6314 Longboat Ln W Unit A102

Boca Raton, FL 33433

$279,900D-

2 bd · 2.0 ba · 1,368 sqft · Built 1982 · Condo · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,715/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$466
• HOA: −$1,135
• Vac / Maint / Mgmt: −$570
• Net cashflow: $-924/mo
• Annual: $-11,094/yr
• Cap rate: 2.33%
• Cash-on-cash: -14.16%
• DSCR: 0.37
• 1% rule: 0.97%
• Cash to close: $78,372

Investor read

• This is a 2-bed/2.0-bath condo listed at $280k. Condition is rated good.
• At list price, monthly cash flow is $-924 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (47.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (3.0% below list).
• It's been on market 95 days — a 9% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (47.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• 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: Verde K-8 (math 72% / reading 74%, grade A, #271 of 2,144 statewide, top 13%, 1,296 students, 28% FRL); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% FRL); West Boca Raton High School (math 55% / reading 70%, grade B-, #93 of 667 statewide, top 14%, 2,271 students, 28% FRL) — zoned schools average 32% FRL vs 52% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 65% at this address vs 50% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Palm Beach average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 42% of rent.
• Market conditions: Rents flat; 529 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 37d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 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 2.3% vs local median 3.2% in Boca Raton — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 39% of the median local income ($84k/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?
• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 48% 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?