6461 NW 2nd Ave #415 · Boca Raton, FL 33487

$225,000

2 bd · 2.0 ba · 1,300 sqft · Condo · 123 Days on market

Built 1973 $452/mo HOA · 17% 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 +16.9/30.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• DSCR +5.3/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully remodeled, turn-key unit. Elegant crown molding, title flooring, granite counter tops. All new stainless steel appliances, air conditioner, water heater, interior paint, which brightens up the unit! bathroom fixtures, sinks, toilets and carpet in bedrooms. .. .. all upgrades done within the last year. Stackable washer and dryer combo. Gorgeous views of the golf course. Open concept throughout condo. This will not last! Must see. Owner occupied, see showing instructions.

Key facts

• Upgraded kitchen
• Granite countertops
• Private ensuite bath

Tags

• UPGRADED KITCHEN
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• IN-UNIT WASHER AND DRYER
• PRIVATE ENSUITE BATH
• OVERSIZED WALK-IN CLOSETS

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Association with monthly fee (includes cable TV, insurance, grounds maintenance, sewer, trash, water, common areas, hot water); Amenities: elevator(s), parking, pool, trash chute, lobby, sidewalks; Senior community

Exterior

• Parking: Assigned parking; Guest parking
• Security: Smoke detector(s); Security system; Entry phone/intercom
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Resale condition; Faces east; 5-story building
• Construction: Concrete construction; Other roof type
• Exterior features: No waterfront; Pool; Lobby; Sidewalks; Trash chute

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 2 bedrooms on main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Walk-in closet(s); Blinds; Smoke detector(s); Security system; Entry phone/intercom
• Laundry & utility: Laundry closet inside unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 2.7% in Boca Raton — 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 77/100 on livability (#192 in FL, #3,070 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime B+; Watch: amenities D, cost of living 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: Blue Lake Elementary (731 students, 18% FRL); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% FRL); West Boca Raton High School (math 55% / reading 70%, grade B-, #93 of 667 statewide, top 14%, 2,271 students, 28% FRL) — zoned schools average 29% FRL vs 52% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.6%/yr); 338 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).
• This rent runs 34% of the median local income ($96k/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 $2k of loan paydown is wiped out by about $7k 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 123 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $34k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 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 1973 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.21% ✓
• Cap rate: 7.08%
• Cash-on-cash: 2.82%
• DSCR: 1.13
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-25,102
• Equity at exit: $33,548

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-1,763
• Equity at exit: $19,454

Cash invested: $63,000 (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 33487

• Rents YoY: 3.6%
• Active inventory: 338
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,728 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$452
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $148

Break-even live

Break-even rent $2,540

Max offer price $225,000

Occupancy floor 90%

Sensitivity live

Price	-10% $304	-5% $226	+0% $148	+5% $70	+10% $-7
Rent	-10% $-67	-5% $40	+0% $148	+5% $256	+10% $364
Rate	-1.0pp $261	-0.5pp $205	base $148	+0.5pp $90	+1.0pp $31

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6461 NW 2nd Ave Boca Raton, FL	2.0	2.0	1300	$2,148	$1.65	25d	2	0.03mi
6461 NW 2nd Ave Boca Raton, FL	2.0	2.0	1175	$2,238	$1.90	0d	2	0.03mi
6161 NW 2nd Ave Boca Raton, FL	2.0	2.0	1200	$2,200	$1.83	0d	1	0.09mi
6161 NW 2nd Ave Unit 520 Boca Raton, FL	2.0	2.0	1200	$2,195	$1.83	25d	1	0.09mi
5961 NW 2nd Ave Apt 108 Boca Raton, FL	2.0	2.0	1050	$2,400	$2.29	9d	1	0.15mi
6500 NW 2nd Ave #512 Boca Raton, FL	2.0	2.0	1316	$2,800	$2.13	25d	1	0.19mi
6500 NW 2nd Ave Unit 311 Boca Raton, FL	3.0	2.0	1316	$2,850	$2.17	4d	1	0.19mi
6000 NW 2nd Ave #437 Boca Raton, FL	2.0	2.0	1300	$2,500	$1.92	16d	1	0.21mi
140 NW 70th St #2030 Boca Raton, FL	2.0	2.0	1018	$2,500	$2.46	6d	1	0.30mi
140 NW 70th St #2040 Boca Raton, FL	2.0	2.0	1018	$2,400	$2.36	25d	1	0.30mi
140 NW 70th St #1020 Boca Raton, FL	2.0	2.0	1018	$2,100	$2.06	9d	1	0.30mi
255 Glouchester St Boca Raton, FL	3.0	2.0	1470	$3,950	$2.69	25d	1	0.32mi
130 NW 70th St Unit 202 Boca Raton, FL	2.0	2.0	1018	$2,300	$2.26	25d	1	0.32mi
6850 NW 2nd Ave #18 Boca Raton, FL	2.0	2.0	1420	$3,300	$2.32	22d	1	0.33mi
120 NW 70th St Unit 102 Boca Raton, FL	2.0	2.0	1018	$2,250	$2.21	25d	1	0.36mi
380 NW 67th St Boca Raton, FL	3.0	2.0	1436	$3,250	$2.26	18d	1	0.38mi
380 NW 67th St Unit J204 Boca Raton, FL	3.0	2.0	1436	$3,250	$2.26	0d	1	0.38mi
380 NW 67th St Unit J204 Boca Raton, FL	3.0	2.0	1436	$3,250	$2.26	25d	1	0.38mi
5701 NW 2nd Ave #1140 Boca Raton, FL	2.0	2.0	1000	$2,350	$2.35	0d	1	0.39mi
159 NW 70th St #518 Boca Raton, FL	2.0	2.0	995	$2,250	$2.26	25d	1	0.46mi
149 NW 70th St Unit 101C Boca Raton, FL	2.0	2.5	1300	$2,750	$2.12	25d	1	0.47mi
5700 NW 2nd Ave Boca Raton, FL	2.0–3.0	2.0	1125	$2,200	$1.96	0d	4	0.47mi
5700 NW 2nd Ave Boca Raton, FL	2.0	2.0	1125	$2,162	$1.92	22d	4	0.47mi
5501 NW 2nd Ave Boca Raton, FL	1.0–2.0	1.5–2.0	925	$2,500	$2.70	6d	3	0.48mi
380 Kingsbridge St Boca Raton, FL	3.0	2.0	1800	$2,549	$1.42	25d	1	0.49mi
660 Coventry St Unit 6 Boca Raton, FL	3.0	2.5	1800	$3,500	$1.94	9d	1	0.51mi
5500 NW 2nd Ave #514 Boca Raton, FL	3.0	2.0	1200	$2,900	$2.42	16d	1	0.52mi
7200 NW 2nd Ave #160 Boca Raton, FL	2.0	2.0	1054	$2,400	$2.28	22d	1	0.54mi
7200 NW 2nd Ave #146 Boca Raton, FL	2.0	2.0	1054	$2,300	$2.18	9d	1	0.55mi
713 Forsyth St Unit 33487 Boca Raton, FL	3.0	2.0	1626	$16,500	$10.15	22d	1	0.58mi
713 Forsyth St Boca Raton, FL	3.0	2.0	1626	$16,500	$10.15	16d	1	0.58mi
5301 NW 2nd Ave Boca Raton, FL	2.0	2.0–2.5	1300	$2,640	$2.03	6d	2	0.59mi
5301 NW 2nd Ave Boca Raton, FL	2.0	2.0–2.5	1300	$2,698	$2.08	8d	2	0.59mi
5301 NW 2nd Ave #1010 Boca Raton, FL	2.0	2.0	1300	$2,800	$2.15	25d	1	0.59mi
5301 NW 2nd Ave Apt 307 Boca Raton, FL	2.0	2.0	1300	$2,900	$2.23	25d	1	0.59mi
5340 NW 2nd Ave #226 Boca Raton, FL	2.0	2.0	1316	$3,500	$2.66	25d	1	0.61mi
701 Appleby St Boca Raton, FL	3.0	2.0	1552	$7,800	$5.03	20d	1	0.63mi
701 Appleby St Boca Raton, FL	3.0	2.0	1552	$7,800	$5.03	3d	1	0.63mi
6991 NE 7th Ave Boca Raton, FL	3.0	2.0	1854	$8,000	$4.31	18d	1	0.64mi
299 NW 52nd Ter Unit X Boca Raton, FL	2.0	2.0	1300	$3,000	$2.31	25d	1	0.67mi

HOA detail condo

• Monthly dues: $452 · $5,424/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $225,000 Active 123 DOM
2. 2026-06-18
   days on market $225,000 Active 120 DOM
3. 2026-06-17
   days on market $225,000 Active 119 DOM
4. 2026-06-16
   days on market $225,000 Active 118 DOM
5. 2026-06-15
   days on market $225,000 Active 117 DOM
6. 2026-06-13
   days on market $225,000 Active 115 DOM
7. 2026-06-09
   days on market $225,000 Active 111 DOM
8. 2026-06-07
   days on market $225,000 Active 109 DOM
9. 2026-06-04
   days on market $225,000 Active 106 DOM
10. 2026-06-03
    days on market $225,000 Active 105 DOM
11. 2026-06-01
    days on market $225,000 Active 103 DOM
12. 2026-05-31
    days on market $225,000 Active 102 DOM
13. 2026-04-02
    price $225,000
14. 2026-03-05
    price $249,900
15. 2026-02-18
    listed $259,000 Active
16. 2021-12-27
    soldstatus $295,000 Closed 486-char remark

    Show marketing remark (486 chars)

    Beautifully remodeled, turn-key unit. Elegant crown molding, title flooring, granite counter tops. All new stainless steel appliances, air conditioner, water heater, interior paint, which brightens up the unit! bathroom fixtures, sinks, toilets and carpet in bedrooms. .. .. all upgrades done within the last year. Stackable washer and dryer combo. Gorgeous views of the golf course. Open concept throughout condo. This will not last! Must see. Owner occupied, see showing instructions.

17. 2021-12-03
    status Pending 486-char remark

    Show marketing remark (486 chars)

    Beautifully remodeled, turn-key unit. Elegant crown molding, title flooring, granite counter tops. All new stainless steel appliances, air conditioner, water heater, interior paint, which brightens up the unit! bathroom fixtures, sinks, toilets and carpet in bedrooms. .. .. all upgrades done within the last year. Stackable washer and dryer combo. Gorgeous views of the golf course. Open concept throughout condo. This will not last! Must see. Owner occupied, see showing instructions.

18. 2021-11-19
    listed $295,000 Active 486-char remark

    Show marketing remark (486 chars)

    Beautifully remodeled, turn-key unit. Elegant crown molding, title flooring, granite counter tops. All new stainless steel appliances, air conditioner, water heater, interior paint, which brightens up the unit! bathroom fixtures, sinks, toilets and carpet in bedrooms. .. .. all upgrades done within the last year. Stackable washer and dryer combo. Gorgeous views of the golf course. Open concept throughout condo. This will not last! Must see. Owner occupied, see showing instructions.

19. 2021-11-18
    historical $295,000 486-char remark

    Show marketing remark (486 chars)

    Beautifully remodeled, turn-key unit. Elegant crown molding, title flooring, granite counter tops. All new stainless steel appliances, air conditioner, water heater, interior paint, which brightens up the unit! bathroom fixtures, sinks, toilets and carpet in bedrooms. .. .. all upgrades done within the last year. Stackable washer and dryer combo. Gorgeous views of the golf course. Open concept throughout condo. This will not last! Must see. Owner occupied, see showing instructions.

20. 2008-02-08
    soldstatus $143,600 243-char remark

    Show marketing remark (243 chars)

    DRAMATIC PRICE REDUCTION ON THIS LARGE 2 BR, 2 BATH + DEN.. .BEST SPLIT MODEL .PLUS THOUSANDS OFF FUTURE TAXES.. THIS CLEAN AND NICELY FURNISHED CONDO NEEDS JUST A BIT OF UPDATING W/ PANORAMIC GOLF COURSE VIEW. MONTH HOA INCL. COUNTRY CLUB MEM

21. 2008-01-18
    historical 243-char remark

    Show marketing remark (243 chars)

    DRAMATIC PRICE REDUCTION ON THIS LARGE 2 BR, 2 BATH + DEN.. .BEST SPLIT MODEL .PLUS THOUSANDS OFF FUTURE TAXES.. THIS CLEAN AND NICELY FURNISHED CONDO NEEDS JUST A BIT OF UPDATING W/ PANORAMIC GOLF COURSE VIEW. MONTH HOA INCL. COUNTRY CLUB MEM

22. 2006-12-09
    listed $159,500 243-char remark

    Show marketing remark (243 chars)

    DRAMATIC PRICE REDUCTION ON THIS LARGE 2 BR, 2 BATH + DEN.. .BEST SPLIT MODEL .PLUS THOUSANDS OFF FUTURE TAXES.. THIS CLEAN AND NICELY FURNISHED CONDO NEEDS JUST A BIT OF UPDATING W/ PANORAMIC GOLF COURSE VIEW. MONTH HOA INCL. COUNTRY CLUB MEM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,736
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,619
• − Management: −$2,619
• − HOA: −$5,424
• − Depreciation: −$6,545
• Taxable loss: −$1,575
• Est. tax savings @ 24.0%: +$378
• After-tax cash flow: $2,156/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 — Boca Raton

• Score: 77/100
• State rank: #192
• US rank: #3070

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boca Raton, FL
• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,717
• Household income: $96,066
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 896.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 11% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 7% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 4% Russian/Polish/Slavic 3%

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: ▼ -331.59%
• Current HPI: 352.5852
• Rent YoY: ▲ 3.58%
• 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

+41.1% since first listed

10 events — show timeline

• 2026-04-02 Price Changed $225,000 Beaches MLS
• 2026-03-05 Price Changed $249,900 Beaches MLS
• 2026-02-18 Listed $259,000 Beaches MLS
• 2021-12-27 Sold (MLS) $295,000 Beaches MLS
• 2021-12-03 Pending — Beaches MLS
• 2021-11-19 Listed $295,000 Beaches MLS
• 2021-11-18 Coming Soon $295,000 Beaches MLS
• 2008-02-08 Sold (MLS) $143,600 Beaches MLS
• 2008-01-18 Listing Removed — Beaches MLS
• 2006-12-09 Listed $159,500 Beaches MLS