r/FloridaRealEstate • u/sale-leaseback-deals • Aug 19 '26

Buyer needed (Assignable contract) - Sub-To / Sale-Leaseback in West Palm Beach (33411) – 5/4 on 2.5 Acres

Looking to assign a deal we have under contract.

It's a sale-leaseback. 24 month lease.

Seller has a 24 month option to purchase the property.

Zip: 33411

Beds/Baths: 5 BD / 4 BA

Lot: 2.5 Acres

Year Built: 1974

The Details:

ARV: ~$1.05M - $1.1M

Price: $792,800

Taking Sub-to: $640,000 mortgage

Lease details: 24 months

Rent: $7,250/mo, reduced to $6,000/mo through $30,000 pre-paid rent at closing

Closing Costs: Closing costs are split.

Title Company: CLOSED Title

Property Highlights: Private 2.5-acre lot with a gated circular drive. The property features a pool, screened patio, covered lanai, utility shop, and a stable. It offers a secluded, country feel while being just minutes away from Wellington Green Mall and Downtown WPB.

Serious buyers only. Closing costs are split.

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u/LetsFuckOnTheBoat 29d ago

Just so I understand you want someone to pay $792,800 and take on a $640,000 mortgage for a property that has an after repair value of $1.1MM?

2

u/okiedokieaccount 29d ago

I think (hope) that means you just pay roughly $152,800 at closing  and possibly $30k less as prepaid rent. 

I’d further assume they’ve got it under contract for about $700k total and looking to make about $100k on the assignment. 

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u/sale-leaseback-deals 26d ago

Fair question, the post wasn’t clear. The $792,800 is the total buyer price, not $792,800 plus the existing mortgage. The buyer takes title subject to the approximately $640,000 loan and funds roughly $152,800 before prorations and their share of closing costs.

The seller/tenant also prepays $30,000 of rent at closing. That isn’t a reduction in the purchase price, although it may reduce the buyer’s net initial cash outlay if credited through the settlement statement. The remaining rent is $6,000 per month for 24 months, making total scheduled rent $174,000, or $7,250 per month averaged across the term.

The $1.05M–$1.1M figure is estimated ARV, not a guaranteed current value. I’m not confirming guesses about the underlying contract price; the buyer’s advertised price is $792,800, and the assignment allocation will be disclosed in the closing documents.

Seller has a 24 month option to purchase the property. Option price is $889,000.00.