10118 Mangrove Dr #104 · Golf, FL 33437

$130,000

2 bd · 2.0 ba · 1,252 sqft · Condo public records · 64 Days on market

Built 1984 $858/mo HOA · 32% of rent ↓ 7% since listing

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Why this score? — see what drove the B 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 +26.8/30.0
• 1% rule +10.0/10.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• Appreciation +4.9/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to this spacious first-floor condo featuring 2 bedrooms and 2 full bathrooms in a highly desirable 55+ community. The functional layout offers comfortable living areas, generous bedroom sizes, and ample storage throughout. The primary suite includes a large walk-in closet and an ensuite bathroom designed with accessibility in mind, while the second bathroom is conveniently located for guests. Located in the heart of Banyan Springs in Boynton Beach, residents enjoy an active lifestyle with resort-style amenities including pickleball, tennis, bocce ball, a clubhouse café, a full calendar of social events, and a relaxing main pool.

Key facts

• First-floor condo
• Pickleball
• Accessible bathroom

Tags

• FIRST-FLOOR CONDO
• LARGE WALK-IN CLOSET
• ENSUITE BATHROOM
• ACCESSIBLE BATHROOM
• RESORT-STYLE AMENITIES
• PICKLEBALL

Property features AI

Finance

• Other: Senior community; Directions: South side of Boynton Beach Blvd. just West of Military Trail. After gate, first right and first quick left.
• Financial info: Land lease: No; Pets allowed with possible number/size limits
• HOA & community: Has association; Monthly HOA fee; Association amenities include: Billiard room, Clubhouse, Parking, Pool, Sauna, Shuffleboard court, Spa/Hot Tub, Business center, Pickleball court(s); HOA fee covers maintenance of grounds and structure, sewer, trash, common areas, reserve funds, roof repairs, and recreation facility

Exterior

• Parking: Association provides parking
• Security: Security guard; Security fence
• Utilities: Cable available; Sewer included in HOA
• Home design: Condominium; 2-story building; Resale property; Entry level: 1; Not waterfront
• Construction: Block/CBS construction
• Exterior features: Fenced; First-floor entry

Interior

• Kitchen: Dishwasher, Electric Range, Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Dishwasher, Electric Range, Refrigerator; Furnished negotiable
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.

Location & tenants

• 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.
• Market conditions: Rents rising (+1.3%/yr); 479 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 40% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $585 of equity ($899 loan paydown + $-314 appreciation (-0.2% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.2% appreciation + 1.3% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 2.09% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.75%
• DSCR: 1.52
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.24% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.37×
• Total profit: $13,392
• Equity at exit: $36,185

10-year hold

• IRR: 11.3%
• Equity multiple: 2.11×
• Total profit: $40,366
• Equity at exit: $42,267

Cash invested: $36,400 (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 33437

• Home prices YoY: -0.1%
• Rents YoY: 1.3%
• Active inventory: 479
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,718 high
• Mortgage (P&I): −$682
• Tax from tax record: −$197 /mo · $2,363/yr
• Insurance: −$54
• HOA: −$858
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $356

Break-even live

Break-even rent $2,267

Max offer price $130,000

Occupancy floor 82%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10187 Mangrove Dr #104 Boynton Beach, FL	2.0	2.0	1260	$2,350	$1.87	24d	1	0.16mi
10056 Boynton Place Cir Boynton Beach, FL	3.0	2.0	1253	$3,000	$2.39	24d	1	0.23mi
10056 Boynton Place Cir Boynton Beach, FL	3.0	2.0	1253	$2,950	$2.35	2d	1	0.23mi
5217 Cedar Lake Rd Boynton Beach, FL	1.0–3.0	1.0–2.0	1030	$2,266	$2.20	2d	51	0.26mi
5133 Brisata Cir Unit P Boynton Beach, FL	3.0	2.0	1374	$2,800	$2.04	24d	1	0.33mi
5020 Ashley Lake Dr Boynton Beach, FL	2.0	2.0	1002	$2,346	$2.34	14d	1	0.33mi
5020 Ashley Lake Dr Boynton Beach, FL	2.0	2.0	1002	$2,394	$2.39	3d	1	0.33mi
10492 Boynton Place Cir Boynton Beach, FL	1.0–3.0	1.0–2.0	1017	$2,375	$2.33	2d	19	0.36mi
5157 Floria Way Unit J Boynton Beach, FL	3.0	2.0	1447	$3,300	$2.28	24d	1	0.38mi
5418 Firenze Dr Unit P Boynton Beach, FL	2.0	2.0	1139	$2,400	$2.11	3d	1	0.39mi
4944 Equestrian Cir Unit A Boynton Beach, FL	2.0	2.0	1400	$2,500	$1.79	8d	1	0.43mi
10592 Tropic Palm Ave #202 Boynton Beach, FL	2.0	2.0	1385	$2,450	$1.77	24d	1	0.49mi
5275 Europa Dr Unit I Boynton Beach, FL	3.0	2.0	1282	$2,500	$1.95	2d	1	0.50mi
5155 Europa Dr Unit J Boynton Beach, FL	3.0	2.0	1333	$2,750	$2.06	24d	1	0.52mi
10624 Tropic Palm Ave #202 Boynton Beach, FL	3.0	2.0	1385	$2,550	$1.84	24d	1	0.53mi
5299 Europa Dr Unit P Boynton Beach, FL	3.0	2.0	1606	$3,000	$1.87	14d	1	0.53mi
9935 Pineapple Tree Dr #202 Boynton Beach, FL	2.0	2.0	1008	$2,575	$2.55	15d	1	0.58mi
5234 Europa Dr Unit A Boynton Beach, FL	3.0	2.0	1578	$2,500	$1.58	20d	1	0.59mi
5895 Autumn Lake Ln Unit A Boynton Beach, FL	3.0	2.0	1469	$2,600	$1.77	24d	1	0.62mi
4907 Boxwood Cir Boynton Beach, FL	3.0	2.0	1731	$2,900	$1.68	24d	1	0.63mi
9900 Pineapple Tree Dr #106 Boynton Beach, FL	2.0	2.0	1008	$2,250	$2.23	24d	1	0.65mi
5373 Mirror Lakes Blvd Boynton Beach, FL	3.0	2.0	1310	$2,100	$1.60	24d	1	0.68mi
10596 Sunset Isles Ct Boynton Beach, FL	3.0	2.0	1769	$4,500	$2.54	24d	1	0.72mi
6037 Rossmoor Lakes Ct Boynton Beach, FL	3.0	2.0	1617	$4,700	$2.91	24d	1	0.74mi
9498 S Military Trl #5 Boynton Beach, FL	3.0	2.5	1317	$2,900	$2.20	24d	1	0.74mi
9565 El Clair Ranch Rd Boynton Beach, FL	3.0	2.0	1867	$3,500	$1.87	8d	1	0.83mi
9565 El Clair Ranch Rd Boynton Beach, FL	3.0	2.0	1867	$3,500	$1.87	21d	1	0.83mi
10921 Royal Caribbean Cir Boynton Beach, FL	3.0	2.0	1762	$3,800	$2.16	4d	1	0.84mi
10921 Royal Caribbean Cir Boynton Beach, FL	3.0	2.0	1782	$3,800	$2.13	24d	1	0.84mi
9940 Bauhinia Tree Way Unit B Boynton Beach, FL	1.0	1.0	1200	$2,000	$1.67	24d	1	0.84mi
9940 Bauhinia Tree Way Unit B Boynton Beach, FL	1.0	1.0	1200	$1,800	$1.50	8d	1	0.84mi
4525 Nutmeg Tree Ln Unit A Boynton Beach, FL	2.0	2.0	1404	$3,000	$2.14	24d	1	0.85mi
6165 Country Fair Cir Boynton Beach, FL	3.0	2.5	1656	$3,200	$1.93	24d	1	0.97mi
9926 Watermill Cir Unit F Boynton Beach, FL	3.0	2.0	1471	$2,400	$1.63	24d	1	0.97mi
11115 Oakdale Rd Boynton Beach, FL	3.0	2.0	1713	$4,200	$2.45	24d	1	0.99mi
10390 Utopia Cir E Unit 10390 Boynton Beach, FL	3.0	2.0	1845	$4,200	$2.28	24d	1	1.06mi
10390 Utopia Cir E Unit E Boynton Beach, FL	3.0	2.0	1845	$4,200	$2.28	3d	1	1.06mi
11234 Green Lake Dr #102 Boynton Beach, FL	2.0	2.0	1196	$2,200	$1.84	24d	1	1.19mi
6396 Park Lake Cir Boynton Beach, FL	3.0	2.5	1422	$2,950	$2.07	15d	1	1.19mi
11230 Green Lake Dr #204 Boynton Beach, FL	3.0	2.0	1549	$3,000	$1.94	12d	1	1.21mi

HOA detail condo

• Monthly dues: $858 · $10,296/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-14
   status Pending
2. 2026-04-27
   price $130,000
3. 2026-02-18
   listed $140,000 Active

ⓘ 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: $2,363 · $197/mo
• Projected year-2 tax: $2,363 · $197/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 6 d/yr ≥106°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,616
• − Mortgage interest: −$7,282
• − Property taxes: −$2,363
• − Insurance: −$650
• − Repairs & maintenance: −$2,609
• − Management: −$2,609
• − HOA: −$10,296
• − Depreciation: −$3,782
• Taxable income: $3,025
• Est. tax owed @ 24.0%: −$726
• After-tax cash flow: $3,551/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 — Golf

• Score: 63/100
• State rank: #703
• US rank: #14941

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety F 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): 37,229
• Household income: $80,710
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 902.0

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% Two or more races 13% Hispanic / Latino 12% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1% Dominican 1%
• Common ancestry: Scotch-Irish 8% Romanian 8% Hispanic 6%
• Foreign-born: 18% · Canada, Jamaica, Vietnam
• Languages at home: 78% English-only · Spanish 10% French/Haitian/Cajun 6% Other Indo-European 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: ▼ -0.24%
• Current HPI: 257.5891
• Rent YoY: ▲ 1.28%
• 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

-7.1% since first listed

3 events — show timeline

• 2026-05-14 Pending — Beaches MLS
• 2026-04-27 Price Changed $130,000 Beaches MLS
• 2026-02-18 Listed $140,000 Beaches MLS

Property tax history

+8.1%/yr

Latest (2025): $2,363 · -12.9% YoY. Source: county tax records.