13554 Spruce Pine Dr

Westlake, FL 33470

$565,000D

3 bd · 2.0 ba · 1,671 sqft · Built 2024 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,861/mo
• Mortgage (P&I): −$2,963
• Tax + insurance: −$1,079
• HOA: −$120
• Vac / Maint / Mgmt: −$1,021
• Net cashflow: $-322/mo
• Annual: $-3,861/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.44%
• DSCR: 0.89
• 1% rule: 0.86%
• Cash to close: $158,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $565k. Condition is rated good.
• At list price, monthly cash flow is $-322 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $508k (10.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $486k (14.0% below list).
• It's been on market 59 days — a 3% lower offer ($548k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $486k (14.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Golden Grove Elementary School (math 63% / reading 69%, grade B+, #492 of 2,144 statewide, top 23%, 760 students, 43% FRL); Osceola Creek Middle School (math 53% / reading 54%, grade C+, #205 of 571 statewide, top 36%, 835 students, 41% FRL); Seminole Ridge Community High School (math 36% / reading 56%, grade D-, #220 of 667 statewide, top 33%, 2,262 students, 36% FRL).
• Market conditions: Rents rising fast (+7.7%/yr); 599 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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.
• At $4,861/mo this rent would consume 48% of the median local household income ($122k/yr) (locally 43% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.