617 Front St Unit D-54 Week 37 Penthouse · Key West, FL 33040

$26,000

2 bd · 2.0 ba · 1,120 sqft · Condo · 45 Days on market

Built 1983 $132/mo HOA · 4% 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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.6/10.0
• Livability +4.1/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your dream coastal retreat, where breathtaking Gulf and Marina views await you from this desirable PENTHOUSE, top-floor end-unit deeded Timeshare week 37! Nestled within a secure, gated community, this resort-style property offers exceptional amenities, one unassigned parking space, a sauna, fitness center, and the on-site Pirates Cove Café. Enjoy front-row views as Coast Guard vessels and iconic pirate ships pass by just beyond your balcony. In the evenings, open the doors to take in the warm Gulf breeze and the soothing sounds of the water. Week 37 offers an ideal getaway--featuring warm weather, fewer crowds, and a relaxed island atmosphere! Ideally located just two blo

Key facts

• Fitness center
• Sauna
• $132 HOA

Tags

• GULF AND MARINA VIEWS
• SECURE GATED COMMUNITY
• RESORT STYLE PROPERTY
• SAUNA
• FITNESS CENTER
• ON SITE PIRATES COVE CAFE

Property features AI

Finance

• Other: Unit is furnished
• HOA & community: Part of Galleon Resort HOA; Association amenities include beach access, marina, fitness center, sauna, spa/hot tub, elevators, gated community with security, barbecue, cable TV, management, grounds and structure maintenance, trash and water; Association fee paid annually (fee listed)

Exterior

• Parking: Garage (1 space); Gated parking lot with unassigned spaces
• Security: 24-hour security; Gated with guard / security gate; Closed-circuit cameras; Security lights; Fire alarm and sprinkler system; Smoke and carbon monoxide detectors
• Utilities: Public sewer; Cable available and connected; Electricity available and connected; Natural gas available; Water available and connected
• Home design: Condominium; One level unit; Located on entry level 5 of a 5-story building; Faces northeast
• Construction: Built with block, concrete and stucco; Membrane and metal roof; 5-story building
• Exterior features: Balcony; Courtyard; Outdoor shower; Impact windows; Storm shutters; Covered deck

Interior

• Kitchen: Dishwasher; Disposal; Electric cooktop; Electric oven / range; Microwave; Refrigerator; Ice maker / plumbed for ice maker; Pantry
• Bedrooms: 2 bedrooms (one listed as Bedroom 2)
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Breakfast bar and breakfast nook; Built-in features; Ceiling fans; Entrance foyer; His and hers closets; Open floorplan; Pantry; Primary bathroom with separate tub and shower; Wet bar
• Laundry & utility: In-unit laundry with washer/dryer stacked; Washer hookup; Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $26k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $26k).
• Recommended offer: $25k (3.0% below list) — sets the bar for market timing.
• Cap rate 110.1% vs local median 0.8% in Key West — 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 82/100 on livability (#65 in FL, #1,123 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D+, cost of living F.
• Monroe (town): math 50% / reading 55% proficiency, ranked #23 of 73 in FL (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.5%/yr); 496 active listings in the ZIP; solid renter incomes; 332 units permitted in Monroe County in 2024 (42 in 5+ unit buildings).
• This rent runs 45% of the median local income ($87k/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 $180 of loan paydown is wiped out by about $780 of value loss. Plan a longer hold.
• Monroe County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Recommended offer $25,220 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
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. 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?
8. 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.
9. 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.
10. 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: 12.46% ✓
• Cap rate: 110.05%
• Cash-on-cash: 370.57%
• DSCR: 17.49
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $1,372,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
419 Simonton St Unit A	0.38mi	2/2.5	1,082 (-3%)	1mo	$1,325,000	$1,225	74

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.52% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 20.80×
• Total profit: $144,132
• Equity at exit: $3,877

10-year hold

• IRR: —
• Equity multiple: 46.56×
• Total profit: $331,701
• Equity at exit: $2,248

Cash invested: $7,280 (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 33040

• Rents YoY: 4.5%
• Active inventory: 496
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $3,240 medium
• Mortgage (P&I): −$136
• Tax est. 1.5%: −$32 /mo · $390/yr
• Insurance: −$11
• HOA: −$132
• Vacancy / Maint / Mgmt: −$680
• Net cashflow: $2,248

Break-even live

Break-even rent $395

Max offer price $26,000

Occupancy floor 26%

Sensitivity live

Price	-10% $2,266	-5% $2,257	+0% $2,248	+5% $2,239	+10% $2,230
Rent	-10% $1,992	-5% $2,120	+0% $2,248	+5% $2,376	+10% $2,504
Rate	-1.0pp $2,261	-0.5pp $2,255	base $2,248	+0.5pp $2,241	+1.0pp $2,235

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: $6,500
• Closing costs: $780
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $132 · $1,584/yr
• Likely covers: watergymsecurityparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-19
   days on market $26,000 Active 45 DOM
2. 2026-06-18
   days on market $26,000 Active 44 DOM
3. 2026-06-17
   days on market $26,000 Active 43 DOM
4. 2026-06-16
   days on market $26,000 Active 42 DOM
5. 2026-06-15
   days on market $26,000 Active 41 DOM
6. 2026-06-14
   days on market $26,000 Active 39 DOM
7. 2026-06-13
   pricedays on market $26,000 Active 38 DOM
8. 2026-06-10
   days on market $31,000 Active 36 DOM
9. 2026-06-09
   days on market $31,000 Active 35 DOM
10. 2026-06-08
    days on market $31,000 Active 34 DOM
11. 2026-06-07
    days on market $31,000 Active 33 DOM
12. 2026-06-05
    days on market $31,000 Active 30 DOM
13. 2026-06-03
    days on market $31,000 Active 29 DOM
14. 2026-06-02
    days on market $31,000 Active 28 DOM
15. 2026-06-01
    days on market $31,000 Active 27 DOM
16. 2026-05-31
    days on market $31,000 Active 26 DOM
17. 2026-05-30
    days on market $31,000 Active 25 DOM
18. 2026-05-05
    listed $31,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $38,883
• − Mortgage interest: −$1,456
• − Property taxes: −$390
• − Insurance: −$130
• − Repairs & maintenance: −$3,111
• − Management: −$3,111
• − HOA: −$1,584
• − Depreciation: −$756
• Taxable income: $28,345
• Est. tax owed @ 24.0%: −$6,803
• After-tax cash flow: $20,175/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: Monroe
• NCES district ID: 1201320
• Math proficiency: 50% ▼ -14.00%
• Reading proficiency: 55% ▼ -6.00%
• Median HH income: $56,955
• Composite: 45.51/100
• National rank: #2608
• State rank: #23 of 73 in FL

Livability — Key West

• Score: 82/100
• State rank: #65
• US rank: #1123

Category grades

Amenities A+ Commute A+ Cost of living F Crime D+ Employment A+ Housing B Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Key West, FL
• County: Monroe County · 66,185 people
• City population: 35,429
• Metro: Key West, FL
• Population (ZIP): 35,429
• Household income: $86,586
• Rent vs Own: 49.8% rent · 50.2% own
• Severe rent burden: 2502.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 90,706 people
• By 2030: 96,308 · +6.2%
• By 2040: 106,565 · +17.5%
• By 2050: 116,500 · +28.4%
• By 2075: 141,423 · +55.9%
• By 2100: 151,947 · +67.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 56% Hispanic / Latino 26% Two or more races 16% Black 12% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 14%
• Common ancestry: Hispanic 6% Romanian 2% Scotch-Irish 2%
• Foreign-born: 22% · Canada, Dominican Republic
• Languages at home: 76% English-only · Spanish 17% French/Haitian/Cajun 2% Russian/Polish/Slavic 2%

Political lean MEDSL · Monroe

• 2024 margin: R (+18.3) · D 40.5% · R 58.8%
• 2008→2024 swing: -23.2pp toward R · 2008: 4.9pp · 2024: -18.3pp
• All cycles: 2024: R+18.3 2020: R+7.9 2016: R+6.9 2012: D+0.4 2008: D+4.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -814.48%
• Current HPI: 168.5706
• Rent YoY: ▲ 4.52%
• Metro: Key West, 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

1 event — show timeline

• 2026-05-05 Listed $31,000 SCMLS