450 SW 2nd Ave #2050 · Boca Raton, FL 33432

$189,000

2 bd · 1.0 ba · 800 sqft · Condo public records · 121 Days on market

Built 1971 $578/mo HOA · 20% of rent

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Why this score? — see what drove the B- 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 +25.6/30.0
• 1% rule +10.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

ATTENTION INVESTORS! FANTASTIC OPPORTUNITY, RENT RIGHT AWAY!SECOND FLOOR 2/1. NEWLY UPDATED CONDO! NEW APPLIANCES. FRESHLY PAINTED BRIGHT AND LIGHT. PRIME EAST BOCA RATON LOCATION, WALKING DISTANCE TO SHOPS, STORES, SCHOOLS, MIZNER PARK, BRIGHT LINE, ETC. MOVE IN READY. GREAT INCOME OPPORTUNITY. ASSIGNED PARKING. COMMUNITY W & D. AFFORDABLE HOUSING WELCOME !!!MOTIVATED SELLER!!!

Key facts

• New appliances
• Move in ready
• Assigned parking

Tags

• NEW APPLIANCES
• PRIME EAST BOCA RATON LOCATION
• WALKING DISTANCE TO SHOPS
• MOVE IN READY
• ASSIGNED PARKING
• COMMUNITY W D

Property features AI

Finance

• HOA & community: Association with monthly fee (includes water); Association amenities include laundry

Exterior

• Parking: Assigned parking
• Utilities: Public water; Three-phase electric; Water available
• Home design: Condominium; Two stories total; Faces east
• Construction: Concrete/CBS construction
• Exterior features: Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: No special interior features listed; Unfurnished
• Laundry & utility: Laundry available through the association

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $189k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: employment A+, health & safety A+, crime B+; 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.
• Zoned schools: Boca Raton Elementary School (math 47% / reading 52%, grade D, #1,088 of 2,144 statewide, top 53%, 365 students, 62% FRL); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% FRL); West Boca Raton High School (math 55% / reading 70%, grade B-, #93 of 667 statewide, top 14%, 2,271 students, 28% FRL).
• Market conditions: Rents rising fast (+4.6%/yr); 472 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 33% of the median local income ($107k/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.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 10116% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $166,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 1.54% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.10%
• DSCR: 1.45
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.56% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $2,787
• Equity at exit: $28,181

10-year hold

• IRR: 13.0%
• Equity multiple: 2.14×
• Total profit: $60,228
• Equity at exit: $16,341

Cash invested: $52,920 (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 33432

• Rents YoY: 4.6%
• Active inventory: 472
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,917 high
• Mortgage (P&I): −$991
• Tax from tax record: −$211 /mo · $2,534/yr
• Insurance: −$79
• HOA: −$578
• Vacancy / Maint / Mgmt: −$613
• Net cashflow: $446

Break-even live

Break-even rent $2,353

Max offer price $189,000

Occupancy floor 80%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
550 SW 2nd Ave #1210 Boca Raton, FL	2.0	2.0	864	$2,150	$2.49	24d	1	0.09mi
600 SW 2nd Ave Unit 240 Boca Raton, FL	2.0	2.0	864	$2,700	$3.12	15d	1	0.11mi
650 SW 2nd Ave Unit 252 Boca Raton, FL	2.0	1.5	803	$2,000	$2.49	14d	1	0.15mi
233 S Federal Hwy Boca Raton, FL	2.0–3.0	2.0	1222	$4,000	$3.27	22d	2	0.17mi
233 S Federal Hwy Boca Raton, FL	2.0–3.0	2.0	1181	$3,900	$3.30	17d	3	0.17mi
230 SW 1st St Boca Raton, FL	2.0	2.0	1000	$2,850	$2.85	15d	1	0.19mi
131 S Federal Hwy Boca Raton, FL	1.0–2.0	1.0–2.0	778	$3,149	$4.05	1d	12	0.20mi
299 SW 7th St #103 Boca Raton, FL	2.0	2.0	888	$1,850	$2.08	24d	1	0.20mi
299 SW 7th St #1040 Boca Raton, FL	2.0	2.0	888	$2,100	$2.36	24d	1	0.20mi
272 SW 1st St Unit B Boca Raton, FL	2.0	1.0	900	$2,300	$2.56	24d	1	0.22mi
33 SE 8th St Boca Raton, FL	3.0	1.0–2.0	915	$3,458	$3.78	1d	20	0.23mi
50 SW 3rd Ave #1060 Boca Raton, FL	2.0	2.0	918	$2,250	$2.45	22d	1	0.26mi
50 SW 3rd Ave #311 Boca Raton, FL	2.0	2.0	918	$2,500	$2.72	11d	1	0.26mi
50 SW 3rd Ave #1060 Boca Raton, FL	2.0	2.0	918	$2,250	$2.45	24d	1	0.26mi
50 SW 3rd Ave #2010 Boca Raton, FL	2.0	2.0	918	$1,950	$2.12	22d	1	0.26mi
50 SW 3rd Ave #311 Boca Raton, FL	2.0	2.0	918	$2,500	$2.72	24d	1	0.26mi
101 Plaza Real S Boca Raton, FL	1.0–3.0	1.0–2.0	1188	$4,250	$3.58	3d	6	0.29mi
371 SW 8th St Unit 2-H-W Boca Raton, FL	2.0	1.0	863	$1,850	$2.14	24d	1	0.32mi
9 Plaza Real S Boca Raton, FL	2.0	1.0–2.0	795	$4,270	$5.37	3d	15	0.33mi
320 W Palmetto Park Rd Boca Raton, FL	3.0	1.0–3.0	1213	$3,372	$2.78	1d	27	0.34mi
101 E Camino Real Boca Raton, FL	3.0	1.0–2.5	1077	$5,871	$5.45	2d	8	0.37mi
99 SE Mizner Blvd Boca Raton, FL	1.0–2.0	1.0–2.0	1100	$5,900	$5.36	15d	4	0.37mi
99 SE Mizner Blvd Boca Raton, FL	1.0–2.0	1.0–2.0	1100	$5,900	$5.36	14d	5	0.37mi
99 SE Mizner Blvd Boca Raton, FL	1.0–2.0	1.0–2.0	1100	$5,900	$5.36	18d	5	0.37mi
200 E Royal Palm Rd #4080 Boca Raton, FL	1.0	1.5	733	$2,499	$3.41	24d	1	0.44mi
200 E Royal Palm Rd Boca Raton, FL	2.0	2.0	1008	$3,200	$3.17	24d	1	0.44mi
422 SW 9th St Unit 6 Boca Raton, FL	1.0	2.0	914	$2,095	$2.29	24d	1	0.46mi
101 SW 12th St Boca Raton, FL	1.0	1.0	575	$1,813	$3.15	1d	8	0.46mi
50 SE 12th St #2260 Boca Raton, FL	2.0	2.0	870	$4,000	$4.60	24d	1	0.47mi
50 SE 12th St #1520 Boca Raton, FL	1.0	1.0	675	$1,750	$2.59	19d	1	0.47mi
50 SE 12th St #145 Boca Raton, FL	2.0	1.0	800	$1,949	$2.44	24d	1	0.48mi
155 E Boca Raton Rd Boca Raton, FL	1.0–3.0	1.0–2.5	1411	$9,745	$6.90	2d	8	0.48mi
155 E Boca Raton Rd Boca Raton, FL	1.0–3.0	1.0–2.5	1411	$9,750	$6.91	2d	7	0.48mi
155 E Boca Raton Rd Boca Raton, FL	1.0–3.0	1.0–2.5	1411	$10,250	$7.26	14d	9	0.48mi
30 SE 13th St Unit A2 Boca Raton, FL	1.0	1.0	704	$1,600	$2.27	24d	1	0.56mi
55 SE 14th St #1120 Boca Raton, FL	2.0	2.0	1053	$2,400	$2.28	24d	1	0.58mi
55 SE 14th St #1120 Boca Raton, FL	2.0	2.0	1053	$2,375	$2.26	14d	1	0.58mi
1361 S Federal Hwy Boca Raton, FL	1.0	1.0	750	$2,324	$3.10	7d	1	0.58mi
382 E Royal Palm Rd #80 Boca Raton, FL	2.0	1.0	833	$2,200	$2.64	24d	1	0.62mi
100 SW 14th St Boca Raton, FL	1.0–3.0	1.0–2.0	917	$2,629	$2.87	2d	1	0.62mi

HOA detail condo

• Monthly dues: $578 · $6,936/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $189,000 Active 121 DOM
2. 2026-06-17
   days on market $189,000 Active 120 DOM
3. 2026-06-16
   days on market $189,000 Active 119 DOM
4. 2026-06-15
   days on market $189,000 Active 118 DOM
5. 2026-06-13
   days on market $189,000 Active 116 DOM
6. 2026-06-09
   days on market $189,000 Active 112 DOM
7. 2026-06-07
   days on market $189,000 Active 110 DOM
8. 2026-06-04
   days on market $189,000 Active 107 DOM
9. 2026-06-03
   days on market $189,000 Active 106 DOM
10. 2026-06-01
    days on market $189,000 Active 104 DOM
11. 2026-05-31
    days on market $189,000 Active 103 DOM
12. 2026-04-09
    listed $1,850
13. 2026-04-09
    historical $1,850
14. 2026-02-18
    listed $1,850
15. 2026-02-17
    listed $189,000 Active
16. 2025-02-20
    soldstatus $477,000
17. 2018-08-23
    soldstatus $105,000
18. 2016-04-29
    soldstatus $80,000
19. 2013-08-29
    soldstatus $70,000
20. 1997-05-01
    soldstatus $33,000

ⓘ 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: $2,534 · $211/mo
• Projected year-2 tax: $2,534 · $211/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 ≥106°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 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,007
• − Mortgage interest: −$10,587
• − Property taxes: −$2,534
• − Insurance: −$945
• − Repairs & maintenance: −$2,801
• − Management: −$2,801
• − HOA: −$6,936
• − Depreciation: −$5,498
• Taxable income: $2,906
• Est. tax owed @ 24.0%: −$697
• After-tax cash flow: $4,650/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 — 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

• Census place: Boca Raton, FL
• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 21,834
• Household income: $107,045
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1461.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 18% Two or more races 13% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Cuban 3%
• Common ancestry: Scotch-Irish 4% Subsaharan African 4% Romanian 4%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 77% English-only · Spanish 13% Other Indo-European 3% 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: ▼ -565.03%
• Current HPI: 391.7799
• Rent YoY: ▲ 4.56%
• 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

-94.4% since first listed

9 events — show timeline

• 2026-04-09 Listed for Rent $1,850 RMLSFL
• 2026-04-09 Rental Removed $1,850 GFLMLS
• 2026-02-18 Listed for Rent $1,850 GFLMLS
• 2026-02-17 Listed $189,000 Beaches MLS
• 2025-02-20 Sold (Public Records) $477,000 Public Records
• 2018-08-23 Sold (Public Records) $105,000 Public Records
• 2016-04-29 Sold (Public Records) $80,000 Public Records
• 2013-08-29 Sold (Public Records) $70,000 Public Records
• 1997-05-01 Sold (Public Records) $33,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $2,534 · +6.1% YoY. Source: county tax records.