23 Kingswood B

Plantation Mobile Home Park, FL 33417

$52,900B

1 bd · 1.0 ba · 645 sqft · Built 1971 · Condo · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,412/mo
• Mortgage (P&I): −$277
• Tax + insurance: −$49
• HOA: −$500
• Vac / Maint / Mgmt: −$296
• Net cashflow: $289/mo
• Annual: $3,470/yr
• Cap rate: 12.85%
• Cash-on-cash: 23.42%
• DSCR: 2.04
• 1% rule: 2.67%
• Cash to close: $14,812

Investor read

• This is a 1-bed/1.0-bath condo listed at $53k.
• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $53k).
• It's been on market 145 days — a 12% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $366 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#430 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety 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: Grassy Waters Elementary School (math 43% / reading 48%, grade D-, #1,247 of 2,144 statewide, top 59%, 739 students, 64% FRL); Bear Lakes Middle School (math 19% / reading 33%, grade F, #506 of 571 statewide, top 89%, 842 students, 74% FRL); Palm Beach Lakes High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 2,688 students, 70% FRL) — zoned schools average 69% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 31% at this address vs 50% district-wide (-18 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 35% of rent.
• Market conditions: Rents flat; 481 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $10k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $53k implies a 112% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $15k cash investment doubles in ~8 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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.
• 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?
• 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.