477 Lake Dora Dr

West Palm Beach, FL 33411

$149,000C-

2 bd · 2.0 ba · 888 sqft · Built 1979 · Condo · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,820/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$231
• HOA: −$505
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-80/mo
• Annual: $-961/yr
• Cap rate: 5.65%
• Cash-on-cash: -2.30%
• DSCR: 0.90
• 1% rule: 1.22%
• Cash to close: $41,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $149k.
• At list price, monthly cash flow is $-80 ($-961/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (9.5% below list).
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 106 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (9.5% below list) — sets the bar for cash-flow.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 82/100 on livability (#75 in FL, #1,255 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, crime 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: Benoist Farms Elementary School (math 22% / reading 28%, grade F, #2,030 of 2,144 statewide, top 95%, 421 students, 80% FRL); Jeaga Middle School (math 18% / reading 30%, grade F, #532 of 571 statewide, top 94%, 941 students, 78% FRL); Royal Palm Beach High School (math 22% / reading 38%, grade F, #441 of 667 statewide, top 67%, 2,343 students, 57% FRL) — zoned schools average 72% FRL vs 52% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 50% district-wide (-23 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 28% of rent.
• Market conditions: Rents flat; 574 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); 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.
• 17 sale attempts since 27y ago; this cycle's ask is 6995% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $56k; list at $149k implies a 166% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 0.8% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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 F 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?