5591 Royal Lake Cir · Delray Beach, FL 33437

$400,000

3 bd · 2.0 ba · 1,658 sqft · SingleFamily public records · 10 Days on market

Built 1996 $662/mo HOA · 19% 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 +7.8/30.0
• ARV discount +7.5/15.0
• Appreciation +4.9/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0

Listing remarks MLS

LOVELY LAKE FRONT VILLA, SKYLIGHTS, EAT IN KITCHEN, WATER FILTRATION SYSTEM, UPGRADED FIXTURES IN BATHROOMS, LOTS OF CLOSETS, SPACIOUS AND BRIGHT

Key facts

• Screened patio
• Newer a/c
• Built-in murphy bed

Tags

• LAKEFRONT HOME
• SCREENED PATIO
• BUILT-IN MURPHY BED
• NEWER A/C
• NEWER WATER HEATER
• NEWER WASHER AND DRYER

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Quarterly association fee; Association covers common areas, cable TV, grounds maintenance, pool(s), recreation facilities and trash; Community amenities include clubhouse, fitness center, pool, sauna, spa/hot tub, tennis courts and basketball court; Senior community

Exterior

• Parking: Attached garage; 1 covered garage space
• Security: Complex fenced; Phone entry; Smoke detectors
• Utilities: Cable available; Association pool
• Home design: Single-story; Entry on main level; Has attached property; Has a view; Lakefront
• Construction: Block construction; Resale property
• Exterior features: Enclosed porch; Screened porch

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Closet cabinetry; Bedroom on main level
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-449 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $321k (19.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (14.4% below list).
• Recommended offer: $321k (19.8% below list) — sets the bar for cash-flow.

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 (+1.3%/yr); 479 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• At $3,425/mo this rent would consume 51% of the median local household income ($81k/yr) (locally 902% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $2k of equity ($3k loan paydown + $-967 appreciation (-0.2% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 24y 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 $185k; list at $400k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $320,677 (19.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 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: 0.86% ✗
• Cap rate: 4.95%
• Cash-on-cash: -4.81%
• DSCR: 0.79
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.24% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.55×
• Total profit: $-50,359
• Equity at exit: $111,337

10-year hold

• IRR: -5.0%
• Equity multiple: 0.51×
• Total profit: $-55,170
• Equity at exit: $130,052

Cash invested: $112,000 (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 33437

• Home prices YoY: -0.1%
• Rents YoY: 1.3%
• Active inventory: 479
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $3,425 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$229 /mo · $2,744/yr
• Insurance: −$167
• HOA: −$662
• Vacancy / Maint / Mgmt: −$719
• Net cashflow: $-449

Break-even live

Break-even rent $3,994

Max offer price $320,677

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5574 Royal Lake Cir Boynton Beach, FL	3.0	2.0	1658	$5,000	$3.02	14d	1	0.07mi
13921 Royal Palm Ct Unit D Delray Beach, FL	2.0	2.0	1205	$4,000	$3.32	7d	1	0.16mi
5850 Sugar Palm Ct Delray Beach, FL	2.0	2.0	1198	$3,300	$2.75	24d	1	0.21mi
12932 Anthorne Ln Boynton Beach, FL	4.0	3.5	2008	$3,750	$1.87	20d	1	0.24mi
13817 Royal Palm Ct Unit B Delray Beach, FL	2.0	2.0	1205	$3,200	$2.66	24d	1	0.25mi
12547 Imperial Isle Dr Boynton Beach, FL	2.0–3.0	2.0	1500	$4,500	$3.00	24d	2	0.36mi
5952 Regal Glen Dr #103 Boynton Beach, FL	3.0	2.0	1813	$2,550	$1.41	24d	1	0.37mi
12654 Via Ravenna Boynton Beach, FL	3.0	2.0	1729	$3,500	$2.02	24d	1	0.40mi
13431 Amber Waves Ave Delray Beach, FL	2.0	2.0	1390	$3,500	$2.52	24d	1	0.46mi
13255 Royale Sabal Ct Delray Beach, FL	3.0	2.5	1618	$4,300	$2.66	24d	1	0.47mi
5449 Grande Palm Cir Delray Beach, FL	3.0	2.5	1618	$4,000	$2.47	24d	1	0.48mi
5449 Grande Palm Cir Delray Beach, FL	3.0	2.5	1618	$4,000	$2.47	17d	1	0.48mi
13283 Pineapple Palm Ct Unit F Delray Beach, FL	2.0	2.0	1198	$2,100	$1.75	24d	1	0.52mi
13283 Pineapple Palm Ct Unit F Delray Beach, FL	2.0	2.0	1198	$2,100	$1.75	7d	1	0.52mi
5335 Vernio Ln Boynton Beach, FL	3.0	2.0	1798	$3,700	$2.06	24d	1	0.52mi
13759 Date Palm Ct Unit A Delray Beach, FL	2.0	2.0	1247	$3,500	$2.81	24d	1	0.55mi
5655 Via Delray Delray Beach, FL	2.0	2.0	1205	$2,200	$1.83	24d	1	0.58mi
12390 Summer Springs Dr Boynton Beach, FL	3.0	2.0	1861	$3,300	$1.77	24d	1	0.61mi
5675 Queen Palm Ct Delray Beach, FL	2.0	2.0	1200	$2,600	$2.17	24d	1	0.62mi
5908 Via Delray Blvd Delray Beach, FL	2.0	2.0	1221	$2,000	$1.64	24d	1	0.62mi
13297 Via Vulcanus Unit B Delray Beach, FL	2.0	2.0	1527	$3,000	$1.96	7d	1	0.63mi
5260 Grande Palm Cir Delray Beach, FL	3.0	2.0	1464	$2,800	$1.91	24d	1	0.64mi
12299 Forest Greens Dr Boynton Beach, FL	2.0	2.0	1310	$2,450	$1.87	17d	1	0.65mi
5462 Via Delray #123 Delray Beach, FL	2.0	2.0	1200	$2,700	$2.25	20d	1	0.69mi
13653 Jubilee Ln Delray Beach, FL	3.0	2.0	1305	$3,450	$2.64	13d	1	0.71mi
13413 Via Vesta Unit A Delray Beach, FL	4.0	2.0	1196	$2,100	$1.76	16d	1	0.76mi
13419 Noble Dr Delray Beach, FL	2.0	2.0	1410	$3,600	$2.55	17d	1	0.77mi
13657 Night Sky Pl Delray Beach, FL	2.0	2.0	1319	$3,200	$2.43	7d	1	0.81mi
12118 Country Greens Blvd Boynton Beach, FL	3.0	2.0	1566	$3,000	$1.92	10d	1	0.82mi
1418 W Wickham Cir Unit B Delray Beach, FL	3.0	2.5	1316	$3,200	$2.43	17d	1	0.83mi
13731 Flora Pl Unit A Delray Beach, FL	2.0	2.0	1097	$1,850	$1.69	24d	1	0.84mi
13721 Flora Pl Unit D Delray Beach, FL	2.0	2.0	1097	$1,900	$1.73	5d	1	0.84mi
13721 Flora Pl Unit D Delray Beach, FL	2.0	2.0	1097	$1,850	$1.69	24d	1	0.84mi
5675 Northpointe Ln Boynton Beach, FL	2.0	2.5	1163	$2,950	$2.54	24d	1	0.85mi
5675 Northpointe Ln Boynton Beach, FL	2.0	2.0	1163	$3,000	$2.58	2d	1	0.85mi
5694 Northpointe Ln Boynton Beach, FL	2.0	2.0	1125	$2,825	$2.51	7d	1	0.86mi
5734 Northpointe Ln Boynton Beach, FL	2.0	2.0	1125	$2,600	$2.31	3d	1	0.88mi
5734 Northpointe Ln Boynton Beach, FL	2.0	2.0	1125	$2,750	$2.44	15d	1	0.88mi
13787 Flora Pl Unit A Delray Beach, FL	2.0	2.0	1097	$2,500	$2.28	24d	1	0.90mi
5200 Privet Pl Unit C Delray Beach, FL	2.0	2.0	1457	$1,850	$1.27	24d	1	0.90mi

HOA detail

• Monthly dues: $662 · $7,944/yr
• Likely covers: water

Listing history 7 events

1. 2026-06-18
   days on market $400,000 Active 10 DOM
2. 2026-06-17
   days on market $400,000 Active 9 DOM
3. 2026-06-16
   days on market $400,000 Active 8 DOM
4. 2026-06-15
   days on market $400,000 Active 7 DOM
5. 2026-06-13
   days on market $400,000 Active 5 DOM
6. 2026-06-08
   remarks 695-char remark
7. 2026-06-08
   listed $400,000 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: $2,744 · $229/mo
• Projected year-2 tax: $3,320 · $277/mo
• Expected delta: +$576/yr (+$48/mo · 21.0%)

ⓘ 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 ≥106°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,103
• − Mortgage interest: −$22,406
• − Property taxes: −$2,744
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,288
• − Management: −$3,288
• − HOA: −$7,944
• − Depreciation: −$11,636
• Taxable loss: −$12,204
• Est. tax savings @ 24.0%: +$2,929
• After-tax cash flow: $-2,459/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): 37,229
• Household income: $80,710
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 902.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 13% Hispanic / Latino 12% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1% Dominican 1%
• Common ancestry: Scotch-Irish 8% Romanian 8% Hispanic 6%
• Foreign-born: 18% · Canada, Jamaica, Vietnam
• Languages at home: 78% English-only · Spanish 10% French/Haitian/Cajun 6% 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: ▼ -0.24%
• Current HPI: 257.5891
• Rent YoY: ▲ 1.28%
• 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

+111.6% since first listed

6 events — show timeline

• 2026-06-05 Listed $400,000 MARMLS
• 2003-10-07 Sold (Public Records) $185,000 Public Records
• 2002-10-01 Sold (Public Records) $170,000 Public Records
• 2002-09-24 Sold (MLS) $170,000 Beaches MLS
• 2002-06-11 Listing Removed — Beaches MLS
• 2002-06-06 Listed $189,000 Beaches MLS

Property tax history

+0.9%/yr

Latest (2025): $2,744 · +3.4% YoY. Source: county tax records.