172 Waterford Way #172 · Delray Beach, FL 33446

$110,000

2 bd · 2.0 ba · 880 sqft · SingleFamily · 80 Days on market

Built 1973 Good condition $753/mo HOA · 40% of rent ↓ 8% 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 +11.7/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• DSCR +3.4/10.0
• Rent growth +2.6/5.0

Listing remarks

This villa located in very active 55+comunity Kings Point, 1st floor unit. This is 2/2 unit with nice ceramic tile floor, lighting updates. washer and dryer at the sreened patio. Great community with many amenities owned shutels, 3 clubhouses, indoor and outdoor pools, gym, bistro, theaher with many shows and concerts. Convenient location, close to beaches , restaurant, entertainment. Unit have complete hurricane shutters. l

Key facts

• Screened patio
• 3 clubhouses
• Hurricane shutters

Tags

• CERAMIC TILE FLOOR
• SCREENED PATIO
• HURRICANE SHUTTERS
• INDOOR AND OUTDOOR POOLS
• 3 CLUBHOUSES
• GYM

Property features AI

Finance

• Other: Directions: From I-95 to Atlantic Ave west, pass Jog Rd, community on the left
• Financial info: Pets not allowed; Senior community
• HOA & community: Part of Waterford Condominium Association (Kings Point); Monthly HOA fee (includes cable TV, grounds & structure maintenance, security, trash, common areas, reserves, roof repairs, pool service); Association amenities: basketball, billiard room, fitness center, golf course, game room, indoor pool, parking, pool, sauna, shuffleboard, spa/hot tub, tennis, courtesy bus, pickleball, sidewalks, gated community security

Exterior

• Parking: Assigned parking; Guest parking; Total of 1 parking space
• Security: Gated community with guard; Security system
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Water available
• Home design: Villa; Single-story; Updated/remodeled; Faces west; West of US-1
• Construction: Stucco and CBS construction; Concrete and mansard roof; Appraiser-sourced building area
• Exterior features: Paved road frontage; Not waterfront; Other detached structures

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Tankless water heater
• Bedrooms: One main-level bedroom
• Flooring: Ceramic tile / tile; Tile
• Bathrooms: Two full bathrooms (one on the main level)
• Heating & cooling: Central electric heating; Central building cooling
• Interior features: Walk-in closets; Shutters; Partially furnished
• Laundry & utility: Inside laundry with laundry tub

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-33 ($-397/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (4.4% below list).
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 5.9% 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.
• Market conditions: Rents flat; 577 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).

Forward outlook

• In year one you build about $2k of equity ($761 loan paydown + $755 appreciation (0.7% local appreciation)).
• 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 80 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,400 (6.0% 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 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — 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: 1.70% ✓
• Cap rate: 5.93%
• Cash-on-cash: -1.29%
• DSCR: 0.94
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.69% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.81×
• Total profit: $-5,815
• Equity at exit: $35,770

10-year hold

• IRR: -1.5%
• Equity multiple: 0.84×
• Total profit: $-5,042
• Equity at exit: $46,187

Cash invested: $30,800 (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 33446

• Home prices YoY: 0.3%
• Rents YoY: 0.5%
• Active inventory: 577
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,874 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$753
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $-33

Break-even live

Break-even rent $1,915

Max offer price $105,210

Occupancy floor 97%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 Waterford D Unit 102 Delray Beach, FL	1.0	1.5	720	$1,900	$2.64	24d	1	0.05mi
43 Waterford B Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	24d	1	0.06mi
148 Waterford D Unit 148 Delray Beach, FL	2.0	2.0	883	$1,900	$2.15	17d	1	0.06mi
213 Waterford I Delray Beach, FL	2.0	2.0	880	$1,600	$1.82	24d	1	0.09mi
163 Tuscany C Unit C Delray Beach, FL	1.0	1.5	720	$1,300	$1.81	15d	1	0.18mi
92 Seville Blvd Delray Beach, FL	2.0	2.0	880	$1,895	$2.15	24d	1	0.21mi
242 Seville K Unit 242 Delray Beach, FL	1.0	1.5	720	$1,380	$1.92	24d	1	0.23mi
28 Seville B Delray Beach, FL	2.0	2.0	883	$1,950	$2.21	11d	1	0.25mi
154 Seville G Delray Beach, FL	1.0	1.0	720	$1,490	$2.07	15d	1	0.26mi
189 Seville Ter Unit 189 Delray Beach, FL	2.0	2.0	880	$1,900	$2.16	24d	1	0.28mi
318 Seville N #318 Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.28mi
126 Seville E Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	18d	1	0.28mi
322 Seville N Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.31mi
564 Brittany L Delray Beach, FL	2.0	2.5	880	$1,800	$2.05	24d	1	0.33mi
419 Brittany I Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	24d	1	0.33mi
233 Brittany F Unit F Delray Beach, FL	2.0	2.0	988	$1,600	$1.62	24d	1	0.33mi
270 Brittany F Unit F Delray Beach, FL	1.0	1.5	720	$1,600	$2.22	7d	1	0.33mi
292 Brittany Ave #292 Delray Beach, FL	2.0	2.0	880	$1,700	$1.93	4d	1	0.33mi
233 Brittany F Unit F Delray Beach, FL	2.0	2.0	988	$1,600	$1.62	7d	1	0.33mi
537 Brittany K Unit 537 Delray Beach, FL	2.0	2.0	880	$1,700	$1.93	24d	1	0.33mi
260 Brittany F Unit F Delray Beach, FL	2.0	2.0	880	$1,600	$1.82	2d	1	0.33mi
568 Brittany L Delray Beach, FL	2.0	2.0	883	$1,950	$2.21	24d	1	0.33mi
159 Brittany Ter Unit 159 Delray Beach, FL	1.0	1.5	720	$1,795	$2.49	17d	1	0.33mi
185 Valencia H Delray Beach, FL	2.0	2.0	883	$1,700	$1.93	24d	1	0.35mi
175 Valencia H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	7d	1	0.35mi
15155 Michelangelo Blvd Delray Beach, FL	2.0	2.0	1079	$2,288	$2.12	7d	2	0.35mi
15155 Michelangelo Blvd #106 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	20d	1	0.35mi
15155 Michelangelo Blvd #106 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	24d	1	0.35mi
233 Brittany Dr Unit 233 Delray Beach, FL	2.0	2.0	988	$1,700	$1.72	24d	1	0.36mi
417 Brittany Dr #417 Delray Beach, FL	2.0	2.0	880	$1,750	$1.99	20d	1	0.36mi
195 Monaco E Delray Beach, FL	1.0	1.5	728	$1,550	$2.13	24d	1	0.38mi
153 Monaco D Delray Beach, FL	2.0	2.0	880	$1,750	$1.99	17d	1	0.40mi
58 Monaco Blvd Unit 58 Delray Beach, FL	1.0	1.5	720	$1,650	$2.29	24d	1	0.43mi
72 Monaco Blvd Unit 72 Delray Beach, FL	2.0	2.0	880	$1,950	$2.22	22d	1	0.43mi
276 Monaco F Delray Beach, FL	2.0	2.0	883	$1,650	$1.87	24d	1	0.43mi
286 Monaco F Delray Beach, FL	1.0	2.0	726	$1,700	$2.34	24d	1	0.43mi
318 Monaco G Delray Beach, FL	2.0	2.0	907	$2,200	$2.43	24d	1	0.43mi
581 Monaco Blvd Unit 581 Delray Beach, FL	2.0	2.0	880	$2,000	$2.27	24d	1	0.43mi
711 Monaco O Delray Beach, FL	1.0	1.5	720	$1,550	$2.15	24d	1	0.43mi
459 Monaco Blvd Unit 459 Delray Beach, FL	1.0	1.5	720	$1,500	$2.08	20d	1	0.43mi

HOA detail

• Monthly dues: $753 · $9,036/yr
• Likely covers: poolgym

Listing history 8 events

1. 2026-06-07
   statusdays on market $110,000 Pending 80 DOM
2. 2026-06-04
   days on market $110,000 Active 79 DOM
3. 2026-06-03
   days on market $110,000 Active 78 DOM
4. 2026-06-02
   days on market $110,000 Active 77 DOM
5. 2026-06-01
   days on market $110,000 Active 76 DOM
6. 2026-05-31
   days on market $110,000 Active 75 DOM
7. 2026-04-15
   price $115,000
8. 2026-03-15
   listed $125,500 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 9/10 Extreme 6 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,482
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,799
• − Management: −$1,799
• − HOA: −$9,036
• − Depreciation: −$3,200
• Taxable loss: −$1,713
• Est. tax savings @ 24.0%: +$411
• After-tax cash flow: $14/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 · 12 photos

Good 75/100 Cosmetic rehab

This home is in good condition with a good curb appeal and well-maintained interior. It has potential for further value increases through cosmetic updates and improvements to the HVAC system.

Value-add opportunities

• Both Paint the exterior and interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Replace the bathroom fixtures — Modern fixtures can improve the home's resale and rental value.
• Both Install new flooring in the kitchen and bathrooms — New flooring can significantly improve the home's appearance and value.
• Both Upgrade the HVAC system — A new HVAC system can improve comfort and energy efficiency, enhancing both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior and interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Replace the bathroom fixtures — Modern fixtures can improve the home's resale and rental value. ↑
• Both Install new flooring in the kitchen and bathrooms — New flooring can significantly improve the home's appearance and value. ↑
• Both Upgrade the HVAC system — A new HVAC system can improve comfort and energy efficiency, enhancing both resale and rental 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

• County: Palm Beach County · 1,438,312 people
• City population: 123,167
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 28,431
• Household income: $80,187
• Rent vs Own: 11.4% rent · 88.6% own
• Severe rent burden: 494.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 13% Two or more races 9% Black 4%
• Hispanic origin (detail): Puerto Rican 3% Dominican 1%
• Common ancestry: Romanian 9% Scotch-Irish 9% Italian 2%
• Foreign-born: 20% · Canada, Jamaica, Guatemala
• Languages at home: 80% English-only · Spanish 12% Other Indo-European 2% French/Haitian/Cajun 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: ▲ 0.69%
• Current HPI: 242.5138
• Rent YoY: ▲ 0.51%
• 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

-8.4% since first listed

2 events — show timeline

• 2026-04-15 Price Changed $115,000 Beaches MLS
• 2026-03-15 Listed $125,500 Beaches MLS