605 Boardwalk Dr #336 · Palm Valley, FL 32082

$189,900

1 bd · 1.0 ba · 686 sqft · Condo public records · 63 Days on market

Built 1997 $277/sqft · 7% below area Est $204k · 7% under $306/mo HOA · 19% 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).

• ARV discount +10.5/15.0
• Cash flow +7.7/30.0
• Schools +6.4/10.0
• Rent growth +4.3/5.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take advantage of this fantastic opportunity at the highly desirable Belleza condominiums with this beautifully updated one-bedroom unit. Enjoy a calming lake view from both the living room and the spacious balcony. Located on the third floor, this unit features high ceilings, a large walk-in closet, a modern bathroom, and fresh paint throughout, making it move-in ready for its new owner. Belleza is a gated community offering a wide range of amenities, including a resort-style pool, outdoor fireplace, summer kitchen with BBQ grill, tennis court, basketball court, beach volleyball court, movie theatre, fitness center, and clubhouse. The prime location provides easy access to Butler, shopping, entertainment, and beaches.

Key facts

• Gated community
• Outdoor fireplace
• Tennis court

Tags

• LAKE VIEW
• GATED COMMUNITY
• RESORT STYLE POOL
• OUTDOOR FIREPLACE
• SUMMER KITCHEN
• TENNIS COURT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-216 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (20.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (13.6% below list).
• Recommended offer: $152k (20.1% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 2.3% in Palm Valley — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#462 in FL) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• St. Johns (rural): math 75% / reading 73% proficiency, ranked #2 of 73 in FL (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+7.4%/yr); 333 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 5,575 units permitted in St. Johns County in 2024 (584 in 5+ unit buildings).
• This rent is only 16% of the median local income ($125k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• St. Johns County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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 $115k; list at $190k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $151,754 (20.1% 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 63 days. Have you received any prior offers? Is the seller open to a 20% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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?
9. 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.
10. 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.
11. 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: 0.86% ✗
• Cap rate: 4.93%
• Cash-on-cash: -4.87%
• DSCR: 0.78
• GRM: 9.6

CMA / ARV

• ARV (median comp): $203,662
• List price: $189,900
• Delta: -6.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.39% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.31×
• Total profit: $-36,814
• Equity at exit: $28,315

10-year hold

• IRR: -3.5%
• Equity multiple: 0.71×
• Total profit: $-15,184
• Equity at exit: $16,419

Cash invested: $53,172 (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 32082

• Rents YoY: 7.4%
• Active inventory: 333
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,640 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$130 /mo · $1,566/yr
• Insurance: −$79
• HOA: −$306
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $-216

Break-even live

Break-even rent $1,913

Max offer price $151,754

Occupancy floor —

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
805 Boardwalk Dr #523 Ponte Vedra Beach, FL	1.0	1.0	686	$1,550	$2.26	7d	1	0.10mi
611 Ponte Vedra Lakes Blvd Ponte Vedra Beach, FL	1.0–2.0	1.0–2.0	919	$1,324	$1.44	1d	12	0.17mi
125 Great Harbor Way Ponte Vedra Beach, FL	1.0–2.0	1.0–2.0	823	$1,425	$1.73	2d	13	0.27mi

HOA detail condo

• Monthly dues: $306 · $3,672/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $189,900 Active 63 DOM
2. 2026-06-17
   days on market $189,900 Active 62 DOM
3. 2026-06-16
   days on market $189,900 Active 61 DOM
4. 2026-06-15
   days on market $189,900 Active 60 DOM
5. 2026-06-13
   days on market $189,900 Active 58 DOM
6. 2026-06-13
   days on market $189,900 Active 57 DOM
7. 2026-06-10
   days on market $189,900 Active 54 DOM
8. 2026-06-08
   days on market $189,900 Active 53 DOM
9. 2026-06-07
   days on market $189,900 Active 52 DOM
10. 2026-06-03
    days on market $189,900 Active 48 DOM
11. 2026-06-02
    days on market $189,900 Active 47 DOM
12. 2026-06-01
    days on market $189,900 Active 46 DOM
13. 2026-05-31
    days on market $189,900 Active 45 DOM
14. 2026-04-15
    listed $194,900 Active 728-char remark

    Show marketing remark (728 chars)

    Take advantage of this fantastic opportunity at the highly desirable Belleza condominiums with this beautifully updated one-bedroom unit. Enjoy a calming lake view from both the living room and the spacious balcony. Located on the third floor, this unit features high ceilings, a large walk-in closet, a modern bathroom, and fresh paint throughout, making it move-in ready for its new owner. Belleza is a gated community offering a wide range of amenities, including a resort-style pool, outdoor fireplace, summer kitchen with BBQ grill, tennis court, basketball court, beach volleyball court, movie theatre, fitness center, and clubhouse. The prime location provides easy access to Butler, shopping, entertainment, and beaches.

15. 2018-02-08
    soldstatus $115,000
16. 2018-02-02
    soldstatus $115,000 Sold 260-char remark

    Show marketing remark (260 chars)

    Furnished, crisp and perfect 1 bedroom unit on the 3rd floor. This unit is super private with a nice view of the woods and a lake. It has all new appliances, new carpet and an updated vanity in the bath. Just bring your suitcase! Close to Mayo and Butler Blvd.

17. 2017-12-22
    historical Active - Contingent 260-char remark

    Show marketing remark (260 chars)

    Furnished, crisp and perfect 1 bedroom unit on the 3rd floor. This unit is super private with a nice view of the woods and a lake. It has all new appliances, new carpet and an updated vanity in the bath. Just bring your suitcase! Close to Mayo and Butler Blvd.

18. 2017-12-20
    listed $118,000 Active 260-char remark

    Show marketing remark (260 chars)

    Furnished, crisp and perfect 1 bedroom unit on the 3rd floor. This unit is super private with a nice view of the woods and a lake. It has all new appliances, new carpet and an updated vanity in the bath. Just bring your suitcase! Close to Mayo and Butler Blvd.

19. 2017-05-23
    soldstatus $110,000
20. 2017-05-18
    soldstatus $105,000 Sold
21. 2017-05-08
    status Pending
22. 2017-05-06
    price $114,995
23. 2017-04-27
    listed $119,995 Active
24. 2007-07-01
    historical
25. 2007-03-29
    listed $155,000
26. 2005-03-14
    soldstatus $123,900

ⓘ 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: $1,566 · $130/mo
• Projected year-2 tax: $1,576 · $131/mo
• Expected delta: +$10/yr (+$1/mo · 0.7%)

ⓘ 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 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,679
• − Mortgage interest: −$10,637
• − Property taxes: −$1,566
• − Insurance: −$950
• − Repairs & maintenance: −$1,574
• − Management: −$1,574
• − HOA: −$3,672
• − Depreciation: −$5,524
• Taxable loss: −$5,819
• Est. tax savings @ 24.0%: +$1,396
• After-tax cash flow: $-1,195/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: St. Johns
• NCES district ID: 1201740
• Math proficiency: 75% ▼ -5.00%
• Reading proficiency: 73% ▼ -2.00%
• Median HH income: $66,842
• Composite: 64.31/100
• National rank: #556
• State rank: #2 of 73 in FL

Livability — Palm Valley

• Score: 69/100
• State rank: #462
• US rank: #8349

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

• Census place: Palm Valley, FL
• County: Saint Johns County · 301,599 people
• Metro: Jacksonville, FL
• Population (ZIP): 29,289
• Household income: $124,558
• Rent vs Own: 16.8% rent · 83.2% own
• Severe rent burden: 672.0

Population outlook (St. Johns County) Hauer SSP2

• Today (2025): 303,941 people
• By 2030: 342,590 · +12.7%
• By 2040: 417,328 · +37.3%
• By 2050: 487,011 · +60.2%
• By 2075: 635,395 · +109.1%
• By 2100: 717,469 · +136.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 6% Asian 3% Black 1%
• Hispanic origin (detail): Puerto Rican 1% Cuban 1%
• Common ancestry: Slovak 4% Romanian 3% Italian 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 91% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · St. Johns

• 2024 margin: Solid R (+31.4) · D 33.9% · R 65.2%
• 2008→2024 swing: +0.2pp no change · 2008: -31.6pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+26.7 2016: R+33.4 2012: R+37.8 2008: R+31.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -435.26%
• Current HPI: 306.134
• Rent YoY: ▲ 7.39%
• Metro: Jacksonville, 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

+57.3% since first listed

13 events — show timeline

• 2026-04-15 Listed $194,900 realMLS
• 2018-02-08 Sold (Public Records) $115,000 Public Records
• 2018-02-02 Sold (MLS) $115,000 realMLS
• 2017-12-22 Contingent — realMLS
• 2017-12-20 Listed $118,000 realMLS
• 2017-05-23 Sold (Public Records) $110,000 Public Records
• 2017-05-18 Sold (MLS) $105,000 realMLS
• 2017-05-08 Pending — realMLS
• 2017-05-06 Price Changed $114,995 realMLS
• 2017-04-27 Listed $119,995 realMLS
• 2007-07-01 Listing Removed — realMLS
• 2007-03-29 Listed $155,000 realMLS
• 2005-03-14 Sold (Public Records) $123,900 Public Records

Property tax history

+6.6%/yr

Latest (2025): $1,566 · +5.0% YoY. Source: county tax records.