22805 SW 66th Ave #206 · Watergate, FL 33428

$145,500

2 bd · 2.0 ba · 874 sqft · Condo public records · 105 Days on market

Built 1977 $427/mo HOA · 18% of rent

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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
• Schools +4.3/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move-in-Ready 2br/2ba Condo in a desirable 55+ community. Unit is fully furnished (furniture will convey). Enjoy peace and tranquility from your screened-in balcony with a serene view, the perfect spot for morning coffee or unwinding after a relaxing day at the pool. Interior features a spacious primary suite with walk-in closet and private bath. Comfortable guest bedroom and full second bath. Condo has an outside storage unit and assigned parking. HOA allows partial rental up to 4 months annually (rental income). HOA fee is $427.00 monthly and covers cable, water, trash removal and exterior landscaping. This is a fantastic opportunity to enjoy easy living in a peaceful setting. Schedule y

Key facts

• Serene view
• Assigned parking
• Screened-in balcony

Tags

• SCREENED-IN BALCONY
• SERENE VIEW
• OUTSIDE STORAGE UNIT
• ASSIGNED PARKING

Property features AI

Finance

• Other: Pets not allowed
• HOA & community: HOA with management and on-site manager; HOA provides storage; HOA dues paid monthly; HOA includes cable TV, trash, water, and common area maintenance; Is a senior community

Exterior

• Parking: Assigned parking; Guest parking
• Utilities: Three phase electric; Cable available
• Home design: Condominium; Multi/split levels; 2 stories; Faces southwest; Resale condition
• Construction: Stucco and CBS construction
• Exterior features: Not waterfront

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms on main level
• Heating & cooling: Central electric heating; Central electric air conditioning
• Interior features: Walk-in closets; Furnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $146k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• Recommended offer: $132k (9.0% below list) — sets the bar for market timing.

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: Hammock Pointe Elementary School (math 61% / reading 63%, grade B, #608 of 2,144 statewide, top 29%, 958 students, 42% 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 33% FRL vs 52% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 62% at this address vs 50% district-wide (+13 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 15d 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 32% 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 $1k of loan paydown is wiped out by about $4k 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 105 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $146k implies a 191% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $132,405 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.60% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• GRM: 5.2

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-4,050
• Equity at exit: $21,695

10-year hold

• IRR: 8.4%
• Equity multiple: 1.68×
• Total profit: $27,541
• Equity at exit: $12,580

Cash invested: $40,740 (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: 5.2×

Monthly cashflow live

• Estimated rent: $2,324 high
• Mortgage (P&I): −$763
• Tax from tax record: −$189 /mo · $2,270/yr
• Insurance: −$61
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$427
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $274

Break-even live

Break-even rent $1,977

Max offer price $145,500

Occupancy floor 83%

Sensitivity live

Price	-10% $356	-5% $315	+0% $274	+5% $233	+10% $192
Rent	-10% $90	-5% $182	+0% $274	+5% $366	+10% $458
Rate	-1.0pp $347	-0.5pp $311	base $274	+0.5pp $236	+1.0pp $198

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: $36,375
• Closing costs: $4,365
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9949 Sandalfoot Blvd Boca Raton, FL	2.0	1.5–2.0	818	$2,000	$2.44	13d	2	0.03mi
9949 Sandalfoot Blvd #531 Boca Raton, FL	2.0	2.0	820	$2,200	$2.68	25d	1	0.03mi
9915 Sandalfoot Blvd Boca Raton, FL	2.0	1.0	777	$2,000	$2.57	11d	2	0.04mi
9921 Three Lakes Cir Unit 9921 Boca Raton, FL	3.0	2.0	967	$2,700	$2.79	25d	1	0.14mi
9973 Three Lakes Cir Boca Raton, FL	2.0	2.0	1026	$2,500	$2.44	25d	1	0.15mi
9993 Three Lakes Cir Boca Raton, FL	3.0	2.0	972	$2,600	$2.67	14d	1	0.16mi
10166 Marlin Cir Unit 2 Boca Raton, FL	2.0	1.0	789	$1,450	$1.84	17d	1	0.23mi
22605 SW 66th Ave #206 Boca Raton, FL	1.0	1.5	960	$1,650	$1.72	6d	1	0.24mi
22605 SW 66th Ave #403 Boca Raton, FL	2.0	2.0	1030	$2,100	$2.04	25d	1	0.24mi
10267 Boca Bnd W Unit G4 Boca Raton, FL	2.0	2.0	1068	$2,850	$2.67	25d	1	0.32mi
10323 Boca Bnd W Unit K4 Boca Raton, FL	2.0	2.0	1068	$2,500	$2.34	0d	1	0.38mi
1620 SW 64th Way Unit H Boca Raton, FL	2.0	2.0	1008	$2,250	$2.23	25d	1	0.40mi
9780 Marina Blvd #415 Boca Raton, FL	2.0	2.0	955	$2,000	$2.09	25d	1	0.46mi
10457 S 228th Ln Boca Raton, FL	2.0	2.0	1104	$1,900	$1.72	8d	1	0.48mi
9355 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	780	$1,975	$2.53	2d	4	0.54mi
9860 SW 3rd St Boca Raton, FL	1.0–3.0	1.5–2.5	1222	$2,631	$2.15	0d	34	0.57mi
9826 Marina Blvd #1027 Boca Raton, FL	2.0	2.0	955	$2,500	$2.62	25d	1	0.59mi
9273 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	878	$2,200	$2.51	3d	3	0.63mi
10669 Boca Entrada Blvd Boca Raton, FL	3.0	2.0	1083	$3,450	$3.19	25d	1	0.64mi
22974 Seaspray Pl Boca Raton, FL	3.0	2.0	1080	$2,200	$2.04	13d	1	0.69mi
9370 SW 8th St #107 Boca Raton, FL	2.0	2.0	900	$2,100	$2.33	6d	1	0.71mi
9370 SW 8th St #107 Boca Raton, FL	2.0	2.0	900	$2,150	$2.39	15d	1	0.71mi
9503 Boca Cove Cir #603 Boca Raton, FL	2.0	2.0	912	$2,200	$2.41	23d	1	0.71mi
9233 SW 8th St #110 Boca Raton, FL	2.0	2.0	979	$1,800	$1.84	8d	1	0.72mi
9466 Boca Cove Cir #310 Boca Raton, FL	2.0	2.0	770	$2,000	$2.60	25d	1	0.74mi
9374 SW 3rd St #708 Boca Raton, FL	2.0	2.0	961	$2,100	$2.19	8d	1	0.79mi
9440 SW 8th St Boca Raton, FL	1.0–2.0	1.5–2.0	878	$1,950	$2.22	3d	2	0.80mi
9260 Boca Vue Dr Boca Raton, FL	1.0–3.0	1.0–2.0	1052	$3,306	$3.14	0d	32	0.81mi
9235 SW 8th St Boca Raton, FL	2.0	2.0	900	$2,150	$2.39	3d	2	0.81mi
9235 SW 8th St Boca Raton, FL	2.0	2.0	1045	$2,175	$2.08	11d	4	0.81mi
9338 SW 3rd St #508 Boca Raton, FL	2.0	2.0	961	$2,300	$2.39	13d	1	0.83mi
9338 SW 3rd St #508 Boca Raton, FL	2.0	2.0	961	$2,300	$2.39	14d	1	0.83mi
9162 SW 5th St Unit A Boca Raton, FL	2.0	2.0	1039	$2,400	$2.31	25d	1	0.84mi
9210 SW 3rd St #216 Boca Raton, FL	2.0	2.0	961	$2,350	$2.45	25d	1	0.88mi
9200 SW 3rd St #109 Boca Raton, FL	2.0	2.0	961	$2,250	$2.34	25d	1	0.89mi
11887 Anchorage Way Boca Raton, FL	2.0	2.0	960	$1,900	$1.98	25d	1	0.95mi
5800 NW 74th Pl Coconut Creek, FL	1.0–2.0	1.0–2.0	1115	$2,407	$2.16	3d	17	0.98mi
11942 N Branch Rd Boca Raton, FL	2.0	2.0	900	$1,950	$2.17	25d	1	0.99mi
11992 Coral Pl Boca Raton, FL	2.0	1.5	720	$2,000	$2.78	25d	1	1.05mi
23398 SW 57th Ave Boca Raton, FL	2.0	2.0	988	$2,150	$2.18	5d	2	1.11mi

HOA detail condo

• Monthly dues: $427 · $5,124/yr
• Likely covers: watertrashcablelandscapingpoolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-21
   days on market $145,500 Active 105 DOM
2. 2026-06-18
   days on market $145,500 Active 102 DOM
3. 2026-06-17
   days on market $145,500 Active 101 DOM
4. 2026-06-16
   days on market $145,500 Active 100 DOM
5. 2026-06-15
   days on market $145,500 Active 99 DOM
6. 2026-06-13
   days on market $145,500 Active 97 DOM
7. 2026-06-09
   days on market $145,500 Active 93 DOM
8. 2026-06-08
   days on market $145,500 Active 92 DOM
9. 2026-06-07
   days on market $145,500 Active 91 DOM
10. 2026-06-04
    days on market $145,500 Active 88 DOM
11. 2026-06-03
    days on market $145,500 Active 87 DOM
12. 2026-06-02
    days on market $145,500 Active 86 DOM
13. 2026-06-01
    days on market $145,500 Active 85 DOM
14. 2026-05-31
    days on market $145,500 Active 84 DOM
15. 2026-05-12
    price $145,500
16. 2026-04-18
    status Active
17. 2026-04-14
    status Pending
18. 2026-03-27
    status Active
19. 2026-03-27
    historical Active Under Contract
20. 2026-03-04
    listed $165,000 Active
21. 2026-01-28
    historical
22. 2025-12-05
    price $173,000
23. 2025-10-20
    price $179,000
24. 2025-08-04
    status Active
25. 2025-08-04
    historical
26. 2025-07-11
    price $189,000
27. 2025-05-12
    status Active
28. 2025-05-08
    status Pending
29. 2025-04-15
    price $199,900
30. 2025-02-06
    listed $205,000 Active
31. 2013-03-25
    soldstatus $50,000
32. 2008-07-14
    historical
33. 2008-03-26
    listed $89,900

ⓘ 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: $2,270 · $189/mo
• Projected year-2 tax: $2,270 · $189/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 AO · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $27,891
• − Mortgage interest: −$8,150
• − Property taxes: −$2,270
• − Insurance: −$2,195
• − Repairs & maintenance: −$2,231
• − Management: −$2,231
• − HOA: −$5,124
• − Depreciation: −$4,233
• Taxable income: $1,456
• Est. tax owed @ 24.0%: −$350
• After-tax cash flow: $2,939/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

+61.8% since first listed

19 events — show timeline

• 2026-05-12 Price Changed $145,500 Beaches MLS
• 2026-04-18 Relisted — Beaches MLS
• 2026-04-14 Pending — Beaches MLS
• 2026-03-27 Relisted — Beaches MLS
• 2026-03-27 Contingent — Beaches MLS
• 2026-03-04 Listed $165,000 Beaches MLS
• 2026-01-28 Listing Removed — Beaches MLS
• 2025-12-05 Price Changed $173,000 Beaches MLS
• 2025-10-20 Price Changed $179,000 Beaches MLS
• 2025-08-04 Relisted — Beaches MLS
• 2025-08-04 Listing Removed — Beaches MLS
• 2025-07-11 Price Changed $189,000 Beaches MLS
• 2025-05-12 Relisted — Beaches MLS
• 2025-05-08 Pending — Beaches MLS
• 2025-04-15 Price Changed $199,900 Beaches MLS
• 2025-02-06 Listed $205,000 Beaches MLS
• 2013-03-25 Sold (Public Records) $50,000 Public Records
• 2008-07-14 Listing Removed — Beaches MLS
• 2008-03-26 Listed $89,900 Beaches MLS

Property tax history

+7.1%/yr

Latest (2025): $2,270 · +6.2% YoY. Source: county tax records.