2641 Gately Dr W #705 · Greenacres, FL 33415

$198,000

2 bd · 2.5 ba · 1,174 sqft · Condo public records · 87 Days on market

Built 1985 $532/mo HOA · 26% 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 +11.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WOW! JUST REDUCED. Great Location, 55+ Community, directly across from pool. 2 bed/ 2.1 bath townhome/villa. RULES & REG ATTACHED FOR YOUR CONVENIENCE. Employees of Bank of America or its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by Bank of America.

Key facts

• $532 HOA
• Built 1985
• Listed 87 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $198k.

Deal economics

• At list price, monthly cash flow is $-80 ($-959/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (7.1% below list).
• Meets the 1% rule at list price ($2k rent vs $198k).
• Recommended offer: $184k (7.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 69/100 on livability (#490 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, amenities F, 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: Forest Hill Elementary School (math 47% / reading 50%, grade D, #1,152 of 2,144 statewide, top 55%, 876 students, 72% FRL); Okeeheelee Middle School (math 34% / reading 40%, grade F, #399 of 571 statewide, top 71%, 1,377 students, 68% FRL) — zoned schools average 70% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.6%/yr); 314 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• This rent runs 40% of the median local income ($61k/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 $6k 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

• It's been on market 87 days — a 6% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 28y ago; this cycle's ask has dropped $27k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $198k implies a 366% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 26% 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 $183,883 (7.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 1.04% ✓
• Cap rate: 5.81%
• Cash-on-cash: -1.73%
• DSCR: 0.92
• GRM: 8.0

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: -23.4%
• Equity multiple: 0.22×
• Total profit: $-42,989
• Equity at exit: $29,522

10-year hold

• IRR: -33.6%
• Equity multiple: -0.20×
• Total profit: $-66,410
• Equity at exit: $17,119

Cash invested: $55,440 (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 33415

• Rents YoY: -1.6%
• Active inventory: 314
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,067 high
• Mortgage (P&I): −$1,038
• Tax from tax record: −$60 /mo · $719/yr
• Insurance: −$82
• HOA: −$532
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $-80

Break-even live

Break-even rent $2,168

Max offer price $183,883

Occupancy floor 99%

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
629 Sea Pine Way Unit D3 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	22d	1	0.07mi
628 Sea Pine Way Unit A2 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	16d	1	0.07mi
5775 Fernley Dr W #131 West Palm Beach, FL	2.0	2.0	1072	$2,000	$1.87	11d	1	0.13mi
2641 Gately Dr W West Palm Beach, FL	2.0–3.0	2.5	1238	$1,800	$1.45	24d	2	0.18mi
633 Sea Pine Way Unit C Greenacres, FL	2.0	2.0	1370	$2,450	$1.79	24d	1	0.18mi
813 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1111	$1,725	$1.55	2d	1	0.22mi
813 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1111	$1,725	$1.55	14d	1	0.22mi
826 Sky Pine Way Greenacres, FL	2.0–3.0	2.0	1304	$1,800	$1.38	12d	2	0.25mi
817 Sky Pine Way Unit H Greenacres, FL	2.0	2.0	1370	$2,300	$1.68	16d	1	0.26mi
2625 Emory Dr W Unit F West Palm Beach, FL	2.0	2.0	895	$1,700	$1.90	24d	1	0.28mi
802 Sky Pine Way Unit E2 Greenacres, FL	2.0	2.0	1111	$1,750	$1.58	7d	1	0.29mi
5725 Fernley Dr E #65 West Palm Beach, FL	2.0	2.0	1300	$1,575	$1.21	22d	1	0.30mi
616 Sea Pine Way Unit C3 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	24d	1	0.31mi
5780 Fernley Dr W #91 West Palm Beach, FL	2.0	2.0	1324	$2,000	$1.51	24d	1	0.32mi
811 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1064	$1,550	$1.46	20d	1	0.32mi
703 Sunny Pine Way Unit G2 Greenacres, FL	2.0	2.0	1068	$2,000	$1.87	15d	1	0.33mi
812 Sky Pine Way Greenacres, FL	2.0	2.0	1064	$2,100	$1.97	24d	1	0.34mi
6043 10th Ave N #130 Greenacres, FL	3.0	2.0	1500	$2,300	$1.53	24d	1	0.35mi
6506 Dockside Cir Greenacres, FL	2.0	2.5	1226	$2,000	$1.63	7d	1	0.36mi
4901 Pier Dr Greenacres, FL	3.0	2.5	1260	$2,400	$1.90	22d	1	0.37mi
6115 Seven Springs Blvd Greenacres, FL	2.0	2.5	1325	$2,475	$1.87	5d	1	0.38mi
6115 Seven Springs Blvd Greenacres, FL	2.0	2.5	1325	$2,500	$1.89	18d	1	0.38mi
2515 Emory Dr W Unit A West Palm Beach, FL	2.0	2.0	895	$1,750	$1.96	24d	1	0.38mi
2515 Emory Dr W Unit A West Palm Beach, FL	2.0	2.0	895	$1,700	$1.90	2d	1	0.38mi
6031 10th Ave N #219 Greenacres, FL	3.0	2.0	1078	$2,400	$2.23	4d	1	0.38mi
527 Shady Pine Way Greenacres, FL	2.0	2.0	1115	$2,025	$1.82	11d	2	0.39mi
6134 Seven Springs Blvd Unit 40d Greenacres, FL	3.0	3.0	1321	$2,400	$1.82	3d	1	0.40mi
6061 10th Ave N #242 Greenacres, FL	2.0	2.0	855	$2,000	$2.34	4d	1	0.41mi
511 Shady Pine Way Unit D2 Greenacres, FL	2.0	2.0	1115	$2,200	$1.97	4d	1	0.42mi
511 Shady Pine Way Unit D2 Greenacres, FL	2.0	2.0	1115	$2,200	$1.97	24d	1	0.42mi
712 Sunny Pine Way Greenacres, FL	2.0	2.0	1068	$2,150	$2.01	24d	1	0.42mi
5668 Albert Rd West Palm Beach, FL	3.0	2.0	1293	$3,800	$2.94	17d	1	0.44mi
3604 Inlet Cir Greenacres, FL	2.0	2.5	1274	$2,100	$1.65	24d	1	0.44mi
508 Shady Pine Way Unit D1 Greenacres, FL	2.0	2.0	1115	$1,850	$1.66	22d	1	0.44mi
502 Shady Pine Way Unit D2 Greenacres, FL	2.0	1.0	991	$1,950	$1.97	24d	1	0.45mi
507 Shady Pine Way Unit D1 Greenacres, FL	1.0	1.0	788	$1,400	$1.78	14d	1	0.45mi
703 Sunny Pine Way Greenacres, FL	2.0	2.0	1068	$1,900	$1.78	24d	2	0.46mi
6049 Olivewood Cir Greenacres, FL	2.0	2.0	1377	$2,200	$1.60	24d	1	0.46mi
504 Shady Pine Way Unit 2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	24d	1	0.49mi
726 Sunny Pine Way Unit B2 Greenacres, FL	3.0	2.0	1254	$2,200	$1.75	4d	1	0.49mi

HOA detail condo

• Monthly dues: $532 · $6,384/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-04-24
   status Pending
2. 2026-04-18
   historical Active Under Contract
3. 2026-04-02
   price $198,000
4. 2026-02-26
   price $210,000
5. 2026-01-26
   listed $225,000 Active
6. 2014-11-13
   soldstatus $42,500 Closed 322-char remark

   Show marketing remark (322 chars)

   WOW! JUST REDUCED. Great Location, 55+ Community, directly across from pool. 2 bed/ 2.1 bath townhome/villa. RULES & REG ATTACHED FOR YOUR CONVENIENCE. Employees of Bank of America or its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by Bank of America.

7. 2014-10-15
   status Pending 322-char remark

   Show marketing remark (322 chars)

   WOW! JUST REDUCED. Great Location, 55+ Community, directly across from pool. 2 bed/ 2.1 bath townhome/villa. RULES & REG ATTACHED FOR YOUR CONVENIENCE. Employees of Bank of America or its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by Bank of America.

8. 2014-09-26
   price $42,500 322-char remark

   Show marketing remark (322 chars)

   WOW! JUST REDUCED. Great Location, 55+ Community, directly across from pool. 2 bed/ 2.1 bath townhome/villa. RULES & REG ATTACHED FOR YOUR CONVENIENCE. Employees of Bank of America or its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by Bank of America.

9. 2014-08-20
   price $49,600 322-char remark

   Show marketing remark (322 chars)

   WOW! JUST REDUCED. Great Location, 55+ Community, directly across from pool. 2 bed/ 2.1 bath townhome/villa. RULES & REG ATTACHED FOR YOUR CONVENIENCE. Employees of Bank of America or its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by Bank of America.

10. 2014-07-26
    listed $55,100 Active 322-char remark

    Show marketing remark (322 chars)

    WOW! JUST REDUCED. Great Location, 55+ Community, directly across from pool. 2 bed/ 2.1 bath townhome/villa. RULES & REG ATTACHED FOR YOUR CONVENIENCE. Employees of Bank of America or its affiliates or subsidiaries are strictly prohibited from directly or indirectly purchasing any property owned by Bank of America.

11. 2004-03-01
    soldstatus $100,000
12. 2004-02-24
    soldstatus $100,000 203-char remark

    Show marketing remark (203 chars)

    READY AND WAITING! BRAND NEW CARPET & POPCORN CEILINGS THROUGHOUT! REFRIGERATOR 1 YR, RANGE 5 YRS APPROX, A/C 1997-PLUS MANY MORE EXTRAS AS IS WITH RIGHT TO INSPECT-ALL SIZES APPROX. 1 PET ALLOWED.

13. 2004-02-23
    historical 203-char remark

    Show marketing remark (203 chars)

    READY AND WAITING! BRAND NEW CARPET & POPCORN CEILINGS THROUGHOUT! REFRIGERATOR 1 YR, RANGE 5 YRS APPROX, A/C 1997-PLUS MANY MORE EXTRAS AS IS WITH RIGHT TO INSPECT-ALL SIZES APPROX. 1 PET ALLOWED.

14. 2003-08-03
    listed $99,000 203-char remark

    Show marketing remark (203 chars)

    READY AND WAITING! BRAND NEW CARPET & POPCORN CEILINGS THROUGHOUT! REFRIGERATOR 1 YR, RANGE 5 YRS APPROX, A/C 1997-PLUS MANY MORE EXTRAS AS IS WITH RIGHT TO INSPECT-ALL SIZES APPROX. 1 PET ALLOWED.

15. 1999-12-21
    soldstatus $52,000
16. 1999-12-17
    soldstatus $52,000
17. 1999-11-23
    historical
18. 1998-11-30
    listed $54,900
19. 1985-10-01
    soldstatus $54,500

ⓘ 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: $719 · $60/mo
• Projected year-2 tax: $1,643 · $137/mo
• Expected delta: +$924/yr (+$77/mo · 128.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,803
• − Mortgage interest: −$11,091
• − Property taxes: −$719
• − Insurance: −$990
• − Repairs & maintenance: −$1,984
• − Management: −$1,984
• − HOA: −$6,384
• − Depreciation: −$5,760
• Taxable loss: −$4,110
• Est. tax savings @ 24.0%: +$986
• After-tax cash flow: $27/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 — Greenacres

• Score: 69/100
• State rank: #490
• US rank: #9008

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment D Housing A+ Health & safety A User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 65,478
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,581
• Household income: $61,274
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 2254.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 53% Two or more races 26% White 21% Black 21% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Cuban 14% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 9% Romanian 1% Lithuanian 1%
• Foreign-born: 44% · Canada, Jamaica, Dominican Republic
• Languages at home: 40% English-only · Spanish 49% French/Haitian/Cajun 8% Other Indo-European 1%

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: ▼ -400.29%
• Current HPI: 413.9695
• Rent YoY: ▼ -1.64%
• 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

+263.3% since first listed

19 events — show timeline

• 2026-04-24 Pending — Beaches MLS
• 2026-04-18 Contingent — Beaches MLS
• 2026-04-02 Price Changed $198,000 Beaches MLS
• 2026-02-26 Price Changed $210,000 Beaches MLS
• 2026-01-26 Listed $225,000 Beaches MLS
• 2014-11-13 Sold (MLS) $42,500 Beaches MLS
• 2014-10-15 Pending — Beaches MLS
• 2014-09-26 Price Changed $42,500 Beaches MLS
• 2014-08-20 Price Changed $49,600 Beaches MLS
• 2014-07-26 Listed $55,100 Beaches MLS
• 2004-03-01 Sold (Public Records) $100,000 Public Records
• 2004-02-24 Sold (MLS) $100,000 Beaches MLS
• 2004-02-23 Listing Removed — Beaches MLS
• 2003-08-03 Listed $99,000 Beaches MLS
• 1999-12-21 Sold (Public Records) $52,000 Public Records
• 1999-12-17 Sold (MLS) $52,000 Beaches MLS
• 1999-11-23 Listing Removed — Beaches MLS
• 1998-11-30 Listed $54,900 Beaches MLS
• 1985-10-01 Sold (Public Records) $54,500 Public Records

Property tax history

-1.8%/yr

Latest (2025): $719 · +2.6% YoY. Source: county tax records.