10174 Mangrove Dr #201 · Golf, FL 33437

$198,000

2 bd · 2.0 ba · 1,228 sqft · Condo public records · 34 Days on market

Built 1984 $990/mo HOA · 39% of rent

---

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).

• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Cash flow +6.8/30.0
• Appreciation +4.9/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.0/10.0

Listing remarks MLS

CORNER FICUS UNIT ALL 18' CERAMIC TILE, MIRRORS, FANS, NEWER APPLIANCES A/C, BUILT-INS, ADDITIONAL CLOSETS, ENCLOSED GLASS PATIO, WATER AND GARDEN VIEWS, ACTIVE CLUBHOUSE, 7 HARTRU TENNIS CTS, SPA EXERCISE RM SNACK BAR, PLUS ITS GATED!

Key facts

• New a/c unit
• Natural sunlight
• $990 HOA

Tags

• SECOND-FLOOR CORNER UNIT
• NATURAL SUNLIGHT
• WALKING DISTANCE TO CLUBHOUSE
• OVERSIZED SCREENED LANAI
• NEW A/C UNIT
• BRAND-NEW WASHER AND DRYER

Property features AI

Finance

• Other: Living area listed as 1,228; Building area listed as 1,412
• HOA & community: Monthly association fee (includes cable, insurance, internet, security, sewer, trash, water, common areas, common real estate tax, elevator, reserve funds); Association amenities: billiard room, clubhouse, elevators, fitness center, parking, pool (heated), shuffleboard, tennis courts, kitchen facilities, library, lobby, maintained community, pickleball courts, sidewalks, street lights, gated access, security, recreation facilities; Association management: Campbell Property Management; Pets allowed (restrictions possible); Community contains multiple units (large condominium community)

Exterior

• Parking: Assigned open parking (1 space); Open parking available
• Security: Fire alarm; Key card entry; Security gate
• Utilities: Public water; Public sewer; Cable available; Electricity available; Water available; Sewer available
• Home design: Condominium; One level; South-facing; Resale unit; Lakeside Condo 5 of Banyan Springs (building name)
• Construction: Built with CBS construction; Concrete roof; 3-story building
• Exterior features: Waterfront community; Gated community; Maintained community; Sidewalks; Street lights

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Electric cooktop; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Ceramic tile; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air; Ceiling fans
• Interior features: Entrance foyer; Split bedroom layout
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $198k.

Deal economics

• At list price, monthly cash flow is $-308 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (27.5% below list).
• Meets the 1% rule at list price ($3k rent vs $198k).
• Recommended offer: $144k (27.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 63/100 on livability (#703 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, 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: Crosspointe Elementary School (math 36% / reading 45%, grade F, #1,471 of 2,144 statewide, top 69%, 652 students, 75% FRL); Boynton Beach Community High (math 13% / reading 25%, grade F, #565 of 667 statewide, top 85%, 1,547 students, 65% FRL) — zoned schools average 70% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 50% district-wide (-20 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 rising (+1.3%/yr); 479 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 38% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $890 of equity ($1k loan paydown + $-479 appreciation (-0.2% local appreciation)).
• 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 34 days — a 3% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y 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 $95k; list at $198k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $143,504 (27.5% 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 34 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.29% ✓
• Cap rate: 4.42%
• Cash-on-cash: -6.68%
• DSCR: 0.70
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.24% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.43×
• Total profit: $-31,395
• Equity at exit: $55,112

10-year hold

• IRR: -8.2%
• Equity multiple: 0.21×
• Total profit: $-43,832
• Equity at exit: $64,376

Cash invested: $55,440 (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 33437

• Home prices YoY: -0.1%
• Rents YoY: 1.3%
• Active inventory: 479
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,552 high
• Mortgage (P&I): −$1,038
• Tax from tax record: −$214 /mo · $2,565/yr
• Insurance: −$82
• HOA: −$990
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $-308

Break-even live

Break-even rent $2,943

Max offer price $143,504

Occupancy floor —

Sensitivity live

Price	-10% $-196	-5% $-252	+0% $-308	+5% $-365	+10% $-421
Rent	-10% $-510	-5% $-409	+0% $-308	+5% $-208	+10% $-107
Rate	-1.0pp $-209	-0.5pp $-258	base $-308	+0.5pp $-360	+1.0pp $-412

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10187 Mangrove Dr #104 Boynton Beach, FL	2.0	2.0	1260	$2,350	$1.87	24d	1	0.12mi
10056 Boynton Place Cir Boynton Beach, FL	3.0	2.0	1253	$3,000	$2.39	24d	1	0.17mi
10056 Boynton Place Cir Boynton Beach, FL	3.0	2.0	1253	$2,950	$2.35	2d	1	0.17mi
10423 Boynton Place Cir Boynton Beach, FL	2.0	1.0	861	$2,200	$2.56	19d	1	0.28mi
10423 Boynton Place Cir Boynton Beach, FL	2.0	1.0	861	$2,200	$2.56	8d	1	0.28mi
5217 Cedar Lake Rd Boynton Beach, FL	1.0–3.0	1.0–2.0	1030	$2,266	$2.20	2d	51	0.29mi
10492 Boynton Place Cir Boynton Beach, FL	1.0–3.0	1.0–2.0	1017	$2,375	$2.33	2d	19	0.30mi
5133 Brisata Cir Unit P Boynton Beach, FL	3.0	2.0	1374	$2,800	$2.04	24d	1	0.35mi
5724 Boynton Cres Boynton Beach, FL	2.0	1.0	861	$2,300	$2.67	24d	1	0.37mi
5020 Ashley Lake Dr Boynton Beach, FL	2.0	2.0	1002	$2,346	$2.34	14d	1	0.38mi
5020 Ashley Lake Dr Boynton Beach, FL	1.0	1.0	784	$2,074	$2.65	24d	1	0.38mi
5020 Ashley Lake Dr Boynton Beach, FL	2.0	2.0	1002	$2,394	$2.39	3d	1	0.38mi
5418 Firenze Dr Unit P Boynton Beach, FL	2.0	2.0	1139	$2,400	$2.11	3d	1	0.38mi
5157 Floria Way Unit J Boynton Beach, FL	3.0	2.0	1447	$3,300	$2.28	24d	1	0.41mi
10592 Tropic Palm Ave #202 Boynton Beach, FL	2.0	2.0	1385	$2,450	$1.77	24d	1	0.48mi
4944 Equestrian Cir Unit A Boynton Beach, FL	2.0	2.0	1400	$2,500	$1.79	8d	1	0.48mi
5275 Europa Dr Unit I Boynton Beach, FL	3.0	2.0	1282	$2,500	$1.95	2d	1	0.48mi
10624 Tropic Palm Ave #202 Boynton Beach, FL	3.0	2.0	1385	$2,550	$1.84	24d	1	0.51mi
5155 Europa Dr Unit J Boynton Beach, FL	3.0	2.0	1333	$2,750	$2.06	24d	1	0.55mi
5895 Autumn Lake Ln Unit A Boynton Beach, FL	3.0	2.0	1469	$2,600	$1.77	24d	1	0.56mi
9935 Pineapple Tree Dr #202 Boynton Beach, FL	2.0	2.0	1008	$2,575	$2.55	15d	1	0.64mi
5373 Mirror Lakes Blvd Boynton Beach, FL	3.0	2.0	1310	$2,100	$1.60	24d	1	0.68mi
9900 Pineapple Tree Dr #106 Boynton Beach, FL	2.0	2.0	1008	$2,250	$2.23	24d	1	0.71mi
9498 S Military Trl #5 Boynton Beach, FL	3.0	2.5	1317	$2,900	$2.20	24d	1	0.77mi
9940 Bauhinia Tree Way Unit B Boynton Beach, FL	1.0	1.0	1200	$2,000	$1.67	24d	1	0.90mi
9940 Bauhinia Tree Way Unit B Boynton Beach, FL	1.0	1.0	1200	$1,800	$1.50	8d	1	0.90mi
4525 Nutmeg Tree Ln Unit A Boynton Beach, FL	2.0	2.0	1404	$3,000	$2.14	24d	1	0.91mi
9926 Watermill Cir Unit F Boynton Beach, FL	3.0	2.0	1471	$2,400	$1.63	24d	1	0.91mi
6396 Park Lake Cir Boynton Beach, FL	3.0	2.5	1422	$2,950	$2.07	15d	1	1.13mi
11234 Green Lake Dr #102 Boynton Beach, FL	2.0	2.0	1196	$2,200	$1.84	24d	1	1.16mi
11282 Green Lake Dr #204 Boynton Beach, FL	2.0	2.0	1196	$3,750	$3.14	24d	1	1.20mi
11211 S Military Trl Boynton Beach, FL	1.0–3.0	1.0–2.0	1033	$2,237	$2.17	2d	31	1.29mi
10206 Stonehenge Cir Boynton Beach, FL	1.0–3.0	1.0–2.0	1054	$2,367	$2.25	2d	13	1.30mi
9873 Lawrence Rd Boynton Beach, FL	2.0	2.0	1200	$2,267	$1.89	22d	1	1.34mi
9873 Lawrence Rd Boynton Beach, FL	2.0	2.0	1200	$2,315	$1.93	4d	1	1.34mi
5570 Piping Rock Dr Boynton Beach, FL	2.0	2.0	1478	$2,850	$1.93	24d	1	1.37mi
4249 Quail Ridge Dr N Unit A Boynton Beach, FL	2.0	2.0	1212	$4,000	$3.30	24d	1	1.48mi

HOA detail condo

• Monthly dues: $990 · $11,880/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $198,000 Active 34 DOM
2. 2026-06-17
   days on market $198,000 Active 33 DOM
3. 2026-06-16
   days on market $198,000 Active 32 DOM
4. 2026-06-15
   days on market $198,000 Active 31 DOM
5. 2026-06-13
   days on market $198,000 Active 29 DOM
6. 2026-06-09
   days on market $198,000 Active 25 DOM
7. 2026-06-08
   days on market $198,000 Active 24 DOM
8. 2026-06-07
   days on market $198,000 Active 23 DOM
9. 2026-06-04
   days on market $198,000 Active 20 DOM
10. 2026-06-03
    days on market $198,000 Active 19 DOM
11. 2026-06-02
    days on market $198,000 Active 18 DOM
12. 2026-06-01
    days on market $198,000 Active 17 DOM
13. 2026-05-31
    days on market $198,000 Active 16 DOM
14. 2026-05-15
    listed $198,000 Active
15. 2009-07-16
    soldstatus $95,000
16. 2003-10-30
    soldstatus $127,500
17. 2003-10-20
    soldstatus $127,500 235-char remark

    Show marketing remark (235 chars)

    CORNER FICUS UNIT ALL 18' CERAMIC TILE, MIRRORS, FANS, NEWER APPLIANCES A/C, BUILT-INS, ADDITIONAL CLOSETS, ENCLOSED GLASS PATIO, WATER AND GARDEN VIEWS, ACTIVE CLUBHOUSE, 7 HARTRU TENNIS CTS, SPA EXERCISE RM SNACK BAR, PLUS ITS GATED!

18. 2003-09-15
    historical 235-char remark

    Show marketing remark (235 chars)

    CORNER FICUS UNIT ALL 18' CERAMIC TILE, MIRRORS, FANS, NEWER APPLIANCES A/C, BUILT-INS, ADDITIONAL CLOSETS, ENCLOSED GLASS PATIO, WATER AND GARDEN VIEWS, ACTIVE CLUBHOUSE, 7 HARTRU TENNIS CTS, SPA EXERCISE RM SNACK BAR, PLUS ITS GATED!

19. 2003-09-10
    listed $127,500 235-char remark

    Show marketing remark (235 chars)

    CORNER FICUS UNIT ALL 18' CERAMIC TILE, MIRRORS, FANS, NEWER APPLIANCES A/C, BUILT-INS, ADDITIONAL CLOSETS, ENCLOSED GLASS PATIO, WATER AND GARDEN VIEWS, ACTIVE CLUBHOUSE, 7 HARTRU TENNIS CTS, SPA EXERCISE RM SNACK BAR, PLUS ITS GATED!

20. 1983-12-01
    soldstatus $76,900

ⓘ 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: $2,565 · $214/mo
• Projected year-2 tax: $2,565 · $214/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 5 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,625
• − Mortgage interest: −$11,091
• − Property taxes: −$2,565
• − Insurance: −$990
• − Repairs & maintenance: −$2,450
• − Management: −$2,450
• − HOA: −$11,880
• − Depreciation: −$5,760
• Taxable loss: −$6,562
• Est. tax savings @ 24.0%: +$1,575
• After-tax cash flow: $-2,127/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 — Golf

• Score: 63/100
• State rank: #703
• US rank: #14941

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 37,229
• Household income: $80,710
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 902.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 13% Hispanic / Latino 12% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1% Dominican 1%
• Common ancestry: Scotch-Irish 8% Romanian 8% Hispanic 6%
• Foreign-born: 18% · Canada, Jamaica, Vietnam
• Languages at home: 78% English-only · Spanish 10% French/Haitian/Cajun 6% Other Indo-European 2%

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: ▼ -0.24%
• Current HPI: 257.5891
• Rent YoY: ▲ 1.28%
• 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

+157.5% since first listed

7 events — show timeline

• 2026-05-15 Listed $198,000 Beaches MLS
• 2009-07-16 Sold (Public Records) $95,000 Public Records
• 2003-10-30 Sold (Public Records) $127,500 Public Records
• 2003-10-20 Sold (MLS) $127,500 Beaches MLS
• 2003-09-15 Listing Removed — Beaches MLS
• 2003-09-10 Listed $127,500 Beaches MLS
• 1983-12-01 Sold (Public Records) $76,900 Public Records

Property tax history

+5.1%/yr

Latest (2025): $2,565 · +3.7% YoY. Source: county tax records.