223 Pine Hov Cir Unit C-2 · Greenacres, FL 33463

$173,000

2 bd · 1.0 ba · 924 sqft · Condo public records · 57 Days on market

Built 1982 $410/mo HOA · 21% 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 +10.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• DSCR +3.0/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 2 bedroom 2 bath condo located in the active 55+ community of Pine Ridge II. Renovated from top to bottom w elegant crown molding & new tile flooring w accoustic underlayment throughout the entire property including the balcony. HURRICANCE/IMPACT WINDOWS for storm protection. New electric panel. New A/C. Kitchen features glass backsplash, upgraded stainless steel appliances w double oven range & full sized refrigerator. Large food pantry w 10 drawers. Utility/laundry room offers extra cabinetry & Kenmore washer/dryer w extra capacity stainless steel tub. All windows have new blinds including designer crank down blinds on the balcony. Both bedrooms & bathroo

Key facts

• Glass backsplash
• New electric panel
• New a c

Tags

• HURRICANE IMPACT WINDOWS
• NEW ELECTRIC PANEL
• NEW A C
• GLASS BACKSPLASH
• DOUBLE OVEN RANGE
• LARGE FOOD PANTRY

Property features AI

Finance

• Other: Senior community; Pets not allowed
• HOA & community: Association: Pine Ridge South II; Quarterly HOA dues; HOA includes cable TV, insurance, internet, grounds maintenance, structure maintenance, pest control, common areas, common real estate tax, legal/accounting, reserves, roof repairs, recreation facility; Community amenities: clubhouse, pool (heated), car wash area, management/manager on site, picnic area, shuffleboard, bocce ball, library, kitchen facilities, maintained community, street lights, parking, internet included

Exterior

• Parking: Assigned parking; Guest parking; 1 open/assigned parking space
• Utilities: Public water; Public sewer; 100 amp electric service; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; One level; Southeast facing
• Construction: CBS construction; Shingle roof; 2 total stories
• Exterior features: Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Walk-in closets; Storm windows; Furnished
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $173k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (9.3% below list).
• Meets the 1% rule at list price ($2k rent vs $173k).
• Recommended offer: $157k (9.3% 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: Heritage Elementary School (math 35% / reading 39%, grade F, #1,609 of 2,144 statewide, top 77%, 786 students, 75% FRL); L C Swain Middle School (math 26% / reading 33%, grade F, #469 of 571 statewide, top 84%, 1,451 students, 74% FRL); Santaluces Community High (math 22% / reading 39%, grade F, #434 of 667 statewide, top 66%, 2,675 students, 61% 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 32% at this address vs 50% district-wide (-17 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.3%/yr); 346 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); 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 ($74k/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

• It's been on market 57 days — a 3% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $51k; list at $173k implies a 239% gain — meaningful room to come down on a strong offer.

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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,854 (9.3% 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 57 days. Have you received any prior offers? Is the seller open to a 9% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.11% ✓
• Cap rate: 5.66%
• Cash-on-cash: -2.26%
• DSCR: 0.90
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.33% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.24×
• Total profit: $-36,750
• Equity at exit: $25,795

10-year hold

• IRR: -23.1%
• Equity multiple: -0.05×
• Total profit: $-50,956
• Equity at exit: $14,958

Cash invested: $48,440 (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 33463

• Home prices YoY: -30.9%
• Rents YoY: 1.3%
• Active inventory: 346
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,923 high
• Mortgage (P&I): −$907
• Tax from tax record: −$222 /mo · $2,658/yr
• Insurance: −$72
• HOA: −$410
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $-91

Break-even live

Break-even rent $2,039

Max offer price $156,854

Occupancy floor 100%

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: $43,250
• Closing costs: $5,190
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 Pine Hov Cir Unit D2 Greenacres, FL	2.0	2.0	924	$1,850	$2.00	24d	1	0.09mi
231 Pine Hov Cir Unit A1 Greenacres, FL	1.0	1.0	818	$1,650	$2.02	24d	1	0.11mi
133 Lake Pine Cir Unit B1 Greenacres, FL	1.0	1.0	639	$1,450	$2.27	24d	1	0.16mi
133 Lake Pine Cir Greenacres, FL	1.0	1.0	639	$1,300	$2.03	18d	1	0.16mi
335 Knotty Pine Cir Unit D2 Greenacres, FL	2.0	2.0	937	$1,750	$1.87	24d	1	0.18mi
313 Knotty Pine Cir Unit A2 Greenacres, FL	2.0	2.0	937	$1,900	$2.03	24d	1	0.19mi
317 Knotty Pine Cir Unit A2 Greenacres, FL	2.0	1.0	818	$1,500	$1.83	24d	1	0.19mi
121 Lake Pine Cir Unit A2 Greenacres, FL	2.0	1.0	818	$1,600	$1.96	24d	1	0.22mi
105 Lake Pine Cir Unit B2 Greenacres, FL	2.0	2.0	937	$2,000	$2.13	24d	1	0.22mi
102 Lake Pine Cir Unit A2 Greenacres, FL	2.0	1.0	937	$1,500	$1.60	24d	1	0.27mi
104 Lake Pine Cir Unit A1 Greenacres, FL	2.0	2.0	937	$2,050	$2.19	24d	1	0.30mi
4121 Oak Terrace Dr Greenacres, FL	2.0	2.0	883	$1,950	$2.21	24d	1	0.31mi
4101 Oak Terrace Dr Greenacres, FL	2.0	2.0	883	$1,850	$2.10	11d	1	0.31mi
4205 S 57th Ave Unit G Greenacres, FL	2.0	2.0	1046	$1,900	$1.82	24d	1	0.38mi
4191 S 57th Ave Unit H Greenacres, FL	2.0	2.0	847	$1,750	$2.07	24d	1	0.40mi
4181 S 57th Ave Unit D Greenacres, FL	2.0	2.0	847	$1,850	$2.18	24d	1	0.40mi
4185 Oak Terrace Dr Greenacres, FL	2.0	2.0	883	$1,850	$2.10	22d	1	0.42mi
4221 Oak Terrace Dr Greenacres, FL	2.0	2.0	883	$1,900	$2.15	24d	1	0.44mi
4243 Oak Terrace Dr #4243 Greenacres, FL	2.0	2.0	883	$1,950	$2.21	24d	1	0.45mi
4245 Oak Terrace Dr Greenacres, FL	2.0	2.0	883	$2,000	$2.27	24d	1	0.45mi
4259 Oak Terrace Dr Greenacres, FL	2.0	2.0	883	$1,900	$2.15	24d	1	0.46mi
4535 Oak Terrace Dr Greenacres, FL	3.0	2.0	1061	$2,500	$2.36	15d	1	0.51mi
4535 Oak Terrace Dr Greenacres, FL	3.0	2.0	1061	$2,400	$2.26	12d	1	0.51mi
407 Pine Cir Unit C1 Greenacres, FL	2.0	2.0	922	$1,800	$1.95	24d	1	0.65mi
407 Pine Cir Unit B1 Greenacres, FL	2.0	2.0	922	$1,750	$1.90	24d	1	0.65mi
417 Pine Glen Ln Unit D2 Greenacres, FL	2.0	2.0	922	$1,550	$1.68	24d	1	0.66mi
417 Pine Glen Ln Unit C2 Greenacres, FL	2.0	2.0	922	$1,800	$1.95	24d	1	0.66mi
408 Pine Glen Ln Unit C-2 Greenacres, FL	2.0	1.0	804	$1,600	$1.99	24d	1	0.66mi
5905 Triphammer Rd Lake Worth, FL	2.0	2.0	1020	$3,000	$2.94	24d	1	0.69mi
446 Pine Glen Ln Unit A1 Greenacres, FL	1.0	1.0	614	$1,550	$2.52	15d	1	0.70mi
443 Pine Glen Ln Unit B2 Greenacres, FL	2.0	2.0	922	$1,500	$1.63	24d	1	0.71mi
429 Pine Glen Ln Unit C2 Greenacres, FL	2.0	1.0	804	$1,650	$2.05	24d	1	0.75mi
6615 Waterfront Xing Lake Worth, FL	1.0–3.0	1.0–2.0	1087	$2,864	$2.63	2d	22	0.84mi
4838 Esedra Ct Lake Worth, FL	1.0	1.0	804	$1,550	$1.93	24d	2	0.85mi
4254 Deste Ct #305 Greenacres, FL	1.0	1.0	716	$1,500	$2.09	24d	1	0.89mi
5855 S 37th St Unit 5857 Greenacres, FL	2.0	1.0	747	$1,974	$2.64	7d	1	0.90mi
6170 Dodd Rd Unit The Greenacres, FL	2.0	2.0	1000	$2,600	$2.60	24d	1	0.91mi
4832 Esedra Ct Lake Worth, FL	1.0–3.0	1.0–2.0	1026	$1,650	$1.61	3d	2	0.91mi
4242 Deste Ct Unit 208 Greenacres, FL	2.0	2.0	978	$2,500	$2.56	24d	1	0.96mi
4266 Deste Ct #107 Greenacres, FL	2.0	2.0	978	$2,100	$2.15	24d	1	0.97mi

HOA detail condo

• Monthly dues: $410 · $4,920/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $173,000 Active 57 DOM
2. 2026-06-17
   days on market $173,000 Active 56 DOM
3. 2026-06-16
   days on market $173,000 Active 55 DOM
4. 2026-06-15
   days on market $173,000 Active 54 DOM
5. 2026-06-13
   days on market $173,000 Active 52 DOM
6. 2026-06-09
   days on market $173,000 Active 48 DOM
7. 2026-06-08
   days on market $173,000 Active 47 DOM
8. 2026-06-07
   days on market $173,000 Active 46 DOM
9. 2026-06-04
   days on market $173,000 Active 43 DOM
10. 2026-06-03
    days on market $173,000 Active 42 DOM
11. 2026-06-02
    days on market $173,000 Active 41 DOM
12. 2026-06-01
    days on market $173,000 Active 40 DOM
13. 2026-05-31
    days on market $173,000 Active 39 DOM
14. 2026-04-22
    listed $173,000 Active
15. 2015-07-22
    soldstatus $51,010

ⓘ 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: $2,658 · $222/mo
• Projected year-2 tax: $2,658 · $222/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 ≥105°F today · 27 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: $23,080
• − Mortgage interest: −$9,691
• − Property taxes: −$2,658
• − Insurance: −$865
• − Repairs & maintenance: −$1,846
• − Management: −$1,846
• − HOA: −$4,920
• − Depreciation: −$5,033
• Taxable loss: −$3,779
• Est. tax savings @ 24.0%: +$907
• After-tax cash flow: $-190/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

• Census place: Greenacres, FL
• County: Palm Beach County · 1,438,312 people
• City population: 65,478
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 65,478
• Household income: $73,865
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 1466.0

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 0.70)
• Race & ethnicity: Hispanic / Latino 38% Black 29% White 27% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 8% Puerto Rican 6% Cuban 5% Dominican 2%
• Common ancestry: Hispanic 15% Romanian 1% Slovak 1%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 45% English-only · Spanish 32% French/Haitian/Cajun 17% Other Indo-European 2%

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: ▼ -175.33%
• Current HPI: 392.055
• Rent YoY: ▲ 1.33%
• 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

+239.1% since first listed

2 events — show timeline

• 2026-04-22 Listed $173,000 Beaches MLS
• 2015-07-22 Sold (Public Records) $51,010 Public Records

Property tax history

+7.9%/yr

Latest (2025): $2,658 · +5.8% YoY. Source: county tax records.