4143 Kittiwake Ct Unit Kittiwake

Boynton Beach, FL 33436

$200,000D-

1 bd · 1.5 ba · 1,020 sqft · Built 1974 · Condo · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,707/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$1,723
• Vac / Maint / Mgmt: −$569
• Net cashflow: $-966/mo
• Annual: $-11,598/yr
• Cap rate: 0.49%
• Cash-on-cash: -20.71%
• DSCR: 0.08
• 1% rule: 1.35%
• Cash to close: $56,000

Investor read

• This is a 1-bed/1.5-bath condo listed at $200k. Condition is rated good.
• At list price, monthly cash flow is $-966 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $60k (69.9% below list).
• Meets the 1% rule at list price ($3k rent vs $200k).
• It's been on market 107 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $60k (69.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Crosspointe Elementary School (math 36% / reading 45%, grade F, #1,471 of 2,144 statewide, top 69%, 652 students, 75% FRL); Congress Community Middle School (math 21% / reading 28%, grade F, #522 of 571 statewide, top 93%, 988 students, 72% FRL); Boynton Beach Community High (math 13% / reading 25%, grade F, #565 of 667 statewide, top 85%, 1,547 students, 65% FRL) — zoned schools average 71% FRL vs 52% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 64% of rent.
• Market conditions: Rents soft (-0.6%/yr); 648 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 52d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% 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.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $70k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 0.5% vs local median 4.2% in Boynton Beach — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 43% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 107 days. Have you received any prior offers? Is the seller open to a 70% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?