22175 SW 62nd Ct · Watergate, FL 33428

$396,000

3 bd · 2.0 ba · 1,206 sqft · Townhouse public records · 13 Days on market

Built 1979 Est $299k · 32% over

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Why this score? — see what drove the F 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 +13.4/30.0
• Schools +4.3/10.0
• DSCR +4.0/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

NO HOA!! - Lovely 3 bedroom 2 bathroom home located on a quiet and private street in West Boca. Tiled flooring through, newer bathrooms, A/C, water heater, Appliances and cement patio out back. Just a short ride to restaurants, shopping, Home Depot, Loews, places of worship, and major roadways. This is an opportunity to own a beautiful home in the sandalfoot area. Great investment or a wonderful opportunity to own your own home.

Key facts

• Tiled flooring
• Newer bathrooms
• Cement patio

Tags

• TILED FLOORING
• NEWER BATHROOMS
• CEMENT PATIO
• QUIET AND PRIVATE STREET

Property features AI

Finance

• Financial info: No pet restrictions

Exterior

• Parking: Two or more parking spaces
• Security: Owned security system; Storm/security shutters
• Utilities: Electric water heater; Central heating and cooling
• Home design: Single-story home; Block construction; Has attached property; Entry at ground level
• Construction: Block construction; Effective year built
• Exterior features: Fenced yard; Storm/security shutters; Security system (owned)

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Garbage disposal; Pantry; Eat-in kitchen
• Bedrooms: Primary bedroom on main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Impact-resistant windows; First-floor entry; Bedroom on main level; Dining area and separate/formal dining room; Eat-in kitchen with pantry; Kitchen/dining combo; Family room / dining room
• Laundry & utility: Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $396k.

Deal economics

• At list price, monthly cash flow is $6 ($76/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (25.3% below list).
• Recommended offer: $296k (25.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#585 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, 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.
• Market conditions: Rents rising (+3.7%/yr); 267 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 40% of the median local income ($89k/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 $3k of loan paydown is wiped out by about $12k 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 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $74k; list at $396k implies a 435% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $295,987 (25.3% below list)

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $299,088
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22205 Boca Rancho Dr Unit D	0.34mi	2/2.0 (-1)	1,208 (+0%)	24mo	$299,000	$248	59

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.72% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.44×
• Total profit: $-61,811
• Equity at exit: $59,045

10-year hold

• IRR: -6.2%
• Equity multiple: 0.59×
• Total profit: $-45,143
• Equity at exit: $34,239

Cash invested: $110,880 (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 33428

• Rents YoY: 3.7%
• Active inventory: 267
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,960 high
• Mortgage (P&I): −$2,077
• Tax from tax record: −$90 /mo · $1,084/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $6

Break-even live

Break-even rent $2,952

Max offer price $396,000

Occupancy floor 95%

Sensitivity live

Price	-10% $230	-5% $118	+0% $6	+5% $-106	+10% $-218
Rent	-10% $-228	-5% $-111	+0% $6	+5% $123	+10% $240
Rate	-1.0pp $206	-0.5pp $107	base $6	+0.5pp $-96	+1.0pp $-201

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: $99,000
• Closing costs: $11,880
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22217 SW 61st Ave Boca Raton, FL	2.0	2.0	1318	$3,200	$2.43	15d	1	0.15mi
22217 SW 61st Ave Boca Raton, FL	2.0	2.0	1318	$3,200	$2.43	22d	1	0.15mi
22217 SW 61st Ave Boca Raton, FL	2.0	2.0	1318	$3,200	$2.43	2d	1	0.15mi
9500 SW 3rd St #259 Boca Raton, FL	2.0	2.5	1336	$2,350	$1.76	25d	1	0.24mi
9374 SW 3rd St #708 Boca Raton, FL	2.0	2.0	961	$2,100	$2.19	8d	1	0.29mi
9338 SW 3rd St #508 Boca Raton, FL	2.0	2.0	961	$2,300	$2.39	14d	1	0.30mi
9338 SW 3rd St #508 Boca Raton, FL	2.0	2.0	961	$2,300	$2.39	13d	1	0.30mi
9860 SW 3rd St Boca Raton, FL	1.0–3.0	1.5–2.5	1222	$3,397	$2.78	0d	34	0.33mi
9244 SW 2nd St Boca Raton, FL	3.0	2.0	1480	$3,300	$2.23	25d	1	0.34mi
22465 SW 61st Way #247 Boca Raton, FL	3.0	2.0	1407	$2,700	$1.92	25d	1	0.35mi
22465 SW 61st Way #247 Boca Raton, FL	3.0	2.0	1407	$2,600	$1.85	4d	1	0.35mi
9210 SW 3rd St #216 Boca Raton, FL	2.0	2.0	961	$2,350	$2.45	25d	1	0.37mi
9200 SW 3rd St #109 Boca Raton, FL	2.0	2.0	961	$2,250	$2.34	25d	1	0.39mi
22201 Majestic Woods Way Boca Raton, FL	2.0	2.5	1280	$2,800	$2.19	25d	1	0.40mi
9284 Vista Del Lago Unit 34-F Boca Raton, FL	2.0	2.0	1216	$2,400	$1.97	22d	1	0.53mi
9285 Vista Del Lago Unit 36F Boca Raton, FL	2.0	2.0	1216	$3,200	$2.63	25d	1	0.53mi
9299 Vista Del Lago Unit 16D Boca Raton, FL	2.0	2.0	1216	$2,900	$2.38	25d	1	0.53mi
22605 SW 66th Ave #403 Boca Raton, FL	2.0	2.0	1030	$2,100	$2.04	25d	1	0.55mi
9162 SW 5th St Unit A Boca Raton, FL	2.0	2.0	1039	$2,400	$2.31	25d	1	0.56mi
22682 Family Cir Unit 22682 Boca Raton, FL	3.0	2.0	1425	$3,400	$2.39	14d	1	0.57mi
22062 Acapulco Ct Boca Raton, FL	3.0	2.0	1184	$3,650	$3.08	25d	1	0.57mi
9260 Boca Vue Dr Boca Raton, FL	1.0–3.0	1.0–2.0	1052	$4,265	$4.05	0d	32	0.60mi
9233 SW 8th St #110 Boca Raton, FL	2.0	2.0	979	$1,800	$1.84	8d	1	0.63mi
22745 SW 65th Way Boca Raton, FL	3.0	2.0	1477	$3,500	$2.37	3d	1	0.63mi
9973 Three Lakes Cir Boca Raton, FL	2.0	2.0	1026	$2,500	$2.44	25d	1	0.63mi
9993 Three Lakes Cir Boca Raton, FL	3.0	2.0	972	$2,600	$2.67	14d	1	0.63mi
9355 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	780	$1,975	$2.53	1d	4	0.63mi
10180 Fanfare Dr Unit 10180 Boca Raton, FL	3.0	2.0	1266	$3,800	$3.00	2d	1	0.64mi
10180 Fanfare Dr Unit 10180 Boca Raton, FL	3.0	2.0	1266	$3,800	$3.00	3d	1	0.64mi
9273 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	878	$2,200	$2.51	3d	3	0.64mi
9235 SW 8th St Boca Raton, FL	2.0	2.0	900	$2,150	$2.39	3d	2	0.65mi
9235 SW 8th St Boca Raton, FL	2.0	2.0	1045	$2,175	$2.08	11d	4	0.65mi
9921 Three Lakes Cir Unit 9921 Boca Raton, FL	3.0	2.0	967	$2,700	$2.79	25d	1	0.67mi
9370 SW 8th St #107 Boca Raton, FL	2.0	2.0	900	$2,150	$2.39	15d	1	0.68mi
9370 SW 8th St #107 Boca Raton, FL	2.0	2.0	900	$2,100	$2.33	6d	1	0.68mi
8895 Old Pine Rd Boca Raton, FL	3.0	2.0	1488	$4,500	$3.02	11d	1	0.69mi
9440 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	878	$1,950	$2.22	3d	2	0.70mi
22765 SW 66th Ave #204 Boca Raton, FL	2.0	2.0	1170	$3,000	$2.56	25d	1	0.70mi
22735 SW 66th Ave Boca Raton, FL	2.0	2.0	1170	$2,300	$1.97	6d	1	0.71mi
9915 Sandalfoot Blvd Boca Raton, FL	2.0	1.0	777	$2,000	$2.57	11d	2	0.78mi

Listing history 3 events

1. 2026-05-14
   listed $396,000 Active
2. 1998-11-17
   soldstatus $74,000
3. 1989-08-21
   soldstatus $63,500

ⓘ 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: $1,084 · $90/mo
• Projected year-2 tax: $3,287 · $274/mo
• Expected delta: +$2,203/yr (+$184/mo · 203.3%)

ⓘ 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 ≥107°F today · 27 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: $35,518
• − Mortgage interest: −$22,182
• − Property taxes: −$1,084
• − Insurance: −$1,980
• − Repairs & maintenance: −$2,841
• − Management: −$2,841
• − Depreciation: −$11,520
• Taxable loss: −$6,930
• Est. tax savings @ 24.0%: +$1,663
• After-tax cash flow: $1,739/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 — Watergate

• Score: 67/100
• State rank: #585
• US rank: #11201

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 47,588
• Household income: $88,543
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1990.0

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 0.69)
• Race & ethnicity: White 50% Two or more races 23% Hispanic / Latino 22% Black 7% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Estonian 12% Romanian 3% Scotch-Irish 3%
• Foreign-born: 37% · Canada, Jamaica, Vietnam
• Languages at home: 55% English-only · Spanish 19% Other Indo-European 17% French/Haitian/Cajun 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: ▼ -299.00%
• Current HPI: 373.2649
• Rent YoY: ▲ 3.72%
• 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

+523.6% since first listed

3 events — show timeline

• 2026-05-14 Listed $396,000 MARMLS
• 1998-11-17 Sold (Public Records) $74,000 Public Records
• 1989-08-21 Sold (Public Records) $63,500 Public Records

Property tax history

+0.8%/yr

Latest (2025): $1,084 · +4.3% YoY. Source: county tax records.