400 Wilma Cir #206 · Riviera Beach, FL 33404

$220,000

1 bd · 1.0 ba · 674 sqft · Condo public records · 30 Days on market

Built 1972 $626/mo HOA · 21% of rent

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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 +17.7/30.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 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

Your own piece of waterfront paradise awaits in this beautifully refreshed second-floor condo located in a gated Intracoastal community. Wide water views welcome you from the moment you walk in, with extended living flowing into the impact glass enclosed balcony, the perfect place to relax and unwind. This bright residence features an open kitchen with maple cabinetry, granite countertops, breakfast bar seating, and ample storage. Recent updates include fresh 2026 paint, new carpeting, partial impact windows, and a new roof (2025). The spacious bedroom offers double closets. Community amenities include a heated waterfront pool, Intracoastal grilling area, laundry on each floor, assigned par

Key facts

• Granite countertops
• Open kitchen
• Maple cabinetry

Tags

• IMPACT GLASS ENCLOSED BALCONY
• OPEN KITCHEN
• MAPLE CABINETRY
• GRANITE COUNTERTOPS
• BREAKFAST BAR SEATING
• HEATED WATERFRONT POOL

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Community with 102 units; Association managed by Allied Property Management Group, Inc.; Association amenities: Elevator(s), Laundry, Parking, Pool, Storage, Trash chute, Street lights, Gated; HOA fee collected quarterly, fee covers cable TV, sewer, trash, water, common areas, elevator

Exterior

• Parking: Assigned parking; Guest parking; One parking space total
• Security: Smoke detectors; Gated community (no guard)
• Utilities: Public water; Public sewer; Cable available; Water and sewer available
• Home design: Condominium; Single-level living; Resale property; Faces south
• Construction: Built with CBS construction; Flat roof
• Exterior features: Glass-enclosed patio/porch; Fenced; Intracoastal waterfront

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Electric water heater
• Bedrooms: One main-level bedroom
• Flooring: Carpet; Ceramic tile
• Bathrooms: One full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: No built-in interior features listed
• Laundry & utility: Community laundry room / common-area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.

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: Lincoln Elementary School (math 31% / reading 29%, grade F, #1,882 of 2,144 statewide, top 88%, 358 students, 84% 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 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 29% 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 soft (-0.7%/yr); 506 active listings in the ZIP; 4 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 $2,923/mo this rent would consume 54% 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 $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 30 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask is 11479% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 21% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $216,700 (1.5% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.33% ✓
• Cap rate: 7.26%
• Cash-on-cash: 3.45%
• DSCR: 1.15
• GRM: 6.3

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: -17.6%
• Equity multiple: 0.40×
• Total profit: $-36,715
• Equity at exit: $32,803

10-year hold

• IRR: -21.0%
• Equity multiple: 0.12×
• Total profit: $-54,137
• Equity at exit: $19,022

Cash invested: $61,600 (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: 6.3×

Monthly cashflow live

• Estimated rent: $2,923 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$261 /mo · $3,128/yr
• Insurance: −$92
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$626
• Vacancy / Maint / Mgmt: −$614
• Net cashflow: $111

Break-even live

Break-even rent $2,783

Max offer price $220,000

Occupancy floor 91%

Sensitivity live

Price	-10% $235	-5% $173	+0% $111	+5% $48	+10% $-14
Rent	-10% $-120	-5% $-5	+0% $111	+5% $226	+10% $341
Rate	-1.0pp $221	-0.5pp $166	base $111	+0.5pp $54	+1.0pp $-4

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 E 24th St Riviera Beach, FL	1.0	1.0	672	$3,000	$4.46	25d	1	0.26mi
256 E 24th St Riviera Beach, FL	2.0	1.0	660	$3,500	$5.30	22d	1	0.27mi
913 Lake Shore Dr Lake Park, FL	1.0–2.0	1.0–2.0	1066	$2,283	$2.14	0d	10	1.07mi
300 Inlet Way #2 Palm Beach Shores, FL	1.0	1.0	729	$4,000	$5.49	25d	1	1.14mi

HOA detail condo

• Monthly dues: $626 · $7,512/yr
• Likely covers: waterpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $220,000 Active 30 DOM
2. 2026-06-18
   days on market $220,000 Active 27 DOM
3. 2026-06-17
   days on market $220,000 Active 26 DOM
4. 2026-06-16
   days on market $220,000 Active 25 DOM
5. 2026-06-15
   days on market $220,000 Active 24 DOM
6. 2026-06-13
   days on market $220,000 Active 22 DOM
7. 2026-06-09
   days on market $220,000 Active 18 DOM
8. 2026-06-08
   days on market $220,000 Active 17 DOM
9. 2026-06-07
   days on market $220,000 Active 16 DOM
10. 2026-06-04
    days on market $220,000 Active 13 DOM
11. 2026-06-03
    days on market $220,000 Active 12 DOM
12. 2026-06-02
    days on market $220,000 Active 11 DOM
13. 2026-06-01
    days on market $220,000 Active 10 DOM
14. 2026-05-31
    days on market $220,000 Active 9 DOM
15. 2026-05-23
    listed $1,900
16. 2026-05-22
    listed $220,000 Active
17. 2015-10-14
    historical
18. 2015-07-17
    listed $125,000 Active
19. 2015-06-04
    historical Contingent
20. 2015-06-04
    historical
21. 2015-06-04
    listed $118,000 Active
22. 2013-03-31
    historical
23. 2012-05-10
    listed $110,000

ⓘ 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: $3,128 · $261/mo
• Projected year-2 tax: $3,128 · $261/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 8/10 Severe FEMA zone X (shaded) · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥105°F today · 21 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: $35,074
• − Mortgage interest: −$12,323
• − Property taxes: −$3,128
• − Insurance: −$1,898
• − Repairs & maintenance: −$2,806
• − Management: −$2,806
• − HOA: −$7,512
• − Depreciation: −$6,400
• Taxable loss: −$1,799
• Est. tax savings @ 24.0%: +$432
• After-tax cash flow: $1,758/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

-98.3% since first listed

9 events — show timeline

• 2026-05-23 Listed for Rent $1,900 RMLSFL
• 2026-05-22 Listed $220,000 Beaches MLS
• 2015-10-14 Listing Removed — Beaches MLS
• 2015-07-17 Listed $125,000 Beaches MLS
• 2015-06-04 Contingent — Beaches MLS
• 2015-06-04 Listing Removed — Beaches MLS
• 2015-06-04 Listed $118,000 Beaches MLS
• 2013-03-31 Listing Removed — Beaches MLS
• 2012-05-10 Listed $110,000 Beaches MLS

Property tax history

+11.6%/yr

Latest (2025): $3,128 · +3.0% YoY. Source: county tax records.