1 bd · 1.0 ba ·
642 sqft ·
Built 1966
· Condo
· Active
· 470 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,900/mo
Mortgage (P&I)
−$514
Tax + insurance
−$175
HOA
−$578
Vac / Maint / Mgmt
−$399
Net cashflow
$234/mo
Annual
$2,807/yr
Cap rate
9.16%
Cash-on-cash
10.23%
DSCR
1.46
1% rule
1.94%
Cash to close
$27,440
Investor read
This is a 1-bed/1.0-bath condo listed at $98k.
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 $98k).
It's been on market 470 days — a 12% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $86k (12.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
Location reads 72/100 on livability (#351 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: amenities D+, crime D-, 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 rising (+3.6%/yr); 538 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
2 sale attempts; this cycle's ask has dropped $27k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
Current owner paid $18k; list at $98k implies a 444% gain — meaningful room to come down on a strong offer.
At projected returns (-3.0% appreciation + 3.6% rent growth), your $27k cash investment doubles in ~10 years — after that, you're playing with house money.
Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Cap rate 9.2% vs local median 4.3% in Boynton Beach — 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.
This rent runs 34% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.
Questions for listing agent
It's been on market 470 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Built in 1966 — 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.
Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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.
CashFlowRE · CFR-P2X9GY5FJQ3PHH
· Data 4 days agocashflowre.app · 2026-05-29