5749 Gemstone Ct #403 · Delray Beach, FL 33437

$269,900

3 bd · 2.0 ba · 1,795 sqft · Condo public records · 84 Days on market

Built 2001 $1153/mo HOA · 32% of rent

---

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 +11.9/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Appreciation +4.9/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0

Listing remarks

Penthouse 3BR/2BA condo with stunning lake views, offered fully furnished and move-in ready, located in a desirable 55+ community! This light and bright residence features a warm, cozy ambiance and a prime location close to the community entrance for easy access. Just a short walk to the satellite pool, pickleball and tennis courts, and directly across the street from the main clubhouse. Enjoy resort-style amenities including a spectacular outdoor pool, indoor pool, jacuzzi, state-of-the-art fitness center, on-site restaurant, theater, and so much more. Experience the best of active adult living in this beautifully maintained penthouse retreat! MOTIVATED SELLER!

Key facts

• Satellite pool
• Outdoor pool
• Main clubhouse

Tags

• LAKE VIEWS
• SATELLITE POOL
• PICKLEBALL COURTS
• TENNIS COURTS
• MAIN CLUBHOUSE
• OUTDOOR POOL

Property features AI

Finance

• HOA & community: Association: Coral Lakes - Coral Cove; Monthly HOA fee (paid monthly); HOA covers cable TV, insurance, grounds maintenance, common areas, elevator, and recreation facilities; Community amenities include clubhouse, fitness center, indoor pool, pool, sauna, billiard room, library, cafe/restaurant, tennis courts, pickleball courts, shuffleboard, street lights, and elevator(s); Senior community; Pets allowed (pet restrictions possible)

Exterior

• Parking: Covered detached carport; Guest parking; One covered/carport space (total parking: 1)
• Security: Gated community (no guard); Key card entry; Security system; Security fence; Smoke detectors; Fire alarm; Fire sprinkler system
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium; One level; Faces south; Accessible elevator installed; Resale unit; Located on fourth floor (penthouse in building 18)
• Construction: CBS construction; Tile roof; Four-story building
• Exterior features: Waterfront; Tile roof

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: One main-level bedroom
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Walk-in closets; Split bedroom layout; Closet cabinetry; Plantation shutters; Furnished
• Laundry & utility: Inside laundry closet with laundry tub

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $270k.

Deal economics

• At list price, monthly cash flow is $-71 ($-846/yr) — negative.
• To cash-flow at today's rent, offer at most $257k (4.6% below list).
• Meets the 1% rule at list price ($4k rent vs $270k).
• Recommended offer: $254k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.0% 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.
• Zoned schools: Hagen Road Elementary School (math 55% / reading 63%, grade B-, #722 of 2,144 statewide, top 34%, 773 students, 46% FRL); Atlantic High School (math 28% / reading 52%, grade F, #296 of 667 statewide, top 45%, 1,889 students, 59% FRL) — zoned schools at 53% FRL track the district average.
• 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 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).
• At $3,552/mo this rent would consume 53% 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 $1k of equity ($2k loan paydown + $-652 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.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $253,706 (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 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
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 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: 1.32% ✓
• Cap rate: 5.98%
• Cash-on-cash: -1.12%
• DSCR: 0.95
• GRM: 6.3

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: -6.1%
• Equity multiple: 0.72×
• Total profit: $-20,807
• Equity at exit: $75,125

10-year hold

• IRR: -1.8%
• Equity multiple: 0.83×
• Total profit: $-13,116
• Equity at exit: $87,752

Cash invested: $75,572 (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: 6.3×

Monthly cashflow live

• Estimated rent: $3,552 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$196 /mo · $2,347/yr
• Insurance: −$112
• HOA: −$1,153
• Vacancy / Maint / Mgmt: −$746
• Net cashflow: $-71

Break-even live

Break-even rent $3,641

Max offer price $257,442

Occupancy floor 97%

Sensitivity live

Price	-10% $82	-5% $6	+0% $-71	+5% $-147	+10% $-223
Rent	-10% $-351	-5% $-211	+0% $-71	+5% $70	+10% $210
Rate	-1.0pp $65	-0.5pp $-2	base $-71	+0.5pp $-140	+1.0pp $-212

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12547 Imperial Isle Dr Boynton Beach, FL	2.0–3.0	2.0	1500	$4,500	$3.00	25d	2	0.09mi
12390 Summer Springs Dr Boynton Beach, FL	3.0	2.0	1861	$3,300	$1.77	25d	1	0.28mi
5574 Royal Lake Cir Boynton Beach, FL	3.0	2.0	1658	$5,000	$3.02	15d	1	0.32mi
5952 Regal Glen Dr #103 Boynton Beach, FL	3.0	2.0	1813	$2,550	$1.41	25d	1	0.36mi
12299 Forest Greens Dr Boynton Beach, FL	2.0	2.0	1310	$2,450	$1.87	18d	1	0.36mi
5335 Vernio Ln Boynton Beach, FL	3.0	2.0	1798	$3,700	$2.06	25d	1	0.42mi
12654 Via Ravenna Boynton Beach, FL	3.0	2.0	1729	$3,500	$2.02	25d	1	0.48mi
12932 Anthorne Ln Boynton Beach, FL	4.0	3.5	2008	$3,750	$1.87	21d	1	0.52mi
12118 Country Greens Blvd Boynton Beach, FL	3.0	2.0	1566	$3,000	$1.92	11d	1	0.56mi
13297 Via Vulcanus Unit B Delray Beach, FL	2.0	2.0	1527	$3,000	$1.96	8d	1	0.73mi
13404 Brotherhood Way Delray Beach, FL	4.0	3.0	2509	$6,950	$2.77	22d	1	0.73mi
13431 Amber Waves Ave Delray Beach, FL	2.0	2.0	1390	$3,500	$2.52	25d	1	0.74mi
5750 Fairway Park Ct #101 Boynton Beach, FL	3.0	2.0	1426	$1,850	$1.30	25d	1	0.75mi
13255 Royale Sabal Ct Delray Beach, FL	3.0	2.5	1618	$4,300	$2.66	25d	1	0.79mi
5449 Grande Palm Cir Delray Beach, FL	3.0	2.5	1618	$4,000	$2.47	25d	1	0.80mi
5449 Grande Palm Cir Delray Beach, FL	3.0	2.5	1618	$4,000	$2.47	18d	1	0.80mi
13759 Date Palm Ct Unit A Delray Beach, FL	2.0	2.0	1247	$3,500	$2.81	25d	1	0.85mi
6599 Old Farm Trl #6599 Boynton Beach, FL	3.0	2.5	1441	$3,000	$2.08	25d	1	0.89mi
11690 Briarwood Cir Boynton Beach, FL	3.0	2.0	1952	$3,400	$1.74	25d	1	0.94mi
5260 Grande Palm Cir Delray Beach, FL	3.0	2.0	1464	$2,800	$1.91	25d	1	0.97mi
6633 Old Farm Trl Boynton Beach, FL	3.0	2.5	1441	$3,500	$2.43	25d	1	0.97mi
13653 Jubilee Ln Delray Beach, FL	3.0	2.0	1305	$3,450	$2.64	14d	1	0.99mi
13657 Night Sky Pl Delray Beach, FL	2.0	2.0	1319	$3,200	$2.43	8d	1	1.04mi
5256 Glenville Dr Boynton Beach, FL	3.0	2.0	2015	$5,000	$2.48	2d	1	1.07mi
13419 Noble Dr Delray Beach, FL	2.0	2.0	1410	$3,600	$2.55	18d	1	1.11mi
6685 Old Farm Trl Boynton Beach, FL	3.0	2.0	1361	$2,995	$2.20	25d	1	1.11mi
6038 Lasalle Rd Delray Beach, FL	2.0	2.0	1475	$2,100	$1.42	5d	1	1.11mi
11853 Fountainside Cir Boynton Beach, FL	3.0	3.5	2410	$3,800	$1.58	25d	1	1.15mi
1418 W Wickham Cir Unit B Delray Beach, FL	3.0	2.5	1316	$3,200	$2.43	18d	1	1.15mi
13776 Hero Path Delray Beach, FL	3.0	2.0	1319	$3,400	$2.58	25d	1	1.19mi
5570 Piping Rock Dr Boynton Beach, FL	2.0	2.0	1478	$2,850	$1.93	25d	1	1.20mi
5570 Piping Rock Dr Boynton Beach, FL	2.0	2.0	1478	$3,000	$2.03	0d	1	1.20mi
6725 Old Farm Trl Boynton Beach, FL	3.0	2.5	1441	$3,000	$2.08	21d	1	1.20mi
4574 Danson Way Delray Beach, FL	3.0	2.5	1654	$3,300	$2.00	25d	1	1.21mi
5200 Privet Pl Unit C Delray Beach, FL	2.0	2.0	1457	$1,850	$1.27	25d	1	1.23mi
20 Westgate Ln Unit 20G Boynton Beach, FL	2.0	2.0	1712	$7,990	$4.67	11d	1	1.33mi
1590 Verawood Ln Delray Beach, FL	3.0	2.5	2295	$4,400	$1.92	12d	1	1.36mi
5061 Nesting Way Unit D Delray Beach, FL	2.0	2.0	1255	$2,400	$1.91	25d	1	1.38mi
11211 S Military Trl Boynton Beach, FL	1.0–3.0	1.0–2.0	1033	$2,688	$2.60	0d	31	1.44mi
4311 N Magnolia Cir Delray Beach, FL	3.0	2.0	1705	$3,100	$1.82	25d	1	1.47mi

HOA detail condo

• Monthly dues: $1,153 · $13,836/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-01
   statusdays on market $269,900 Pending 84 DOM
2. 2026-05-31
   days on market $269,900 Active 83 DOM
3. 2026-05-08
   price $269,900
4. 2026-03-09
   listed $274,900 Active
5. 2025-05-31
   historical $3,000
6. 2025-05-17
   listed $3,000

ⓘ 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: $2,347 · $196/mo
• Projected year-2 tax: $2,347 · $196/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 · 25 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: $42,621
• − Mortgage interest: −$15,119
• − Property taxes: −$2,347
• − Insurance: −$1,350
• − Repairs & maintenance: −$3,410
• − Management: −$3,410
• − HOA: −$13,836
• − Depreciation: −$7,852
• Taxable loss: −$4,701
• Est. tax savings @ 24.0%: +$1,128
• After-tax cash flow: $282/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

+8896.7% since first listed

4 events — show timeline

• 2026-05-08 Price Changed $269,900 Beaches MLS
• 2026-03-09 Listed $274,900 Beaches MLS
• 2025-05-31 Rental Removed $3,000 GFLMLS
• 2025-05-17 Listed for Rent $3,000 GFLMLS

Property tax history

+0.9%/yr

Latest (2025): $2,347 · +3.4% YoY. Source: county tax records.