2615 NE 3rd Ct #411 · Boynton Beach, FL 33435

$159,900

2 bd · 2.0 ba · 982 sqft · Condo · 83 Days on market

Built 1974 $621/mo HOA · 31% 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 +9.2/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

WOW! SPLENDID RENOVATED CONDO 2/2 w/ MODERN feel on 4th/TOP floor * FULLY, TASTEFULLY FURNISHED & TURNKEY (65” TV, Fireplace, freezer & all) * NO popcorn ceilings * OPEN white Kitchen w/ granite & rare frig water dispenser * All TILE floors * Perfect orientation EAST-WEST for ocean breeze & enjoying sunset on peaceful SCREENED patio w/ Roller shutters * UPDATED bathrooms w/ glass shower door * NEW Water Heater & Electric panel * 2 walk-in closets + Storage * Laundry room on same floor * NEW SECURED Elevator w/ Key fob, CONCRETE roof & BBQ area * HOA $621/mo include EVERYTHING, INTERNET, except electricity * FANTASTIC 55+ VRG Community of

Key facts

• Screened patio
• Renovated condo
• New secured elevator

Tags

• RENOVATED CONDO
• FULLY FURNISHED
• SCREENED PATIO
• UPDATED BATHROOMS
• NEW WATER HEATER
• NEW SECURED ELEVATOR

Property features AI

Finance

• Other: Building area total and living area available but excluded per instructions
• Financial info: Association fee listed as monthly
• HOA & community: Community with association (senior community); Monthly HOA dues; Association amenities include pool, spa/hot tub, fitness center, clubhouse, billiard room, picnic area, putting green, bocce ball, shuffleboard, pickleball courts, parking, trash chute, and internet included; HOA covers insurance, structure maintenance, pest control, sewer, trash, water, common areas, elevator, roof repairs, and pool service

Exterior

• Parking: Assigned parking; Guest parking; Total of 23 parking spaces (including 1 open space)
• Security: Closed-circuit cameras; Key card entry; Smoke detectors
• Utilities: Cable available; Water and sewer included in association (per association fee includes)
• Home design: Condominium; 4-story building; Updated/remodeled resale unit; Accessible elevator installed; East-facing
• Construction: Stucco and CBS construction
• Exterior features: Screened porch

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: Main level bedrooms not applicable
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central air conditioning
• Interior features: Walk-in closets; Fireplace; Blinds; Furnished
• Laundry & utility: Washer/dryer availability not specified

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 $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (10.7% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $143k (10.7% below list) — sets the bar for cash-flow.
• Cap rate 5.4% vs local median 4.3% in Boynton Beach — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Market conditions: Rents rising (+3.6%/yr); 536 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 36% of the median local income ($68k/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 83 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 31% of rent.
• Climate carrying-cost: moderate flood risk; 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 $142,731 (10.7% 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 83 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.27% ✓
• Cap rate: 5.40%
• Cash-on-cash: -3.18%
• DSCR: 0.86
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.64% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.29×
• Total profit: $-31,737
• Equity at exit: $23,842

10-year hold

• IRR: -10.5%
• Equity multiple: 0.33×
• Total profit: $-30,210
• Equity at exit: $13,825

Cash invested: $44,772 (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 33435

• Rents YoY: 3.6%
• Active inventory: 536
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,035 high
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$621
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $-119

Break-even live

Break-even rent $2,185

Max offer price $142,731

Occupancy floor —

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2615 NE 3rd Ct #4030 Boynton Beach, FL	2.0	2.0	960	$1,699	$1.77	5d	1	0.03mi
330 NE 26th Ave Unit 108 Boynton Beach, FL	1.0	1.5	754	$1,600	$2.12	2d	1	0.07mi
330 NE 26th Ave Unit 108 Boynton Beach, FL	1.0	1.5	754	$1,375	$1.82	24d	1	0.07mi
2601 3rd Ct NE #202 Boynton Beach, FL	2.0	2.0	982	$1,500	$1.53	19d	1	0.07mi
2515 NE 2nd Ct #202 Boynton Beach, FL	2.0	2.0	960	$1,499	$1.56	24d	1	0.11mi
300 NE 26th Ave #1040 Boynton Beach, FL	2.0	2.0	1080	$1,559	$1.44	24d	1	0.14mi
2615 NE 1st Ct #403 Boynton Beach, FL	2.0	2.0	960	$2,100	$2.19	24d	1	0.21mi
2615 NE 1st Ct Boynton Beach, FL	2.0	2.0	960	$1,850	$1.93	19d	2	0.21mi
4 Crossings Cir Unit B Boynton Beach, FL	2.0	1.5	864	$1,950	$2.26	24d	1	0.21mi
7 Crossings Cir Boynton Beach, FL	2.0	1.5	864	$2,500	$2.89	24d	1	0.22mi
230 NE 26th Ave #1070 Boynton Beach, FL	1.0	1.5	754	$1,620	$2.15	11d	1	0.24mi
17 Crossings Cir Unit E Boynton Beach, FL	2.0	2.0	864	$1,900	$2.20	24d	1	0.24mi
230 NE 26th Ave Boynton Beach, FL	1.0–2.0	1.5–2.0	857	$1,650	$1.93	18d	2	0.25mi
14 Crossings Cir Unit E Boynton Beach, FL	2.0	2.0	953	$2,300	$2.41	24d	1	0.25mi
30 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$2,400	$2.78	19d	1	0.26mi
2213 NE 1st Ct #103 Boynton Beach, FL	1.0	1.5	624	$1,350	$2.16	24d	1	0.31mi
27 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$1,900	$2.20	15d	1	0.31mi
130 NE 26th Ave #307 Boynton Beach, FL	2.0	2.0	982	$3,500	$3.56	24d	1	0.31mi
176 Waterside Dr Hypoluxo, FL	3.0	2.0	1024	$2,500	$2.44	20d	1	0.32mi
117 Waterside Dr #117 Hypoluxo, FL	2.0	2.0	768	$2,000	$2.60	24d	1	0.32mi
2202 NE 3rd St Boynton Beach, FL	3.0	2.0	902	$3,000	$3.33	17d	1	0.33mi
2400 NE 1st Ln #206 Boynton Beach, FL	1.0	1.5	754	$1,800	$2.39	15d	1	0.33mi
661 Waterside Dr Hypoluxo, FL	2.0	2.0	768	$2,000	$2.60	24d	1	0.34mi
24 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$2,050	$2.37	24d	1	0.35mi
2202 NE 4th St #10 Boynton Beach, FL	2.0	1.0	757	$1,900	$2.51	3d	1	0.37mi
977 Miner Rd Lantana, FL	3.0	1.0	1100	$3,195	$2.90	2d	1	0.37mi
1214 Highview Rd Lantana, FL	3.0	2.0	768	$2,300	$2.99	2d	1	0.46mi
2100 N Seacrest Blvd Boynton Beach, FL	3.0	1.0	1056	$2,900	$2.75	17d	1	0.46mi
108 NE 20th Ave #206 Boynton Beach, FL	2.0	2.0	860	$1,800	$2.09	20d	1	0.46mi
2008 S Federal Hwy Unit C207 Boynton Beach, FL	2.0	2.0	963	$2,000	$2.08	24d	1	0.55mi
311 NE 17th Ave #204 Boynton Beach, FL	2.0	2.0	1100	$1,650	$1.50	24d	1	0.55mi
410 NE 17th Ave #101 Boynton Beach, FL	2.0	1.5	1080	$1,500	$1.39	8d	1	0.57mi
640 Oak St Boynton Beach, FL	2.0	1.0	765	$2,690	$3.52	8d	1	0.64mi
3265 E Palm Dr Boynton Beach, FL	3.0	2.0	744	$2,600	$3.49	24d	1	0.66mi
1097 Wilkinson Rd Unit B Lantana, FL	2.0	1.0	855	$2,200	$2.57	2d	1	0.68mi
1097 Wilkinson Rd Unit B Lantana, FL	2.0	1.0	855	$2,200	$2.57	2d	1	0.68mi
25 S Loafing St Unit 25 Hypoluxo, FL	2.0	1.0	552	$1,500	$2.72	24d	1	0.68mi
25 S Loafing St Unit 25 Hypoluxo, FL	2.0	1.0	552	$1,500	$2.72	2d	1	0.68mi
22 S Loafing St Hypoluxo, FL	2.0	1.0	696	$1,300	$1.87	24d	1	0.68mi
1820 New Palm Way #201 Boynton Beach, FL	2.0	2.0	873	$3,500	$4.01	24d	1	0.72mi

HOA detail condo

• Monthly dues: $621 · $7,452/yr
• Likely covers: waterelectricinternet
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-02
   days on market $159,900 Active 83 DOM
2. 2026-06-01
   days on market $159,900 Active 82 DOM
3. 2026-05-31
   days on market $159,900 Active 81 DOM
4. 2025-12-21
   listed $159,900 Active

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 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 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,416
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,953
• − Management: −$1,953
• − HOA: −$7,452
• − Depreciation: −$4,652
• Taxable loss: −$3,749
• Est. tax savings @ 24.0%: +$900
• After-tax cash flow: $-524/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

• Census place: Boynton Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 37,833
• Household income: $67,979
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1623.0

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 0.65)
• Race & ethnicity: White 41% Black 40% Hispanic / Latino 15% Two or more races 10%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Hispanic 23% Romanian 2% Lithuanian 2%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 61% English-only · French/Haitian/Cajun 24% Spanish 11% 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: ▼ -345.86%
• Current HPI: 371.0527
• Rent YoY: ▲ 3.64%
• 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

1 event — show timeline

• 2025-12-21 Listed $159,900 Beaches MLS