4838 Esedra Ct #206

Greenacres, FL 33467

$194,900D

3 bd · 2.0 ba · 1,225 sqft · Built 1973 · Condo · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,429/mo
• Mortgage (P&I): −$1,022
• Tax + insurance: −$268
• HOA: −$743
• Vac / Maint / Mgmt: −$510
• Net cashflow: $-114/mo
• Annual: $-1,372/yr
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• 1% rule: 1.25%
• Cash to close: $54,572

Investor read

• This is a 3-bed/2.0-bath condo listed at $195k.
• At list price, monthly cash flow is $-114 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (10.4% below list).
• Meets the 1% rule at list price ($2k rent vs $195k).
• It's been on market 107 days — a 9% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (10.4% below list) — sets the bar for cash-flow.
• 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.
• Location reads 69/100 on livability (#490 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, amenities F, 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: Heritage Elementary School (math 35% / reading 39%, grade F, #1,609 of 2,144 statewide, top 77%, 786 students, 75% FRL); Woodlands Middle School (math 51% / reading 58%, grade B-, #183 of 571 statewide, top 34%, 1,551 students, 40% FRL).
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents soft (-0.4%/yr); 665 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 20y 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 $61k; list at $195k implies a 220% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 30% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 107 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?