2223 NE 1st Ct #105 · Boynton Beach, FL 33435

$100,000

2 bd · 2.0 ba · 990 sqft · Condo public records · 398 Days on market

Built 1970 $694/mo HOA · 33% of rent

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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 +26.2/30.0
• 1% rule +10.0/10.0
• DSCR +8.9/10.0
• 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

Welcome home to this move-in ready * ground-floor * 2 bed, 2 bath condo in the 55+ community of Village Royale! Featuring an updated kitchen with newer appliances, brand new bedroom flooring, and a spacious Florida room with full-sized washer and dryer. Step outside to your private pavered patio with beautifully landscaped views. HOA includes water, trash, basic cable, and internet. Enjoy fantastic amenities—clubhouse, pool, shuffleboard & more. Prime location just minutes to the beach, Publix, shopping, and I-95. Don't miss this one! * * Seller paid all special assessments in full! Many association updates are in process of completion. * *

Key facts

• Clubhouse
• Landscaped views
• Updated kitchen

Tags

• UPDATED KITCHEN
• PRIVATE PAVERED PATIO
• LANDSCAPED VIEWS
• CLUBHOUSE
• POOL
• SHUFFLEBOARD

Property features AI

Finance

• Other: Association fee paid monthly
• HOA & community: Homeowners association with monthly dues; Association amenities include clubhouse, pool, picnic area, shuffleboard court, sidewalks, and street lights; Senior community

Exterior

• Parking: Guest parking available (park in guest spaces per directions)
• Utilities: Public water; Public sewer; Three phase electric; Cable available
• Home design: Condominium; Resale; Faces east; 2 stories total
• Construction: Concrete/CBS construction
• Exterior features: Entry-level living area; Not waterfront

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central individual heating; Central individual cooling
• Interior features: Built-in features; Walk-in closets; Stacked bedroom layout; Closet cabinetry; Partially furnished
• 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 $100k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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); 536 active listings in the ZIP; 40 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).
• This rent runs 37% of the median local income ($68k/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 $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 398 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $34k; list at $100k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% 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 $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 398 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: 2.12% ✓
• Cap rate: 9.37%
• Cash-on-cash: 10.98%
• DSCR: 1.49
• GRM: 3.9

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: 1.8%
• Equity multiple: 1.07×
• Total profit: $1,962
• Equity at exit: $14,910

10-year hold

• IRR: 12.8%
• Equity multiple: 2.08×
• Total profit: $30,360
• Equity at exit: $8,646

Cash invested: $28,000 (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: 536
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,117 high
• Mortgage (P&I): −$524
• Tax from tax record: −$156 /mo · $1,871/yr
• Insurance: −$42
• HOA: −$694
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $256

Break-even live

Break-even rent $1,792

Max offer price $100,000

Occupancy floor 83%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 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	24d	1	0.04mi
2400 NE 1st Ln #206 Boynton Beach, FL	1.0	1.5	754	$1,800	$2.39	14d	1	0.13mi
2100 N Seacrest Blvd Boynton Beach, FL	3.0	1.0	1056	$2,900	$2.75	16d	1	0.14mi
108 NE 20th Ave #206 Boynton Beach, FL	2.0	2.0	860	$1,800	$2.09	19d	1	0.20mi
2615 NE 1st Ct Boynton Beach, FL	2.0	2.0	960	$1,850	$1.93	18d	2	0.21mi
2615 NE 1st Ct #403 Boynton Beach, FL	2.0	2.0	960	$2,100	$2.19	24d	1	0.21mi
2515 NE 2nd Ct #202 Boynton Beach, FL	2.0	2.0	960	$1,499	$1.56	24d	1	0.22mi
230 NE 26th Ave #1070 Boynton Beach, FL	1.0	1.5	754	$1,620	$2.15	10d	1	0.25mi
2601 3rd Ct NE #202 Boynton Beach, FL	2.0	2.0	982	$1,500	$1.53	18d	1	0.25mi
230 NE 26th Ave Boynton Beach, FL	1.0–2.0	1.5–2.0	857	$1,650	$1.93	17d	2	0.25mi
130 NE 26th Ave #307 Boynton Beach, FL	2.0	2.0	982	$3,500	$3.56	24d	1	0.26mi
300 NE 26th Ave #1040 Boynton Beach, FL	2.0	2.0	1080	$1,559	$1.44	24d	1	0.27mi
2615 NE 3rd Ct #4030 Boynton Beach, FL	2.0	2.0	960	$1,699	$1.77	4d	1	0.29mi
330 NE 26th Ave Unit 108 Boynton Beach, FL	1.0	1.5	754	$1,375	$1.82	24d	1	0.32mi
330 NE 26th Ave Unit 108 Boynton Beach, FL	1.0	1.5	754	$1,600	$2.12	2d	1	0.32mi
2202 NE 3rd St Boynton Beach, FL	3.0	2.0	902	$3,000	$3.33	16d	1	0.33mi
311 NE 17th Ave #204 Boynton Beach, FL	2.0	2.0	1100	$1,650	$1.50	24d	1	0.41mi
30 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$2,400	$2.78	18d	1	0.42mi
2202 NE 4th St #10 Boynton Beach, FL	2.0	1.0	757	$1,900	$2.51	2d	1	0.43mi
27 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$1,900	$2.20	14d	1	0.45mi
410 NE 17th Ave #101 Boynton Beach, FL	2.0	1.5	1080	$1,500	$1.39	7d	1	0.45mi
17 Crossings Cir Unit E Boynton Beach, FL	2.0	2.0	864	$1,900	$2.20	24d	1	0.48mi
24 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$2,050	$2.37	24d	1	0.50mi
7 Crossings Cir Boynton Beach, FL	2.0	1.5	864	$2,500	$2.89	24d	1	0.51mi
14 Crossings Cir Unit E Boynton Beach, FL	2.0	2.0	953	$2,300	$2.41	24d	1	0.52mi
4 Crossings Cir Unit B Boynton Beach, FL	2.0	1.5	864	$1,950	$2.26	24d	1	0.52mi
2008 S Federal Hwy Unit C207 Boynton Beach, FL	2.0	2.0	963	$2,000	$2.08	24d	1	0.60mi
117 Waterside Dr #117 Hypoluxo, FL	2.0	2.0	768	$2,000	$2.60	24d	1	0.64mi
176 Waterside Dr Hypoluxo, FL	3.0	2.0	1024	$2,500	$2.44	19d	1	0.64mi
661 Waterside Dr Hypoluxo, FL	2.0	2.0	768	$2,000	$2.60	24d	1	0.65mi
977 Miner Rd Lantana, FL	3.0	1.0	1100	$3,195	$2.90	1d	1	0.68mi
1214 Highview Rd Lantana, FL	3.0	2.0	768	$2,300	$2.99	1d	1	0.68mi
640 Oak St Boynton Beach, FL	2.0	1.0	765	$2,690	$3.52	7d	1	0.69mi
1632 N Federal Hwy Boynton Beach, FL	1.0–3.0	1.0–2.0	1098	$2,580	$2.35	1d	20	0.78mi
1820 New Palm Way #201 Boynton Beach, FL	2.0	2.0	873	$3,500	$4.01	24d	1	0.79mi
3265 E Palm Dr Boynton Beach, FL	3.0	2.0	744	$2,600	$3.49	24d	1	0.85mi
3601 High Ridge Rd Unit 206 Boynton Beach, FL	1.0	1.0	833	$1,950	$2.34	14d	1	0.90mi
2700 Quantum Lakes Dr Boynton Beach, FL	1.0–3.0	1.0–2.0	1328	$2,325	$1.75	1d	164	0.90mi
336 NE 12th Ave Boynton Beach, FL	3.0	2.0	1040	$2,500	$2.40	7d	1	0.92mi
3605 High Ridge Rd Unit 204 Boynton Beach, FL	1.0	1.0	833	$1,900	$2.28	17d	1	0.92mi

HOA detail condo

• Monthly dues: $694 · $8,328/yr
• Likely covers: watertrashinternetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-01-18
   price $100,000
2. 2025-12-23
   price $104,000
3. 2025-11-06
   price $109,000
4. 2025-08-29
   price $114,000
5. 2025-04-22
   listed $119,000 Active
6. 1999-01-27
   soldstatus $34,000
7. 1999-01-27
   soldstatus $34,000
8. 1992-07-06
   soldstatus $34,900
9. 1990-12-20
   soldstatus $23,000

ⓘ 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: $1,871 · $156/mo
• Projected year-2 tax: $1,871 · $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 · 26 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: $25,401
• − Mortgage interest: −$5,602
• − Property taxes: −$1,871
• − Insurance: −$500
• − Repairs & maintenance: −$2,032
• − Management: −$2,032
• − HOA: −$8,328
• − Depreciation: −$2,909
• Taxable income: $2,127
• Est. tax owed @ 24.0%: −$510
• After-tax cash flow: $2,564/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

+334.8% since first listed

9 events — show timeline

• 2026-01-18 Price Changed $100,000 Beaches MLS
• 2025-12-23 Price Changed $104,000 Beaches MLS
• 2025-11-06 Price Changed $109,000 Beaches MLS
• 2025-08-29 Price Changed $114,000 Beaches MLS
• 2025-04-22 Listed $119,000 Beaches MLS
• 1999-01-27 Sold (Public Records) $34,000 Public Records
• 1999-01-27 Sold (Public Records) $34,000 Public Records
• 1992-07-06 Sold (Public Records) $34,900 Public Records
• 1990-12-20 Sold (Public Records) $23,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $1,871 · +3.2% YoY. Source: county tax records.