1850 Homewood Blvd #4160 · Delray Beach, FL 33445

$165,000

2 bd · 2.0 ba · 1,090 sqft · Condo public records · 17 Days on market

Built 1984 $681/mo HOA · 28% of rent

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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 +19.2/30.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

ESTATE SALE - ALL OFFERS CONSIDERED. Unit 4160 at 1850 Homewood Boulevard offers a great opportunity for buyers looking to add their personal touch. While the unit does need updating, it presents strong potential to customize and create your ideal living space. Priced to sell, this is an excellent value for investors or homeowners ready to renovate and make it their own.

Key facts

• $681 HOA
• Parking
• Community pool

Property features AI

Finance

• HOA & community: Association managed by Pointe Management Group, Inc.; Quarterly HOA fee; HOA covers maintenance of grounds and common areas; Building amenities include elevator(s), fitness center, pool, and tennis courts

Exterior

• Parking: Assigned open parking with 1 space
• Utilities: Public water; Public sewer; Electricity available; Sewer available; Water available
• Home design: Condominium; Resale condition; Faces east; 6-story building
• Construction: CBS construction
• Exterior features: Waterfront property; Concrete roof

Interior

• Kitchen: No appliances specifically listed
• Bedrooms: 2 bedrooms on the main level
• Flooring: Concrete and tile floors
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric heating; Electric cooling
• Interior features: No special interior features listed
• Laundry & utility: Laundry inside with washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 4.4% 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); Atlantic High School (math 28% / reading 52%, grade F, #296 of 667 statewide, top 45%, 1,889 students, 59% FRL) — zoned schools average 68% FRL vs 52% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 354 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).
• This rent runs 37% 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 $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 17 days — a 2% lower offer ($163k) 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 5→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,525 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.46% ✓
• Cap rate: 7.58%
• Cash-on-cash: 4.59%
• DSCR: 1.20
• GRM: 5.7

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: -10.8%
• Equity multiple: 0.61×
• Total profit: $-17,880
• Equity at exit: $24,602

10-year hold

• IRR: -3.7%
• Equity multiple: 0.77×
• Total profit: $-10,696
• Equity at exit: $14,266

Cash invested: $46,200 (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: 354
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,413 high
• Mortgage (P&I): −$865
• Tax from tax record: −$114 /mo · $1,368/yr
• Insurance: −$69
• HOA: −$681
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $177

Break-even live

Break-even rent $2,189

Max offer price $165,000

Occupancy floor 88%

Sensitivity live

Price	-10% $270	-5% $224	+0% $177	+5% $130	+10% $83
Rent	-10% $-14	-5% $82	+0% $177	+5% $272	+10% $367
Rate	-1.0pp $260	-0.5pp $219	base $177	+0.5pp $134	+1.0pp $91

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1850 Homewood Blvd #2070 Delray Beach, FL	2.0	2.0	1090	$2,550	$2.34	25d	1	0.04mi
2070 Homewood Blvd #214 Delray Beach, FL	2.0	2.0	1155	$2,350	$2.03	25d	1	0.06mi
2070 Homewood Blvd #3150 Delray Beach, FL	2.0	2.0	1090	$2,350	$2.16	15d	1	0.07mi
1725 Palm Cove Blvd Unit 2-306 Delray Beach, FL	1.0	1.0	934	$2,100	$2.25	21d	1	0.10mi
2756 Carnation Ct Delray Beach, FL	2.0	2.0	1407	$3,200	$2.27	20d	1	0.10mi
2736 Carnation Ct Delray Beach, FL	3.0	2.0	1496	$3,400	$2.27	6d	1	0.12mi
2736 Carnation Ct Delray Beach, FL	3.0	2.0	1496	$3,400	$2.27	22d	1	0.12mi
1885 Palm Cove Blvd Unit 10-203 Delray Beach, FL	2.0	2.0	992	$2,300	$2.32	5d	1	0.12mi
1760 Palm Cove Blvd Unit 5-203 Delray Beach, FL	2.0	2.0	992	$2,200	$2.22	25d	1	0.13mi
1760 Palm Cove Blvd Unit 5-203 Delray Beach, FL	2.0	2.0	993	$2,200	$2.22	14d	1	0.13mi
1740 Palm Cove Blvd Apt 103 Delray Beach, FL	3.0	2.0	1065	$2,900	$2.72	25d	1	0.13mi
1845 Palm Cove Blvd Unit 8-103 Delray Beach, FL	3.0	2.0	1065	$2,500	$2.35	19d	1	0.13mi
1705 Palm Cove Blvd Apt 302 Delray Beach, FL	1.0	1.0	934	$2,000	$2.14	25d	1	0.13mi
1825 Palm Cove Blvd Unit 7-105 Delray Beach, FL	2.0	2.0	946	$2,200	$2.33	15d	1	0.16mi
3001 San Clara Dr Unit 4A Delray Beach, FL	2.0	2.5	1500	$2,250	$1.50	15d	1	0.23mi
2520 Black Olive Blvd #203 Delray Beach, FL	2.0	2.0	1167	$1,799	$1.54	4d	1	0.24mi
2520 Black Olive Blvd #203 Delray Beach, FL	2.0	2.0	1167	$1,799	$1.54	25d	1	0.24mi
1141 Calamondin Ter #203 Delray Beach, FL	2.0	2.0	1167	$1,700	$1.46	25d	1	0.28mi
3118 Spanish Wells Dr Unit 15B Delray Beach, FL	2.0	2.5	1230	$2,650	$2.15	25d	1	0.29mi
2450 Black Olive Blvd Unit A Delray Beach, FL	2.0	2.0	1167	$1,950	$1.67	25d	1	0.29mi
2450 Black Olive Blvd Unit A Delray Beach, FL	2.0	2.0	1167	$1,950	$1.67	15d	1	0.29mi
1121 Cactus Ter #202 Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	25d	1	0.34mi
2730 SW 13th St #203 Delray Beach, FL	2.0	2.0	1084	$2,200	$2.03	25d	1	0.34mi
1130 Cactus Ter Unit 45C Delray Beach, FL	2.0	1.5	982	$2,000	$2.04	25d	1	0.35mi
3216 Spanish Wells Dr Unit 26D Delray Beach, FL	2.0	2.5	1232	$2,400	$1.95	25d	1	0.36mi
2300 SW 22nd Ave #109 Delray Beach, FL	2.0	2.0	1013	$1,899	$1.87	8d	1	0.38mi
2300 SW 22nd Ave #109 Delray Beach, FL	2.0	2.0	1013	$1,899	$1.87	25d	1	0.38mi
3301 Spanish Wells Dr Unit D Delray Beach, FL	2.0	2.5	1400	$2,400	$1.71	25d	1	0.39mi
1101 Cactus Ter #203 Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	18d	1	0.40mi
2340 SW 22nd Ave #306 Delray Beach, FL	2.0	2.0	1066	$1,600	$1.50	19d	1	0.40mi
2835 SW 13th St #201 Delray Beach, FL	2.0	2.0	1144	$1,975	$1.73	19d	1	0.40mi
2440 SW 22nd Ave #703 Delray Beach, FL	2.0	2.0	1013	$2,025	$2.00	17d	1	0.43mi
2201 Catherine Dr Unit 3 Delray Beach, FL	2.0	1.0	876	$2,100	$2.40	25d	1	0.43mi
1140 Mahogany Way #204 Delray Beach, FL	2.0	2.0	1167	$2,700	$2.31	25d	1	0.43mi
2660 SW 22nd Ave #1203 Delray Beach, FL	2.0	2.0	1013	$2,000	$1.97	25d	1	0.46mi
1100 Boxwood Dr #101 Delray Beach, FL	2.0	2.0	1167	$1,800	$1.54	15d	1	0.47mi
2315 SW 22nd Ave #2020 Delray Beach, FL	2.0	2.0	985	$2,300	$2.34	20d	1	0.47mi
2335 SW 22nd Ave #104 Delray Beach, FL	2.0	2.0	1120	$2,500	$2.23	25d	1	0.48mi
2480 Juniper Dr #203 Delray Beach, FL	2.0	2.0	1167	$1,900	$1.63	25d	1	0.49mi
2480 Juniper Dr #204 Delray Beach, FL	2.0	2.0	1167	$1,750	$1.50	25d	1	0.49mi

HOA detail condo

• Monthly dues: $681 · $8,172/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   price $165,000 Active 17 DOM
2. 2026-06-18
   days on market $199,000 Active 17 DOM
3. 2026-06-17
   days on market $199,000 Active 16 DOM
4. 2026-06-16
   days on market $199,000 Active 15 DOM
5. 2026-06-15
   days on market $199,000 Active 14 DOM
6. 2026-06-13
   days on market $199,000 Active 12 DOM
7. 2026-06-09
   days on market $199,000 Active 8 DOM
8. 2026-06-08
   days on market $199,000 Active 7 DOM
9. 2026-06-07
   days on market $199,000 Active 6 DOM
10. 2026-06-04
    days on market $199,000 Active 3 DOM
11. 2026-06-03
    days on market $199,000 Active 2 DOM
12. 2026-06-02
    remarks 373-char remark
13. 2026-06-02
    listed $199,000 Active 1 DOM

ⓘ 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: $1,368 · $114/mo
• Projected year-2 tax: $1,370 · $114/mo
• Expected delta: +$2/yr ($0/mo · 0.1%)

ⓘ 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 9/10 Extreme 5 d/yr ≥106°F today · 19 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: $28,951
• − Mortgage interest: −$9,243
• − Property taxes: −$1,368
• − Insurance: −$825
• − Repairs & maintenance: −$2,316
• − Management: −$2,316
• − HOA: −$8,172
• − Depreciation: −$4,800
• Taxable loss: −$89
• Est. tax savings @ 24.0%: +$21
• After-tax cash flow: $2,144/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

1 event — show timeline

• 2026-06-01 Listed $199,000 Beaches MLS

Property tax history

+0.9%/yr

Latest (2025): $1,368 · +7.2% YoY. Source: county tax records.