21938 Remsen Ter · Boca Raton, FL 33433

$285,000

2 bd · 2.0 ba · 950 sqft · Condo public records · 1 Days on market

Built 1985

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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).

• ARV discount +7.5/15.0
• Cash flow +7.2/30.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained 2 bedroom, 2 bathroom condo located in a peaceful and friendly neighborhood called Kensington Walk. This home features new appliances and a comfortable layout that& apos; s perfect for everyday living or as a great investment opportunity. Residents enjoy access to a community pool, ideal for relaxing and enjoying the Florida sunshine. The HOA includes basic cable and water helping simplify monthly expenses.

Key facts

• Community pool
• New appliances
• Kensington walk

Tags

• COMMUNITY POOL
• NEW APPLIANCES
• KENSINGTON WALK

Property features AI

Exterior

• Home design: Built in 1985
• Construction: Built in 1985
• Exterior features: Located in the Boca Del Mar subdivision

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $285k.

Deal economics

• At list price, monthly cash flow is $-390 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (12.5% below list).
• Recommended offer: $249k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 2.7% 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: Verde K-8 (math 72% / reading 74%, grade A, #271 of 2,144 statewide, top 13%, 1,296 students, 28% FRL); Omni Middle School (math 66% / reading 66%, grade A-, #93 of 571 statewide, top 16%, 1,128 students, 29% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL) — zoned schools average 27% FRL vs 52% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 69% at this address vs 50% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Palm Beach average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 436 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 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 36% of the median local income ($84k/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 $2k of loan paydown is wiped out by about $9k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $73k; list at $285k implies a 290% 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 $249,456 (12.5% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.88% ✗
• Cap rate: 4.65%
• Cash-on-cash: -5.86%
• DSCR: 0.74
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.33% rent growth · sell at horizon

5-year hold

• IRR: -30.0%
• Equity multiple: 0.03×
• Total profit: $-77,257
• Equity at exit: $42,494

10-year hold

• IRR: -52.9%
• Equity multiple: -0.55×
• Total profit: $-123,503
• Equity at exit: $24,642

Cash invested: $79,800 (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 33433

• Rents YoY: 0.3%
• Active inventory: 436
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,495 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$337 /mo · $4,046/yr
• Insurance: −$119
• HOA est. from 2 same-building comps: −$410
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $-390

Break-even live

Break-even rent $2,988

Max offer price $216,144

Occupancy floor —

Sensitivity live

Price	-10% $-228	-5% $-309	+0% $-390	+5% $-470	+10% $-551
Rent	-10% $-587	-5% $-488	+0% $-390	+5% $-291	+10% $-193
Rate	-1.0pp $-246	-0.5pp $-317	base $-390	+0.5pp $-464	+1.0pp $-539

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21951 Soundview Ter #203 Boca Raton, FL	2.0	2.0	950	$2,800	$2.95	26d	1	0.05mi
6550 Somerset Dr Unit K-104 Boca Raton, FL	2.0	2.0	950	$2,300	$2.42	26d	1	0.08mi
21950 Soundview Ter #209 Boca Raton, FL	2.0	2.0	950	$2,200	$2.32	9d	1	0.10mi
6772 Palmetto Cir S #102 Boca Raton, FL	2.0	2.0	857	$2,300	$2.68	26d	1	0.16mi
6832 Palmetto Cir S #201 Boca Raton, FL	2.0	2.0	857	$2,200	$2.57	17d	1	0.23mi
6925 Town Harbour Blvd Boca Raton, FL	1.0–2.0	1.5–2.5	1187	$2,865	$2.41	1d	15	0.28mi
22136 Palms Way #103 Boca Raton, FL	2.0	2.0	958	$2,500	$2.61	17d	1	0.33mi
22136 Palms Way #103 Boca Raton, FL	2.0	2.0	958	$2,500	$2.61	26d	1	0.33mi
22148 Boca Place Dr Boca Raton, FL	1.0–3.0	1.0–2.0	985	$2,534	$2.57	0d	22	0.55mi
22356 Calibre Ct Unit 908 Boca Raton, FL	2.0	2.0	1075	$2,695	$2.51	17d	1	0.61mi
22356 Calibre Ct Unit 405 Boca Raton, FL	2.0	2.0	1075	$2,495	$2.32	4d	1	0.61mi
22356 Calibre Ct Unit 1801 Boca Raton, FL	1.0	1.0	830	$1,995	$2.40	9d	1	0.61mi
22356 Calibre Ct Unit 1807 Boca Raton, FL	1.0	1.0	830	$2,075	$2.50	9d	1	0.61mi
22356 Calibre Ct Unit 507 Boca Raton, FL	2.0	2.0	1075	$2,495	$2.32	12d	1	0.61mi
22356 Calibre Ct Unit 1107 Boca Raton, FL	2.0	2.0	1125	$2,695	$2.40	9d	1	0.61mi
22356 Calibre Ct Unit 401 Boca Raton, FL	2.0	2.0	1075	$2,720	$2.53	18d	1	0.61mi
22356 Calibre Ct Unit 2006 Boca Raton, FL	1.0	1.0	700	$2,075	$2.96	1d	1	0.61mi
22356 Calibre Ct Unit 702 Boca Raton, FL	2.0	2.0	1075	$2,350	$2.19	26d	1	0.61mi
22356 Calibre Ct Unit 103 Boca Raton, FL	2.0	2.0	1075	$2,295	$2.13	9d	1	0.61mi
22356 Calibre Ct Unit 1705 Boca Raton, FL	2.0	2.0	1075	$2,195	$2.04	9d	1	0.61mi
22356 Calibre Ct Unit 504 Boca Raton, FL	2.0	2.0	1075	$2,295	$2.13	26d	1	0.61mi
22356 Calibre Ct Unit 907 Boca Raton, FL	2.0	2.0	1075	$2,620	$2.44	9d	1	0.61mi
6061 Boca Colony Dr Boca Raton, FL	1.0–3.0	1.0–2.0	972	$2,289	$2.35	0d	20	0.63mi
22356 Calibre Ct Boca Raton, FL	1.0–2.0	1.0–2.0	950	$2,995	$3.15	1d	16	0.66mi
22356 Calibre Ct Boca Raton, FL	1.0	1.0	830	$2,075	$2.50	3d	1	0.66mi
22356 Calibre Ct Boca Raton, FL	1.0	1.0	830	$2,200	$2.65	23d	1	0.66mi
21890 Lake Forest Cir #101 Boca Raton, FL	2.0	2.0	858	$2,200	$2.56	26d	1	0.77mi
6355 La Costa Dr Unit L Boca Raton, FL	1.0	1.0	700	$1,850	$2.64	26d	1	0.77mi
21911 Lake Forest Cir Boca Raton, FL	2.0	2.0	858	$2,150	$2.51	4d	2	0.78mi
21911 Lake Forest Cir Boca Raton, FL	2.0	2.0	858	$2,150	$2.51	1d	2	0.78mi
21904 Lake Forest Cir #101 Boca Raton, FL	2.0	2.0	858	$1,890	$2.20	5d	1	0.81mi
21895 Lake Forest Cir Boca Raton, FL	2.0	2.0	858	$2,225	$2.59	9d	2	0.82mi
21895 Lake Forest Cir #201 Boca Raton, FL	2.0	2.0	858	$2,200	$2.56	5d	1	0.82mi
6324 La Costa Dr Unit C Boca Raton, FL	1.0	1.0	700	$1,900	$2.71	16d	1	0.86mi
5520 Coach House Cir Unit G Boca Raton, FL	2.0	2.0	1110	$3,000	$2.70	7d	1	0.88mi
5580 Coach House Cir Unit F Boca Raton, FL	2.0	2.0	1110	$2,850	$2.57	26d	1	0.92mi
5881 Town Bay Dr Boca Raton, FL	1.0–3.0	1.0–2.0	1050	$2,905	$2.77	0d	24	1.02mi
5750 Coach House Cir Unit G Boca Raton, FL	2.0	2.0	1110	$3,000	$2.70	3d	1	1.04mi
5750 Coach House Cir Unit G Boca Raton, FL	2.0	2.0	1110	$3,000	$2.70	1d	1	1.04mi
6079 Town Colony Dr Boca Raton, FL	1.0–2.0	1.0–2.0	902	$3,188	$3.53	0d	19	1.08mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watercablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-26
   listed $285,000 Active
2. 2012-01-10
   soldstatus $73,000
3. 2001-08-15
   soldstatus $84,000
4. 1997-06-20
   soldstatus $57,500
5. 1993-01-05
   soldstatus $47,000
6. 1993-01-05
   soldstatus $47,000

ⓘ 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: $4,046 · $337/mo
• Projected year-2 tax: $4,046 · $337/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 9/10 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: $29,935
• − Mortgage interest: −$15,964
• − Property taxes: −$4,046
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,395
• − Management: −$2,395
• − HOA: −$4,920
• − Depreciation: −$8,291
• Taxable loss: −$9,501
• Est. tax savings @ 24.0%: +$2,280
• After-tax cash flow: $-2,397/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

• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 47,005
• Household income: $84,091
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 2900.0

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 (68%)
• Race & ethnicity: White 68% Hispanic / Latino 18% Two or more races 15% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 2% Dominican 1%
• Common ancestry: Romanian 6% Scotch-Irish 5% Russian 3%
• Foreign-born: 27% · Canada, Jamaica, China
• Languages at home: 65% English-only · Spanish 15% Other Indo-European 10% Russian/Polish/Slavic 3%

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: ▼ -227.85%
• Current HPI: 306.738
• Rent YoY: ▲ 0.33%
• 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

+506.4% since first listed

6 events — show timeline

• 2026-05-26 Listed $285,000 FSBO.com
• 2012-01-10 Sold (Public Records) $73,000 Public Records
• 2001-08-15 Sold (Public Records) $84,000 Public Records
• 1997-06-20 Sold (Public Records) $57,500 Public Records
• 1993-01-05 Sold (Public Records) $47,000 Public Records
• 1993-01-05 Sold (Public Records) $47,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $4,046 · +9.2% YoY. Source: county tax records.