7563 Glendevon Ln #1306

Boca Raton, FL 33446

$245,000D

2 bd · 2.0 ba · 1,260 sqft · Built 1986 · Condo · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,537/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$324
• HOA: −$650
• Vac / Maint / Mgmt: −$533
• Net cashflow: $-254/mo
• Annual: $-3,049/yr
• Cap rate: 5.05%
• Cash-on-cash: -4.44%
• DSCR: 0.80
• 1% rule: 1.04%
• Cash to close: $68,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $245k.
• At list price, monthly cash flow is $-254 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (18.3% below list).
• Meets the 1% rule at list price ($3k rent vs $245k).
• It's been on market 68 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (18.3% below list) — sets the bar for cash-flow.
• In year one you build about $3k of equity ($2k loan paydown + $2k appreciation (0.7% local appreciation)).
• Location reads 77/100 on livability (#192 in FL, #3,070 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime B+; 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.
• Zoned schools: Orchard View Elementary School (math 48% / reading 47%, grade D, #1,182 of 2,144 statewide, top 55%, 596 students, 76% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL) — zoned schools at 50% FRL track the district average.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents flat; 583 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• 8 sale attempts since 25y ago; this cycle's ask is 2962% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $129k; list at $245k implies a 90% gain — meaningful room to come down on a strong offer.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 5.0% vs local median 2.8% 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.

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 68 days. Have you received any prior offers? Is the seller open to a 18% 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 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?
• 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?