1951 Gardenia Ct · Riviera Beach, FL 33404

$209,000

2 bd · 2.5 ba · 1,227 sqft · Condo public records · 5 Days on market

Built 2006 $456/mo HOA · 14% of rent

---

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 +25.1/30.0
• 1% rule +10.0/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. LOVELY 2 BED 2.5 BATH TOWNHOUSE LOCATED IN RIVIERA BEACH. MAIN LIVING AREA ON LOWER LEVEL, BEDROOMS LOCATED UPSTAIRS. WASHER AND DRYER INCLUDED IN UNIT. 24 HOURS GATED COMMUNITY, POOL, CLUBHOUSE , FITNESS CENTER, TENNIS COURT & MORE! TENANT OCCUPIED UNTIL 05/31/2022 PAYING $1200/MONTH. INVESTORS ONLY!

Key facts

• Gated community
• Fitness center
• Clubhouse

Tags

• GATED COMMUNITY
• POOL
• CLUBHOUSE
• FITNESS CENTER
• TENNIS COURT

Property features AI

Finance

• Other: Pets allowed (cats and dogs OK)
• HOA & community: Monthly HOA fee of $456; HOA includes insurance, grounds maintenance, sewer, trash, water and common areas; Community amenities: clubhouse, fitness center, pool, spa/hot tub, tennis courts, on-site management/manager

Exterior

• Parking: Assigned parking; Guest parking; Two total parking spaces
• Security: Gated community with guard; Smoke detectors
• Utilities: Public water; Public sewer; Water available
• Home design: Condominium; Resale condition; Faces east; 2 stories
• Construction: Built with CBS construction; Tile roof
• Exterior features: No waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: One main-level bedroom
• Flooring: Ceramic tile; Vinyl
• Bathrooms: Two full bathrooms; One half bathroom; One bathroom on the main level
• Heating & cooling: Central heating; Individual central heating; Central air conditioning; Individual central cooling
• Interior features: High ceilings; Closet cabinetry; Unfurnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $209k.

Deal economics

• At list price, monthly cash flow is $464 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).

Location & tenants

• Location reads 67/100 on livability (#581 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: employment D, crime F, 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.
• Zoned schools: Washington Elementary Magnet School (math 42% / reading 37%, grade F, #1,513 of 2,144 statewide, top 73%, 253 students, 85% FRL); John F. Kennedy Middle School (math 28% / reading 29%, grade F, #482 of 571 statewide, top 85%, 826 students, 78% FRL); Palm Beach Gardens High School (math 19% / reading 40%, grade F, #447 of 667 statewide, top 68%, 2,570 students, 61% FRL) — zoned schools average 75% FRL vs 52% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 50% district-wide (-17 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-0.7%/yr); 506 active listings in the ZIP; 6 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).
• At $3,169/mo this rent would consume 58% of the median local household income ($65k/yr) (locally 1838% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $166k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.52% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.51%
• DSCR: 1.42
• GRM: 5.5

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: -6.3%
• Equity multiple: 0.77×
• Total profit: $-13,197
• Equity at exit: $31,163

10-year hold

• IRR: -2.4%
• Equity multiple: 0.87×
• Total profit: $-7,659
• Equity at exit: $18,071

Cash invested: $58,520 (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 33404

• Home prices YoY: -31.1%
• Rents YoY: -0.7%
• Active inventory: 506
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $3,169 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$400 /mo · $4,804/yr
• Insurance: −$87
• HOA: −$456
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $464

Break-even live

Break-even rent $2,582

Max offer price $209,000

Occupancy floor 80%

Sensitivity live

Price	-10% $582	-5% $523	+0% $464	+5% $405	+10% $346
Rent	-10% $214	-5% $339	+0% $464	+5% $589	+10% $714
Rate	-1.0pp $569	-0.5pp $517	base $464	+0.5pp $410	+1.0pp $355

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
855 Date Palm Dr West Palm Beach, FL	3.0	3.0	1216	$3,150	$2.59	26d	1	0.92mi
901 W 37th St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	26d	1	1.01mi
8731 Uranus Ter West Palm Beach, FL	2.0	1.0	900	$3,200	$3.56	26d	1	1.06mi
321 Sandtree Dr Palm Beach Gardens, FL	3.0	2.5	1480	$3,000	$2.03	12d	1	1.11mi
321 Sandtree Dr Palm Beach Gardens, FL	3.0	2.5	1480	$3,000	$2.03	26d	1	1.11mi
520 W 28th St Riviera Beach, FL	3.0	1.0	1296	$6,000	$4.63	4d	1	1.39mi

HOA detail condo

• Monthly dues: $456 · $5,472/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-21
   days on market $209,000 Active 5 DOM
2. 2026-06-18
   days on market $209,000 Active 2 DOM
3. 2026-06-17
   remarks 235-char remark
4. 2026-06-17
   listed $209,000 Active 1 DOM

ⓘ 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: $4,804 · $400/mo
• Projected year-2 tax: $4,804 · $400/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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥106°F today · 19 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,024
• − Mortgage interest: −$11,707
• − Property taxes: −$4,804
• − Insurance: −$1,045
• − Repairs & maintenance: −$3,042
• − Management: −$3,042
• − HOA: −$5,472
• − Depreciation: −$6,080
• Taxable income: $2,832
• Est. tax owed @ 24.0%: −$680
• After-tax cash flow: $4,886/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 — Riviera Beach

• Score: 67/100
• State rank: #581
• US rank: #11060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Riviera Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 30,912
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 30,912
• Household income: $65,063
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1838.0

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: Majority Black (64%)
• Race & ethnicity: Black 64% White 22% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Hispanic 8% Romanian 1% Italian 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 82% English-only · Spanish 8% French/Haitian/Cajun 7% 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: ▼ -153.74%
• Current HPI: 341.1761
• Rent YoY: ▼ -0.72%
• 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

-87.8% since first listed

22 events — show timeline

• 2026-06-16 Listed $209,000 Beaches MLS
• 2023-06-22 Listing Removed — Beaches MLS
• 2023-06-16 Price Changed $259,900 Beaches MLS
• 2023-06-08 Rental Removed — RMLSFL
• 2023-06-05 Price Changed $269,900 Beaches MLS
• 2023-05-26 Listed $279,900 Beaches MLS
• 2022-01-14 Sold (Public Records) $166,000 Public Records
• 2022-01-14 Sold (MLS) $166,000 Beaches MLS
• 2021-09-29 Pending — Beaches MLS
• 2021-09-23 Price Changed $167,000 Beaches MLS
• 2021-09-23 Relisted — Beaches MLS
• 2021-02-15 Listed $132,000 Beaches MLS
• 2021-02-15 Listing Removed — Beaches MLS
• 2021-01-11 Listing Removed — Beaches MLS
• 2020-09-23 Listing Removed — Beaches MLS
• 2020-09-23 Listed $132,000 Beaches MLS
• 2020-02-25 Price Changed $132,000 Beaches MLS
• 2020-01-22 Listing Removed — Beaches MLS
• 2020-01-22 Listed $135,000 Beaches MLS
• 2019-06-25 Listed $135,000 Beaches MLS
• 2015-04-15 Sold (Public Records) $102,300 Public Records
• 2010-04-12 Sold (Public Records) $1,715,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $4,804 · +5.3% YoY. Source: county tax records.