37039 Exuma Bay · Boynton Beach, FL 33436

$160,000

2 bd · 2.0 ba · 960 sqft · Condo public records · 187 Days on market

Built 1980 $270/mo HOA · 13% 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 +21.3/30.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Turnkey Tropical Paradise in Jamaica Bay 55+ Community! Step into your own tropical retreat with this beautifully updated 2-bedroom, 2-bathroom home in the sought-after Jamaica Bay 55+ Community. Designed for comfort and style, this home features updated lap siding with a double roof for durability, along with vinyl flooring throughout except for the kitchen with tile flooring. The remodeled kitchen is a chef's delight, featuring granite countertops, decorative cabinetry, a pantry, and shelving to display glassware and dishes. The spacious master bedroom offers plenty of closet space and a charming barn door leading to the remodeled master bathroom, complete with a tiled shower and decorati

Key facts

• Vinyl flooring
• Decorative cabinetry
• Remodeled kitchen

Tags

• UPDATED LAP SIDING
• DOUBLE ROOF
• VINYL FLOORING
• REMODELED KITCHEN
• GRANITE COUNTERTOPS
• DECORATIVE CABINETRY

Property features AI

Finance

• Other: Senior community
• Financial info: Pets allowed (with number and size limits); Monthly association fee: 270
• HOA & community: Community association with monthly fee; Association fee includes maintenance of grounds, water, sewer, and common areas; Amenities: clubhouse, pool, community room, billiard room, library, manager on site, dog park, picnic area, bocce ball, shuffleboard court, pickleball courts, street lights, internet included

Exterior

• Parking: Attached carport; Has carport
• Security: Gated community with guard
• Utilities: Public water; Public sewer; Sewer and water available
• Home design: Manufactured home; 1 story; Faces south; Resale
• Construction: Modular construction; Metal roof
• Exterior features: Screened patio and screened porch; Patio and porch (glass enclosed options); Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 main-level bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Walk-in closets; Stacked bedroom layout; Furnished; Sliding windows
• Laundry & utility: Inside laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.3% in Boynton Beach — 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 72/100 on livability (#351 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: amenities D+, crime D-, 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.
• Zoned schools: Hidden Oaks K-8 (math 42% / reading 53%, grade D, #1,182 of 2,144 statewide, top 55%, 785 students, 54% FRL); Congress Community Middle School (math 21% / reading 28%, grade F, #522 of 571 statewide, top 93%, 988 students, 72% FRL); Boynton Beach Community High (math 13% / reading 25%, grade F, #565 of 667 statewide, top 85%, 1,547 students, 65% FRL).
• Zoned-school proficiency averages 30% at this address vs 50% district-wide (-19 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 (-0.6%/yr); 456 active listings in the ZIP; 11 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 34% of the median local income ($76k/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 $1k of loan paydown is wiped out by about $5k 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 187 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Crime grade is D 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. 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: 1.33% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.31%
• DSCR: 1.28
• 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: -10.8%
• Equity multiple: 0.62×
• Total profit: $-16,909
• Equity at exit: $23,857

10-year hold

• IRR: -7.9%
• Equity multiple: 0.59×
• Total profit: $-18,470
• Equity at exit: $13,834

Cash invested: $44,800 (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 33436

• Home prices YoY: -26.0%
• Rents YoY: -0.6%
• Active inventory: 456
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,121 high
• Mortgage (P&I): −$839
• Tax from tax record: −$264 /mo · $3,173/yr
• Insurance: −$67
• HOA: −$270
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $235

Break-even live

Break-even rent $1,823

Max offer price $160,000

Occupancy floor 84%

Sensitivity live

Price	-10% $326	-5% $281	+0% $235	+5% $190	+10% $145
Rent	-10% $68	-5% $152	+0% $235	+5% $319	+10% $403
Rate	-1.0pp $316	-0.5pp $276	base $235	+0.5pp $194	+1.0pp $152

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4482 King Theodore Dr Boynton Beach, FL	1.0	1.0	800	$1,795	$2.24	26d	1	0.40mi
8949 Oak St Boynton Beach, FL	2.0	2.0	1040	$1,300	$1.25	26d	1	0.58mi
9900 Pineapple Tree Dr #106 Boynton Beach, FL	2.0	2.0	1008	$2,250	$2.23	26d	1	0.93mi
9935 Pineapple Tree Dr #202 Boynton Beach, FL	2.0	2.0	1008	$2,575	$2.55	17d	1	0.96mi
3930 Max Pl Boynton Beach, FL	1.0	1.0	925	$2,550	$2.76	24d	1	1.12mi
3500 Sandpiper Dr Boynton Beach, FL	1.0–2.0	1.0–2.0	1147	$2,579	$2.25	24d	22	1.19mi
10492 Boynton Place Cir Boynton Beach, FL	1.0–3.0	1.0–2.0	1017	$2,339	$2.30	0d	19	1.41mi
5020 Ashley Lake Dr Boynton Beach, FL	2.0	2.0	1002	$2,394	$2.39	5d	1	1.47mi
5020 Ashley Lake Dr Boynton Beach, FL	1.0	1.0	784	$2,074	$2.65	26d	1	1.47mi
5020 Ashley Lake Dr Boynton Beach, FL	2.0	2.0	1002	$2,346	$2.34	16d	1	1.47mi
5217 Cedar Lake Rd Boynton Beach, FL	1.0–3.0	1.0–2.0	1030	$2,266	$2.20	4d	51	1.49mi

HOA detail condo

• Monthly dues: $270 · $3,240/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-21
   days on market $160,000 Active 187 DOM
2. 2026-06-18
   days on market $160,000 Active 184 DOM
3. 2026-06-17
   days on market $160,000 Active 183 DOM
4. 2026-06-16
   days on market $160,000 Active 182 DOM
5. 2026-06-15
   pricedays on market $160,000 Active 181 DOM
6. 2026-06-13
   days on market $179,900 Active 179 DOM
7. 2026-06-09
   days on market $179,900 Active 175 DOM
8. 2026-06-07
   days on market $179,900 Active 173 DOM
9. 2026-06-04
   days on market $179,900 Active 170 DOM
10. 2026-06-03
    days on market $179,900 Active 169 DOM
11. 2026-06-01
    days on market $179,900 Active 167 DOM
12. 2026-05-31
    days on market $179,900 Active 166 DOM
13. 2026-03-25
    price $179,900
14. 2025-12-16
    listed $189,900 Active
15. 2025-09-05
    historical
16. 2025-05-13
    price $205,000
17. 2025-03-23
    listed $215,000 Active
18. 2023-03-06
    soldstatus $197,500 Closed
19. 2023-01-30
    listed Active Under Contract
20. 2023-01-30
    listed $199,000
21. 2016-01-30
    historical
22. 2016-01-11
    status Pending
23. 2016-01-09
    listed $84,900 Active
24. 2013-03-22
    soldstatus $40,000
25. 2013-03-15
    historical
26. 2013-02-21
    listed $49,900
27. 2009-05-06
    soldstatus $42,000
28. 2009-04-30
    historical
29. 2008-09-26
    listed $59,900

ⓘ 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: $3,173 · $264/mo
• Projected year-2 tax: $3,173 · $264/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 6 d/yr ≥106°F today · 20 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: $25,452
• − Mortgage interest: −$8,962
• − Property taxes: −$3,173
• − Insurance: −$800
• − Repairs & maintenance: −$2,036
• − Management: −$2,036
• − HOA: −$3,240
• − Depreciation: −$4,655
• Taxable income: $550
• Est. tax owed @ 24.0%: −$132
• After-tax cash flow: $2,694/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 — Boynton Beach

• Score: 72/100
• State rank: #351
• US rank: #6098

Category grades

Amenities D+ Commute F Cost of living B Crime D- Employment C 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
• City population: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 48,743
• Household income: $75,789
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 1813.0

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 0.64)
• Race & ethnicity: White 52% Black 24% Hispanic / Latino 19% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 3% Dominican 1%
• Common ancestry: Hispanic 12% Romanian 3% Scotch-Irish 2%
• Foreign-born: 27% · Canada, Jamaica, Vietnam
• Languages at home: 64% English-only · Spanish 14% French/Haitian/Cajun 13% 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: ▼ -109.59%
• Current HPI: 311.7742
• Rent YoY: ▼ -0.57%
• 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

+200.3% since first listed

17 events — show timeline

• 2026-03-25 Price Changed $179,900 Beaches MLS
• 2025-12-16 Listed $189,900 Beaches MLS
• 2025-09-05 Listing Removed — Beaches MLS
• 2025-05-13 Price Changed $205,000 Beaches MLS
• 2025-03-23 Listed $215,000 Beaches MLS
• 2023-03-06 Sold (MLS) $197,500 Beaches MLS
• 2023-01-30 Listed — Beaches MLS
• 2023-01-30 Listed $199,000 Beaches MLS
• 2016-01-30 Listing Removed — Beaches MLS
• 2016-01-11 Pending — Beaches MLS
• 2016-01-09 Listed $84,900 Beaches MLS
• 2013-03-22 Sold (MLS) $40,000 Beaches MLS
• 2013-03-15 Listing Removed — Beaches MLS
• 2013-02-21 Listed $49,900 Beaches MLS
• 2009-05-06 Sold (MLS) $42,000 Beaches MLS
• 2009-04-30 Listing Removed — Beaches MLS
• 2008-09-26 Listed $59,900 Beaches MLS

Property tax history

+15.0%/yr

Latest (2025): $3,173 · +3.6% YoY. Source: county tax records.