1605 S Us Highway 1 Unit 206m1

Jupiter, FL 33477

$379,000A

3 bd · 3.0 ba · 1,800 sqft · Built 1976 · Condo · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,831/mo
• Mortgage (P&I): −$1,988
• Tax + insurance: −$632
• HOA: −$1,434
• Vac / Maint / Mgmt: −$1,434
• Net cashflow: $1,343/mo
• Annual: $16,117/yr
• Cap rate: 10.55%
• Cash-on-cash: 15.19%
• DSCR: 1.68
• 1% rule: 1.80%
• Cash to close: $106,120

Investor read

• This is a 3-bed/3.0-bath condo listed at $379k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $379k).
• It's been on market 52 days — a 3% lower offer ($368k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $368k (3.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($3k loan paydown + $11k appreciation (2.9% local appreciation)).
• Location reads 70/100 on livability (#415 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.
• Zoned schools: Beacon Cove Intermediate School (math 84% / reading 86%, grade A+, #35 of 2,144 statewide, top 2%, 641 students, 19% FRL); Jupiter Middle School (math 62% / reading 63%, grade B+, #116 of 571 statewide, top 21%, 1,384 students, 38% FRL); Jupiter High School (math 56% / reading 64%, grade C+, #106 of 667 statewide, top 16%, 3,087 students, 28% FRL) — zoned schools average 28% FRL vs 52% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 69% at this address vs 50% district-wide (+20 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.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising fast (+10.3%/yr); 405 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 84d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.9% appreciation + 8.0% rent growth), your $106k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.5% vs local median 2.8% in Jupiter — 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.
• At $6,831/mo this rent would consume 78% of the median local household income ($105k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior paint — The exterior appears to have peeling paint, indicating significant wear.
• Minor: interior carpet — The carpet looks faded but not damaged.
• Minor: furniture — The furniture shows some wear but is not in critical condition.