18856 Argosy Dr Unit C · Boca Raton, FL 33496

$249,900

2 bd · 2.0 ba · 863 sqft · Condo · 17 Days on market

Built 1985 Good condition $584/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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.3/30.0
• Schools +4.3/10.0
• Condition / age +4.0/5.0
• 1% rule +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• DSCR +0.0/10.0

Listing remarks

Welcome to your ideal Boca Raton retreat! This charming two-bedroom, two-bathroom condominium offers a cozy 863 square feet of furnished living space, perfect for modern living. You'll appreciate the stylish kitchen featuring wooden cabinetry and granite countertops, complemented by stainless steel appliances and eat in kitchen. The spacious living areas are filled with natural light, thanks to large windows, and lead to a private florida room and patio with beautiful views of the tranquil lake. Residents can enjoy fantastic community amenities, including a fitness center and a refreshing pool, perfect for relaxation. Utilities include water, cable, and trash service, ensuring convenience

Key facts

• Lakefront lot
• Water views
• Renovated kitchen

Tags

• LAKEFRONT LOT
• WATER VIEWS
• RENOVATED KITCHEN
• GRANITE COUNTERTOPS
• SEAMLESS GLASS SHOWER DOORS
• NEW ROOF

Property features AI

Finance

• Other: Senior community
• Financial info: Community of 1,446 units; Pets allowed with possible restrictions (no cats specified)
• HOA & community: Has homeowners association; Monthly HOA fee; HOA amenities include clubhouse, fitness center, jogging path, pool, shuffleboard, tennis courts, pickleball courts, manager on site, community room, library, sidewalks, and street lights; HOA fee covers cable TV, insurance, grounds maintenance, pest control, security, trash, water, common areas, common real estate tax, and recreation facilities

Exterior

• Parking: Assigned parking
• Security: Smoke detectors; Gated community (no guard); Security patrol
• Utilities: Public water; Public sewer; Three-phase electric service; Cable available
• Home design: Condominium villa; Multi/split levels; Single-story unit (building has 1 story total); Entry-level living area; Faces west
• Construction: CBS construction; Composition/Shingle roof; Builder model: PREMIERE LAKE; Resale condition; Built area recorded as 863 (public records)
• Exterior features: Open patio; Patio; Porch; Glass-enclosed porch/patio; Interior lot; Waterfront

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 2 main-level bedrooms
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Entrance foyer; Walk-in closet(s); Blinds on windows; Furnished
• Laundry & utility: Laundry closet inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-554 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (32.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (11.0% below list).
• Recommended offer: $170k (32.1% below list) — sets the bar for cash-flow.
• Cap rate 3.6% 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 (+2.3%/yr); 324 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 9700% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $169,760 (32.1% 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. 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. 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?
7. 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.
8. 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.
9. 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: 0.89% ✗
• Cap rate: 3.63%
• Cash-on-cash: -9.50%
• DSCR: 0.58
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: 17.4%
• Equity multiple: 2.42×
• Total profit: $99,687
• Equity at exit: $225,130

10-year hold

• IRR: 16.3%
• Equity multiple: 5.56×
• Total profit: $319,056
• Equity at exit: $485,501

Cash invested: $69,972 (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 33496

• Home prices YoY: 3.5%
• Rents YoY: 2.3%
• Active inventory: 324
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,224 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$584
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $-554

Break-even live

Break-even rent $2,925

Max offer price $169,760

Occupancy floor —

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18890 Candlewick Dr Unit B Boca Raton, FL	2.0	2.0	1044	$2,600	$2.49	24d	1	0.03mi
18855 Candlewick Dr Boca Raton, FL	2.0	2.0	1022	$2,600	$2.54	24d	1	0.03mi
18765 Candlewick Dr Boca Raton, FL	2.0	2.0	863	$2,300	$2.67	24d	1	0.03mi
18595 Egret Way #18595 Boca Raton, FL	2.0	2.0	1000	$2,200	$2.20	24d	1	0.11mi
68 Suffolk F Unit 68 Boca Raton, FL	1.0	1.5	720	$2,750	$3.82	24d	1	0.44mi
209 Suffolk F Unit F Boca Raton, FL	1.0	1.5	720	$1,400	$1.94	24d	1	0.44mi
171 Suffolk F #171 Boca Raton, FL	1.0	1.5	720	$1,500	$2.08	10d	1	0.44mi
250 Suffolk F #250 Boca Raton, FL	1.0	1.5	720	$1,450	$2.01	2d	1	0.44mi
1072 Yarmouth E #1072 Boca Raton, FL	1.0	1.5	738	$1,950	$2.64	24d	1	0.48mi
4067 Yarmouth D Boca Raton, FL	1.0	1.5	738	$1,650	$2.24	3d	1	0.50mi
91 Preston Way Unit 91 Boca Raton, FL	1.0	1.0	600	$1,500	$2.50	24d	1	0.57mi
74 Preston Way Boca Raton, FL	2.0	1.5	840	$1,750	$2.08	21d	1	0.57mi
149 Preston Way #149 Boca Raton, FL	1.0	1.5	720	$1,350	$1.88	24d	1	0.57mi
74 Preston Way Boca Raton, FL	2.0	1.5	840	$1,750	$2.08	24d	1	0.57mi
149 Preston Way #149 Boca Raton, FL	1.0	1.5	720	$1,300	$1.81	1d	1	0.57mi
204 Preston Way #204 Boca Raton, FL	1.0	1.0	810	$1,500	$1.85	1d	1	0.57mi
3049 Wolverton E Unit 3049 Boca Raton, FL	2.0	2.0	896	$2,200	$2.46	7d	1	0.59mi
4049 Wolverton C Unit C Boca Raton, FL	2.0	2.0	896	$2,500	$2.79	1d	1	0.61mi
3049 Wolverton C #3049 Boca Raton, FL	2.0	2.0	896	$2,200	$2.46	7d	1	0.67mi
77 Preston Way #77 Boca Raton, FL	1.0	1.0	600	$1,450	$2.42	21d	1	0.68mi
162 Preston D Boca Raton, FL	1.0	1.0	810	$1,495	$1.85	24d	1	0.68mi
77 Preston Way #77 Boca Raton, FL	1.0	1.0	600	$1,350	$2.25	7d	1	0.68mi
351 Mansfield Dr #351 Boca Raton, FL	2.0	1.5	840	$2,300	$2.74	24d	1	0.68mi
4030 Rexford A Unit 403 Boca Raton, FL	2.0	2.0	896	$1,850	$2.06	24d	1	0.68mi
4030 Rexford A Unit 403 Boca Raton, FL	2.0	2.0	896	$1,700	$1.90	7d	1	0.68mi
84 Mansfield Dr Unit 84 Boca Raton, FL	2.0	1.5	840	$1,583	$1.88	24d	1	0.70mi
543 Mansfield M #543 Boca Raton, FL	2.0	1.5	835	$1,890	$2.26	24d	1	0.70mi
431 Mansfield K Unit K Boca Raton, FL	2.0	1.5	835	$1,600	$1.92	21d	1	0.70mi
588 Mansfield M Unit M Boca Raton, FL	2.0	1.5	835	$1,475	$1.77	24d	1	0.70mi
9 Mansfield B #9 Boca Raton, FL	1.0	1.5	810	$1,400	$1.73	24d	1	0.70mi
392 Mansfield I Unit I Boca Raton, FL	2.0	1.5	840	$1,850	$2.20	24d	1	0.70mi
445 Mansfield M Unit 445 Boca Raton, FL	2.0	1.5	840	$1,700	$2.02	7d	1	0.70mi
1030 Rexford B Boca Raton, FL	2.0	2.0	896	$1,800	$2.01	24d	1	0.74mi
4030 Rexford B Boca Raton, FL	2.0	2.0	916	$1,700	$1.86	18d	1	0.74mi
2039 Rexford C Boca Raton, FL	2.0	2.0	896	$1,550	$1.73	24d	1	0.74mi
517 Mansfield M Unit 517 Boca Raton, FL	1.0	1.5	715	$1,550	$2.17	24d	1	0.77mi
1043 Cornwall C Boca Raton, FL	2.0	1.5	861	$1,795	$2.08	14d	1	0.80mi
2043 Cornwall C #2043 Boca Raton, FL	2.0	1.5	861	$1,800	$2.09	24d	1	0.80mi
3037 Cornwall B Boca Raton, FL	2.0	1.5	861	$3,000	$3.48	14d	1	0.81mi
4043 Cornwall C #4043 Boca Raton, FL	2.0	1.5	861	$2,450	$2.85	24d	1	0.81mi

HOA detail condo

• Monthly dues: $584 · $7,008/yr
• Likely covers: watertrashcablepoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $249,900 Active 17 DOM
2. 2026-06-17
   days on market $249,900 Active 16 DOM
3. 2026-06-16
   days on market $249,900 Active 15 DOM
4. 2026-06-15
   days on market $249,900 Active 14 DOM
5. 2026-06-13
   days on market $249,900 Active 12 DOM
6. 2026-06-09
   days on market $249,900 Active 8 DOM
7. 2026-06-08
   days on market $249,900 Active 7 DOM
8. 2026-06-07
   days on market $249,900 Active 6 DOM
9. 2026-06-04
   days on market $249,900 Active 3 DOM
10. 2026-06-03
    days on market $249,900 Active 2 DOM
11. 2026-06-02
    pricedays on marketlisting id $249,900 Active 1 DOM
12. 2025-10-01
    historical $2,550
13. 2025-06-03
    listed $2,550
14. 2025-06-02
    listed $275,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,691
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,135
• − Management: −$2,135
• − HOA: −$7,008
• − Depreciation: −$7,270
• Taxable loss: −$10,853
• Est. tax savings @ 24.0%: +$2,605
• After-tax cash flow: $-4,041/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained two-bedroom condo in Boca Raton offers a good condition with minimal repairs needed, making it a solid investment opportunity.

Value-add opportunities

• Resale Paint exterior trim — Fresh paint can enhance curb appeal and property value.
• Rental Clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Fresh paint can enhance curb appeal and property value. ↑
• Rental Clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 26,579
• Household income: $114,885
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 464.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 11% Two or more races 8% Asian 5% Black 2%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Scotch-Irish 13% Romanian 9% Italian 3%
• Foreign-born: 24% · Canada, Jamaica, Dominican Republic
• Languages at home: 75% English-only · Spanish 9% Other Indo-European 5% Russian/Polish/Slavic 4%

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: ▲ 10.48%
• Current HPI: 313.9058
• Rent YoY: ▲ 2.31%
• 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

-99.1% since first listed

3 events — show timeline

• 2025-10-01 Rental Removed $2,550 GFLMLS
• 2025-06-03 Listed for Rent $2,550 GFLMLS
• 2025-06-02 Listed $275,000 Beaches MLS