138 Flanders C · Delray Beach, FL 33484

$115,000

2 bd · 2.0 ba · 1,028 sqft · Condo public records · 127 Days on market

Built 1977 $777/mo HOA · 39% 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 +12.6/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location near the walking gate to Linton Road. Close walking distance to shopping and houses of worship. Nice second floor condo with a 3 year old A/C and hot water heater. This condo has storm shutters on the porch. Priced to sell quickly.

Key facts

• Garden view
• Tile flooring
• Remodeled condo

Tags

• REMODELED CONDO
• GARDEN VIEW
• OPEN KITCHEN
• TILE FLOORING
• STACKABLE WASHER DRYER
• RESORT STYLE AMENITIES

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Community association with a monthly fee of $777; Association fee includes cable TV and trash; Community amenities include: Basketball court, Billiard room, Clubhouse, Fitness center, Golf course, Game room, Parking, Pool, Shuffleboard court, Tennis courts, Workshop area, Business center, Courtesy bus, Library; Senior community

Exterior

• Parking: Assigned parking; Guest parking
• Security: Gated community with guard; Gated community without guard
• Utilities: Public water; Public sewer; Sewer available; Water available
• Home design: Condominium; Multi/split levels; 2 total stories; South-facing
• Construction: CBS construction
• Exterior features: Waterfront location; Riding trail (horse amenities)

Interior

• Kitchen: Dishwasher; Electric Range; Microwave; Refrigerator; Garbage disposal; 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; Central air conditioning
• Interior features: No additional interior features listed; Unfurnished
• Laundry & utility: Laundry inside in a laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $-16 ($-188/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (2.4% below list).
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.1% 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.
• Market conditions: Rents rising fast (+4.3%/yr); 546 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); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 38% of the median local income ($62k/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 $795 of loan paydown is wiped out by about $3k 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 127 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $39k; list at $115k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 39% 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 $101,200 (12.0% 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 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. 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. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.72% ✓
• Cap rate: 6.13%
• Cash-on-cash: -0.58%
• DSCR: 0.97
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.28% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.49×
• Total profit: $-16,544
• Equity at exit: $17,147

10-year hold

• IRR: -1.1%
• Equity multiple: 0.91×
• Total profit: $-2,762
• Equity at exit: $9,943

Cash invested: $32,200 (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 33484

• Rents YoY: 4.3%
• Active inventory: 546
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,976 high
• Mortgage (P&I): −$603
• Tax from tax record: −$149 /mo · $1,784/yr
• Insurance: −$48
• HOA: −$777
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $-16

Break-even live

Break-even rent $1,996

Max offer price $112,235

Occupancy floor 96%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
127 Flanders C Delray Beach, FL	1.0	1.5	760	$1,550	$2.04	24d	1	0.04mi
23 Flanders a Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	24d	1	0.11mi
99 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	24d	1	0.13mi
177 Flanders D Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	24d	1	0.14mi
151 Saxony D Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	12d	1	0.14mi
719 Flanders O Delray Beach, FL	2.0	2.0	920	$1,800	$1.96	24d	1	0.15mi
52 Saxony Cir Unit 52 Delray Beach, FL	2.0	2.0	1027	$3,200	$3.12	24d	1	0.15mi
514 Piedmont K Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	24d	1	0.16mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	3d	1	0.16mi
29 Flanders a Delray Beach, FL	2.0	2.0	760	$1,900	$2.50	24d	1	0.16mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	24d	1	0.18mi
211 Saxony Ln #211 Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	7d	1	0.19mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.20mi
278 Flanders Dr Unit 278 Delray Beach, FL	1.0	1.5	828	$1,290	$1.56	24d	1	0.22mi
457 Flanders Dr Unit 457 Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	24d	1	0.22mi
173 Flanders Dr Unit 173 Delray Beach, FL	2.0	2.0	920	$2,400	$2.61	24d	1	0.22mi
697 Flanders O Delray Beach, FL	1.0	1.5	760	$1,400	$1.84	2d	1	0.23mi
177 Flanders Dr Unit 177 Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	24d	1	0.23mi
205 Flanders Dr Unit 205 Delray Beach, FL	2.0	2.0	883	$1,750	$1.98	24d	1	0.23mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	24d	1	0.24mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	24d	1	0.24mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	24d	1	0.24mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	24d	1	0.25mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	24d	1	0.25mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	14d	1	0.25mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.25mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	7d	1	0.25mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	24d	1	0.26mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.29mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	3d	1	0.29mi
321 Saxony G Delray Beach, FL	2.0	2.0	880	$2,200	$2.50	4d	1	0.29mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	11d	1	0.29mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.30mi
352 Saxony Trl Unit 352 Delray Beach, FL	2.0	2.0	907	$2,000	$2.21	24d	1	0.31mi
669 Monaco N Delray Beach, FL	2.0	2.0	880	$1,700	$1.93	24d	1	0.32mi
370 Saxony H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	5d	1	0.32mi
23 Saxony a Delray Beach, FL	1.0	1.5	726	$1,300	$1.79	7d	1	0.33mi
516 Saxony K Delray Beach, FL	2.0	2.0	880	$1,450	$1.65	24d	1	0.33mi
662 Saxony N Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	20d	1	0.33mi
189 Saxony Trl Unit 189 Delray Beach, FL	2.0	2.0	880	$1,475	$1.68	22d	1	0.33mi

HOA detail condo

• Monthly dues: $777 · $9,324/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $115,000 Active 127 DOM
2. 2026-06-17
   days on market $115,000 Active 126 DOM
3. 2026-06-16
   days on market $115,000 Active 125 DOM
4. 2026-06-15
   days on market $115,000 Active 124 DOM
5. 2026-06-13
   days on market $115,000 Active 122 DOM
6. 2026-06-09
   days on market $115,000 Active 118 DOM
7. 2026-06-07
   days on market $115,000 Active 116 DOM
8. 2026-06-04
   days on market $115,000 Active 113 DOM
9. 2026-06-03
   days on market $115,000 Active 112 DOM
10. 2026-06-01
    days on market $115,000 Active 110 DOM
11. 2026-05-31
    days on market $115,000 Active 109 DOM
12. 2026-02-11
    listed $115,000 Active
13. 2021-03-30
    historical
14. 2020-12-20
    price $120,000
15. 2020-11-03
    listed $124,900 Active
16. 2015-03-10
    soldstatus $39,000
17. 2015-03-04
    soldstatus $39,000 Closed 251-char remark

    Show marketing remark (251 chars)

    Great location near the walking gate to Linton Road. Close walking distance to shopping and houses of worship. Nice second floor condo with a 3 year old A/C and hot water heater. This condo has storm shutters on the porch. Priced to sell quickly.

18. 2015-02-06
    status Pending 251-char remark

    Show marketing remark (251 chars)

    Great location near the walking gate to Linton Road. Close walking distance to shopping and houses of worship. Nice second floor condo with a 3 year old A/C and hot water heater. This condo has storm shutters on the porch. Priced to sell quickly.

19. 2015-01-27
    listed $44,900 Active 251-char remark

    Show marketing remark (251 chars)

    Great location near the walking gate to Linton Road. Close walking distance to shopping and houses of worship. Nice second floor condo with a 3 year old A/C and hot water heater. This condo has storm shutters on the porch. Priced to sell quickly.

20. 1989-09-08
    soldstatus $35,000

ⓘ 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: $1,784 · $149/mo
• Projected year-2 tax: $1,784 · $149/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 9/10 Extreme 7 d/yr ≥107°F today · 26 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: $23,711
• − Mortgage interest: −$6,442
• − Property taxes: −$1,784
• − Insurance: −$575
• − Repairs & maintenance: −$1,897
• − Management: −$1,897
• − HOA: −$9,324
• − Depreciation: −$3,345
• Taxable loss: −$1,553
• Est. tax savings @ 24.0%: +$373
• After-tax cash flow: $185/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

• County: Palm Beach County · 1,438,312 people
• City population: 123,167
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 26,208
• Household income: $62,151
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 991.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 10% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 2% Cuban 2%
• Common ancestry: Scotch-Irish 7% Romanian 6% Italian 2%
• Foreign-born: 23% · Canada, Jamaica, China
• Languages at home: 76% English-only · Spanish 13% Russian/Polish/Slavic 3% French/Haitian/Cajun 3%

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: ▼ -232.73%
• Current HPI: 254.5016
• Rent YoY: ▲ 4.28%
• 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

+228.6% since first listed

9 events — show timeline

• 2026-02-11 Listed $115,000 Beaches MLS
• 2021-03-30 Listing Removed — Beaches MLS
• 2020-12-20 Price Changed $120,000 Beaches MLS
• 2020-11-03 Listed $124,900 Beaches MLS
• 2015-03-10 Sold (Public Records) $39,000 Public Records
• 2015-03-04 Sold (MLS) $39,000 Beaches MLS
• 2015-02-06 Pending — Beaches MLS
• 2015-01-27 Listed $44,900 Beaches MLS
• 1989-09-08 Sold (Public Records) $35,000 Public Records

Property tax history

+16.4%/yr

Latest (2025): $1,784 · -5.7% YoY. Source: county tax records.