401 Greenbrier A

Plantation Mobile Home Park, FL 33411

$85,000B+

1 bd · 2.0 ba · 1,014 sqft · Built 1972 · Condo · Active · 187 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,737/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$173
• HOA: −$520
• Vac / Maint / Mgmt: −$365
• Net cashflow: $234/mo
• Annual: $2,802/yr
• Cap rate: 9.59%
• Cash-on-cash: 11.78%
• DSCR: 1.52
• 1% rule: 2.04%
• Cash to close: $23,800

Investor read

• This is a 1-bed/2.0-bath condo listed at $85k.
• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• It's been on market 187 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($588 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#430 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety 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.
• Watch-outs: HOA is 30% of rent.
• Market conditions: Rents flat; 574 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); solid renter incomes; 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.
• 3 sale attempts since 27y ago; this cycle's ask has dropped $45k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $85k implies a 179% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 0.8% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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?
• 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.