10231 N Circle Lake Dr #201

Golf, FL 33437

$249,000D+

3 bd · 2.0 ba · 1,648 sqft · Built 1988 · Condo · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,283/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$406
• HOA: −$933
• Vac / Maint / Mgmt: −$690
• Net cashflow: $-51/mo
• Annual: $-611/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.88%
• DSCR: 0.96
• 1% rule: 1.32%
• Cash to close: $69,720

Investor read

• This is a 3-bed/2.0-bath condo listed at $249k.
• At list price, monthly cash flow is $-51 ($-611/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (3.6% below list).
• Meets the 1% rule at list price ($3k rent vs $249k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $240k (3.6% below list) — sets the bar for cash-flow.
• In year one you build about $1k of equity ($2k loan paydown + $-602 appreciation (-0.2% local appreciation)).
• Location reads 63/100 on livability (#703 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, 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: Crosspointe Elementary School (math 36% / reading 45%, grade F, #1,471 of 2,144 statewide, top 69%, 652 students, 75% FRL); Boynton Beach Community High (math 13% / reading 25%, grade F, #565 of 667 statewide, top 85%, 1,547 students, 65% 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 30% at this address vs 50% district-wide (-20 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising (+1.3%/yr); 490 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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.
• 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.
• At $3,283/mo this rent would consume 49% of the median local household income ($81k/yr) (locally 902% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?