2331 Croton Ln Unit B · Delray Beach, FL 33445

$138,000

2 bd · 2.0 ba · 1,089 sqft · SingleFamily · 113 Days on market

Built 1977 Fair condition Est $139k · at est. $623/mo HOA · 28% of rent ↓ 11% since listing

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Why this score? — see what drove the C 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 +20.6/30.0
• 1% rule +10.0/10.0
• ARV discount +7.9/15.0
• DSCR +6.5/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

PINES OF DELRAY. UNLIKE most other interior 4-plex villas (B & C units) this one has 2 FULL BATHROOMS and is 1089 SQUARE FEET under air (compared to the standard 988 square feet inside villa). The extra indoor space is the 100 sqft under air Florida room. Great location just steps from North Clubhouse -which is the location of the new and only fitness room. 6-years young 2-ton 14 SEER AC system, VIVE comfort thermostat, Siemens electrical panel, Moen 1/2 HP disposal, GE glass cooktop range, GE Profile Triclean dishwasher, Whirlpool stacked laundry center. Monthly maintenance fee includes water, cable (HBO), in-unit WIFI, fully funded reserves (apx 15% of monthly) and usage of 2 clubho

Key facts

• 2 clubhouses
• Pickleball
• Florida room

Tags

• FLORIDA ROOM
• FITNESS ROOM
• 2 CLUBHOUSES
• 2 POOLS
• PICKLEBALL
• BOCCE

Property features AI

Finance

• Other: Senior community; Pets allowed (cats only); 684 units in the community; Property faces south
• Financial info: Not a land-lease property
• HOA & community: Community with association (Pines of Delray Condominium Association); Monthly association fee; Association covers cable TV, internet, water, sewer, trash, maintenance (grounds & structure), common areas, roof repairs, recreation facilities, legal/accounting, reserves; Community amenities include heated pool, pool, spa/hot tub, sauna, fitness center, clubhouse, billiard room, community room, picnic area, tennis courts, pickleball & shuffleboard courts, bocce ball, putting green, recreation facilities, street lights, on-site manager, maintained community, internet included, parking

Exterior

• Parking: Assigned parking with guest spaces (1 open/assigned asphalt space)
• Utilities: Public water; Public sewer; 100 amp electric service; Cable, electricity, sewer and water connected
• Home design: Villa (one story, entry-level living area); Extended interior villa model
• Construction: Built with CBS (concrete block) and stucco; Composition/shingle roof with wood truss/rafter; Slab foundation
• Exterior features: Located on a cul-de-sac; City street frontage; Public maintained, paved asphalt road

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric heat pump, individual); Central air conditioning (electric, reverse cycle, individual); Ceiling/paddle fans
• Interior features: Walk-in closets; Split bedroom layout; Unfurnished
• Laundry & utility: In-unit laundry located inside the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $138k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $126k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: Orchard View Elementary School (math 48% / reading 47%, grade D, #1,182 of 2,144 statewide, top 55%, 596 students, 76% 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.
• 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 26d 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 34% 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 $954 of loan paydown is wiped out by about $4k 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 113 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,580 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1977 — 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. 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. 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.
10. 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.
11. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.62% ✓
• Cap rate: 7.90%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $139,392
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1141 Boxwood Dr Unit B	0.28mi	2/1.5	982 (-10%)	3mo	$125,500	$128	66

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 · 1.83% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.67×
• Total profit: $-12,801
• Equity at exit: $20,576

10-year hold

• IRR: -1.9%
• Equity multiple: 0.88×
• Total profit: $-4,737
• Equity at exit: $11,932

Cash invested: $38,640 (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: 5.2×

Monthly cashflow live

• Estimated rent: $2,229 high
• Mortgage (P&I): −$724
• Tax est. 1.5%: −$172 /mo · $2,070/yr
• Insurance: −$58
• HOA: −$623
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $184

Break-even live

Break-even rent $1,996

Max offer price $138,000

Occupancy floor 87%

Sensitivity live

Price	-10% $280	-5% $232	+0% $184	+5% $137	+10% $89
Rent	-10% $8	-5% $96	+0% $184	+5% $272	+10% $360
Rate	-1.0pp $254	-0.5pp $219	base $184	+0.5pp $149	+1.0pp $112

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1020 Silk Oak Ter #104 Delray Beach, FL	2.0	2.0	1167	$2,500	$2.14	26d	1	0.09mi
2403 Lowson Blvd Unit C Delray Beach, FL	1.0	1.5	821	$1,650	$2.01	23d	1	0.11mi
2403 Lowson Blvd Unit D Delray Beach, FL	2.0	2.0	1020	$2,200	$2.16	26d	1	0.11mi
2381 Papaya Dr Unit 92C Delray Beach, FL	2.0	2.0	1100	$1,795	$1.63	26d	1	0.13mi
2381 Papaya Dr Unit C Delray Beach, FL	2.0	2.0	1100	$1,795	$1.63	9d	1	0.13mi
2303 Lowson Blvd Unit D Delray Beach, FL	2.0	2.0	1020	$2,500	$2.45	0d	1	0.13mi
2480 Juniper Dr #203 Delray Beach, FL	2.0	2.0	1167	$1,900	$1.63	26d	1	0.15mi
2480 Juniper Dr #204 Delray Beach, FL	2.0	2.0	1167	$1,750	$1.50	26d	1	0.15mi
2520 Pansy Ln Unit D Delray Beach, FL	2.0	2.0	1167	$2,150	$1.84	26d	1	0.15mi
2521 Pansey Ln Unit 7A Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	26d	1	0.16mi
1100 Boxwood Dr #101 Delray Beach, FL	2.0	2.0	1167	$1,800	$1.54	16d	1	0.16mi
1021 Flame Vine Ave Delray Beach, FL	2.0	2.0	1167	$1,750	$1.50	26d	1	0.21mi
1001 Flame Vine Ave #202 Delray Beach, FL	2.0	2.0	1167	$2,800	$2.40	26d	1	0.21mi
1060 Homewood Blvd Unit J102 Delray Beach, FL	2.0	2.0	1247	$2,450	$1.96	22d	1	0.24mi
1120 Homewood Blvd Unit G204 Delray Beach, FL	2.0	2.0	1247	$2,550	$2.04	21d	1	0.24mi
1101 Cactus Ter #203 Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	19d	1	0.27mi
1140 Mahogany Way #204 Delray Beach, FL	2.0	2.0	1167	$2,700	$2.31	26d	1	0.27mi
1130 Cactus Ter Unit 45C Delray Beach, FL	2.0	1.5	982	$2,000	$2.04	26d	1	0.28mi
1121 Cactus Ter #202 Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	26d	1	0.31mi
2500 Fiore Way Delray Beach, FL	1.0–2.0	1.5–2.0	874	$2,150	$2.46	19d	2	0.32mi
2109 Catherine Dr #4 Delray Beach, FL	2.0	1.0	842	$1,950	$2.32	23d	1	0.33mi
2500 Fiore Way #1110 Delray Beach, FL	2.0	2.0	1023	$1,850	$1.81	26d	1	0.33mi
2731 Knight Ln Delray Beach, FL	2.0	2.0	1050	$2,650	$2.52	26d	1	0.33mi
2500 Fiore Way #109 Delray Beach, FL	1.0	1.5	825	$2,150	$2.61	13d	1	0.34mi
1141 Calamondin Ter #203 Delray Beach, FL	2.0	2.0	1167	$1,700	$1.46	26d	1	0.35mi
1511 Ilene Ct #4 Delray Beach, FL	2.0	1.0	844	$1,950	$2.31	26d	1	0.36mi
2600 Fiore Way #2140 Delray Beach, FL	2.0	2.0	1023	$2,175	$2.13	5d	1	0.36mi
2201 Catherine Dr Unit 3 Delray Beach, FL	2.0	1.0	876	$2,100	$2.40	26d	1	0.36mi
2450 Black Olive Blvd Unit A Delray Beach, FL	2.0	2.0	1167	$1,950	$1.67	26d	1	0.37mi
2450 Black Olive Blvd Unit A Delray Beach, FL	2.0	2.0	1167	$1,950	$1.67	16d	1	0.37mi
2715 Ponce de Leon Blvd Delray Beach, FL	2.0	1.0	1000	$2,200	$2.20	26d	1	0.38mi
2700 Fiore Way #2020 Delray Beach, FL	2.0	2.0	1023	$2,500	$2.44	7d	1	0.38mi
2733 Zorno Way Delray Beach, FL	2.0	2.0	1245	$2,950	$2.37	21d	1	0.38mi
2520 Black Olive Blvd #203 Delray Beach, FL	2.0	2.0	1167	$1,799	$1.54	5d	1	0.39mi
2520 Black Olive Blvd #203 Delray Beach, FL	2.0	2.0	1167	$1,799	$1.54	26d	1	0.39mi
2103 Catherine Dr Unit 2 Delray Beach, FL	2.0	1.5	876	$2,025	$2.31	23d	1	0.40mi
2835 SW 13th St #201 Delray Beach, FL	2.0	2.0	1144	$1,975	$1.73	20d	1	0.41mi
2730 SW 13th St #203 Delray Beach, FL	2.0	2.0	1084	$2,200	$2.03	26d	1	0.41mi
2828 Casita Way Delray Beach, FL	2.0	2.0	1023	$2,248	$2.20	26d	2	0.46mi
2828 Casita Way #214 Delray Beach, FL	2.0	2.0	1023	$2,300	$2.25	16d	1	0.46mi

HOA detail

• Monthly dues: $623 · $7,476/yr
• Likely covers: waterelectricinternetcablepool

Listing history 15 events

1. 2026-06-18
   days on market $138,000 Active 113 DOM
2. 2026-06-17
   days on market $138,000 Active 112 DOM
3. 2026-06-16
   days on market $138,000 Active 111 DOM
4. 2026-06-15
   days on market $138,000 Active 110 DOM
5. 2026-06-13
   days on market $138,000 Active 108 DOM
6. 2026-06-09
   days on market $138,000 Active 104 DOM
7. 2026-06-07
   days on market $138,000 Active 102 DOM
8. 2026-06-04
   days on market $138,000 Active 99 DOM
9. 2026-06-03
   days on market $138,000 Active 98 DOM
10. 2026-06-02
    days on market $138,000 Active 97 DOM
11. 2026-06-01
    days on market $138,000 Active 96 DOM
12. 2026-05-31
    days on market $138,000 Active 95 DOM
13. 2026-05-15
    price $138,000
14. 2026-03-22
    price $142,000
15. 2026-02-25
    listed $155,000 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 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 · 28 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,749
• − Mortgage interest: −$7,730
• − Property taxes: −$2,070
• − Insurance: −$690
• − Repairs & maintenance: −$2,140
• − Management: −$2,140
• − HOA: −$7,476
• − Depreciation: −$4,015
• Taxable income: $489
• Est. tax owed @ 24.0%: −$117
• After-tax cash flow: $2,094/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.

Condition & rehab AI · 13 photos

Fair 45/100 Cosmetic rehab

The home is in fair condition with some cosmetic repairs and maintenance needed. It has a good roof and structure, but the interior walls, flooring, and appliances show signs of wear. Upgrades to the interior walls, carpet, and appliances would significantly increase its resale and rental value.

Repairs flagged

• Minor Kitchen countertops — The countertops show signs of wear, but are not damaged.
• Minor Kitchen cabinets — The cabinets show signs of wear, but are not damaged.
• Minor Bathroom tiles — The tiles show some wear, but are not damaged.
• Minor Kitchen appliances — The appliances appear functional, but may need cleaning or minor maintenance.

Value-add opportunities

• Resale Paint the interior walls — Fresh paint can make a significant difference in the home's appearance and value.
• Rental Replace the carpet in the living areas — New carpet can improve the home's appeal to renters and make it more comfortable.
• Resale Replace the kitchen countertops and cabinets — New countertops and cabinets can significantly improve the home's appearance and value.
• Resale Replace the bathroom tiles — New tiles can improve the home's appearance and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · The countertops show signs of wear, but are not damaged.	Minor	$500–3,000
Kitchen cabinets · The cabinets show signs of wear, but are not damaged.	Minor	$500–3,000
Bathroom tiles · The tiles show some wear, but are not damaged.	Minor	$500–3,000
Kitchen appliances · The appliances appear functional, but may need cleaning or minor maintenance.	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Resale Paint the interior walls — Fresh paint can make a significant difference in the home's appearance and value. ↑
• Rental Replace the carpet in the living areas — New carpet can improve the home's appeal to renters and make it more comfortable. ↑
• Resale Replace the kitchen countertops and cabinets — New countertops and cabinets can significantly improve the home's appearance and value. ↑
• Resale Replace the bathroom tiles — New tiles can improve the home's appearance and value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-11.0% since first listed

3 events — show timeline

• 2026-05-15 Price Changed $138,000 Beaches MLS
• 2026-03-22 Price Changed $142,000 Beaches MLS
• 2026-02-25 Listed $155,000 Beaches MLS