3510 Shoma Dr · Royal Palm Beach, FL 33414

$299,900

3 bd · 3.5 ba · 1,932 sqft · Condo public records · 612 Days on market

Built 2006 $478/mo HOA · 15% of rent

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Why this score? — see what drove the D 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 +12.6/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home was made for Roommates! On the 1st Floor you have garage access as well as a Bedroom & Full Bath. On the 2nd Floor is the Living Area, Kitchen, & 1/2 Bath. The 3rd Floor has the Master Suite and a Secondary Bedroom both w/ on-suite Baths. This is one unique home that you have to see for yourself! Don't miss out! Go see it Today!

Key facts

• Great location
• New roof
• $478 HOA

Tags

• NEW ROOF
• GREAT LOCATION

Property features AI

Finance

• Financial info: Pets allowed (restrictions possible)
• HOA & community: Monthly HOA with amenities including fitness center, pool, and sidewalks; HOA fee: $478/month; HOA fee includes water, sewer, and trash

Exterior

• Parking: Attached 1-car garage; 1 covered parking space
• Utilities: Public water; Public sewer; Three-phase electric; Sewer and water available
• Home design: Condominium; Resale condition; Faces north; Three stories total
• Construction: Composition/shingle roof; Other construction materials
• Exterior features: Zero lot line; Paved road access; Not waterfront

Interior

• Bedrooms: One bedroom on the main level
• Flooring: Carpet; Ceramic tile
• Bathrooms: Three full bathrooms and one half bathroom (four total); One bathroom on the main level
• Heating & cooling: Central electric heating; Central electric cooling (central air)
• Interior features: Walk-in closets; Split bedroom layout; Unfurnished

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $281k (6.2% below list).
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 79/100 on livability (#135 in FL, #2,039 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F, commute 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: Everglades Elementary (math 70% / reading 74%, grade A-, #288 of 2,144 statewide, top 15%, 888 students, 34% FRL); Emerald Cove Middle School (math 61% / reading 64%, grade B+, #116 of 571 statewide, top 21%, 1,241 students, 36% FRL); Palm Beach Central High School (math 42% / reading 55%, grade D, #198 of 667 statewide, top 30%, 2,980 students, 40% FRL) — zoned schools average 36% FRL vs 52% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.3%/yr); 621 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); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 35% of the median local income ($112k/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 $9k 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 612 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask is 12939% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $263,912 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 612 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.08% ✓
• Cap rate: 6.14%
• Cash-on-cash: -0.55%
• DSCR: 0.98
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: -19.6%
• Equity multiple: 0.32×
• Total profit: $-57,080
• Equity at exit: $44,716

10-year hold

• IRR: -14.0%
• Equity multiple: 0.22×
• Total profit: $-65,647
• Equity at exit: $25,930

Cash invested: $83,972 (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 33414

• Home prices YoY: -30.2%
• Rents YoY: 2.3%
• Active inventory: 621
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $3,239 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$421 /mo · $5,054/yr
• Insurance: −$125
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$478
• Vacancy / Maint / Mgmt: −$680
• Net cashflow: $-105

Break-even live

Break-even rent $3,371

Max offer price $281,423

Occupancy floor 98%

Sensitivity live

Price	-10% $65	-5% $-20	+0% $-105	+5% $-189	+10% $-274
Rent	-10% $-360	-5% $-233	+0% $-105	+5% $23	+10% $151
Rate	-1.0pp $46	-0.5pp $-28	base $-105	+0.5pp $-182	+1.0pp $-261

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3308 Shoma Dr Royal Palm Beach, FL	4.0	3.5	1988	$2,500	$1.26	7d	1	0.02mi
3308 Shoma Dr Royal Palm Beach, FL	4.0	3.5	1988	$2,500	$1.26	26d	1	0.02mi
3515 Shoma Dr Unit 3515 West Palm Beach, FL	3.0	3.5	1815	$3,250	$1.79	26d	1	0.03mi
3808 Shoma Dr Unit 3808 West Palm Beach, FL	3.0	3.0	2300	$2,300	$1.00	26d	1	0.03mi
3106 Shoma Dr Royal Palm Beach, FL	4.0	3.5	1988	$3,900	$1.96	26d	1	0.03mi
3106 Shoma Dr Royal Palm Beach, FL	4.0	3.5	1988	$4,000	$2.01	5d	1	0.03mi
2405 Shoma Dr Royal Palm Beach, FL	3.0	3.5	1932	$2,375	$1.23	5d	1	0.03mi
2108 Shoma Dr Royal Palm Beach, FL	3.0	2.0	1457	$2,400	$1.65	26d	1	0.06mi
2127 Shoma Dr Royal Palm Beach, FL	2.0	2.5	1282	$2,500	$1.95	26d	1	0.06mi
1008 Shoma Dr Unit 394 West Palm Beach, FL	2.0	2.5	1282	$2,400	$1.87	20d	1	0.16mi
147 Kensington Way Royal Palm Beach, FL	4.0	2.5	2536	$4,000	$1.58	26d	1	0.18mi
570 Christina Dr Royal Palm Beach, FL	1.0–3.0	1.0–2.0	1044	$2,809	$2.69	0d	9	0.25mi
11300 Channing Ln Unit 102 Royal Palm Beach, FL	3.0	2.0	2111	$4,299	$2.04	26d	1	0.39mi
1451 Pioneer Way Royal Palm Beach, FL	3.0	2.5	1900	$4,750	$2.50	24d	1	0.41mi
116 Hamilton Ter Royal Palm Beach, FL	4.0	2.5	2537	$3,300	$1.30	5d	1	0.42mi
116 Hamilton Ter Royal Palm Beach, FL	4.0	2.5	2537	$3,500	$1.38	17d	1	0.42mi
9433 Madewood Ct Royal Palm Beach, FL	4.0	2.0	2616	$5,350	$2.05	26d	1	0.45mi
640 Pioneer Way Unit 640 Royal Palm Beach, FL	3.0	2.5	1557	$3,100	$1.99	26d	1	0.46mi
11260 Channing Way Unit 212 Royal Palm Beach, FL	3.0	2.0	1417	$3,174	$2.24	26d	1	0.47mi
113 Canterbury Pl Royal Palm Beach, FL	4.0	2.5	2267	$3,500	$1.54	7d	1	0.48mi
113 Canterbury Pl Royal Palm Beach, FL	4.0	2.5	2267	$3,500	$1.54	26d	1	0.48mi
220 Pioneer Way Royal Palm Beach, FL	3.0	2.5	1557	$3,200	$2.06	9d	1	0.50mi
137 Canterbury Pl Royal Palm Beach, FL	3.0	2.5	1856	$3,500	$1.89	26d	1	0.52mi
169 Berenger Walk Royal Palm Beach, FL	4.0	2.5	2262	$3,750	$1.66	26d	1	0.59mi
175 Berenger Walk Royal Palm Beach, FL	4.0	2.5	2204	$3,600	$1.63	26d	1	0.62mi
1090 Quaye Lake Cir Wellington, FL	3.0	3.0	1719	$3,513	$2.04	17d	1	0.64mi
1090 Quaye Lake Cir Wellington, FL	2.0	3.0	1501	$2,695	$1.80	16d	1	0.64mi
1090 Quaye Lake Cir Wellington, FL	2.0	3.0	1429	$2,761	$1.93	26d	1	0.64mi
11200 Nicole Dr Wellington, FL	1.0–4.0	1.0–3.5	1404	$3,732	$2.66	0d	33	0.66mi
625 Whippoorwill Ter West Palm Beach, FL	3.0	2.0	1914	$4,500	$2.35	26d	1	0.75mi
217 Berenger Walk Royal Palm Beach, FL	3.0	2.5	2204	$3,000	$1.36	18d	1	0.80mi
11020 Town Cir Wellington, FL	1.0–3.0	1.0–2.0	1013	$3,143	$3.10	3d	14	0.85mi
176 Bellezza Ter Royal Palm Beach, FL	4.0	2.5	2058	$3,350	$1.63	12d	1	1.08mi
699 Belle Grove Ln Royal Palm Beach, FL	3.0	2.0	1849	$3,500	$1.89	26d	1	1.14mi
1592 Carriage Brooke Dr Wellington, FL	3.0	2.0	1662	$3,000	$1.81	26d	1	1.15mi
8694 Pioneer Rd West Palm Beach, FL	4.0	3.0	2000	$3,500	$1.75	20d	1	1.20mi
10793 Oak Bend Way Wellington, FL	4.0	2.5	1852	$4,000	$2.16	12d	1	1.29mi
1664 Oak Berry Cir Wellington, FL	3.0	2.0	1325	$3,650	$2.75	26d	1	1.32mi
10709 Pelican Dr Wellington, FL	2.0	2.0	1244	$2,900	$2.33	9d	1	1.35mi
1019 Larch Way Wellington, FL	4.0	2.0	2125	$4,000	$1.88	26d	1	1.37mi

HOA detail condo

• Monthly dues: $478 · $5,736/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-21
   days on market $299,900 Active 612 DOM
2. 2026-06-18
   days on market $299,900 Active 609 DOM
3. 2026-06-17
   days on market $299,900 Active 608 DOM
4. 2026-06-16
   days on market $299,900 Active 607 DOM
5. 2026-06-15
   days on market $299,900 Active 606 DOM
6. 2026-06-13
   days on market $299,900 Active 604 DOM
7. 2026-06-09
   days on market $299,900 Active 600 DOM
8. 2026-06-07
   days on market $299,900 Active 598 DOM
9. 2026-06-04
   days on market $299,900 Active 595 DOM
10. 2026-06-03
    days on market $299,900 Active 594 DOM
11. 2026-06-01
    days on market $299,900 Active 592 DOM
12. 2026-05-31
    days on market $299,900 Active 591 DOM
13. 2026-01-08
    price $299,900
14. 2025-01-02
    historical $2,300
15. 2024-12-19
    listed $2,300
16. 2024-11-18
    price $309,900
17. 2024-10-18
    price $329,900
18. 2024-10-17
    listed $349,900 Active
19. 2023-08-17
    historical $2,400
20. 2023-07-11
    listed $2,400
21. 2022-04-13
    soldstatus $280,000
22. 2022-04-08
    soldstatus $280,000 Closed
23. 2022-03-22
    historical
24. 2022-03-22
    listed $280,000
25. 2015-01-09
    soldstatus $136,000 Closed 351-char remark

    Show marketing remark (351 chars)

    This home was made for Roommates! On the 1st Floor you have garage access as well as a Bedroom & Full Bath. On the 2nd Floor is the Living Area, Kitchen, & 1/2 Bath. The 3rd Floor has the Master Suite and a Secondary Bedroom both w/ on-suite Baths. This is one unique home that you have to see for yourself! Don't miss out! Go see it Today!

26. 2014-10-09
    status Pending 351-char remark

    Show marketing remark (351 chars)

    This home was made for Roommates! On the 1st Floor you have garage access as well as a Bedroom & Full Bath. On the 2nd Floor is the Living Area, Kitchen, & 1/2 Bath. The 3rd Floor has the Master Suite and a Secondary Bedroom both w/ on-suite Baths. This is one unique home that you have to see for yourself! Don't miss out! Go see it Today!

27. 2014-08-29
    listed $139,900 Active 351-char remark

    Show marketing remark (351 chars)

    This home was made for Roommates! On the 1st Floor you have garage access as well as a Bedroom & Full Bath. On the 2nd Floor is the Living Area, Kitchen, & 1/2 Bath. The 3rd Floor has the Master Suite and a Secondary Bedroom both w/ on-suite Baths. This is one unique home that you have to see for yourself! Don't miss out! Go see it Today!

28. 2006-04-05
    soldstatus $267,500

ⓘ 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: $5,054 · $421/mo
• Projected year-2 tax: $5,054 · $421/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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 25 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: $38,867
• − Mortgage interest: −$16,799
• − Property taxes: −$5,054
• − Insurance: −$2,297
• − Repairs & maintenance: −$3,109
• − Management: −$3,109
• − HOA: −$5,736
• − Depreciation: −$8,724
• Taxable loss: −$5,963
• Est. tax savings @ 24.0%: +$1,431
• After-tax cash flow: $176/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 — Royal Palm Beach

• Score: 79/100
• State rank: #135
• US rank: #2039

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Royal Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 75,299
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 60,184
• Household income: $112,241
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 1566.0

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 0.67)
• Race & ethnicity: White 47% Hispanic / Latino 29% Two or more races 20% Black 13% Asian 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Cuban 6% Dominican 1% Salvadoran 1%
• Common ancestry: Hispanic 4% Romanian 3% Lithuanian 2%
• Foreign-born: 26% · Canada, Jamaica, China
• Languages at home: 67% English-only · Spanish 23% French/Haitian/Cajun 3% Other Indo-European 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: ▼ -152.58%
• Current HPI: 352.9366
• Rent YoY: ▲ 2.31%
• 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

+12.1% since first listed

16 events — show timeline

• 2026-01-08 Price Changed $299,900 Beaches MLS
• 2025-01-02 Rental Removed $2,300 RMLSFL
• 2024-12-19 Listed for Rent $2,300 RMLSFL
• 2024-11-18 Price Changed $309,900 Beaches MLS
• 2024-10-18 Price Changed $329,900 Beaches MLS
• 2024-10-17 Listed $349,900 Beaches MLS
• 2023-08-17 Rental Removed $2,400 RMLSFL
• 2023-07-11 Listed for Rent $2,400 RMLSFL
• 2022-04-13 Sold (Public Records) $280,000 Public Records
• 2022-04-08 Sold (MLS) $280,000 Beaches MLS
• 2022-03-22 Listed $280,000 Beaches MLS
• 2022-03-22 Listing Removed — Beaches MLS
• 2015-01-09 Sold (MLS) $136,000 Beaches MLS
• 2014-10-09 Pending — Beaches MLS
• 2014-08-29 Listed $139,900 Beaches MLS
• 2006-04-05 Sold (Public Records) $267,500 Public Records

Property tax history

+8.7%/yr

Latest (2025): $5,054 · -8.2% YoY. Source: county tax records.