2615 NE 3rd Ct #4120 · Boynton Beach, FL 33435

$115,000

2 bd · 2.0 ba · 1,080 sqft · Condo public records · 12 Days on market

Built 1974 $621/mo HOA · 30% of rent

---

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 +20.8/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful Corner Unit with lots of privacy and great views. 2 bed 2 bath with updated kitchen and wood floors very spacious. Great location. Wonderful Amenities: Pool, Exercise room, Clubhouse. 55+ community. MUST SEE

Key facts

• Laminate flooring
• Convenient access
• Nearby beaches

Tags

• LAMINATE FLOORING
• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• CONVENIENT ACCESS
• NEARBY BEACHES
• ABUNDANCE OF RESTAURANTS

Property features AI

Finance

• Financial info: Lease considered; No pets allowed
• HOA & community: Monthly association fee of $621; HOA covers structure maintenance, parking and water; Association amenities include laundry

Exterior

• Parking: Assigned parking (one space)
• Security: Secured elevator
• Utilities: Water included in association fee
• Home design: Attached property; 4-story building; Entry located on unit 412
• Construction: Block construction; Effective year built
• Exterior features: Balcony; Screened balcony

Interior

• Kitchen: Microwave; Refrigerator
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Other interior features
• Laundry & utility: Laundry in common area

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 $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 7.9% vs local median 4.3% in Boynton 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 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); 538 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 37% 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 $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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 26y ago; this cycle's ask is 7202% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $78k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 30% 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 $115,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.83% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• GRM: 4.6

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: -5.5%
• Equity multiple: 0.79×
• Total profit: $-6,744
• Equity at exit: $17,147

10-year hold

• IRR: 5.8%
• Equity multiple: 1.45×
• Total profit: $14,645
• 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 33435

• Rents YoY: 3.6%
• Active inventory: 538
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,103 high
• Mortgage (P&I): −$603
• Tax from tax record: −$231 /mo · $2,772/yr
• Insurance: −$48
• HOA: −$621
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $158

Break-even live

Break-even rent $1,903

Max offer price $115,000

Occupancy floor 87%

Sensitivity live

Price	-10% $223	-5% $191	+0% $158	+5% $125	+10% $93
Rent	-10% $-8	-5% $75	+0% $158	+5% $241	+10% $324
Rate	-1.0pp $216	-0.5pp $187	base $158	+0.5pp $128	+1.0pp $98

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
2615 NE 3rd Ct #4030 Boynton Beach, FL	2.0	2.0	960	$1,699	$1.77	6d	1	0.03mi
330 NE 26th Ave Unit 108 Boynton Beach, FL	1.0	1.5	754	$1,375	$1.82	25d	1	0.07mi
330 NE 26th Ave Unit 108 Boynton Beach, FL	1.0	1.5	754	$1,600	$2.12	3d	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	25d	1	0.11mi
2639 NE 4th St Boynton Beach, FL	3.0	2.0	1300	$2,895	$2.23	6d	1	0.14mi
300 NE 26th Ave #1040 Boynton Beach, FL	2.0	2.0	1080	$1,559	$1.44	25d	1	0.14mi
2615 NE 1st Ct #403 Boynton Beach, FL	2.0	2.0	960	$2,100	$2.19	25d	1	0.21mi
8076 Ambach Way Hypoluxo, FL	2.0	2.0	1243	$2,200	$1.77	25d	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	25d	1	0.21mi
7 Crossings Cir Boynton Beach, FL	2.0	1.5	864	$2,500	$2.89	25d	1	0.22mi
230 NE 26th Ave #1070 Boynton Beach, FL	1.0	1.5	754	$1,620	$2.15	12d	1	0.24mi
17 Crossings Cir Unit E Boynton Beach, FL	2.0	2.0	864	$1,900	$2.20	25d	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	25d	1	0.25mi
30 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$2,400	$2.78	19d	1	0.26mi
27 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$1,900	$2.20	16d	1	0.31mi
130 NE 26th Ave #307 Boynton Beach, FL	2.0	2.0	982	$3,500	$3.56	25d	1	0.31mi
2600 NE 1st Ln #418 Boynton Beach, FL	2.0	2.0	1182	$1,750	$1.48	25d	1	0.31mi
314 Waterside Dr Hypoluxo, FL	2.0	2.5	1128	$1,850	$1.64	25d	1	0.32mi
221 Waterside Dr #221 Hypoluxo, FL	3.0	2.5	1259	$2,100	$1.67	4d	1	0.32mi
221 Waterside Dr #221 Hypoluxo, FL	3.0	2.5	1259	$2,200	$1.75	25d	1	0.32mi
338 Waterside Dr Hypoluxo, FL	3.0	2.5	1259	$2,100	$1.67	6d	1	0.32mi
117 Waterside Dr #117 Hypoluxo, FL	2.0	2.0	768	$2,000	$2.60	25d	1	0.32mi
234 Waterside Dr #234 Hypoluxo, FL	2.0	2.5	1128	$2,100	$1.86	0d	1	0.32mi
176 Waterside Dr Hypoluxo, FL	3.0	2.0	1024	$2,500	$2.44	20d	1	0.32mi
369 Waterside Dr Hypoluxo, FL	2.0	2.5	1128	$2,250	$1.99	25d	1	0.32mi
368 Waterside Dr Hypoluxo, FL	2.0	2.5	1152	$2,500	$2.17	25d	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	16d	1	0.33mi
661 Waterside Dr Hypoluxo, FL	2.0	2.0	768	$2,000	$2.60	25d	1	0.34mi
24 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$2,050	$2.37	25d	1	0.35mi
2122 NE 1st St Boynton Beach, FL	2.0	1.0	1362	$2,300	$1.69	13d	1	0.36mi
2202 NE 4th St #10 Boynton Beach, FL	2.0	1.0	757	$1,900	$2.51	4d	1	0.37mi
977 Miner Rd Lantana, FL	3.0	1.0	1100	$3,195	$2.90	3d	1	0.37mi
1219 Highland Rd Lantana, FL	3.0	2.0	744	$2,350	$3.16	0d	1	0.44mi
1214 Highview Rd Lantana, FL	3.0	2.0	768	$2,300	$2.99	3d	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

HOA detail condo

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

Listing history 26 events

1. 2026-06-21
   days on market $115,000 Active 12 DOM
2. 2026-06-18
   days on market $115,000 Active 9 DOM
3. 2026-06-17
   days on market $115,000 Active 8 DOM
4. 2026-06-16
   days on market $115,000 Active 7 DOM
5. 2026-06-15
   days on market $115,000 Active 6 DOM
6. 2026-06-13
   days on market $115,000 Active 4 DOM
7. 2026-06-10
   remarks 686-char remark
8. 2026-06-10
   pricedays on marketlisting id $115,000 Active 1 DOM
9. 2026-03-20
   listed $1,575
10. 2026-03-14
    historical $1,635
11. 2026-03-12
    historical
12. 2026-01-16
    listed $1,635
13. 2026-01-15
    listed $130,000 Active
14. 2024-03-13
    listed $125,000 Active
15. 2020-07-21
    soldstatus $78,000
16. 2020-07-15
    soldstatus $78,000 Closed 218-char remark

    Show marketing remark (218 chars)

    Beautiful Corner Unit with lots of privacy and great views. 2 bed 2 bath with updated kitchen and wood floors very spacious. Great location. Wonderful Amenities: Pool, Exercise room, Clubhouse. 55+ community. MUST SEE

17. 2020-06-23
    historical Contingent 218-char remark

    Show marketing remark (218 chars)

    Beautiful Corner Unit with lots of privacy and great views. 2 bed 2 bath with updated kitchen and wood floors very spacious. Great location. Wonderful Amenities: Pool, Exercise room, Clubhouse. 55+ community. MUST SEE

18. 2020-05-11
    listed $84,500 Active 218-char remark

    Show marketing remark (218 chars)

    Beautiful Corner Unit with lots of privacy and great views. 2 bed 2 bath with updated kitchen and wood floors very spacious. Great location. Wonderful Amenities: Pool, Exercise room, Clubhouse. 55+ community. MUST SEE

19. 2020-02-19
    historical
20. 2020-02-05
    price $90,000
21. 2019-10-18
    listed $97,000 Active
22. 2016-08-10
    soldstatus $40,000
23. 2000-05-22
    soldstatus $18,000
24. 2000-05-16
    soldstatus $18,000
25. 2000-05-01
    historical
26. 2000-02-12
    listed $22,000

ⓘ 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: $2,772 · $231/mo
• Projected year-2 tax: $2,772 · $231/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 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: $25,230
• − Mortgage interest: −$6,442
• − Property taxes: −$2,772
• − Insurance: −$575
• − Repairs & maintenance: −$2,018
• − Management: −$2,018
• − HOA: −$7,452
• − Depreciation: −$3,345
• Taxable income: $607
• Est. tax owed @ 24.0%: −$146
• After-tax cash flow: $1,750/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

-92.8% since first listed

18 events — show timeline

• 2026-03-20 Listed for Rent $1,575 MARMLS
• 2026-03-14 Rental Removed $1,635 MARMLS
• 2026-03-12 Listing Removed — MARMLS
• 2026-01-16 Listed for Rent $1,635 MARMLS
• 2026-01-15 Listed $130,000 MARMLS
• 2024-03-13 Listed $125,000 MARMLS
• 2020-07-21 Sold (Public Records) $78,000 Public Records
• 2020-07-15 Sold (MLS) $78,000 Beaches MLS
• 2020-06-23 Contingent — Beaches MLS
• 2020-05-11 Listed $84,500 Beaches MLS
• 2020-02-19 Listing Removed — Beaches MLS
• 2020-02-05 Price Changed $90,000 Beaches MLS
• 2019-10-18 Listed $97,000 Beaches MLS
• 2016-08-10 Sold (Public Records) $40,000 Public Records
• 2000-05-22 Sold (Public Records) $18,000 Public Records
• 2000-05-16 Sold (MLS) $18,000 Beaches MLS
• 2000-05-01 Listing Removed — Beaches MLS
• 2000-02-12 Listed $22,000 Beaches MLS

Property tax history

+21.2%/yr

Latest (2025): $2,772 · +0.1% YoY. Source: county tax records.