1600 NW 18th Ave #104 · Delray Beach, FL 33445

$229,000

2 bd · 2.0 ba · 1,335 sqft · Condo public records · 69 Days on market

Built 1980 $570/mo HOA · 22% 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 +11.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• DSCR +3.3/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Live an easy lifestyle just minutes from Atlantic Ave in this desirable 55+ community with security guard, clubhouse and pool. This first-floor corner condo feels spacious and bright, featuring an oversized living/dining area, eat-in kitchen with custom cabinetry, in unit washer/dryer, new air conditioner and AC Lanai for added living space. Split-bedroom layout with en-suite guest room and a light-filled primary suite with double walk-in closets. Offered furnished and priced to sell---this one won't last! Walk to Community Pool Nearby.

Key facts

• Custom cabinetry
• Clubhouse
• Security guard

Tags

• SECURITY GUARD
• CLUBHOUSE
• POOL
• EAT-IN KITCHEN
• CUSTOM CABINETRY
• IN UNIT WASHER DRYER

Property features AI

Finance

• Other: Road frontage: West of US-1; Road surface: Asphalt; Directions available
• Financial info: Property is on a land lease (lease exists, expires 2026-04-13); Quarterly land lease amount listed as 0.0
• HOA & community: HOA (monthly): $570; HOA covers insurance, grounds and structure maintenance, sewer, trash, water, hot water, roof repairs and pool service; Community amenities include fitness center, pool, spa/hot tub, bocce ball, community room, library and pickleball courts; Senior community; Pets allowed (cats OK)

Exterior

• Parking: Assigned parking; Guest parking; Open parking (1 space total)
• Security: Security guard
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium; One-level living; First-floor entry; Faces east; Resale property; Pines of Delray North Condo
• Construction: Block construction; Built-up roof; Slab foundation; Built in (assessor data for building area provided)
• Exterior features: Wrap-around porch; Porch; Glass-enclosed porch; Waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Disposal; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central individual cooling; Ceiling fan(s)
• Interior features: Walk-in closet(s); Furnished; Blinds, drapes and rods
• Laundry & utility: Laundry in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $229k.

Deal economics

• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $214k (6.6% below list).
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $214k (6.6% below list) — sets the bar for cash-flow.
• Cap rate 5.8% vs local median 4.3% in Delray 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 77/100 on livability (#202 in FL, #3,160 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A-; Watch: cost of living C-, crime D-, amenities 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: Crosspointe Elementary School (math 36% / reading 45%, grade F, #1,471 of 2,144 statewide, top 69%, 652 students, 75% FRL); Carver Middle School (math 22% / reading 34%, grade F, #486 of 571 statewide, top 86%, 732 students, 73% FRL); Atlantic High School (math 28% / reading 52%, grade F, #296 of 667 statewide, top 45%, 1,889 students, 59% FRL) — zoned schools average 69% FRL vs 52% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-13 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 rising (+1.8%/yr); 359 active listings in the ZIP; 40 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 40% of the median local income ($78k/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 $2k of loan paydown is wiped out by about $7k 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 69 days — a 6% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $229k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• 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.

Recommended offer $213,962 (6.6% 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 69 days. Have you received any prior offers? Is the seller open to a 7% 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 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.13% ✓
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.83% rent growth · sell at horizon

5-year hold

• IRR: -20.5%
• Equity multiple: 0.30×
• Total profit: $-45,163
• Equity at exit: $34,145

10-year hold

• IRR: -17.2%
• Equity multiple: 0.11×
• Total profit: $-56,841
• Equity at exit: $19,800

Cash invested: $64,120 (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 33445

• Rents YoY: 1.8%
• Active inventory: 359
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,583 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$259 /mo · $3,113/yr
• Insurance: −$95
• HOA: −$570
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $-85

Break-even live

Break-even rent $2,691

Max offer price $213,962

Occupancy floor 98%

Sensitivity live

Price	-10% $45	-5% $-20	+0% $-85	+5% $-150	+10% $-215
Rent	-10% $-289	-5% $-187	+0% $-85	+5% $17	+10% $119
Rate	-1.0pp $30	-0.5pp $-27	base $-85	+0.5pp $-144	+1.0pp $-205

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1560 NW 18th Ave #104 Delray Beach, FL	2.0	2.0	1148	$2,100	$1.83	22d	1	0.01mi
1560 NW 18th Ave #104 Delray Beach, FL	2.0	2.0	1148	$2,100	$1.83	23d	1	0.01mi
1520 NW 19th Ter #203 Delray Beach, FL	2.0	2.0	1335	$2,200	$1.65	26d	1	0.04mi
1860 NW 13th St #201 Delray Beach, FL	2.0	2.0	1335	$2,800	$2.10	26d	1	0.04mi
1441 NW 19th Ter #201 Delray Beach, FL	2.0	2.0	1148	$2,250	$1.96	26d	1	0.07mi
1551 NW 20th Ave #102 Delray Beach, FL	2.0	2.0	1148	$1,995	$1.74	26d	1	0.08mi
1640 NW 19th Ter #103 Delray Beach, FL	2.0	2.0	1148	$1,950	$1.70	9d	1	0.09mi
1640 NW 19th Ter #103 Delray Beach, FL	2.0	2.0	1148	$1,950	$1.70	23d	1	0.09mi
1641 NW 19th Ter Unit 46A Delray Beach, FL	2.0	2.0	1104	$2,000	$1.81	20d	1	0.09mi
1631 NW 18th Ave #201 Delray Beach, FL	2.0	2.0	1148	$3,300	$2.87	26d	1	0.11mi
1440 NW 20th Ave #104 Delray Beach, FL	2.0	2.0	1335	$2,650	$1.99	15d	1	0.15mi
340 Lake Monterey Cir Boynton Beach, FL	2.0	2.5	1188	$2,350	$1.98	26d	1	0.31mi
169 Monterey Bay Dr Boynton Beach, FL	3.0	2.5	1389	$2,800	$2.02	16d	1	0.32mi
169 Monterey Bay Dr Boynton Beach, FL	3.0	2.5	1389	$2,800	$2.02	26d	1	0.32mi
161 Monterey Bay Dr #161 Boynton Beach, FL	2.0	2.5	1188	$2,200	$1.85	4d	1	0.33mi
161 Monterey Bay Dr #161 Boynton Beach, FL	2.0	2.5	1188	$2,250	$1.89	15d	1	0.33mi
161 Monterey Bay Dr #161 Boynton Beach, FL	2.0	2.5	1188	$2,300	$1.94	26d	1	0.33mi
161 Monterey Bay Dr Boynton Beach, FL	2.0	2.5	1188	$2,300	$1.94	5d	1	0.33mi
161 Monterey Bay Dr Boynton Beach, FL	2.0	2.5	1188	$2,300	$1.94	20d	1	0.33mi
138 Monterey Bay Dr Boynton Beach, FL	3.0	2.5	1551	$2,800	$1.81	3d	1	0.35mi
1630 NW 22nd Ave Delray Beach, FL	3.0	2.0	1560	$4,200	$2.69	26d	1	0.35mi
1770 NW 22nd Ave Delray Beach, FL	3.0	2.0	1850	$7,000	$3.78	18d	1	0.39mi
400 Lake Monterey Cir Boynton Beach, FL	2.0	2.5	1144	$2,400	$2.10	12d	1	0.40mi
101 Lake Monterey Cir Boynton Beach, FL	3.0	3.0	1584	$2,999	$1.89	22d	1	0.46mi
182 Lake Monterey Cir Boynton Beach, FL	2.0	2.5	1423	$2,500	$1.76	26d	1	0.46mi
182 Lake Monterey Cir Boynton Beach, FL	2.0	2.5	1423	$2,500	$1.76	23d	1	0.46mi
183 Lake Monterey Cir Boynton Beach, FL	3.0	3.0	1584	$2,800	$1.77	26d	1	0.48mi
2583 NW 13th St Delray Beach, FL	2.0	2.0	1466	$2,600	$1.77	19d	1	0.58mi
61 Eastgate Dr Unit A Boynton Beach, FL	2.0	2.0	1572	$7,000	$4.45	26d	1	0.62mi
500 N Congress Ave Delray Beach, FL	2.0–3.0	1.0–2.0	989	$2,295	$2.32	1d	6	0.70mi
1105 Anchor Pt Delray Beach, FL	3.0	2.0	1641	$5,700	$3.47	20d	1	0.71mi
494 Enfield Ct Unit Na Delray Beach, FL	3.0	2.0	1641	$6,500	$3.96	26d	1	0.73mi
2915 NW 12th St Unit D Delray Beach, FL	2.0	2.0	1499	$3,200	$2.13	9d	1	0.75mi
2622 NW 7th Ct Delray Beach, FL	2.0	2.5	1384	$2,750	$1.99	26d	1	0.78mi
872 NW 29th Ave Unit A Delray Beach, FL	2.0	2.0	1188	$2,700	$2.27	26d	1	0.81mi
2712 Lake Ida Rd Delray Beach, FL	3.0	2.0	1604	$4,000	$2.49	9d	1	0.85mi
1335 Lee St Delray Beach, FL	3.0	2.0	1000	$3,200	$3.20	26d	1	0.88mi
9 Stratford Dr E Unit B Boynton Beach, FL	3.0	2.0	1622	$5,990	$3.69	0d	1	0.88mi
1720 Depot Ave Delray Beach, FL	2.0	2.0	1189	$2,650	$2.23	26d	1	0.89mi
1720 Depot Ave Delray Beach, FL	2.0	2.0	1199	$2,874	$2.40	15d	1	0.89mi

HOA detail condo

• Monthly dues: $570 · $6,840/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $229,000 Active 69 DOM
2. 2026-06-18
   days on market $229,000 Active 66 DOM
3. 2026-06-17
   days on market $229,000 Active 65 DOM
4. 2026-06-16
   days on market $229,000 Active 64 DOM
5. 2026-06-15
   days on market $229,000 Active 63 DOM
6. 2026-06-13
   days on market $229,000 Active 61 DOM
7. 2026-06-09
   days on market $229,000 Active 57 DOM
8. 2026-06-08
   days on market $229,000 Active 56 DOM
9. 2026-06-07
   days on market $229,000 Active 55 DOM
10. 2026-06-04
    days on market $229,000 Active 52 DOM
11. 2026-06-03
    days on market $229,000 Active 51 DOM
12. 2026-06-02
    days on market $229,000 Active 50 DOM
13. 2026-06-01
    days on market $229,000 Active 49 DOM
14. 2026-05-31
    days on market $229,000 Active 48 DOM
15. 2026-04-12
    listed $229,000 Active
16. 2002-10-01
    soldstatus $65,000
17. 1989-05-23
    soldstatus $45,000
18. 1987-02-01
    soldstatus $50,000

ⓘ 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: $3,113 · $259/mo
• Projected year-2 tax: $3,113 · $259/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 10/10 Extreme 7 d/yr ≥105°F today · 26 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: $30,997
• − Mortgage interest: −$12,828
• − Property taxes: −$3,113
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,480
• − Management: −$2,480
• − HOA: −$6,840
• − Depreciation: −$6,662
• Taxable loss: −$4,550
• Est. tax savings @ 24.0%: +$1,092
• After-tax cash flow: $71/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 — Delray Beach

• Score: 77/100
• State rank: #202
• US rank: #3160

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delray Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 123,167
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,122
• Household income: $78,163
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1649.0

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 0.62)
• Race & ethnicity: White 55% Black 24% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Hispanic 14% Romanian 3% Scotch-Irish 3%
• Foreign-born: 27% · Canada, Jamaica, Dominican Republic
• Languages at home: 66% English-only · French/Haitian/Cajun 18% Spanish 9% Other Indo-European 4%

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: ▼ -258.16%
• Current HPI: 349.5505
• Rent YoY: ▲ 1.83%
• 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

+358.0% since first listed

4 events — show timeline

• 2026-04-12 Listed $229,000 Beaches MLS
• 2002-10-01 Sold (Public Records) $65,000 Public Records
• 1989-05-23 Sold (Public Records) $45,000 Public Records
• 1987-02-01 Sold (Public Records) $50,000 Public Records

Property tax history

+11.8%/yr

Latest (2025): $3,113 · -11.8% YoY. Source: county tax records.