1030 Silk Oak Ter #101 · Delray Beach, FL 33445

$139,500

2 bd · 2.0 ba · 1,167 sqft · Condo public records · 46 Days on market

Built 1975 $623/mo HOA · 28% of rent

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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 +17.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

PINES OF DELRAY. Best value around for a FIRST FLOOR CORNER 2 bedroom - 2 full bath condominium spanning 1167 square feet under air; QUIET park-like setting in the backyard and the sought after east exposure; 17 foot long eat-in kitchen including a stack washer-dryer; 29 foot long living room/dining area; white tiled kitchen and hallway; "covered" open front patio for your year-round usage; needs some updating and some enhancements; 55+ community- where at least one occupant must be 55+ and co-occupants 18+; $623/month maintenance fee includes water, fiber optic cable, in-unit WIFI, fully funded reserves at apx 15% and usage of 2 clubhouses - 2 heated pools - fitness room - pic

Key facts

• Heated pools
• Open front patio
• Corner unit

Tags

• CORNER UNIT
• EAT-IN KITCHEN
• OPEN FRONT PATIO
• QUIET PARK-LIKE SETTING
• HEATED POOLS
• FITNESS ROOM

Property features AI

Finance

• Financial info: Pets allowed (cats only, number limits apply); Community has 684 units
• HOA & community: HOA exists (Pines of Delray Association); Monthly HOA fee; Association amenities include: billiard room, clubhouse, fitness center, game room, management, picnic area, parking, pool (heated), sauna, shuffleboard court, tennis courts, bocce ball, community room, internet included, kitchen facilities, maintained community, pickleball courts, putting green, street lights, recreation facilities; HOA fee covers cable TV, insurance, internet, grounds maintenance, structure maintenance, sewer, trash, water, common areas, legal/accounting, reserve funds, roof repairs, and recreation facilities

Exterior

• Parking: Assigned parking; Guest parking; 1 open parking space
• Security: Manager on site
• Utilities: Public water; Public sewer; 100 amp electric service; Cable connected; Electricity connected; Water connected; Sewer connected
• Home design: Condominium, one level; First-floor corner unit; Faces west; Resale condition; Part of Pines of Delray - Building 22
• Construction: CBS / concrete block with stucco construction; Composition and fiberglass roof with wood truss/rafter; Slab foundation; Built as part of a multi-building community
• Exterior features: Covered patio; Patio

Interior

• Kitchen: Disposal; Dishwasher; Electric range
• Bedrooms: 2 bedrooms (main level)
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating (heat pump, individual); Central air conditioning (electric, individual); Paddle fans; Reverse cycle
• Interior features: Walk-in closets; Split bedroom layout; Drapes
• Laundry & utility: Inside laundry located in the kitchen; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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 (+1.8%/yr); 354 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).
• This rent runs 34% of the median local income ($78k/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 $964 of loan paydown is wiped out by about $4k 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

• It's been on market 46 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,315 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.60% ✓
• Cap rate: 7.17%
• Cash-on-cash: 3.13%
• DSCR: 1.14
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.83% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.53×
• Total profit: $-18,256
• Equity at exit: $20,800

10-year hold

• IRR: -7.0%
• Equity multiple: 0.59×
• Total profit: $-16,072
• Equity at exit: $12,061

Cash invested: $39,060 (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 33445

• Rents YoY: 1.8%
• Active inventory: 354
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,227 high
• Mortgage (P&I): −$732
• Tax from tax record: −$245 /mo · $2,943/yr
• Insurance: −$58
• HOA: −$623
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $102

Break-even live

Break-even rent $2,099

Max offer price $139,500

Occupancy floor 90%

Sensitivity live

Price	-10% $181	-5% $141	+0% $102	+5% $62	+10% $23
Rent	-10% $-74	-5% $14	+0% $102	+5% $190	+10% $278
Rate	-1.0pp $172	-0.5pp $137	base $102	+0.5pp $66	+1.0pp $29

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: $34,875
• Closing costs: $4,185
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1020 Silk Oak Ter #104 Delray Beach, FL	2.0	2.0	1167	$2,500	$2.14	25d	1	0.03mi
2520 Pansy Ln Unit D Delray Beach, FL	2.0	2.0	1167	$2,150	$1.84	25d	1	0.09mi
2521 Pansey Ln Unit 7A Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	25d	1	0.10mi
2480 Juniper Dr #204 Delray Beach, FL	2.0	2.0	1167	$1,750	$1.50	25d	1	0.11mi
2480 Juniper Dr #203 Delray Beach, FL	2.0	2.0	1167	$1,900	$1.63	25d	1	0.11mi
2403 Lowson Blvd Unit C Delray Beach, FL	1.0	1.5	821	$1,650	$2.01	22d	1	0.13mi
2403 Lowson Blvd Unit D Delray Beach, FL	2.0	2.0	1020	$2,200	$2.16	25d	1	0.13mi
2381 Papaya Dr Unit C Delray Beach, FL	2.0	2.0	1100	$1,795	$1.63	8d	1	0.14mi
2381 Papaya Dr Unit 92C Delray Beach, FL	2.0	2.0	1100	$1,795	$1.63	25d	1	0.14mi
1100 Boxwood Dr #101 Delray Beach, FL	2.0	2.0	1167	$1,800	$1.54	15d	1	0.14mi
1021 Flame Vine Ave Delray Beach, FL	2.0	2.0	1167	$1,750	$1.50	25d	1	0.15mi
1001 Flame Vine Ave #202 Delray Beach, FL	2.0	2.0	1167	$2,800	$2.40	25d	1	0.15mi
1060 Homewood Blvd Unit J102 Delray Beach, FL	2.0	2.0	1247	$2,450	$1.96	21d	1	0.18mi
1120 Homewood Blvd Unit G204 Delray Beach, FL	2.0	2.0	1247	$2,550	$2.04	20d	1	0.18mi
1101 Cactus Ter #203 Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	18d	1	0.22mi
1130 Cactus Ter Unit 45C Delray Beach, FL	2.0	1.5	982	$2,000	$2.04	25d	1	0.25mi
2731 Knight Ln Delray Beach, FL	2.0	2.0	1050	$2,650	$2.52	25d	1	0.27mi
2500 Fiore Way Delray Beach, FL	1.0–2.0	1.5–2.0	874	$2,150	$2.46	18d	2	0.27mi
1121 Cactus Ter #202 Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	25d	1	0.27mi
2500 Fiore Way #1110 Delray Beach, FL	2.0	2.0	1023	$1,850	$1.81	25d	1	0.27mi
1140 Mahogany Way #204 Delray Beach, FL	2.0	2.0	1167	$2,700	$2.31	25d	1	0.28mi
2500 Fiore Way #109 Delray Beach, FL	1.0	1.5	825	$2,150	$2.61	12d	1	0.28mi
2600 Fiore Way #2140 Delray Beach, FL	2.0	2.0	1023	$2,175	$2.13	4d	1	0.31mi
2715 Ponce de Leon Blvd Delray Beach, FL	2.0	1.0	1000	$2,200	$2.20	25d	1	0.32mi
1141 Calamondin Ter #203 Delray Beach, FL	2.0	2.0	1167	$1,700	$1.46	25d	1	0.32mi
2733 Zorno Way Delray Beach, FL	2.0	2.0	1245	$2,950	$2.37	20d	1	0.32mi
2700 Fiore Way #2020 Delray Beach, FL	2.0	2.0	1023	$2,500	$2.44	6d	1	0.33mi
2835 SW 13th St #201 Delray Beach, FL	2.0	2.0	1144	$1,975	$1.73	19d	1	0.35mi
2450 Black Olive Blvd Unit A Delray Beach, FL	2.0	2.0	1167	$1,950	$1.67	15d	1	0.35mi
2450 Black Olive Blvd Unit A Delray Beach, FL	2.0	2.0	1167	$1,950	$1.67	25d	1	0.35mi
2730 SW 13th St #203 Delray Beach, FL	2.0	2.0	1084	$2,200	$2.03	25d	1	0.36mi
2109 Catherine Dr #4 Delray Beach, FL	2.0	1.0	842	$1,950	$2.32	22d	1	0.37mi
2520 Black Olive Blvd #203 Delray Beach, FL	2.0	2.0	1167	$1,799	$1.54	4d	1	0.37mi
2520 Black Olive Blvd #203 Delray Beach, FL	2.0	2.0	1167	$1,799	$1.54	25d	1	0.37mi
2201 Catherine Dr Unit 3 Delray Beach, FL	2.0	1.0	876	$2,100	$2.40	25d	1	0.38mi
1511 Ilene Ct #4 Delray Beach, FL	2.0	1.0	844	$1,950	$2.31	25d	1	0.41mi
2828 Casita Way Delray Beach, FL	2.0	2.0	1023	$2,248	$2.20	25d	2	0.41mi
2828 Casita Way #214 Delray Beach, FL	2.0	2.0	1023	$2,300	$2.25	16d	1	0.41mi
2900 Fiore Way #2110 Delray Beach, FL	2.0	2.0	1023	$2,385	$2.33	4d	1	0.42mi
2828 Casita Way #1020 Delray Beach, FL	2.0	2.0	1023	$2,000	$1.96	21d	1	0.42mi

HOA detail condo

• Monthly dues: $623 · $7,476/yr
• Likely covers: waterinternetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $139,500 Active 46 DOM
2. 2026-06-17
   days on market $139,500 Active 45 DOM
3. 2026-06-16
   days on market $139,500 Active 44 DOM
4. 2026-06-15
   days on market $139,500 Active 43 DOM
5. 2026-06-13
   days on market $139,500 Active 41 DOM
6. 2026-06-09
   days on market $139,500 Active 37 DOM
7. 2026-06-08
   days on market $139,500 Active 36 DOM
8. 2026-06-07
   days on market $139,500 Active 35 DOM
9. 2026-06-04
   days on market $139,500 Active 32 DOM
10. 2026-06-03
    days on market $139,500 Active 31 DOM
11. 2026-06-02
    days on market $139,500 Active 30 DOM
12. 2026-06-01
    days on market $139,500 Active 29 DOM
13. 2026-05-31
    days on market $139,500 Active 28 DOM
14. 2026-05-02
    listed $139,500 Active
15. 2005-12-14
    soldstatus $100,000
16. 1994-12-19
    soldstatus $37,500
17. 1984-01-01
    soldstatus $53,000

ⓘ 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: $2,943 · $245/mo
• Projected year-2 tax: $2,943 · $245/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 10/10 Extreme 7 d/yr ≥105°F today · 28 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,729
• − Mortgage interest: −$7,814
• − Property taxes: −$2,943
• − Insurance: −$698
• − Repairs & maintenance: −$2,138
• − Management: −$2,138
• − HOA: −$7,476
• − Depreciation: −$4,058
• Taxable loss: −$536
• Est. tax savings @ 24.0%: +$129
• After-tax cash flow: $1,350/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

• Census place: Delray Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 123,167
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,122
• Household income: $78,163
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1649.0

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 0.62)
• Race & ethnicity: White 55% Black 24% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Hispanic 14% Romanian 3% Scotch-Irish 3%
• Foreign-born: 27% · Canada, Jamaica, Dominican Republic
• Languages at home: 66% English-only · French/Haitian/Cajun 18% Spanish 9% Other Indo-European 4%

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: ▼ -258.16%
• Current HPI: 349.5505
• Rent YoY: ▲ 1.83%
• 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

+163.2% since first listed

4 events — show timeline

• 2026-05-02 Listed $139,500 Beaches MLS
• 2005-12-14 Sold (Public Records) $100,000 Public Records
• 1994-12-19 Sold (Public Records) $37,500 Public Records
• 1984-01-01 Sold (Public Records) $53,000 Public Records

Property tax history

+7.0%/yr

Latest (2025): $2,943 · +8.9% YoY. Source: county tax records.