5800 Fernley Dr W #51 · Greenacres, FL 33415

$165,000

2 bd · 2.0 ba · 1,324 sqft · Condo public records · 330 Days on market

Built 1981 $490/mo HOA · 24% of rent

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Why this score? — see what drove the C- 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 +18.1/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Fernley 4 is a 55+ no pet community, ensuring a tranquil environment. Amenities including a swimming pool, tennis courts, and shuffleboard, all centered around a vibrant clubhouse. Discover this 2-bedroom, 2-bath corner villa featuring a master bedroom with walk in closet and full bath with shower, along with a guest bedroom and separate bathroom. The ac was replaced in 2023. The patio area has been enclosed to offer more living square feet along with indoor washer/dryer. This community offers the ideal blend of accessibility and leisure. Picture yourself starting your day with a relaxing stroll to the pool for a refreshing swim. Roofs Replaced summer 2025 with all assessments paid. Embrace

Key facts

• Community pool
• Built 1981
• Listed 330 days

Property features AI

Finance

• Other: Association fee paid monthly
• HOA & community: Community association with monthly fee (includes insurance, grounds maintenance, water and common areas); Community amenities: clubhouse, pool, tennis courts, shuffleboard, community room, parking, street lights; Senior community; 99 units in the community

Exterior

• Parking: Assigned parking; Guest parking
• Utilities: Public water; Public sewer; Three-phase electric; Cable available; Sewer available; Water available; Phone not available
• Home design: Villa; Single-story; Faces east; Resale property
• Construction: CBS construction
• Exterior features: No waterfront; Mansard/mixed/other roof

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 1 bedroom on the main level
• Flooring: Other flooring
• Bathrooms: 2 full bathrooms (1 on the main level)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Entrance foyer; Walk-in closets; Split bedroom layout; Drapes
• Laundry & utility: Laundry closet inside the unit; Electric water heater

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 $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#490 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools D+, employment D, amenities 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 soft (-1.6%/yr); 313 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); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 41% of the median local income ($61k/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

• It's been on market 330 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; list at $165k implies a 208% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% 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 $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 330 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-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: 1.26% ✓
• Cap rate: 7.34%
• Cash-on-cash: 3.76%
• DSCR: 1.17
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.49×
• Total profit: $-23,360
• Equity at exit: $24,602

10-year hold

• IRR: -14.1%
• Equity multiple: 0.33×
• Total profit: $-30,975
• 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 33415

• Rents YoY: -1.6%
• Active inventory: 313
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,075 high
• Mortgage (P&I): −$865
• Tax from tax record: −$71 /mo · $852/yr
• Insurance: −$69
• HOA: −$490
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $145

Break-even live

Break-even rent $1,892

Max offer price $165,000

Occupancy floor 88%

Sensitivity live

Price	-10% $238	-5% $191	+0% $145	+5% $98	+10% $51
Rent	-10% $-19	-5% $63	+0% $145	+5% $227	+10% $309
Rate	-1.0pp $228	-0.5pp $187	base $145	+0.5pp $102	+1.0pp $58

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
5775 Fernley Dr W #131 West Palm Beach, FL	2.0	2.0	1072	$2,000	$1.87	12d	1	0.12mi
6043 10th Ave N #130 Greenacres, FL	3.0	2.0	1500	$2,300	$1.53	25d	1	0.15mi
6506 Dockside Cir Greenacres, FL	2.0	2.5	1226	$2,000	$1.63	8d	1	0.15mi
813 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1111	$1,725	$1.55	3d	1	0.19mi
813 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1111	$1,725	$1.55	16d	1	0.19mi
6031 10th Ave N #219 Greenacres, FL	3.0	2.0	1078	$2,400	$2.23	5d	1	0.19mi
826 Sky Pine Way Greenacres, FL	2.0–3.0	2.0	1304	$1,800	$1.38	0d	2	0.19mi
6023 10th Ave N #114 Greenacres, FL	2.0	2.0	1050	$2,000	$1.90	0d	1	0.20mi
629 Sea Pine Way Unit D3 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	23d	1	0.20mi
817 Sky Pine Way Unit H Greenacres, FL	2.0	2.0	1370	$2,300	$1.68	17d	1	0.22mi
5780 Fernley Dr W #91 West Palm Beach, FL	2.0	2.0	1324	$2,000	$1.51	25d	1	0.22mi
3808 Inlet Cir #3808 Greenacres, FL	2.0	2.0	992	$2,200	$2.22	0d	1	0.22mi
4901 Pier Dr Greenacres, FL	3.0	2.5	1260	$2,400	$1.90	23d	1	0.23mi
628 Sea Pine Way Unit A2 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	17d	1	0.24mi
6134 Seven Springs Blvd Unit 40d Greenacres, FL	3.0	3.0	1321	$2,400	$1.82	4d	1	0.25mi
6115 Seven Springs Blvd Greenacres, FL	2.0	2.5	1325	$2,500	$1.89	19d	1	0.25mi
6115 Seven Springs Blvd Greenacres, FL	2.0	2.5	1325	$2,475	$1.87	6d	1	0.25mi
3604 Inlet Cir Greenacres, FL	2.0	2.5	1274	$2,100	$1.65	25d	1	0.26mi
6049 Olivewood Cir Greenacres, FL	2.0	2.0	1377	$2,200	$1.60	25d	1	0.27mi
5725 Fernley Dr E #65 West Palm Beach, FL	2.0	2.0	1300	$1,575	$1.21	23d	1	0.29mi
812 Sky Pine Way Greenacres, FL	2.0	2.0	1064	$2,100	$1.97	25d	1	0.30mi
802 Sky Pine Way Unit E2 Greenacres, FL	2.0	2.0	1111	$1,750	$1.58	8d	1	0.30mi
811 Sky Pine Way Unit F2 Greenacres, FL	2.0	2.0	1064	$1,550	$1.46	21d	1	0.30mi
633 Sea Pine Way Unit C Greenacres, FL	2.0	2.0	1370	$2,450	$1.79	25d	1	0.33mi
712 Sunny Pine Way Greenacres, FL	2.0	2.0	1068	$2,150	$2.01	25d	1	0.36mi
703 Sunny Pine Way Unit G2 Greenacres, FL	2.0	2.0	1068	$2,000	$1.87	16d	1	0.36mi
2404 Seaside Dr Greenacres, FL	2.0	2.5	1260	$2,350	$1.87	25d	1	0.38mi
2641 Gately Dr W West Palm Beach, FL	2.0–3.0	2.5	1238	$1,800	$1.45	0d	2	0.38mi
2625 Emory Dr W Unit F West Palm Beach, FL	2.0	2.0	895	$1,700	$1.90	25d	1	0.40mi
2305 Seaside Dr Greenacres, FL	2.0	2.5	1208	$2,000	$1.66	8d	1	0.41mi
704 Riverside Dr Greenacres, FL	2.0	2.5	1278	$1,950	$1.53	4d	1	0.42mi
5971 La Pinata Blvd Unit B1 Greenacres, FL	2.0	1.0	920	$1,750	$1.90	25d	1	0.43mi
616 Sea Pine Way Unit C3 Greenacres, FL	2.0	2.0	1005	$2,100	$2.09	25d	1	0.47mi
718 Sunny Pine Way Unit H2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	21d	1	0.48mi
718 Sunny Pine Way Unit H2 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	6d	1	0.48mi
2515 Emory Dr W Unit A West Palm Beach, FL	2.0	2.0	895	$1,700	$1.90	4d	1	0.49mi
2515 Emory Dr W Unit A West Palm Beach, FL	2.0	2.0	895	$1,750	$1.96	25d	1	0.49mi
703 Sunny Pine Way Greenacres, FL	2.0	2.0	1068	$1,900	$1.78	25d	2	0.50mi
720 Sunny Pine Way Unit G1 Greenacres, FL	2.0	2.0	1111	$2,000	$1.80	20d	1	0.52mi
502 Shady Pine Way Unit D2 Greenacres, FL	2.0	1.0	991	$1,900	$1.92	0d	1	0.52mi

HOA detail condo

• Monthly dues: $490 · $5,880/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-05-01
   status Pending
2. 2026-04-15
   historical Active Under Contract
3. 2026-03-17
   price $165,000
4. 2026-01-31
   price $167,500
5. 2025-11-18
   price $170,000
6. 2025-10-22
   status Active
7. 2025-10-17
   historical Active Under Contract
8. 2025-10-08
   price $175,000
9. 2025-09-20
   price $180,000
10. 2025-08-11
    price $184,900
11. 2025-06-23
    price $189,900
12. 2025-06-05
    listed $195,000 Active
13. 2025-06-03
    historical $195,000
14. 1994-10-17
    soldstatus $53,500

ⓘ 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: $852 · $71/mo
• Projected year-2 tax: $1,370 · $114/mo
• Expected delta: +$518/yr (+$43/mo · 60.8%)

ⓘ 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 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,906
• − Mortgage interest: −$9,243
• − Property taxes: −$852
• − Insurance: −$825
• − Repairs & maintenance: −$1,992
• − Management: −$1,992
• − HOA: −$5,880
• − Depreciation: −$4,800
• Taxable loss: −$679
• Est. tax savings @ 24.0%: +$163
• After-tax cash flow: $1,898/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 — Greenacres

• Score: 69/100
• State rank: #490
• US rank: #9008

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 65,478
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 54,581
• Household income: $61,274
• Rent vs Own: 41.5% rent · 58.5% own
• Severe rent burden: 2254.0

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 0.63)
• Race & ethnicity: Hispanic / Latino 53% Two or more races 26% White 21% Black 21% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Cuban 14% Dominican 2% Salvadoran 1%
• Common ancestry: Hispanic 9% Romanian 1% Lithuanian 1%
• Foreign-born: 44% · Canada, Jamaica, Dominican Republic
• Languages at home: 40% English-only · Spanish 49% French/Haitian/Cajun 8% Other Indo-European 1%

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: ▼ -400.29%
• Current HPI: 413.9695
• Rent YoY: ▼ -1.64%
• 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

+208.4% since first listed

14 events — show timeline

• 2026-05-01 Pending — Beaches MLS
• 2026-04-15 Contingent — Beaches MLS
• 2026-03-17 Price Changed $165,000 Beaches MLS
• 2026-01-31 Price Changed $167,500 Beaches MLS
• 2025-11-18 Price Changed $170,000 Beaches MLS
• 2025-10-22 Relisted — Beaches MLS
• 2025-10-17 Contingent — Beaches MLS
• 2025-10-08 Price Changed $175,000 Beaches MLS
• 2025-09-20 Price Changed $180,000 Beaches MLS
• 2025-08-11 Price Changed $184,900 Beaches MLS
• 2025-06-23 Price Changed $189,900 Beaches MLS
• 2025-06-05 Listed $195,000 Beaches MLS
• 2025-06-03 Coming Soon $195,000 Beaches MLS
• 1994-10-17 Sold (Public Records) $53,500 Public Records

Property tax history

+0.5%/yr

Latest (2025): $852 · +4.2% YoY. Source: county tax records.