5301 NW 2nd Ave Ph -D · Boca Raton, FL 33487

$156,900

1 bd · 2.0 ba · 1,050 sqft · Condo public records

Built 1974 $523/mo HOA · 21% 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 +24.0/30.0
• 1% rule +10.0/10.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great fixer upper to make your own! Located on top floor with golf course view! Property will need new flooring, bathroom and kitchen remodel. Start with a blank slate!

Key facts

• $523 HOA
• Community pool
• Built 1974

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $157k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $157k).
• Cap rate 8.7% 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.

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 rising (+3.6%/yr); 330 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 31% of the median local income ($96k/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 $1k of loan paydown is wiped out by about $5k 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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• 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 $156,900

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.59% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.43%
• DSCR: 1.37
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -2.3%
• Equity multiple: 0.91×
• Total profit: $-3,926
• Equity at exit: $23,394

10-year hold

• IRR: 8.4%
• Equity multiple: 1.67×
• Total profit: $29,525
• Equity at exit: $13,566

Cash invested: $43,932 (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 33487

• Rents YoY: 3.6%
• Active inventory: 330
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,487 high
• Mortgage (P&I): −$823
• Tax from tax record: −$245 /mo · $2,939/yr
• Insurance: −$65
• HOA: −$523
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $309

Break-even live

Break-even rent $2,096

Max offer price $156,900

Occupancy floor 83%

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: $39,225
• Closing costs: $4,707
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5301 NW 2nd Ave Boca Raton, FL	2.0	2.0–2.5	1300	$2,640	$2.03	5d	2	0.04mi
5301 NW 2nd Ave Boca Raton, FL	2.0	2.0–2.5	1300	$2,698	$2.08	7d	2	0.04mi
5301 NW 2nd Ave #1010 Boca Raton, FL	2.0	2.0	1300	$2,800	$2.15	24d	1	0.04mi
5301 NW 2nd Ave Apt 307 Boca Raton, FL	2.0	2.0	1300	$2,900	$2.23	24d	1	0.04mi
5501 NW 2nd Ave Unit 111 Boca Raton, FL	1.0	1.5	850	$1,700	$2.00	19d	1	0.07mi
5501 NW 2nd Ave Unit 111 Boca Raton, FL	1.0	1.5	850	$1,700	$2.00	8d	1	0.07mi
5501 NW 2nd Ave #2130 Boca Raton, FL	2.0	2.0	850	$1,599	$1.88	8d	1	0.07mi
5501 NW 2nd Ave Boca Raton, FL	1.0–2.0	1.5–2.0	925	$1,625	$1.76	5d	3	0.08mi
5340 NW 2nd Ave #226 Boca Raton, FL	2.0	2.0	1316	$3,500	$2.66	24d	1	0.08mi
5700 NW 2nd Ave Boca Raton, FL	2.0	2.0	1125	$2,162	$1.92	21d	4	0.10mi
5700 NW 2nd Ave Boca Raton, FL	2.0	2.0	1125	$2,350	$2.09	17d	3	0.10mi
299 NW 52nd Ter Unit X Boca Raton, FL	2.0	2.0	1300	$3,000	$2.31	24d	1	0.14mi
299 NW 52nd Ter Unit PHX Boca Raton, FL	2.0	2.0	1300	$3,000	$2.31	8d	1	0.14mi
5200 E Club Cir Boca Raton, FL	2.0	2.0	1200	$2,224	$1.85	24d	2	0.16mi
400 Club Cir Boca Raton, FL	2.0	2.0	1200	$2,900	$2.42	24d	1	0.19mi
400 Club Cir #101 Boca Raton, FL	2.0	2.0	1200	$2,800	$2.33	2d	1	0.19mi
350 Club Cir #208 Boca Raton, FL	2.0	2.0	1200	$2,450	$2.04	8d	1	0.21mi
5151 W Club Cir #206 Boca Raton, FL	2.0	2.0	1200	$2,500	$2.08	14d	1	0.22mi
5121 Sabal Gardens Ln #2 Boca Raton, FL	2.0	2.5	1456	$3,200	$2.20	24d	1	0.22mi
500 NW 53rd St Boca Raton, FL	2.0	2.0	1320	$3,000	$2.27	24d	1	0.33mi
6000 NW 2nd Ave #437 Boca Raton, FL	2.0	2.0	1300	$2,500	$1.92	15d	1	0.36mi
564 NW 55th St Boca Raton, FL	2.0	2.0	1385	$3,200	$2.31	24d	1	0.37mi
5961 NW 2nd Ave Apt 108 Boca Raton, FL	2.0	2.0	1050	$2,400	$2.29	8d	1	0.41mi
6161 NW 2nd Ave Unit 520 Boca Raton, FL	2.0	2.0	1200	$2,195	$1.83	24d	1	0.46mi
6080 Dixie Hwy Rm 3 Boca Raton, FL	1.0	1.0	800	$1,100	$1.38	24d	1	0.48mi
4850 NE 5th Ave Boca Raton, FL	3.0	1.0–2.0	700	$1,883	$2.69	10d	4	0.51mi
541 NE 48th St Unit 203 Boca Raton, FL	1.0	1.0	700	$1,750	$2.50	4d	1	0.53mi
518 NE 48th St Boca Raton, FL	2.0	2.0	1350	$3,250	$2.41	24d	1	0.55mi
518 NE 48th St Unit 518 Boca Raton, FL	2.0	2.0	1350	$3,250	$2.41	15d	1	0.55mi
6461 NW 2nd Ave Boca Raton, FL	2.0	2.0	1300	$2,148	$1.65	24d	2	0.58mi
6461 NW 2nd Ave #501 Boca Raton, FL	2.0	2.0	1300	$2,200	$1.69	21d	1	0.58mi
530 NE 47th St Boca Raton, FL	2.0	1.0–2.0	670	$2,019	$3.01	3d	4	0.60mi
560 NE 46th St Unit 8 Boca Raton, FL	1.0	1.0	900	$1,800	$2.00	24d	1	0.66mi
520 NE 44th St Boca Raton, FL	1.0	1.0	800	$1,800	$2.25	22d	1	0.73mi
665 Glouchester St Boca Raton, FL	2.0	1.0	800	$2,095	$2.62	5d	2	0.74mi
6500 NW 2nd Ave #512 Boca Raton, FL	2.0	2.0	1316	$2,800	$2.13	24d	1	0.74mi
769 Jeffery St Unit 2-103 Boca Raton, FL	1.0	1.5	776	$2,700	$3.48	24d	1	0.75mi
300 NW 42nd St Boca Raton, FL	2.0	2.0	1108	$2,450	$2.21	14d	1	0.81mi
1078 Jeffery St Boca Raton, FL	2.0	2.5	1024	$2,900	$2.83	24d	1	0.85mi
140 NW 70th St #2040 Boca Raton, FL	2.0	2.0	1018	$2,400	$2.36	24d	1	0.85mi

HOA detail condo

• Monthly dues: $523 · $6,276/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-01-12
   soldstatus $152,000
2. 2026-01-08
   historical
3. 2025-12-16
   listed $156,900
4. 2025-11-24
   soldstatus $120,750
5. 2003-08-06
   soldstatus $107,000
6. 2001-04-03
   soldstatus $70,000
7. 2000-05-26
   soldstatus $68,000
8. 1991-04-05
   soldstatus $63,000

ⓘ 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: $2,939 · $245/mo
• Projected year-2 tax: $2,939 · $245/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 10/10 Extreme 7 d/yr ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,842
• − Mortgage interest: −$8,789
• − Property taxes: −$2,939
• − Insurance: −$784
• − Repairs & maintenance: −$2,387
• − Management: −$2,387
• − HOA: −$6,276
• − Depreciation: −$4,564
• Taxable income: $1,715
• Est. tax owed @ 24.0%: −$412
• After-tax cash flow: $3,291/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

• Census place: Boca Raton, FL
• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,717
• Household income: $96,066
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 896.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 11% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 7% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 4% 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: ▼ -331.59%
• Current HPI: 352.5852
• Rent YoY: ▲ 3.58%
• 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

+141.3% since first listed

8 events — show timeline

• 2026-01-12 Sold (Public Records) $152,000 Public Records
• 2026-01-08 Listing Removed — Beaches MLS
• 2025-12-16 Listed $156,900 Beaches MLS
• 2025-11-24 Sold (Public Records) $120,750 Public Records
• 2003-08-06 Sold (Public Records) $107,000 Public Records
• 2001-04-03 Sold (Public Records) $70,000 Public Records
• 2000-05-26 Sold (Public Records) $68,000 Public Records
• 1991-04-05 Sold (Public Records) $63,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $2,939 · +0.7% YoY. Source: county tax records.