815 Sky Pine Way Unit C2 · Greenacres, FL 33415

$148,900

2 bd · 2.0 ba · 1,111 sqft · Condo public records · 141 Days on market

Built 1986 $435/mo HOA · 21% of rent

---

Why this score? — see what drove the D+ 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 +16.1/30.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

LOVELY CONDO IN 55+ COMMUNITY. READY TO MOVE IN. CLUBHOUSE WITH A LARGE HEATED POOL; TENNIS COURT & BOCCI COURT VERY ACTIVE ADULT COMMUNITY.

Key facts

• Clubhouse
• Tennis court
• Large heated pool

Tags

• CLUBHOUSE
• LARGE HEATED POOL
• TENNIS COURT
• BOCCI COURT

Property features AI

Finance

• Other: Senior community
• HOA & community: Community of ~400 units; HOA with on-site manager; Monthly HOA fee of $435; Community amenities: clubhouse, pool, spa/hot tub, tennis courts, shuffleboard court, sidewalks, street lights

Exterior

• Parking: Assigned parking; Guest parking
• Utilities: Cable available
• Home design: Condominium; 2-story building; Unit faces east
• Construction: CBS construction
• Exterior features: Screened patio; Patio; Sidewalks; Not waterfront

Interior

• Kitchen: Dishwasher; Disposal; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central electric heating; Electric cooling; Ceiling fans
• Interior features: Walk-in closets; Custom mirrors
• Laundry & utility: Laundry closet inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $149k.

Deal economics

• At list price, monthly cash flow is $76 ($911/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#490 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D+, employment D, amenities 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 soft (-1.6%/yr); 314 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• This rent runs 40% of the median local income ($61k/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 141 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $102k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,032 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.37% ✓
• Cap rate: 6.90%
• Cash-on-cash: 2.19%
• DSCR: 1.10
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.40×
• Total profit: $-24,922
• Equity at exit: $22,201

10-year hold

• IRR: -21.7%
• Equity multiple: 0.11×
• Total profit: $-37,166
• Equity at exit: $12,874

Cash invested: $41,692 (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 33415

• Rents YoY: -1.6%
• Active inventory: 314
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,037 high
• Mortgage (P&I): −$781
• Tax from tax record: −$256 /mo · $3,069/yr
• Insurance: −$62
• HOA: −$435
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $76

Break-even live

Break-even rent $1,941

Max offer price $148,900

Occupancy floor 91%

Sensitivity live

Price	-10% $160	-5% $118	+0% $76	+5% $34	+10% $-8
Rent	-10% $-85	-5% $-5	+0% $76	+5% $156	+10% $237
Rate	-1.0pp $151	-0.5pp $114	base $76	+0.5pp $37	+1.0pp $-2

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: $37,225
• Closing costs: $4,467
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
813 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1111	$1,725	$1.55	15d	1	0.01mi
813 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1111	$1,725	$1.55	3d	1	0.01mi
817 Sky Pine Way Unit H Greenacres, FL	2.0	2.0	1370	$2,300	$1.68	17d	1	0.03mi
826 Sky Pine Way Greenacres, FL	2.0–3.0	2.0	1304	$1,800	$1.38	13d	2	0.03mi
802 Sky Pine Way Unit E2 Greenacres, FL	2.0	2.0	1111	$1,750	$1.58	8d	1	0.10mi
811 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1064	$1,550	$1.46	21d	1	0.11mi
812 Sky Pine Way Greenacres, FL	2.0	2.0	1064	$2,100	$1.97	25d	1	0.11mi
6115 Seven Springs Blvd Greenacres, FL	2.0	2.5	1325	$2,475	$1.87	6d	1	0.17mi
6115 Seven Springs Blvd Greenacres, FL	2.0	2.5	1325	$2,500	$1.89	19d	1	0.17mi
703 Sunny Pine Way Unit G2 Greenacres, FL	2.0	2.0	1068	$2,000	$1.87	16d	1	0.17mi
629 Sea Pine Way Unit D3 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	22d	1	0.17mi
712 Sunny Pine Way Greenacres, FL	2.0	2.0	1068	$2,150	$2.01	25d	1	0.19mi
628 Sea Pine Way Unit A2 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	17d	1	0.21mi
6134 Seven Springs Blvd Unit 40d Greenacres, FL	3.0	3.0	1321	$2,400	$1.82	4d	1	0.21mi
633 Sea Pine Way Unit C Greenacres, FL	2.0	2.0	1370	$2,450	$1.79	25d	1	0.23mi
6043 10th Ave N #130 Greenacres, FL	3.0	2.0	1500	$2,300	$1.53	25d	1	0.23mi
6031 10th Ave N #219 Greenacres, FL	3.0	2.0	1078	$2,400	$2.23	4d	1	0.24mi
5775 Fernley Dr W #131 West Palm Beach, FL	2.0	2.0	1072	$2,000	$1.87	11d	1	0.26mi
6061 10th Ave N #242 Greenacres, FL	2.0	2.0	855	$2,000	$2.34	5d	1	0.27mi
6506 Dockside Cir Greenacres, FL	2.0	2.5	1226	$2,000	$1.63	8d	1	0.29mi
718 Sunny Pine Way Unit H2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	6d	1	0.30mi
718 Sunny Pine Way Unit H2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	21d	1	0.30mi
703 Sunny Pine Way Greenacres, FL	2.0	2.0	1068	$1,900	$1.78	25d	2	0.30mi
726 Sunny Pine Way Unit B2 Greenacres, FL	3.0	2.0	1254	$2,200	$1.75	4d	1	0.32mi
6049 Olivewood Cir Greenacres, FL	2.0	2.0	1377	$2,200	$1.60	25d	1	0.33mi
502 Shady Pine Way Unit D2 Greenacres, FL	2.0	1.0	991	$1,900	$1.92	0d	1	0.33mi
720 Sunny Pine Way Unit G1 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	20d	1	0.34mi
616 Sea Pine Way Unit C3 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	25d	1	0.34mi
511 Shady Pine Way Unit D2 Greenacres, FL	2.0	2.0	1115	$2,200	$1.97	4d	1	0.34mi
511 Shady Pine Way Unit D2 Greenacres, FL	2.0	2.0	1115	$2,200	$1.97	25d	1	0.34mi
724 Sunny Pine Way Unit D2 Greenacres, FL	2.0	2.0	1111	$1,950	$1.76	25d	1	0.34mi
504 Shady Pine Way Unit 2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	25d	1	0.35mi
508 Shady Pine Way Unit D1 Greenacres, FL	2.0	2.0	1115	$1,850	$1.66	22d	1	0.36mi
527 Shady Pine Way Greenacres, FL	2.0	2.0	1115	$1,975	$1.77	0d	2	0.38mi
507 Shady Pine Way Unit D1 Greenacres, FL	1.0	1.0	788	$1,400	$1.78	15d	1	0.38mi
2641 Gately Dr W West Palm Beach, FL	2.0–3.0	2.5	1238	$1,800	$1.45	0d	2	0.39mi
5780 Fernley Dr W #91 West Palm Beach, FL	2.0	2.0	1324	$2,000	$1.51	25d	1	0.41mi
4901 Pier Dr Greenacres, FL	3.0	2.5	1260	$2,400	$1.90	22d	1	0.43mi
1600 Island Shores Dr Greenacres, FL	1.0–2.0	1.0–2.0	889	$1,925	$2.17	25d	2	0.44mi
3604 Inlet Cir Greenacres, FL	2.0	2.5	1274	$2,100	$1.65	25d	1	0.44mi

HOA detail condo

• Monthly dues: $435 · $5,220/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $148,900 Active 141 DOM
2. 2026-06-17
   days on market $148,900 Active 140 DOM
3. 2026-06-16
   days on market $148,900 Active 139 DOM
4. 2026-06-15
   days on market $148,900 Active 138 DOM
5. 2026-06-13
   days on market $148,900 Active 136 DOM
6. 2026-06-09
   days on market $148,900 Active 132 DOM
7. 2026-06-07
   days on market $148,900 Active 130 DOM
8. 2026-06-04
   days on market $148,900 Active 127 DOM
9. 2026-06-03
   days on market $148,900 Active 126 DOM
10. 2026-06-01
    days on market $148,900 Active 124 DOM
11. 2026-05-31
    days on market $148,900 Active 123 DOM
12. 2026-01-27
    listed $148,900 Active
13. 2024-10-22
    historical
14. 2024-06-18
    historical
15. 2024-06-07
    historical
16. 2024-04-26
    listed $183,990 Active
17. 2024-04-23
    listed $183,900 Active
18. 2024-04-23
    listed $183,990 Active
19. 2018-11-16
    soldstatus $102,000
20. 2018-11-14
    soldstatus $102,000 Closed
21. 2018-10-15
    status Pending
22. 2018-07-09
    listed $115,000 Active
23. 2014-07-25
    historical
24. 2014-07-02
    listed $85,000 Active
25. 2002-10-17
    soldstatus $72,000
26. 1995-02-06
    soldstatus $47,000
27. 1986-02-01
    soldstatus $52,500

ⓘ 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: $3,069 · $256/mo
• Projected year-2 tax: $3,069 · $256/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 · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,449
• − Mortgage interest: −$8,341
• − Property taxes: −$3,069
• − Insurance: −$744
• − Repairs & maintenance: −$1,956
• − Management: −$1,956
• − HOA: −$5,220
• − Depreciation: −$4,332
• Taxable loss: −$1,169
• Est. tax savings @ 24.0%: +$280
• After-tax cash flow: $1,192/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 — Greenacres

• Score: 69/100
• State rank: #490
• US rank: #9008

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenacres, FL
• County: Palm Beach County · 1,438,312 people
• City population: 65,478
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,581
• Household income: $61,274
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 2254.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 53% Two or more races 26% White 21% Black 21% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Cuban 14% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 9% Romanian 1% Lithuanian 1%
• Foreign-born: 44% · Canada, Jamaica, Dominican Republic
• Languages at home: 40% English-only · Spanish 49% French/Haitian/Cajun 8% Other Indo-European 1%

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: ▼ -400.29%
• Current HPI: 413.9695
• Rent YoY: ▼ -1.64%
• 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

+183.6% since first listed

16 events — show timeline

• 2026-01-27 Listed $148,900 Beaches MLS
• 2024-10-22 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2024-06-18 Listing Removed — NAPLESMLS
• 2024-06-07 Listing Removed — Beaches MLS
• 2024-04-26 Listed $183,990 Stellar MLS as Distributed by MLS Grid
• 2024-04-23 Listed $183,990 Beaches MLS
• 2024-04-23 Listed $183,900 NAPLESMLS
• 2018-11-16 Sold (Public Records) $102,000 Public Records
• 2018-11-14 Sold (MLS) $102,000 Beaches MLS
• 2018-10-15 Pending — Beaches MLS
• 2018-07-09 Listed $115,000 Beaches MLS
• 2014-07-25 Listing Removed — Beaches MLS
• 2014-07-02 Listed $85,000 Beaches MLS
• 2002-10-17 Sold (Public Records) $72,000 Public Records
• 1995-02-06 Sold (Public Records) $47,000 Public Records
• 1986-02-01 Sold (Public Records) $52,500 Public Records

Property tax history

+7.5%/yr

Latest (2025): $3,069 · +5.0% YoY. Source: county tax records.