reading 57%, grade C-, #990 of 2,144 statewide, top 48%, 1,026 students, 59% FRL); Congress Community Middle School (math 21% / reading 28%, grade F, #522 of 571 statewide, top 93%, 988 students, 72% FRL); Boynton Beach Community High (math 13% / reading 25%, grade F, #565 of 667 statewide, top 85%, 1,547 students, 65% FRL).
• Zoned-school proficiency averages 32% at this address vs 50% district-wide (-18 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.6%/yr); 445 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 38% of the median local income ($76k/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 $173 of loan paydown is wiped out by about $750 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 49% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $24,625 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1971 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 9.65% ✓
• Cap rate: 32.95%
• Cash-on-cash: 95.21%
• DSCR: 5.24
• GRM: 0.9

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: 87.8%
• Equity multiple: 4.57×
• Total profit: $25,014
• Equity at exit: $3,728

10-year hold

• IRR: 89.2%
• Equity multiple: 7.16×
• Total profit: $43,103
• Equity at exit: $2,162

Cash invested: $7,000 (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 33436

• Home prices YoY: -26.0%
• Rents YoY: -0.6%
• Active inventory: 445
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $2,412 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$1,177
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $555

Break-even live

Break-even rent $1,709

Max offer price $25,000

Occupancy floor 72%

Sensitivity live

Price	-10% $573	-5% $564	+0% $555	+5% $547	+10% $538
Rent	-10% $365	-5% $460	+0% $555	+5% $651	+10% $746
Rate	-1.0pp $568	-0.5pp $562	base $555	+0.5pp $549	+1.0pp $542

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4101 Mahogany Dr Boynton Beach, FL	1.0–2.0	1.0–2.0	950	$2,159	$2.27	0d	12	0.21mi
2303 N Congress Ave #15 Boynton Beach, FL	2.0	1.0	925	$1,950	$2.11	25d	1	0.24mi
3500 Sandpiper Dr Boynton Beach, FL	1.0–2.0	1.0–2.0	1147	$2,579	$2.25	22d	22	0.27mi
2313 N Congress Ave #18 Boynton Beach, FL	2.0	1.0	758	$1,950	$2.57	15d	1	0.28mi
2307 N Congress Ave #24 Boynton Beach, FL	2.0	1.0	902	$1,700	$1.88	3d	1	0.29mi
220 Savannah Lakes Dr Boynton Beach, FL	2.0	2.0	1098	$2,365	$2.15	3d	1	0.30mi
2301 N Congress Ave #25 Boynton Beach, FL	2.0	1.0	758	$2,000	$2.64	25d	1	0.30mi
2317 N Congress Ave #24 Boynton Beach, FL	2.0	1.0	902	$2,300	$2.55	6d	1	0.34mi
1831 Renaissance Commons Blvd Boynton Beach, FL	2.0	2.0	975	$2,230	$2.29	5d	1	0.48mi
1831 Renaissance Commons Blvd Boynton Beach, FL	2.0	2.0	975	$2,210	$2.27	25d	1	0.48mi
18 Via de Casas Sur #205 Boynton Beach, FL	3.0	2.0	1096	$2,750	$2.51	25d	1	0.50mi
1605 Renaissance Commons Blvd Boynton Beach, FL	1.0–3.0	1.0–2.0	1148	$3,126	$2.72	0d	13	0.53mi
4408 Renaissance Way Unit 408 Boynton Beach, FL	2.0	2.0	1048	$2,350	$2.24	17d	1	0.54mi
4408 Renaissance Way Boynton Beach, FL	2.0	2.0	1048	$2,350	$2.24	12d	1	0.54mi
2401 Renaissance Way Boynton Beach, FL	2.0	2.0	1048	$2,400	$2.29	25d	1	0.54mi
3308 Renaissance Way Boynton Beach, FL	2.0	2.0	1119	$2,300	$2.06	6d	1	0.54mi
6 Via de Casas Sur #104 Boynton Beach, FL	2.0	2.0	996	$2,195	$2.20	25d	1	0.56mi
1701 Renaissance Commons Blvd Boynton Beach, FL	2.0	2.0	922	$2,629	$2.85	11d	1	0.57mi
1701 Renaissance Commons Blvd Boynton Beach, FL	1.0–2.0	1.0–2.0	846	$2,864	$3.38	0d	1	0.57mi
1690 Renaissance Commons Blvd Boynton Beach, FL	1.0–2.0	1.0–2.0	977	$2,350	$2.41	21d	3	0.58mi
1690 Renaissance Commons Blvd Boynton Beach, FL	2.0	2.0	1074	$2,275	$2.12	19d	3	0.58mi
1690 Renaissance Commons Blvd Boynton Beach, FL	2.0–3.0	2.0	940	$3,800	$4.04	0d	3	0.58mi
1660 Renaissance Commons Blvd #2122 Boynton Beach, FL	2.0	2.0	1012	$2,450	$2.42	25d	1	0.58mi
1660 Renaissance Commons Blvd Boynton Beach, FL	1.0–2.0	1.0–2.0	932	$2,450	$2.63	17d	2	0.59mi
15 Via de Casas Sur #204 Boynton Beach, FL	2.0	2.0	996	$2,400	$2.41	25d	1	0.65mi
1100 Audace Ave Boynton Beach, FL	1.0–3.0	1.0–2.0	1063	$2,970	$2.79	0d	22	0.80mi
8949 Oak St Boynton Beach, FL	2.0	2.0	1040	$1,300	$1.25	25d	1	0.89mi
2700 Quantum Lakes Dr Boynton Beach, FL	1.0–3.0	1.0–2.0	1328	$2,850	$2.15	0d	165	1.06mi
600 Sealofts Dr Boynton Beach, FL	2.0	2.0	1066	$2,716	$2.55	3d	1	1.14mi
600 Sealofts Dr Boynton Beach, FL	1.0–3.0	1.0–2.5	1217	$3,535	$2.90	0d	16	1.14mi
815 Boynton Beach Blvd Unit 10-203 Boynton Beach, FL	2.0	2.0	1104	$1,850	$1.68	25d	1	1.44mi
815 Boynton Beach Blvd Unit 11-202 Boynton Beach, FL	2.0	2.0	994	$2,000	$2.01	25d	1	1.44mi
815 Boynton Beach Blvd Unit 2-106 Boynton Beach, FL	2.0	2.0	887	$1,800	$2.03	8d	1	1.47mi
815 W Boynton Beach Blvd Boynton Beach, FL	2.0	2.0	885	$2,250	$2.54	3d	4	1.47mi
815 Boynton Beach Blvd Unit 12-106 Boynton Beach, FL	2.0	2.0	887	$2,500	$2.82	4d	1	1.48mi
815 Boynton Beach Blvd Unit 14-106 Boynton Beach, FL	2.0	2.0	887	$2,250	$2.54	25d	1	1.49mi
815 Boynton Beach Blvd Unit 14-106 Boynton Beach, FL	2.0	2.0	887	$2,050	$2.31	13d	1	1.49mi
815 Boynton Beach Blvd Unit 15-203 Boynton Beach, FL	2.0	2.0	884	$2,200	$2.49	25d	1	1.49mi
316 Meadows Cir #316 Boynton Beach, FL	2.0	2.0	921	$1,995	$2.17	0d	1	1.50mi
1205 Meadows Cir Boynton Beach, FL	2.0	2.0	909	$1,900	$2.09	25d	1	1.50mi

HOA detail

• Monthly dues: $1,177 · $14,124/yr

Listing history 17 events

1. 2026-06-18
   price $25,000 Active 29 DOM
2. 2026-06-18
   days on market $39,000 Active 29 DOM
3. 2026-06-17
   days on market $39,000 Active 28 DOM
4. 2026-06-16
   days on market $39,000 Active 27 DOM
5. 2026-06-15
   price $39,000 Active 26 DOM
6. 2026-06-15
   days on market $50,000 Active 26 DOM
7. 2026-06-13
   pricedays on market $50,000 Active 24 DOM
8. 2026-06-09
   days on market $60,000 Active 20 DOM
9. 2026-06-08
   days on market $60,000 Active 19 DOM
10. 2026-06-07
    remarks 624-char remark
11. 2026-06-07
    days on market $60,000 Active 18 DOM
12. 2026-06-04
    days on market $60,000 Active 15 DOM
13. 2026-06-03
    days on market $60,000 Active 14 DOM
14. 2026-06-02
    days on market $60,000 Active 13 DOM
15. 2026-06-01
    days on market $60,000 Active 12 DOM
16. 2026-05-31
    days on market $60,000 Active 11 DOM
17. 2026-05-20
    listed $68,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,939
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$2,315
• − Management: −$2,315
• − HOA: −$14,124
• − Depreciation: −$727
• Taxable income: $7,557
• Est. tax owed @ 24.0%: −$1,814
• After-tax cash flow: $4,851/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.

Condition & rehab AI · 25 photos

Fair 45/100 Moderate rehab

This home has moderate rehabilitation needs and offers endless potential for a fresh renovation. With a few updates, it can significantly increase its value and appeal to buyers or renters.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Minor exterior siding — some discoloration, may need touch-up paint
• Minor interior walls — some discoloration, may need touch-up paint
• Minor windows — some discoloration, may need touch-up paint

Value-add opportunities

• Resale kitchen renovation — modernizing the kitchen can significantly increase the home's appeal and value
• Resale bathroom renovation — updating the bathrooms can also increase the home's appeal and value
• Both exterior painting — painting the exterior can improve curb appeal and increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
exterior siding · some discoloration, may need touch-up paint	Minor	$500–3,000
interior walls · some discoloration, may need touch-up paint	Minor	$500–3,000
windows · some discoloration, may need touch-up paint	Minor	$500–3,000
Total estimated repair cost · 5 items		$7,500–39,000

Value-add ROI direction

• Resale kitchen renovation — modernizing the kitchen can significantly increase the home's appeal and value ↑
• Resale bathroom renovation — updating the bathrooms can also increase the home's appeal and value ↑
• Both exterior painting — painting the exterior can improve curb appeal and increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Boynton Beach

• Score: 72/100
• State rank: #351
• US rank: #6098

Category grades

Amenities D+ Commute F Cost of living B Crime D- Employment C 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
• City population: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 48,743
• Household income: $75,789
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 1813.0

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 0.64)
• Race & ethnicity: White 52% Black 24% Hispanic / Latino 19% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 3% Dominican 1%
• Common ancestry: Hispanic 12% Romanian 3% Scotch-Irish 2%
• Foreign-born: 27% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 14% French/Haitian/Cajun 13% 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: ▼ -109.59%
• Current HPI: 311.7742
• Rent YoY: ▼ -0.57%
• 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

1 event — show timeline

• 2026-05-20 Listed $68,000 Beaches MLS