8232 Waterline Dr

Boynton Beach, FL 33472

$310,000D

2 bd · 2.0 ba · 1,331 sqft · Built 1986 · SingleFamily · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,867/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$257
• HOA: −$660
• Vac / Maint / Mgmt: −$602
• Net cashflow: $-278/mo
• Annual: $-3,333/yr
• Cap rate: 5.22%
• Cash-on-cash: -3.84%
• DSCR: 0.83
• 1% rule: 0.92%
• Cash to close: $86,800

Investor read

• This is a 2-bed/2.0-bath single-family listed at $310k.
• At list price, monthly cash flow is $-278 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (15.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $287k (7.5% below list).
• It's been on market 84 days — a 6% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (15.8% below list) — sets the bar for cash-flow.
• In year one you build about $3k of equity ($2k loan paydown + $614 appreciation (0.2% local appreciation)).
• Location reads 72/100 on livability (#351 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: amenities D+, crime D-, 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: Crystal Lakes Elementary School (math 55% / reading 64%, grade B-, #690 of 2,144 statewide, top 34%, 788 students, 37% FRL); Christa Mcauliffe Middle School (math 63% / reading 63%, grade B+, #111 of 571 statewide, top 20%, 1,387 students, 35% FRL); Park Vista Community High School (math 43% / reading 64%, grade C-, #146 of 667 statewide, top 22%, 3,191 students, 28% FRL) — zoned schools average 34% FRL vs 52% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: 169 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $260k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% vs local median 4.3% in Boynton Beach — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 84 days. Have you received any prior offers? Is the seller open to a 16% 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?
• 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.