21559 Cypress Hammock Dr Unit 44J · Watergate, FL 33428

$249,500

2 bd · 2.0 ba · 1,266 sqft · Condo public records · 106 Days on market

Built 1980

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.3/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright natural light and an open floor plan with golf course views immaculate condition updated kitchen and bath, engineered vinyl wood flooring tile in kitchen and baths walk in closet in the master screen patio with ceiling fan great quiet golf course views adjacent assigned parking for two wet bar and kitchen pass through, golf course membership available close to all major highways move in ready and furniture negotiable, call for your showing today these properties sell very quickly!

Key facts

• New floors
• Walk-in closet
• Screened balcony

Tags

• RENOVATED KITCHEN
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEW FLOORS
• SCREENED BALCONY
• WALK-IN CLOSET

Property features AI

Finance

• Financial info: Lease considered; No pets allowed
• HOA & community: Monthly association fee

Exterior

• Parking: Assigned parking; Guest parking available
• Security: Key card entry; Security guard
• Utilities: Has cooling; Has heating
• Home design: Attached property; 2-story building; Entry on the 2nd floor
• Construction: Block construction; Resale property
• Exterior features: Enclosed porch; Patio; Screened porch

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Icemaker; Dishwasher
• Bedrooms: Entry located on second floor
• Flooring: Ceramic tile; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Blinds on windows; Second floor entry; Split-bedroom layout; Other interior features
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $227k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#585 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, 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.
• Market conditions: Rents rising (+3.7%/yr); 267 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 ($89k/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 106 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y ago; this cycle's ask is 10318% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $178k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,045 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.14% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.51%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.72% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-10,783
• Equity at exit: $37,201

10-year hold

• IRR: 6.5%
• Equity multiple: 1.50×
• Total profit: $34,994
• Equity at exit: $21,572

Cash invested: $69,860 (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 33428

• Rents YoY: 3.7%
• Active inventory: 267
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,834 high
• Mortgage (P&I): −$1,308
• Tax from tax record: −$273 /mo · $3,275/yr
• Insurance: −$104
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $432

Break-even live

Break-even rent $2,288

Max offer price $249,500

Occupancy floor 80%

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: $62,375
• Closing costs: $7,485
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9319 Pecky Cypress Ln Unit 19D Boca Raton, FL	2.0	2.0	1266	$3,500	$2.76	24d	1	0.03mi
21500 Cypress Hammock Dr Unit 38C Boca Raton, FL	2.0	2.0	1266	$2,500	$1.97	24d	1	0.12mi
21529 Cypress Hammock Dr Unit 35J Boca Raton, FL	2.0	2.0	1266	$2,395	$1.89	12d	1	0.18mi
21535 Cypress Hammock Dr Unit 36J Boca Raton, FL	2.0	2.0	1266	$2,200	$1.74	24d	1	0.22mi
9284 Vista Del Lago Unit 34-F Boca Raton, FL	2.0	2.0	1216	$2,400	$1.97	21d	1	0.31mi
9299 Vista Del Lago Unit 16D Boca Raton, FL	2.0	2.0	1216	$2,900	$2.38	24d	1	0.31mi
9285 Vista Del Lago Unit 36F Boca Raton, FL	2.0	2.0	1216	$3,200	$2.63	24d	1	0.31mi
21650 Juego Cir Unit 24b Boca Raton, FL	2.0	2.0	1216	$3,000	$2.47	24d	1	0.31mi
21362 Juego Cir Unit 33f Boca Raton, FL	2.0	2.0	1216	$3,500	$2.88	24d	1	0.34mi
21411 Juego Cir Unit 32b Boca Raton, FL	2.0	2.0	1216	$1,950	$1.60	24d	1	0.38mi
9316 Ketay Cir Boca Raton, FL	3.0	2.5	1587	$3,500	$2.21	3d	1	0.46mi
9364 Ketay Cir Unit 5 Boca Raton, FL	3.0	2.5	1587	$3,200	$2.02	14d	1	0.52mi
9364 Ketay Cir Unit 5 Boca Raton, FL	3.0	2.5	1587	$3,300	$2.08	21d	1	0.52mi
9260 Ketay Cir #2 Boca Raton, FL	2.0	2.0	1279	$2,200	$1.72	24d	1	0.54mi
8895 Old Pine Rd Boca Raton, FL	3.0	2.0	1488	$4,500	$3.02	10d	1	0.55mi
20927 Sedgewick Dr Unit 20927 Boca Raton, FL	2.0	1.0	908	$1,950	$2.15	24d	1	0.57mi
9256 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,695	$1.83	24d	1	0.63mi
9292 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,650	$1.80	24d	1	0.63mi
9292 Sabal Ridge Cir Unit D Boca Raton, FL	2.0	2.0	1475	$2,650	$1.80	10d	1	0.63mi
9280 Sable Ridge Cir Apt B Boca Raton, FL	2.0	2.0	1475	$2,700	$1.83	2d	1	0.64mi
20824 Boca Ridge Dr N Boca Raton, FL	3.0	2.5	1861	$3,700	$1.99	24d	1	0.66mi
20886 Vinesta Cir Unit 313 Boca Raton, FL	2.0	2.0	1332	$1,800	$1.35	24d	1	0.67mi
20867 Wendall Ter Boca Raton, FL	2.0	1.5	908	$1,800	$1.98	24d	1	0.67mi
8744 Bella Vista Dr Boca Raton, FL	2.0	2.0	1332	$2,100	$1.58	5d	1	0.67mi
22201 Majestic Woods Way Boca Raton, FL	2.0	2.5	1280	$2,800	$2.19	24d	1	0.68mi
20940 Uptown Ave Boca Raton, FL	1.0–4.0	1.0–3.0	1227	$3,386	$2.76	1d	50	0.70mi
8833 Bella Vista Dr #8833 Boca Raton, FL	2.0	2.0	908	$3,250	$3.58	24d	1	0.73mi
8425 Casa del Lago Unit C Boca Raton, FL	2.0	2.0	1216	$2,100	$1.73	21d	1	0.73mi
8729 Chevy Chase Dr Boca Raton, FL	2.0	2.0	1332	$2,000	$1.50	24d	1	0.74mi
8732 Bella Vista Dr #42 Boca Raton, FL	2.0	2.0	908	$1,900	$2.09	24d	1	0.75mi
21643 Cypress Rd Unit 14C Boca Raton, FL	2.0	2.5	1426	$2,590	$1.82	2d	1	0.76mi
9817 Arbor Oaks Ln Boca Raton, FL	1.0–3.0	1.0–2.0	1110	$2,686	$2.42	1d	27	0.77mi
21214 Lago Cir Unit 8f Boca Raton, FL	2.0	2.0	1216	$4,200	$3.45	24d	1	0.77mi
8540 Chevy Chase Dr Unit 8540 Boca Raton, FL	1.0	1.0	908	$2,000	$2.20	24d	1	0.78mi
9896 Grand Verde Way Boca Raton, FL	2.0–4.0	2.0–3.0	1600	$3,096	$1.93	2d	21	0.78mi
8534 Via D Oro Boca Raton, FL	3.0	2.0	1866	$5,500	$2.95	18d	1	0.78mi
8534 Via D Oro Boca Raton, FL	3.0	2.0	1866	$5,500	$2.95	3d	1	0.78mi
8588 Bella Vista Dr Boca Raton, FL	2.0	2.0	1332	$2,999	$2.25	24d	1	0.81mi
9244 SW 2nd St Boca Raton, FL	3.0	2.0	1480	$3,300	$2.23	24d	1	0.82mi
8436 Cypress Ln Unit 7d Boca Raton, FL	2.0	2.0	1216	$2,450	$2.01	16d	1	0.83mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $249,500 Active 106 DOM
2. 2026-06-17
   days on market $249,500 Active 105 DOM
3. 2026-06-16
   days on market $249,500 Active 104 DOM
4. 2026-06-15
   days on market $249,500 Active 103 DOM
5. 2026-06-13
   days on market $249,500 Active 101 DOM
6. 2026-06-09
   days on market $249,500 Active 97 DOM
7. 2026-06-08
   days on market $249,500 Active 96 DOM
8. 2026-06-07
   days on market $249,500 Active 95 DOM
9. 2026-06-04
   days on market $249,500 Active 92 DOM
10. 2026-06-03
    days on market $249,500 Active 91 DOM
11. 2026-06-02
    days on market $249,500 Active 90 DOM
12. 2026-06-01
    days on market $249,500 Active 89 DOM
13. 2026-05-31
    days on market $249,500 Active 88 DOM
14. 2026-03-06
    listed $2,395
15. 2026-03-04
    listed $249,500 Active
16. 2022-11-19
    historical
17. 2021-06-16
    soldstatus $178,000
18. 2021-04-15
    soldstatus $178,000 Closed 492-char remark

    Show marketing remark (492 chars)

    Bright natural light and an open floor plan with golf course views immaculate condition updated kitchen and bath, engineered vinyl wood flooring tile in kitchen and baths walk in closet in the master screen patio with ceiling fan great quiet golf course views adjacent assigned parking for two wet bar and kitchen pass through, golf course membership available close to all major highways move in ready and furniture negotiable, call for your showing today these properties sell very quickly!

19. 2021-03-30
    status Pending 492-char remark

    Show marketing remark (492 chars)

    Bright natural light and an open floor plan with golf course views immaculate condition updated kitchen and bath, engineered vinyl wood flooring tile in kitchen and baths walk in closet in the master screen patio with ceiling fan great quiet golf course views adjacent assigned parking for two wet bar and kitchen pass through, golf course membership available close to all major highways move in ready and furniture negotiable, call for your showing today these properties sell very quickly!

20. 2021-03-09
    historical Contingent 492-char remark

    Show marketing remark (492 chars)

    Bright natural light and an open floor plan with golf course views immaculate condition updated kitchen and bath, engineered vinyl wood flooring tile in kitchen and baths walk in closet in the master screen patio with ceiling fan great quiet golf course views adjacent assigned parking for two wet bar and kitchen pass through, golf course membership available close to all major highways move in ready and furniture negotiable, call for your showing today these properties sell very quickly!

21. 2021-03-01
    price $182,000 492-char remark

    Show marketing remark (492 chars)

    Bright natural light and an open floor plan with golf course views immaculate condition updated kitchen and bath, engineered vinyl wood flooring tile in kitchen and baths walk in closet in the master screen patio with ceiling fan great quiet golf course views adjacent assigned parking for two wet bar and kitchen pass through, golf course membership available close to all major highways move in ready and furniture negotiable, call for your showing today these properties sell very quickly!

22. 2021-01-30
    listed $189,000 Active 492-char remark

    Show marketing remark (492 chars)

    Bright natural light and an open floor plan with golf course views immaculate condition updated kitchen and bath, engineered vinyl wood flooring tile in kitchen and baths walk in closet in the master screen patio with ceiling fan great quiet golf course views adjacent assigned parking for two wet bar and kitchen pass through, golf course membership available close to all major highways move in ready and furniture negotiable, call for your showing today these properties sell very quickly!

23. 2013-09-22
    historical
24. 2000-01-05
    soldstatus $80,000
25. 1999-04-14
    listed $89,900

ⓘ 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: $3,275 · $273/mo
• Projected year-2 tax: $3,275 · $273/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 AO · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,011
• − Mortgage interest: −$13,976
• − Property taxes: −$3,275
• − Insurance: −$2,715
• − Repairs & maintenance: −$2,721
• − Management: −$2,721
• − Depreciation: −$7,258
• Taxable income: $1,346
• Est. tax owed @ 24.0%: −$323
• After-tax cash flow: $4,855/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 — Watergate

• Score: 67/100
• State rank: #585
• US rank: #11201

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment F Housing A+ Health & safety B+ 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): 47,588
• Household income: $88,543
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1990.0

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 0.69)
• Race & ethnicity: White 50% Two or more races 23% Hispanic / Latino 22% Black 7% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Estonian 12% Romanian 3% Scotch-Irish 3%
• Foreign-born: 37% · Canada, Jamaica, Vietnam
• Languages at home: 55% English-only · Spanish 19% Other Indo-European 17% French/Haitian/Cajun 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: ▼ -299.00%
• Current HPI: 373.2649
• Rent YoY: ▲ 3.72%
• 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

-97.3% since first listed

12 events — show timeline

• 2026-03-06 Listed for Rent $2,395 MARMLS
• 2026-03-04 Listed $249,500 MARMLS
• 2022-11-19 Rental Removed — MARMLS
• 2021-06-16 Sold (Public Records) $178,000 Public Records
• 2021-04-15 Sold (MLS) $178,000 Beaches MLS
• 2021-03-30 Pending — Beaches MLS
• 2021-03-09 Contingent — Beaches MLS
• 2021-03-01 Price Changed $182,000 Beaches MLS
• 2021-01-30 Listed $189,000 Beaches MLS
• 2013-09-22 Listing Removed — Beaches MLS
• 2000-01-05 Sold (Public Records) $80,000 Public Records
• 1999-04-14 Listed $89,900 Beaches MLS

Property tax history

+10.3%/yr

Latest (2025): $3,275 · -16.0% YoY. Source: county tax records.