21364 Cypress Hammock Dr Unit 1g · Watergate, FL 33428

$165,000

2 bd · 2.0 ba · 1,266 sqft · Condo public records

Built 1979 $636/mo HOA · 22% 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 +26.1/30.0
• 1% rule +10.0/10.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

First floor 2 bedroom 2 bath on lake. Needs a full renovation. Next to pool. Lovely screened patio on lake. Lots of closet space. Washer and dryer in unit. Great subdivision with 2 pools and clubhouse. Make it your own from the start.

Key facts

• $636 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).

Location & tenants

• Location reads 67/100 on livability (#585 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment 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: Sandpiper Shores Elementary School (math 68% / reading 72%, grade A-, #345 of 2,144 statewide, top 17%, 820 students, 32% FRL); Eagles Landing Middle School (math 66% / reading 67%, grade A-, #84 of 571 statewide, top 16%, 1,508 students, 27% FRL); Olympic Heights Community High (math 52% / reading 64%, grade C, #120 of 667 statewide, top 18%, 2,602 students, 30% FRL) — zoned schools average 30% FRL vs 52% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 65% at this address vs 50% district-wide (+15 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.
• Market conditions: Rents rising (+3.7%/yr); 268 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 39% of the median local income ($89k/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 $5k 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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $110k; list at $165k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 22% of rent.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); 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 $165,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-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. 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.
8. 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.
9. 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: 1.73% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.82%
• DSCR: 1.48
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.72% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.88×
• Total profit: $-5,348
• Equity at exit: $24,602

10-year hold

• IRR: 8.1%
• Equity multiple: 1.66×
• Total profit: $30,414
• Equity at exit: $14,266

Cash invested: $46,200 (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 33428

• Rents YoY: 3.7%
• Active inventory: 268
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,860 high
• Mortgage (P&I): −$865
• Tax from tax record: −$273 /mo · $3,275/yr
• Insurance: −$69
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$636
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $294

Break-even live

Break-even rent $2,488

Max offer price $165,000

Occupancy floor 85%

Sensitivity live

Price	-10% $388	-5% $341	+0% $294	+5% $248	+10% $201
Rent	-10% $68	-5% $181	+0% $294	+5% $407	+10% $520
Rate	-1.0pp $378	-0.5pp $336	base $294	+0.5pp $252	+1.0pp $208

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9319 Pecky Cypress Ln Unit 19D Boca Raton, FL	2.0	2.0	1266	$3,500	$2.76	26d	1	0.04mi
21500 Cypress Hammock Dr Unit 38C Boca Raton, FL	2.0	2.0	1266	$2,500	$1.97	26d	1	0.16mi
21529 Cypress Hammock Dr Unit 35J Boca Raton, FL	2.0	2.0	1266	$2,395	$1.89	14d	1	0.23mi
21535 Cypress Hammock Dr Unit 36J Boca Raton, FL	2.0	2.0	1266	$2,200	$1.74	26d	1	0.27mi
9285 Vista Del Lago Unit 36F Boca Raton, FL	2.0	2.0	1216	$3,200	$2.63	26d	1	0.28mi
9284 Vista Del Lago Unit 34-F Boca Raton, FL	2.0	2.0	1216	$2,400	$1.97	24d	1	0.28mi
9299 Vista Del Lago Unit 16D Boca Raton, FL	2.0	2.0	1216	$2,900	$2.38	26d	1	0.28mi
21650 Juego Cir Unit 24b Boca Raton, FL	2.0	2.0	1216	$3,000	$2.47	26d	1	0.37mi
21362 Juego Cir Unit 33f Boca Raton, FL	2.0	2.0	1216	$3,500	$2.88	26d	1	0.41mi
21542 Juego Cir Unit 27H Boca Raton, FL	2.0	2.0	1216	$2,400	$1.97	1d	1	0.45mi
21411 Juego Cir Unit 32b Boca Raton, FL	2.0	2.0	1216	$1,950	$1.60	26d	1	0.45mi
9316 Ketay Cir Boca Raton, FL	3.0	2.5	1587	$3,500	$2.21	6d	1	0.46mi
9364 Ketay Cir Unit 5 Boca Raton, FL	3.0	2.5	1587	$3,200	$2.02	17d	1	0.51mi
9364 Ketay Cir Unit 5 Boca Raton, FL	3.0	2.5	1587	$3,300	$2.08	24d	1	0.51mi
9260 Ketay Cir #2 Boca Raton, FL	2.0	2.0	1279	$2,200	$1.72	26d	1	0.52mi
8895 Old Pine Rd Boca Raton, FL	3.0	2.0	1488	$4,500	$3.02	13d	1	0.58mi
20927 Sedgewick Dr Unit 20927 Boca Raton, FL	2.0	1.0	908	$1,950	$2.15	26d	1	0.60mi
9180 Pine Springs Dr Boca Raton, FL	3.0	2.0	1797	$4,175	$2.32	1d	1	0.61mi
9292 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,650	$1.80	13d	1	0.62mi
9292 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,650	$1.80	26d	1	0.62mi
9256 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,695	$1.83	26d	1	0.62mi
9280 Sable Ridge Cir Apt B Boca Raton, FL	2.0	2.0	1475	$2,700	$1.83	5d	1	0.63mi
20824 Boca Ridge Dr N Boca Raton, FL	3.0	2.5	1861	$3,700	$1.99	26d	1	0.64mi
20940 Uptown Ave Boca Raton, FL	1.0–4.0	1.0–3.0	1227	$3,331	$2.71	0d	56	0.66mi
22201 Majestic Woods Way Boca Raton, FL	2.0	2.5	1280	$2,800	$2.19	26d	1	0.68mi
9817 Arbor Oaks Ln Boca Raton, FL	1.0–3.0	1.0–2.0	1110	$2,686	$2.42	1d	25	0.70mi
20886 Vinesta Cir Unit 313 Boca Raton, FL	2.0	2.0	1332	$1,800	$1.35	26d	1	0.72mi
8744 Bella Vista Dr Boca Raton, FL	2.0	2.0	1332	$2,100	$1.58	7d	1	0.72mi
20867 Wendall Ter Boca Raton, FL	2.0	1.5	908	$1,800	$1.98	26d	1	0.72mi
9896 Grand Verde Way Boca Raton, FL	2.0–3.0	2.0–3.0	1385	$3,104	$2.24	0d	16	0.72mi
8833 Bella Vista Dr #8833 Boca Raton, FL	2.0	2.0	908	$3,250	$3.58	26d	1	0.76mi
8729 Chevy Chase Dr Boca Raton, FL	2.0	2.0	1332	$2,000	$1.50	26d	1	0.79mi
8425 Casa del Lago Unit C Boca Raton, FL	2.0	2.0	1216	$2,100	$1.73	24d	1	0.80mi
8732 Bella Vista Dr #42 Boca Raton, FL	2.0	2.0	908	$1,900	$2.09	26d	1	0.80mi
21643 Cypress Rd Unit 14C Boca Raton, FL	2.0	2.5	1426	$2,590	$1.82	5d	1	0.82mi
9244 SW 2nd St Boca Raton, FL	3.0	2.0	1480	$3,300	$2.23	26d	1	0.82mi
8540 Chevy Chase Dr Unit 8540 Boca Raton, FL	1.0	1.0	908	$2,000	$2.20	26d	1	0.83mi
21214 Lago Cir Unit 8f Boca Raton, FL	2.0	2.0	1216	$4,200	$3.45	26d	1	0.83mi
8534 Via D Oro Boca Raton, FL	3.0	2.0	1866	$5,500	$2.95	21d	1	0.84mi
8534 Via D Oro Boca Raton, FL	3.0	2.0	1866	$5,500	$2.95	6d	1	0.84mi

HOA detail condo

• Monthly dues: $636 · $7,632/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-17
   remarks 235-char remark
2. 2026-06-17
   listed $165,000 Pending

ⓘ 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: $3,275 · $273/mo
• Projected year-2 tax: $3,275 · $273/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 AO · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,323
• − Mortgage interest: −$9,243
• − Property taxes: −$3,275
• − Insurance: −$2,292
• − Repairs & maintenance: −$2,746
• − Management: −$2,746
• − HOA: −$7,632
• − Depreciation: −$4,800
• Taxable income: $1,590
• Est. tax owed @ 24.0%: −$382
• After-tax cash flow: $3,152/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 — Watergate

• Score: 67/100
• State rank: #585
• US rank: #11201

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 47,588
• Household income: $88,543
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1990.0

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 0.69)
• Race & ethnicity: White 50% Two or more races 23% Hispanic / Latino 22% Black 7% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Estonian 12% Romanian 3% Scotch-Irish 3%
• Foreign-born: 37% · Canada, Jamaica, Vietnam
• Languages at home: 55% English-only · Spanish 19% Other Indo-European 17% French/Haitian/Cajun 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: ▼ -299.00%
• Current HPI: 373.2649
• Rent YoY: ▲ 3.72%
• 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

+132.4% since first listed

4 events — show timeline

• 2026-06-17 Listing Removed — Beaches MLS
• 2026-06-17 Listed $165,000 Beaches MLS
• 2001-07-31 Sold (Public Records) $109,500 Public Records
• 1993-09-16 Sold (Public Records) $71,000 Public Records

Property tax history

+10.3%/yr

Latest (2025): $3,275 · -8.5% YoY. Source: county tax records.