15500 Lakes Of Delray Blvd #207 · Delray Beach, FL 33484

$111,777

2 bd · 1.0 ba · 940 sqft · Condo public records · 83 Days on market

Built 1985 $714/mo HOA · 31% of rent

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Why this score? — see what drove the B 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 +28.6/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this bright & spacious corner 2/1 condo on 2nd floor in a gated Lakes of Delray. Plenty of natural light & peaceful canal view. Features vaulted ceilings, crown molding, tile flooring, carpet in bedrooms, spacious primary suite includes a walk-in closet. A/C (2022) WH (2025), providing peace of mind for years to come. Large screened balcony overlooking the canal—perfect for morning coffee/evening relaxation. Washer & dryer is on the balcony. Ideally situated close to the main gate. Community features resort-style amenities: Pool, Billiards, Bocce Ball, Clubhouse, Fitness Center, Sauna, Library, Pickleball, Shuffleboard. Minutes to the beach, Downtown Delra

Key facts

• Canal view
• Walk-in closet
• Screened balcony

Tags

• CANAL VIEW
• VAULTED CEILINGS
• CROWN MOLDING
• WALK-IN CLOSET
• SCREENED BALCONY
• RESORT-STYLE AMENITIES

Property features AI

Finance

• Financial info: Lease considered; Pets not allowed
• HOA & community: Monthly association fee; Association fee includes amenities, common areas, cable TV, insurance, legal/accounting, grounds maintenance, structure maintenance, parking, pool(s), reserve fund, security, and trash; Association amenities: billiard room, clubhouse, library, pool, shuffleboard court, sauna, spa/hot tub, tennis courts, trails; Senior community

Exterior

• Parking: Assigned parking; Guest parking
• Security: Security guard
• Utilities: Cable available
• Home design: Attached property; Two-story building with entry on the 2nd level; Entry location on 2nd level
• Construction: Block construction; Resale property
• Exterior features: Balcony; Screened balcony; Wall fencing; Exterior lighting; Canal-front waterfront; Association pool; Has view; Faces north

Interior

• Kitchen: Dishwasher; Electric range; Disposal; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Blinds; Breakfast bar; Dining area; Separate/formal dining room; Entrance foyer; Main living area on entry level; Second floor entry; Stacked bedrooms; Tub with shower; Vaulted ceilings; Walk-in closets; Unfurnished
• Laundry & utility: Washer; Dryer; Utility / laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $112k.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $112k).
• Recommended offer: $105k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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.
• 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 44% 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 $773 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.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 24y ago; this cycle's ask is 7111% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $77k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 31% 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 $105,070 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.03% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.12%
• DSCR: 1.63
• GRM: 4.1

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: 7.0%
• Equity multiple: 1.28×
• Total profit: $8,737
• Equity at exit: $16,666

10-year hold

• IRR: 18.2%
• Equity multiple: 2.66×
• Total profit: $52,062
• Equity at exit: $9,664

Cash invested: $31,298 (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: 4.1×

Monthly cashflow live

• Estimated rent: $2,273 high
• Mortgage (P&I): −$586
• Tax from tax record: −$81 /mo · $968/yr
• Insurance: −$47
• HOA: −$714
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $368

Break-even live

Break-even rent $1,807

Max offer price $111,777

Occupancy floor 79%

Sensitivity live

Price	-10% $431	-5% $400	+0% $368	+5% $337	+10% $305
Rent	-10% $189	-5% $278	+0% $368	+5% $458	+10% $548
Rate	-1.0pp $424	-0.5pp $397	base $368	+0.5pp $339	+1.0pp $310

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: $27,944
• Closing costs: $3,353
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15469 Lakes of Delray Blvd #102 Delray Beach, FL	2.0	2.0	976	$3,000	$3.07	25d	1	0.12mi
15449 Lakes of Delray Blvd #207 Delray Beach, FL	2.0	2.0	976	$2,950	$3.02	25d	1	0.13mi
15072 Ashland Pl #132 Delray Beach, FL	2.0	2.0	1100	$2,100	$1.91	20d	1	0.18mi
5600 Atlantic Ave Delray Beach, FL	1.0–3.0	1.0–3.0	1147	$2,997	$2.61	0d	31	0.21mi
15108 Ashland Dr #215 Delray Beach, FL	2.0	2.0	900	$2,000	$2.22	25d	1	0.24mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	25d	1	0.25mi
5884 Morningstar Cir #306 Delray Beach, FL	2.0	2.0	1113	$2,200	$1.98	25d	1	0.25mi
5910 Morningstar Cir #202 Delray Beach, FL	2.0	2.0	1120	$2,200	$1.96	25d	1	0.28mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	19d	1	0.32mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.49mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.49mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.51mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.52mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.54mi
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	8d	1	0.58mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.58mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	25d	1	0.59mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.59mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	25d	1	0.60mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	25d	1	0.60mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	25d	1	0.60mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	8d	1	0.60mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	4d	1	0.60mi
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	25d	1	0.61mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.61mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	15d	1	0.61mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	25d	1	0.61mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.61mi
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	11d	1	0.61mi
70 Normandy B Delray Beach, FL	2.0	2.0	907	$1,695	$1.87	25d	1	0.61mi
226 Normandy E Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.61mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	12d	1	0.61mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	5d	1	0.61mi
816 Normandy Q Delray Beach, FL	1.0	1.5	760	$1,475	$1.94	3d	1	0.61mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	22d	1	0.61mi
864 Normandy Ln Unit 864 Delray Beach, FL	1.0	1.5	760	$1,750	$2.30	25d	1	0.61mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.61mi
705 Normandy Ln Unit 705 Delray Beach, FL	2.0	2.0	907	$2,600	$2.87	25d	1	0.61mi
137 Normandy Ln Unit 137 Delray Beach, FL	2.0	2.0	906	$1,895	$2.09	25d	1	0.61mi
900 Normandy S Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	25d	1	0.61mi

HOA detail condo

• Monthly dues: $714 · $8,568/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-09
   days on market $111,777 Active 83 DOM
2. 2026-06-08
   days on market $111,777 Active 82 DOM
3. 2026-06-07
   days on market $111,777 Active 81 DOM
4. 2026-06-04
   days on market $111,777 Active 78 DOM
5. 2026-06-03
   days on market $111,777 Active 77 DOM
6. 2026-06-02
   days on market $111,777 Active 76 DOM
7. 2026-06-01
   days on market $111,777 Active 75 DOM
8. 2026-05-31
   days on market $111,777 Active 74 DOM
9. 2026-05-11
   historical $1,550
10. 2026-03-21
    listed $1,550
11. 2026-02-23
    historical
12. 2026-02-05
    listed $111,777 Active
13. 2026-02-05
    listed $111,777 Active
14. 2026-02-01
    historical $1,800
15. 2026-02-01
    historical
16. 2025-05-13
    price $129,900
17. 2025-05-13
    status Active
18. 2025-05-12
    status Pending
19. 2025-04-18
    listed $1,800
20. 2025-03-03
    price $135,000
21. 2024-12-07
    listed $150,000 Active
22. 2017-02-10
    soldstatus $77,000
23. 2017-01-31
    soldstatus $77,000 Closed
24. 2016-12-29
    historical Contingent
25. 2016-12-13
    price $82,400
26. 2016-11-22
    listed $89,444 Active
27. 2003-05-19
    soldstatus $65,000
28. 2003-05-14
    soldstatus $65,000
29. 2003-04-08
    historical
30. 2003-01-29
    listed $69,000
31. 2002-11-05
    soldstatus $39,000
32. 2002-10-31
    soldstatus $39,000
33. 2002-08-21
    listed $45,000

ⓘ 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: $968 · $81/mo
• Projected year-2 tax: $968 · $81/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 ≥106°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,275
• − Mortgage interest: −$6,261
• − Property taxes: −$968
• − Insurance: −$559
• − Repairs & maintenance: −$2,182
• − Management: −$2,182
• − HOA: −$8,568
• − Depreciation: −$3,252
• Taxable income: $3,303
• Est. tax owed @ 24.0%: −$793
• After-tax cash flow: $3,625/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

-96.6% since first listed

25 events — show timeline

• 2026-05-11 Rental Removed $1,550 MARMLS
• 2026-03-21 Listed for Rent $1,550 MARMLS
• 2026-02-23 Listing Removed — Beaches MLS
• 2026-02-05 Listed $111,777 MARMLS
• 2026-02-05 Listed $111,777 Beaches MLS
• 2026-02-01 Rental Removed $1,800 GFLMLS
• 2026-02-01 Listing Removed — Beaches MLS
• 2025-05-13 Price Changed $129,900 Beaches MLS
• 2025-05-13 Relisted — Beaches MLS
• 2025-05-12 Pending — Beaches MLS
• 2025-04-18 Listed for Rent $1,800 GFLMLS
• 2025-03-03 Price Changed $135,000 Beaches MLS
• 2024-12-07 Listed $150,000 Beaches MLS
• 2017-02-10 Sold (Public Records) $77,000 Public Records
• 2017-01-31 Sold (MLS) $77,000 Beaches MLS
• 2016-12-29 Contingent — Beaches MLS
• 2016-12-13 Price Changed $82,400 Beaches MLS
• 2016-11-22 Listed $89,444 Beaches MLS
• 2003-05-19 Sold (Public Records) $65,000 Public Records
• 2003-05-14 Sold (MLS) $65,000 Beaches MLS
• 2003-04-08 Listing Removed — Beaches MLS
• 2003-01-29 Listed $69,000 Beaches MLS
• 2002-11-05 Sold (Public Records) $39,000 Public Records
• 2002-10-31 Sold (MLS) $39,000 Beaches MLS
• 2002-08-21 Listed $45,000 Beaches MLS

Property tax history

+11.0%/yr

Latest (2025): $968 · +4.3% YoY. Source: county tax records.