1829 N A St #51

Lake Worth Beach, FL 33460

$120,000D

2 bd · 1.0 ba · 734 sqft · Built 1971 · Condo · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,798/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$250
• HOA: −$617
• Vac / Maint / Mgmt: −$378
• Net cashflow: $-75/mo
• Annual: $-905/yr
• Cap rate: 5.54%
• Cash-on-cash: -2.69%
• DSCR: 0.88
• 1% rule: 1.50%
• Cash to close: $33,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $120k.
• At list price, monthly cash flow is $-75 ($-905/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (11.1% below list).
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 17 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (11.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: North Grade K-8 (math 40% / reading 42%, grade F, #1,454 of 2,144 statewide, top 69%, 735 students, 63% FRL); Lake Worth Community Middle (math 17% / reading 23%, grade F, #558 of 571 statewide, top 98%, 1,249 students, 75% FRL); Lake Worth High School (math 16% / reading 27%, grade F, #546 of 667 statewide, top 82%, 2,683 students, 71% FRL) — zoned schools average 70% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 34% of rent.
• Market conditions: Rents rising (+3.5%/yr); 250 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 15y 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 $70k; list at $120k implies a 71% 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.
• This rent runs 35% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.