22164 SW 65th Ter · Watergate, FL 33428

$397,500

4 bd · 2.0 ba · 1,974 sqft · SingleFamily public records

Built 1974 7,993 sqft lot Est $567k · 30% under

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Why this score? — see what drove the C 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 +19.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.2/10.0
• 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

AUCTION. This affordable ranch home will need your updates but well worth the effort. The large home offers ample room to relax and entertain with 3 beds, 3 baths, den, family room, dining room and an open kitchen. Repairs will be needed to restore this gem to include roof, ceiling, floors and other cosmetic updates. Property is sold as-is with NO property disclosure or inspection reports. Make this one your next project.

Key facts

• 7,993 sq ft lot
• Built 1974

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $398k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $398k).

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); 267 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).
• At $4,073/mo this rent would consume 55% of the median local household income ($89k/yr) (locally 1990% 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 $12k 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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $138k; list at $398k implies a 189% 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $397,500

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.56%
• DSCR: 1.20
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $566,538
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9232 SW 2nd St	0.56mi	3/2.0 (-1)	1,760 (-11%)	24mo	$505,000	$287	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -8.3%
• Equity multiple: 0.69×
• Total profit: $-34,384
• Equity at exit: $59,269

10-year hold

• IRR: 2.1%
• Equity multiple: 1.16×
• Total profit: $17,522
• Equity at exit: $34,369

Cash invested: $111,300 (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: 267
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $4,073 high
• Mortgage (P&I): −$2,085
• Tax from tax record: −$544 /mo · $6,527/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$855
• Net cashflow: $423

Break-even live

Break-even rent $3,537

Max offer price $397,500

Occupancy floor 85%

Sensitivity live

Price	-10% $648	-5% $536	+0% $423	+5% $311	+10% $198
Rent	-10% $102	-5% $263	+0% $423	+5% $584	+10% $745
Rate	-1.0pp $624	-0.5pp $524	base $423	+0.5pp $320	+1.0pp $216

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: $99,375
• Closing costs: $11,925
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9860 SW 3rd St Boca Raton, FL	1.0–3.0	1.5–2.5	1222	$3,397	$2.78	2d	36	0.17mi
10027 Umberland Pl Boca Raton, FL	4.0	3.0	2587	$5,000	$1.93	21d	1	0.34mi
10027 Umberland Pl Unit 10027 Boca Raton, FL	4.0	3.0	2587	$5,000	$1.93	15d	1	0.34mi
10027 Umberland Pl Boca Raton, FL	4.0	3.0	2587	$5,000	$1.93	8d	1	0.34mi
22028 Acapulco Ct Boca Raton, FL	5.0	3.0	1697	$3,600	$2.12	24d	1	0.40mi
10180 Fanfare Dr Unit 10180 Boca Raton, FL	3.0	2.0	1266	$3,800	$3.00	3d	1	0.46mi
10180 Fanfare Dr Unit 10180 Boca Raton, FL	3.0	2.0	1266	$3,800	$3.00	2d	1	0.46mi
22465 SW 61st Way #247 Boca Raton, FL	3.0	2.0	1407	$2,600	$1.85	4d	1	0.47mi
22465 SW 61st Way #247 Boca Raton, FL	3.0	2.0	1407	$2,700	$1.92	24d	1	0.47mi
9460 SW 61st Way Unit D Boca Raton, FL	3.0	2.5	1600	$2,900	$1.81	24d	1	0.51mi
9244 SW 2nd St Boca Raton, FL	3.0	2.0	1480	$3,300	$2.23	24d	1	0.52mi
22682 Family Cir Unit 22682 Boca Raton, FL	3.0	2.0	1425	$3,400	$2.39	14d	1	0.54mi
22745 SW 65th Way Boca Raton, FL	3.0	2.0	1477	$3,500	$2.37	3d	1	0.61mi
9380 SW 61st Way Unit B Boca Raton, FL	3.0	2.5	1593	$2,900	$1.82	24d	1	0.61mi
9260 Boca Vue Dr Boca Raton, FL	1.0–3.0	1.0–2.0	1052	$4,265	$4.05	1d	33	0.74mi
22447 SW 56th Ave Boca Raton, FL	3.0	2.0	1831	$3,400	$1.86	24d	1	0.76mi
10234 Sleepy Brook Way Boca Raton, FL	3.0	2.0	1552	$3,500	$2.26	8d	1	0.77mi
10134 Boca Woods Ln Unit 10134 Boca Raton, FL	3.0	3.0	2447	$6,800	$2.78	8d	1	0.80mi
10134 Boca Woods Ln Boca Raton, FL	3.0	3.0	2447	$6,800	$2.78	24d	1	0.80mi
22352 Martella Ave Boca Raton, FL	4.0	2.5	2466	$5,500	$2.23	24d	1	0.84mi
9817 Arbor Oaks Ln Boca Raton, FL	1.0–3.0	1.0–2.0	1110	$3,276	$2.95	1d	27	0.84mi
8895 Old Pine Rd Boca Raton, FL	3.0	2.0	1488	$4,500	$3.02	11d	1	0.86mi
10069 Brickhill Dr Unit 10069 Boca Raton, FL	4.0	3.5	2486	$5,200	$2.09	13d	1	0.88mi
10111 Akenside Dr Unit 10111 Boca Raton, FL	3.0	2.5	1728	$3,600	$2.08	15d	1	0.94mi
10111 Akenside Dr Unit 10111 Boca Raton, FL	3.0	2.5	1728	$3,600	$2.08	4d	1	0.94mi
10098 Akenside Dr Boca Raton, FL	3.0	2.5	2131	$4,500	$2.11	5d	1	0.96mi
10106 Akenside Dr Boca Raton, FL	3.0	2.5	2131	$4,600	$2.16	24d	1	0.97mi
9875 Palma Vista Way Boca Raton, FL	4.0	2.5	2490	$5,800	$2.33	22d	1	0.97mi
10199 Akenside Dr Boca Raton, FL	3.0	2.5	2020	$4,850	$2.40	8d	1	1.01mi
4784 Alfresco St Boca Raton, FL	4.0	2.0	1343	$3,950	$2.94	24d	1	1.02mi
10222 Akenside Dr Boca Raton, FL	3.0	2.5	2131	$4,975	$2.33	24d	1	1.05mi
9896 Grand Verde Way Boca Raton, FL	2.0–4.0	2.0–3.0	1600	$4,210	$2.63	3d	21	1.05mi
10884 Gantry St Boca Raton, FL	4.0	2.0	1356	$4,200	$3.10	5d	1	1.13mi
22800 SW 54th Way Boca Raton, FL	3.0	2.0	1554	$3,400	$2.19	17d	1	1.14mi
22776 Neptune Rd Boca Raton, FL	3.0	2.0	1288	$2,900	$2.25	24d	1	1.18mi
4954 Ataman St Boca Raton, FL	3.0	2.0	1819	$3,600	$1.98	8d	1	1.20mi
20940 Uptown Ave Boca Raton, FL	1.0–4.0	1.0–3.0	1227	$4,858	$3.96	1d	50	1.29mi
9316 Ketay Cir Boca Raton, FL	3.0	2.5	1587	$3,500	$2.21	4d	1	1.31mi
9364 Ketay Cir Unit 5 Boca Raton, FL	3.0	2.5	1587	$3,300	$2.08	22d	1	1.32mi
9364 Ketay Cir Unit 5 Boca Raton, FL	3.0	2.5	1587	$3,200	$2.02	15d	1	1.32mi

Listing history 6 events

1. 2026-02-20
   historical
2. 2026-02-09
   listed $397,500
3. 2004-12-16
   soldstatus $137,700
4. 2002-03-27
   soldstatus $117,700
5. 1996-08-14
   soldstatus $110,000
6. 1988-12-29
   soldstatus $89,000

ⓘ 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: $6,527 · $544/mo
• Projected year-2 tax: $6,527 · $544/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 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: $48,873
• − Mortgage interest: −$22,266
• − Property taxes: −$6,527
• − Insurance: −$1,988
• − Repairs & maintenance: −$3,910
• − Management: −$3,910
• − Depreciation: −$11,564
• Taxable loss: −$1,291
• Est. tax savings @ 24.0%: +$310
• After-tax cash flow: $5,391/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

+346.6% since first listed

6 events — show timeline

• 2026-02-20 Listing Removed — Beaches MLS
• 2026-02-09 Listed $397,500 Beaches MLS
• 2004-12-16 Sold (Public Records) $137,700 Public Records
• 2002-03-27 Sold (Public Records) $117,700 Public Records
• 1996-08-14 Sold (Public Records) $110,000 Public Records
• 1988-12-29 Sold (Public Records) $89,000 Public Records

Property tax history

+9.1%/yr

Latest (2025): $6,527 · -10.6% YoY. Source: county tax records.