664 Forsyth St #6 · Boca Raton, FL 33487

$495,000

2 bd · 2.0 ba · 1,500 sqft · Condo public records · 86 Days on market

Built 1985 $900/mo HOA · 18% of rent

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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 +10.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Outstanding bright open floor plan. Oversized screened patio overlooking tropical garden and pool. Unique complex with only 7 units. Great East Boca location near shopping, beaches, I95, and resturants. Hurricane shutters, priv. carport + storage

Key facts

• $900 HOA
• 10 parking spots
• Community pool

Property features AI

Finance

• Other: Association amenities listed as Other
• HOA & community: Association: FORSYTH PARK; Monthly HOA fee of $900; HOA covers insurance, grounds maintenance, common areas, common real estate tax, reserve funds, and pool service; Pets not allowed

Exterior

• Parking: 10 total parking spaces; Detached carport with 1 covered space; 2 open parking spaces; Asphalt parking surfaces
• Utilities: Public water; Public sewer; Cable available; Electricity available; Phone connected; Water connected; Sewer connected
• Home design: Condominium; One level (single-level unit); North-facing
• Construction: Concrete block construction with stucco; Tile roof with wood truss/rafter; Built as a resale property; 2-story building (unit is single-level)
• Exterior features: No waterfront; Community of 7 units

Interior

• Kitchen: Kitchen island; Dishwasher; Electric range; Microwave; Refrigerator; Freezer; Disposal; Tankless water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile; Engineered wood
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Heat pump heating (central individual); Central air conditioning (heat pump)
• Interior features: Entrance foyer; High ceilings; Kitchen island; Vaulted ceilings; Walk-in closets; Split bedroom layout; Roman tub
• Laundry & utility: Laundry area in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $495k.

Deal economics

• At list price, monthly cash flow is $-227 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $455k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $493k (0.4% below list).
• Recommended offer: $455k (8.1% below list) — sets the bar for cash-flow.
• Cap rate 5.7% 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: J. C. Mitchell Elementary School (math 54% / reading 60%, grade C+, #781 of 2,144 statewide, top 38%, 773 students, 50% 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 (+3.6%/yr); 338 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• At $4,931/mo this rent would consume 62% of the median local household income ($96k/yr) (locally 896% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 86 days — a 6% lower offer ($465k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $61k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $162k; list at $495k implies a 205% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $454,946 (8.1% 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 86 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
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. 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?
9. 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.
10. 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.
11. 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: 1.00% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.96%
• DSCR: 0.91
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.34×
• Total profit: $-91,252
• Equity at exit: $73,806

10-year hold

• IRR: -9.5%
• Equity multiple: 0.39×
• Total profit: $-83,985
• Equity at exit: $42,799

Cash invested: $138,600 (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 33487

• Rents YoY: 3.6%
• Active inventory: 338
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $4,931 high
• Mortgage (P&I): −$2,596
• Tax from tax record: −$420 /mo · $5,043/yr
• Insurance: −$206
• HOA: −$900
• Vacancy / Maint / Mgmt: −$1,036
• Net cashflow: $-227

Break-even live

Break-even rent $5,218

Max offer price $454,946

Occupancy floor 100%

Sensitivity live

Price	-10% $53	-5% $-87	+0% $-227	+5% $-367	+10% $-507
Rent	-10% $-616	-5% $-422	+0% $-227	+5% $-32	+10% $163
Rate	-1.0pp $23	-0.5pp $-101	base $-227	+0.5pp $-355	+1.0pp $-485

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
713 Forsyth St Boca Raton, FL	3.0	2.0	1626	$16,500	$10.15	17d	1	0.10mi
713 Forsyth St Unit 33487 Boca Raton, FL	3.0	2.0	1626	$16,500	$10.15	23d	1	0.10mi
255 Glouchester St Boca Raton, FL	3.0	2.0	1470	$3,950	$2.69	26d	1	0.19mi
660 Coventry St Unit 6 Boca Raton, FL	3.0	2.5	1800	$3,500	$1.94	10d	1	0.21mi
799 Jeffery St Unit 0 Boca Raton, FL	2.0	2.0	1420	$4,800	$3.38	7d	1	0.29mi
800 Jeffery St #409 Boca Raton, FL	2.0	2.0	1583	$3,700	$2.34	4d	1	0.31mi
831 Dover St Boca Raton, FL	3.0	2.5	2230	$29,000	$13.00	1d	1	0.32mi
859 Jeffery St #506 Boca Raton, FL	2.0	2.0	1315	$6,500	$4.94	26d	1	0.32mi
380 Kingsbridge St Boca Raton, FL	3.0	2.0	1800	$2,549	$1.42	26d	1	0.34mi
701 Appleby St Boca Raton, FL	3.0	2.0	1552	$7,800	$5.03	21d	1	0.36mi
701 Appleby St Boca Raton, FL	3.0	2.0	1552	$7,800	$5.03	4d	1	0.36mi
899 Jeffery St #5100 Boca Raton, FL	2.0	2.0	1315	$5,000	$3.80	26d	1	0.37mi
899 Jeffery St #714 Boca Raton, FL	3.0	2.0	1682	$6,500	$3.86	19d	1	0.37mi
1038 Jeffery St Boca Raton, FL	3.0	2.5	1398	$6,800	$4.86	26d	1	0.38mi
740 NE 69th St Boca Raton, FL	3.0	2.0	1540	$9,400	$6.10	26d	1	0.41mi
6951 NE 7th Ave Boca Raton, FL	3.0	2.0	2137	$10,000	$4.68	19d	1	0.42mi
210 NE 69th Cir Boca Raton, FL	3.0	2.5	2043	$4,200	$2.06	26d	1	0.45mi
6991 NE 7th Ave Boca Raton, FL	3.0	2.0	1854	$8,000	$4.31	19d	1	0.46mi
3912 S Ocean Blvd Highland Beach, FL	1.0–3.0	1.5–3.0	1427	$5,450	$3.82	4d	4	0.46mi
6000 NW 2nd Ave #437 Boca Raton, FL	2.0	2.0	1300	$2,500	$1.92	17d	1	0.48mi
6500 NW 2nd Ave Unit 311 Boca Raton, FL	3.0	2.0	1316	$2,850	$2.17	5d	1	0.49mi
6461 NW 2nd Ave Boca Raton, FL	2.0	2.0	1300	$2,148	$1.65	26d	2	0.50mi
6461 NW 2nd Ave Boca Raton, FL	2.0	2.0	1175	$2,238	$1.90	1d	2	0.50mi
6500 NW 2nd Ave #512 Boca Raton, FL	2.0	2.0	1316	$2,800	$2.13	26d	1	0.50mi
6161 NW 2nd Ave Boca Raton, FL	2.0	2.0	1200	$2,200	$1.83	1d	1	0.50mi
6161 NW 2nd Ave Unit 520 Boca Raton, FL	2.0	2.0	1200	$2,195	$1.83	26d	1	0.50mi
5961 NW 2nd Ave Apt 108 Boca Raton, FL	2.0	2.0	1050	$2,400	$2.29	10d	1	0.52mi
7060 NW Turtle Walk Boca Raton, FL	3.0	3.0	2031	$4,900	$2.41	7d	1	0.58mi
817 NE 71st St Boca Raton, FL	3.0	2.0	1300	$10,000	$7.69	6d	1	0.58mi
1124 Highland Beach Dr #2 Highland Beach, FL	2.0	2.0	1408	$5,750	$4.08	26d	1	0.59mi
6850 NW 2nd Ave #18 Boca Raton, FL	2.0	2.0	1420	$3,300	$2.32	23d	1	0.60mi
3740 S Ocean Blvd Unit 108B Highland Beach, FL	2.0	2.5	1837	$9,500	$5.17	21d	1	0.60mi
149 NW 70th St Unit 101C Boca Raton, FL	2.0	2.5	1300	$2,750	$2.12	26d	1	0.63mi
836 NE 72nd St Boca Raton, FL	3.0	3.0	1815	$12,500	$6.89	10d	1	0.63mi
5700 NW 2nd Ave Boca Raton, FL	2.0–3.0	2.0	1125	$2,200	$1.96	1d	4	0.64mi
5700 NW 2nd Ave Boca Raton, FL	2.0	2.0	1125	$2,162	$1.92	23d	4	0.64mi
3700 S Ocean Blvd #308 Highland Beach, FL	2.0	2.5	2231	$8,000	$3.59	26d	1	0.64mi
3700 S Ocean Blvd #202 Highland Beach, FL	2.0	2.5	2231	$11,500	$5.15	26d	1	0.64mi
3602 S Ocean Blvd #104 Highland Beach, FL	3.0	3.0	1495	$8,950	$5.99	7d	1	0.65mi
5500 NW 2nd Ave #514 Boca Raton, FL	3.0	2.0	1200	$2,900	$2.42	17d	1	0.67mi

HOA detail condo

• Monthly dues: $900 · $10,800/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-21
   days on market $495,000 Active 86 DOM
2. 2026-06-18
   days on market $495,000 Active 83 DOM
3. 2026-06-17
   days on market $495,000 Active 82 DOM
4. 2026-06-16
   days on market $495,000 Active 81 DOM
5. 2026-06-15
   days on market $495,000 Active 80 DOM
6. 2026-06-13
   days on market $495,000 Active 78 DOM
7. 2026-06-10
   remarks 677-char remark
8. 2026-06-10
   listed $495,000 Active 74 DOM

ⓘ 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: $5,043 · $420/mo
• Projected year-2 tax: $5,043 · $420/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 26 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: $59,174
• − Mortgage interest: −$27,728
• − Property taxes: −$5,043
• − Insurance: −$2,475
• − Repairs & maintenance: −$4,734
• − Management: −$4,734
• − HOA: −$10,800
• − Depreciation: −$14,400
• Taxable loss: −$10,740
• Est. tax savings @ 24.0%: +$2,578
• After-tax cash flow: $-143/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): 20,717
• Household income: $96,066
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 896.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 11% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 7% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 4% 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: ▼ -331.59%
• Current HPI: 352.5852
• Rent YoY: ▲ 3.58%
• 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

+366.1% since first listed

10 events — show timeline

• 2026-06-04 Price Changed $495,000 Beaches MLS
• 2026-06-04 Price Changed $499,000 Beaches MLS
• 2026-05-04 Price Changed $539,000 Beaches MLS
• 2026-03-27 Listed $556,000 Beaches MLS
• 2011-04-27 Sold (Public Records) $162,500 Public Records
• 2011-04-21 Sold (MLS) $162,500 Beaches MLS
• 2011-04-04 Listing Removed — Beaches MLS
• 2011-01-21 Listed $169,900 Beaches MLS
• 1987-12-01 Sold (Public Records) $119,200 Public Records
• 1984-08-01 Sold (Public Records) $106,200 Public Records

Property tax history

+8.2%/yr

Latest (2025): $5,043 · -5.6% YoY. Source: county tax records.