2182 NE 1st Way #202 · Boynton Beach, FL 33435

$75,000

1 bd · 1.5 ba · 744 sqft · Condo public records · 219 Days on market

Built 1970 $589/mo HOA · 35% of rent

---

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 +25.4/30.0
• 1% rule +10.0/10.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to lovely 55+ community of Village Royale in Boynton Beach. Light and bright second floor condo. Well maintained with tile throughout. Updated kitchen and baths. Close to the pool and clubhouse and all the shops and restaurants on Gateway!

Key facts

• Updated baths
• Updated kitchen
• Enclosed porch

Tags

• RECENTLY PAINTED
• UPDATED KITCHEN
• UPDATED BATHS
• ENCLOSED PORCH

Property features AI

Finance

• Other: Senior community; Pets not allowed
• HOA & community: Homeowners association with monthly fee; Association amenities: clubhouse, pool, shuffleboard court; Association fee covers cable TV, insurance, trash, and common areas

Exterior

• Parking: Assigned parking
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Multi/split levels; Faces north; Resale property
• Construction: Concrete block (CBS) construction; Tar and gravel roof; 2 stories
• Exterior features: Sidewalks; Paved road frontage; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: One main-level bedroom
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: No notable built-in interior features; Jalousie windows; Unfurnished
• Laundry & utility: Laundry located inside the unit

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+3.6%/yr); 538 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $21k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 11y ago; this cycle's ask has dropped $24k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 2.27% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.89%
• DSCR: 1.44
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.64% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $399
• Equity at exit: $11,183

10-year hold

• IRR: 11.7%
• Equity multiple: 1.99×
• Total profit: $20,852
• Equity at exit: $6,485

Cash invested: $21,000 (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 33435

• Rents YoY: 3.6%
• Active inventory: 538
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,699 high
• Mortgage (P&I): −$393
• Tax from tax record: −$156 /mo · $1,870/yr
• Insurance: −$31
• HOA: −$589
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $173

Break-even live

Break-even rent $1,480

Max offer price $75,000

Occupancy floor 85%

Sensitivity live

Price	-10% $216	-5% $194	+0% $173	+5% $152	+10% $131
Rent	-10% $39	-5% $106	+0% $173	+5% $240	+10% $307
Rate	-1.0pp $211	-0.5pp $192	base $173	+0.5pp $154	+1.0pp $134

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2213 NE 1st Ct #103 Boynton Beach, FL	1.0	1.5	624	$1,350	$2.16	25d	1	0.06mi
977 Miner Rd Lantana, FL	1.0	1.0	500	$1,995	$3.99	25d	1	0.73mi
977 Miner Rd Unit 9 Hypoluxo, FL	1.0	1.0	500	$1,995	$3.99	0d	1	0.76mi
977 Miner Rd Unit 9 Hypoluxo, FL	1.0	1.0	500	$1,995	$3.99	3d	1	0.76mi
408 NW 13th Ave Unit 2 Boynton Beach, FL	1.0	1.0	400	$1,375	$3.44	25d	1	0.79mi
430 NW 12th Ave Unit A Boynton Beach, FL	1.0	1.0	500	$2,195	$4.39	25d	1	0.85mi
7871 Terrace Rd Unit B Lantana, FL	1.0	1.0	470	$1,600	$3.40	17d	1	0.86mi
7871 Terrace Rd Unit B Lantana, FL	1.0	1.0	470	$1,600	$3.40	8d	1	0.86mi
7871 Terrace Rd Unit A Lantana, FL	1.0	1.0	470	$1,500	$3.19	25d	1	0.86mi
656 Manor Dr Unit 3 Boynton Beach, FL	—	1.0	650	$1,600	$2.46	23d	1	0.98mi
25 S Loafing St Unit 25 Hypoluxo, FL	2.0	1.0	552	$1,500	$2.72	3d	1	1.05mi
25 S Loafing St Unit 25 Hypoluxo, FL	2.0	1.0	552	$1,500	$2.72	25d	1	1.05mi
22 S Loafing St Hypoluxo, FL	2.0	1.0	696	$1,300	$1.87	25d	1	1.05mi
717 NE 10th Ave Unit 6 Boynton Beach, FL	1.0	1.0	700	$1,600	$2.29	8d	1	1.06mi
615 NE 7th Ave Boynton Beach, FL	1.0	1.0	698	$1,699	$2.43	18d	1	1.15mi
518 NE 4th St Unit A Boynton Beach, FL	1.0	1.0	500	$1,700	$3.40	17d	1	1.29mi
689 NE 6th Ct #404 Boynton Beach, FL	1.0	1.0	703	$2,000	$2.84	25d	1	1.29mi
689 NE 6th Ct #4070 Boynton Beach, FL	1.0	1.0	703	$1,900	$2.70	18d	1	1.29mi
400 N Federal Hwy Unit N304 Boynton Beach, FL	1.0	1.0	640	$2,400	$3.75	25d	1	1.40mi
1660 Renaissance Commons Blvd Boynton Beach, FL	1.0	1.0	798	$1,962	$2.46	0d	2	1.44mi
1690 Renaissance Commons Blvd Boynton Beach, FL	2.0–3.0	2.0	940	$2,300	$2.45	0d	3	1.45mi

HOA detail condo

• Monthly dues: $589 · $7,068/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-21
   days on market $75,000 Active 219 DOM
2. 2026-06-18
   days on market $75,000 Active 216 DOM
3. 2026-06-17
   days on market $75,000 Active 215 DOM
4. 2026-06-16
   days on market $75,000 Active 214 DOM
5. 2026-06-15
   days on market $75,000 Active 213 DOM
6. 2026-06-13
   days on market $75,000 Active 211 DOM
7. 2026-06-09
   days on market $75,000 Active 207 DOM
8. 2026-06-07
   days on market $75,000 Active 205 DOM
9. 2026-06-04
   days on market $75,000 Active 202 DOM
10. 2026-06-03
    days on market $75,000 Active 201 DOM
11. 2026-06-01
    days on market $75,000 Active 199 DOM
12. 2026-05-31
    days on market $75,000 Active 198 DOM
13. 2026-05-07
    price $75,000
14. 2026-04-27
    price $69,000
15. 2026-03-11
    price $79,000
16. 2025-12-03
    price $85,000
17. 2025-11-13
    listed $99,000 Active
18. 2023-04-19
    soldstatus $100,000
19. 2023-04-13
    soldstatus $100,000 Closed 247-char remark

    Show marketing remark (247 chars)

    Welcome to lovely 55+ community of Village Royale in Boynton Beach. Light and bright second floor condo. Well maintained with tile throughout. Updated kitchen and baths. Close to the pool and clubhouse and all the shops and restaurants on Gateway!

20. 2023-03-26
    status Pending 247-char remark

    Show marketing remark (247 chars)

    Welcome to lovely 55+ community of Village Royale in Boynton Beach. Light and bright second floor condo. Well maintained with tile throughout. Updated kitchen and baths. Close to the pool and clubhouse and all the shops and restaurants on Gateway!

21. 2023-03-24
    listed $110,000 Active 247-char remark

    Show marketing remark (247 chars)

    Welcome to lovely 55+ community of Village Royale in Boynton Beach. Light and bright second floor condo. Well maintained with tile throughout. Updated kitchen and baths. Close to the pool and clubhouse and all the shops and restaurants on Gateway!

22. 2023-01-23
    historical
23. 2022-09-30
    status Active
24. 2022-09-26
    historical Active Under Contract
25. 2022-09-20
    status Active
26. 2022-08-26
    historical
27. 2022-08-26
    status Active
28. 2022-08-15
    historical Active Under Contract
29. 2022-07-24
    listed $110,000 Active
30. 2021-07-27
    soldstatus $61,000 Closed
31. 2021-07-21
    status Pending
32. 2021-03-09
    listed $64,000 Active
33. 2016-04-04
    soldstatus $42,000
34. 2016-04-01
    soldstatus $42,000 Closed
35. 2016-03-25
    status Pending
36. 2016-01-15
    price $45,000
37. 2015-11-17
    listed $50,000 Active
38. 2004-05-13
    soldstatus $51,000
39. 1989-05-22
    soldstatus $28,500
40. 1988-04-28
    soldstatus $23,300

ⓘ 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: $1,870 · $156/mo
• Projected year-2 tax: $1,870 · $156/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 ≥105°F today · 27 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: $20,392
• − Mortgage interest: −$4,201
• − Property taxes: −$1,870
• − Insurance: −$375
• − Repairs & maintenance: −$1,631
• − Management: −$1,631
• − HOA: −$7,068
• − Depreciation: −$2,182
• Taxable income: $1,434
• Est. tax owed @ 24.0%: −$344
• After-tax cash flow: $1,733/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 — Boynton Beach

• Score: 72/100
• State rank: #351
• US rank: #6098

Category grades

Amenities D+ Commute F Cost of living B Crime D- Employment C Housing A+ Health & safety B+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boynton Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 37,833
• Household income: $67,979
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1623.0

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 0.65)
• Race & ethnicity: White 41% Black 40% Hispanic / Latino 15% Two or more races 10%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Hispanic 23% Romanian 2% Lithuanian 2%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 61% English-only · French/Haitian/Cajun 24% Spanish 11% 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: ▼ -345.86%
• Current HPI: 371.0527
• Rent YoY: ▲ 3.64%
• 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

+221.9% since first listed

28 events — show timeline

• 2026-05-07 Price Changed $75,000 Beaches MLS
• 2026-04-27 Price Changed $69,000 Beaches MLS
• 2026-03-11 Price Changed $79,000 Beaches MLS
• 2025-12-03 Price Changed $85,000 Beaches MLS
• 2025-11-13 Listed $99,000 Beaches MLS
• 2023-04-19 Sold (Public Records) $100,000 Public Records
• 2023-04-13 Sold (MLS) $100,000 Beaches MLS
• 2023-03-26 Pending — Beaches MLS
• 2023-03-24 Listed $110,000 Beaches MLS
• 2023-01-23 Listing Removed — Beaches MLS
• 2022-09-30 Relisted — Beaches MLS
• 2022-09-26 Contingent — Beaches MLS
• 2022-09-20 Relisted — Beaches MLS
• 2022-08-26 Listing Removed — Beaches MLS
• 2022-08-26 Relisted — Beaches MLS
• 2022-08-15 Contingent — Beaches MLS
• 2022-07-24 Listed $110,000 Beaches MLS
• 2021-07-27 Sold (MLS) $61,000 Beaches MLS
• 2021-07-21 Pending — Beaches MLS
• 2021-03-09 Listed $64,000 Beaches MLS
• 2016-04-04 Sold (Public Records) $42,000 Public Records
• 2016-04-01 Sold (MLS) $42,000 Beaches MLS
• 2016-03-25 Pending — Beaches MLS
• 2016-01-15 Price Changed $45,000 Beaches MLS
• 2015-11-17 Listed $50,000 Beaches MLS
• 2004-05-13 Sold (Public Records) $51,000 Public Records
• 1989-05-22 Sold (Public Records) $28,500 Public Records
• 1988-04-28 Sold (Public Records) $23,300 Public Records

Property tax history

+8.2%/yr

Latest (2025): $1,870 · -9.5% YoY. Source: county tax records.