21500 Cypress Hammock Dr Unit 38e · Watergate, FL 33428

$245,000

2 bd · 2.0 ba · 1,266 sqft · Condo public records · 115 Days on market

Built 1980 $709/mo HOA · 25% of rent

---

Why this score? — see what drove the D 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 +12.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.3/10.0
• DSCR +3.8/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Renovated ground floor apartment on lake. Granite kitchen, custom built ins, glass enclosed leveled to living room. Great views. This apartment is one of the best buys on the ground floor.

Key facts

• 1st floor
• Glass enclosed lanai
• Lake view

Tags

• 1ST FLOOR
• LAKE VIEW
• GLASS ENCLOSED LANAI
• GRANITE KITCHEN
• CUSTOM BUILT INS

Property features AI

Finance

• HOA & community: Association with monthly fee; Monthly HOA includes cable TV, insurance, and grounds maintenance; Community pool; Senior community

Exterior

• Parking: Assigned parking; Guest parking
• Security: Gated community with guard
• Utilities: Cable available
• Home design: Condominium; Multi/split levels; 2 total stories; Faces west; Resale property
• Construction: Concrete and stucco construction
• Exterior features: Waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Trash compactor; Disposal; Freezer; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central electric heating; Electric cooling
• Interior features: Built-in features; Walk-in closets; Split bedroom layout; Partially furnished
• Laundry & utility: Laundry inside — laundry closet located in a bathroom

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $-151 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (10.9% below list).
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $218k (10.9% below list) — sets the bar for cash-flow.

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: amenities F, commute F, employment 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: Sandpiper Shores Elementary School (math 68% / reading 72%, grade A-, #345 of 2,144 statewide, top 17%, 820 students, 32% FRL); Eagles Landing Middle School (math 66% / reading 67%, grade A-, #84 of 571 statewide, top 16%, 1,508 students, 27% FRL); Olympic Heights Community High (math 52% / reading 64%, grade C, #120 of 667 statewide, top 18%, 2,602 students, 30% FRL) — zoned schools average 30% FRL vs 52% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 65% at this address vs 50% district-wide (+15 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 rising (+3.7%/yr); 268 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).
• This rent runs 38% 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 $2k of loan paydown is wiped out by about $7k 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

• It's been on market 115 days — a 9% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask is 8809% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $135k; list at $245k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 25% of rent.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); 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 $218,266 (10.9% 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. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.14% ✓
• Cap rate: 6.15%
• Cash-on-cash: -0.51%
• DSCR: 0.98
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -19.3%
• Equity multiple: 0.32×
• Total profit: $-46,853
• Equity at exit: $36,530

10-year hold

• IRR: -9.7%
• Equity multiple: 0.37×
• Total profit: $-42,906
• Equity at exit: $21,183

Cash invested: $68,600 (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: 268
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,791 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$138 /mo · $1,653/yr
• Insurance: −$102
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$709
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $-151

Break-even live

Break-even rent $2,982

Max offer price $218,266

Occupancy floor —

Sensitivity live

Price	-10% $-13	-5% $-82	+0% $-151	+5% $-221	+10% $-290
Rent	-10% $-372	-5% $-262	+0% $-151	+5% $-41	+10% $69
Rate	-1.0pp $-28	-0.5pp $-89	base $-151	+0.5pp $-215	+1.0pp $-279

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21500 Cypress Hammock Dr Unit 38C Boca Raton, FL	2.0	2.0	1266	$2,500	$1.97	25d	1	0.03mi
21529 Cypress Hammock Dr Unit 35J Boca Raton, FL	2.0	2.0	1266	$2,395	$1.89	13d	1	0.09mi
9319 Pecky Cypress Ln Unit 19D Boca Raton, FL	2.0	2.0	1266	$3,500	$2.76	25d	1	0.10mi
21535 Cypress Hammock Dr Unit 36J Boca Raton, FL	2.0	2.0	1266	$2,200	$1.74	25d	1	0.12mi
21650 Juego Cir Unit 24b Boca Raton, FL	2.0	2.0	1216	$3,000	$2.47	25d	1	0.24mi
21362 Juego Cir Unit 33f Boca Raton, FL	2.0	2.0	1216	$3,500	$2.88	25d	1	0.30mi
9284 Vista Del Lago Unit 34-F Boca Raton, FL	2.0	2.0	1216	$2,400	$1.97	23d	1	0.30mi
9299 Vista Del Lago Unit 16D Boca Raton, FL	2.0	2.0	1216	$2,900	$2.38	25d	1	0.30mi
9285 Vista Del Lago Unit 36F Boca Raton, FL	2.0	2.0	1216	$3,200	$2.63	25d	1	0.30mi
21411 Juego Cir Unit 32b Boca Raton, FL	2.0	2.0	1216	$1,950	$1.60	25d	1	0.33mi
21542 Juego Cir Unit 27H Boca Raton, FL	2.0	2.0	1216	$2,400	$1.97	0d	1	0.33mi
8895 Old Pine Rd Boca Raton, FL	3.0	2.0	1488	$4,500	$3.02	12d	1	0.46mi
9316 Ketay Cir Boca Raton, FL	3.0	2.5	1587	$3,500	$2.21	5d	1	0.54mi
20927 Sedgewick Dr Unit 20927 Boca Raton, FL	2.0	1.0	908	$1,950	$2.15	25d	1	0.61mi
9364 Ketay Cir Unit 5 Boca Raton, FL	3.0	2.5	1587	$3,300	$2.08	23d	1	0.61mi
9364 Ketay Cir Unit 5 Boca Raton, FL	3.0	2.5	1587	$3,200	$2.02	16d	1	0.61mi
22201 Majestic Woods Way Boca Raton, FL	2.0	2.5	1280	$2,800	$2.19	25d	1	0.61mi
9260 Ketay Cir #2 Boca Raton, FL	2.0	2.0	1279	$2,200	$1.72	25d	1	0.62mi
8425 Casa del Lago Unit C Boca Raton, FL	2.0	2.0	1216	$2,100	$1.73	23d	1	0.67mi
21643 Cypress Rd Unit 14C Boca Raton, FL	2.0	2.5	1426	$2,590	$1.82	4d	1	0.68mi
9180 Pine Springs Dr Boca Raton, FL	3.0	2.0	1797	$4,175	$2.32	0d	1	0.68mi
20886 Vinesta Cir Unit 313 Boca Raton, FL	2.0	2.0	1332	$1,800	$1.35	25d	1	0.69mi
20867 Wendall Ter Boca Raton, FL	2.0	1.5	908	$1,800	$1.98	25d	1	0.69mi
8744 Bella Vista Dr Boca Raton, FL	2.0	2.0	1332	$2,100	$1.58	6d	1	0.69mi
9256 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,695	$1.83	25d	1	0.71mi
9292 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,650	$1.80	25d	1	0.71mi
9292 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,650	$1.80	12d	1	0.71mi
21214 Lago Cir Unit 8f Boca Raton, FL	2.0	2.0	1216	$4,200	$3.45	25d	1	0.71mi
9280 Sable Ridge Cir Apt B Boca Raton, FL	2.0	2.0	1475	$2,700	$1.83	4d	1	0.71mi
20824 Boca Ridge Dr N Boca Raton, FL	3.0	2.5	1861	$3,700	$1.99	25d	1	0.74mi
21866 Cypress Cir Unit 31e Boca Raton, FL	2.0	2.0	1216	$2,600	$2.14	5d	1	0.74mi
8436 Cypress Ln Unit 7d Boca Raton, FL	2.0	2.0	1216	$2,450	$2.01	18d	1	0.75mi
8436 Cypress Ln Unit 7d Boca Raton, FL	2.0	2.0	1216	$2,450	$2.01	16d	1	0.75mi
8534 Via D Oro Boca Raton, FL	3.0	2.0	1866	$5,500	$2.95	5d	1	0.75mi
8534 Via D Oro Boca Raton, FL	3.0	2.0	1866	$5,500	$2.95	20d	1	0.75mi
21820 Cypress Cir Unit 25e Boca Raton, FL	1.0	1.0	1216	$1,000	$0.82	23d	1	0.75mi
8833 Bella Vista Dr #8833 Boca Raton, FL	2.0	2.0	908	$3,250	$3.58	25d	1	0.76mi
8729 Chevy Chase Dr Boca Raton, FL	2.0	2.0	1332	$2,000	$1.50	25d	1	0.76mi
9244 SW 2nd St Boca Raton, FL	3.0	2.0	1480	$3,300	$2.23	25d	1	0.76mi
8732 Bella Vista Dr #42 Boca Raton, FL	2.0	2.0	908	$1,900	$2.09	25d	1	0.77mi

HOA detail condo

• Monthly dues: $709 · $8,508/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $245,000 Active 115 DOM
2. 2026-06-18
   days on market $245,000 Active 112 DOM
3. 2026-06-17
   days on market $245,000 Active 111 DOM
4. 2026-06-16
   days on market $245,000 Active 110 DOM
5. 2026-06-15
   remarks 590-char remark
6. 2026-06-15
   pricedays on market $245,000 Active 109 DOM
7. 2026-06-13
   days on market $265,000 Active 107 DOM
8. 2026-06-09
   days on market $265,000 Active 103 DOM
9. 2026-06-08
   days on market $265,000 Active 102 DOM
10. 2026-06-07
    days on market $265,000 Active 101 DOM
11. 2026-06-04
    days on market $265,000 Active 98 DOM
12. 2026-06-03
    days on market $265,000 Active 97 DOM
13. 2026-06-02
    days on market $265,000 Active 96 DOM
14. 2026-06-01
    days on market $265,000 Active 95 DOM
15. 2026-05-31
    days on market $265,000 Active 94 DOM
16. 2026-05-12
    price $265,000
17. 2026-04-05
    listed $2,750
18. 2026-03-22
    price $285,000
19. 2026-02-26
    listed $316,000 Active
20. 2016-03-04
    soldstatus $135,000
21. 2016-03-03
    soldstatus $135,000 Closed 191-char remark

    Show marketing remark (191 chars)

    Renovated ground floor apartment on lake. Granite kitchen, custom built ins, glass enclosed leveled to living room. Great views. This apartment is one of the best buys on the ground floor.

22. 2016-01-20
    status Pending 191-char remark

    Show marketing remark (191 chars)

    Renovated ground floor apartment on lake. Granite kitchen, custom built ins, glass enclosed leveled to living room. Great views. This apartment is one of the best buys on the ground floor.

23. 2015-12-07
    price $149,900 191-char remark

    Show marketing remark (191 chars)

    Renovated ground floor apartment on lake. Granite kitchen, custom built ins, glass enclosed leveled to living room. Great views. This apartment is one of the best buys on the ground floor.

24. 2015-09-29
    listed $159,900 Active 191-char remark

    Show marketing remark (191 chars)

    Renovated ground floor apartment on lake. Granite kitchen, custom built ins, glass enclosed leveled to living room. Great views. This apartment is one of the best buys on the ground floor.

25. 1998-04-29
    soldstatus $74,000

ⓘ 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: $1,653 · $138/mo
• Projected year-2 tax: $2,034 · $169/mo
• Expected delta: +$380/yr (+$32/mo · 23.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AO · 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,488
• − Mortgage interest: −$13,724
• − Property taxes: −$1,653
• − Insurance: −$2,692
• − Repairs & maintenance: −$2,679
• − Management: −$2,679
• − HOA: −$8,508
• − Depreciation: −$7,127
• Taxable loss: −$5,575
• Est. tax savings @ 24.0%: +$1,338
• After-tax cash flow: $-478/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

+258.1% since first listed

10 events — show timeline

• 2026-05-12 Price Changed $265,000 Beaches MLS
• 2026-04-05 Listed for Rent $2,750 GFLMLS
• 2026-03-22 Price Changed $285,000 Beaches MLS
• 2026-02-26 Listed $316,000 Beaches MLS
• 2016-03-04 Sold (Public Records) $135,000 Public Records
• 2016-03-03 Sold (MLS) $135,000 Beaches MLS
• 2016-01-20 Pending — Beaches MLS
• 2015-12-07 Price Changed $149,900 Beaches MLS
• 2015-09-29 Listed $159,900 Beaches MLS
• 1998-04-29 Sold (Public Records) $74,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,653 · +3.8% YoY. Source: county tax records.