624 Flanders M · Delray Beach, FL 33484

$139,900

2 bd · 2.0 ba · 868 sqft · Condo public records · 288 Days on market

Built 1977 $763/mo HOA · 38% 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).

• 1% rule +9.2/10.0
• Cash flow +7.7/30.0
• 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
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Immaculate unit on Golf course. Must see to appreciate. Everything stays, including beautiful queen size brass bed. All you will need is your toothbrush!

Key facts

• Custom cabinetry
• Quartz countertops
• Golf course view

Tags

• WALK-IN CLOSET
• CUSTOM CABINETRY
• QUARTZ COUNTERTOPS
• GLASS TILE BACKSPLASH
• GOLF COURSE VIEW
• WORLD-CLASS AMENITIES

Property features AI

Finance

• Other: Senior community
• Financial info: Pets allowed (restrictions possible)
• HOA & community: Homeowners association with a monthly fee; Association amenities include: pool, indoor pool, fitness center, spa/hot tub, sauna, billiard & game rooms, community room, business center, cafe/restaurant, workshop area, courtesy bus, golf course, putting green, bocce, shuffleboard, pickleball courts

Exterior

• Security: Gated community with guard; Security patrol
• Utilities: Public water; Public sewer; Three-phase electric; Cable available; Water available; Sewer available
• Home design: Condominium; Multi/split levels; Faces north
• Construction: CBS construction; Other-type roof; Two-story building
• Exterior features: Not waterfront; No waterfront features listed

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: One bedroom on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Interior features: No notable interior built-in features listed; Blinds on windows; Unfurnished unit
• Laundry & utility: Laundry closet inside the unit

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 $-162 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (16.8% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $116k (16.8% 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.
• Zoned schools: Orchard View Elementary School (math 48% / reading 47%, grade D, #1,182 of 2,144 statewide, top 55%, 596 students, 76% FRL); Carver Middle School (math 22% / reading 34%, grade F, #486 of 571 statewide, top 86%, 732 students, 73% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 543 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 38% 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 $967 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 288 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $40k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $140k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 38% 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 $116,399 (16.8% 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. It's been on market 288 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — 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. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.42% ✓
• Cap rate: 4.90%
• Cash-on-cash: -4.98%
• DSCR: 0.78
• GRM: 5.9

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: -21.6%
• Equity multiple: 0.24×
• Total profit: $-29,927
• Equity at exit: $20,860

10-year hold

• IRR: -9.9%
• Equity multiple: 0.32×
• Total profit: $-26,454
• Equity at exit: $12,096

Cash invested: $39,172 (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: 543
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,984 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$763
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $-162

Break-even live

Break-even rent $2,190

Max offer price $116,399

Occupancy floor —

Sensitivity live

Price	-10% $-66	-5% $-114	+0% $-162	+5% $-211	+10% $-259
Rent	-10% $-319	-5% $-241	+0% $-162	+5% $-84	+10% $-6
Rate	-1.0pp $-92	-0.5pp $-127	base $-162	+0.5pp $-199	+1.0pp $-236

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Flanders a Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	26d	1	0.02mi
52 Saxony Cir Unit 52 Delray Beach, FL	2.0	2.0	1027	$3,200	$3.12	26d	1	0.06mi
99 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	26d	1	0.07mi
29 Flanders a Delray Beach, FL	2.0	2.0	760	$1,900	$2.50	26d	1	0.08mi
151 Saxony D Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	13d	1	0.10mi
127 Flanders C Delray Beach, FL	1.0	1.5	760	$1,550	$2.04	26d	1	0.13mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	26d	1	0.14mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	4d	1	0.15mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,650	$2.08	1d	1	0.15mi
450 Piedmont J Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	1d	1	0.15mi
211 Saxony Ln #211 Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	9d	1	0.15mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	26d	1	0.19mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	26d	1	0.21mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	26d	1	0.21mi
177 Flanders D Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	26d	1	0.22mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	26d	1	0.22mi
719 Flanders O Delray Beach, FL	2.0	2.0	920	$1,800	$1.96	26d	1	0.22mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.24mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	9d	1	0.24mi
321 Saxony G Delray Beach, FL	2.0	2.0	880	$2,200	$2.50	5d	1	0.24mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	26d	1	0.24mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	15d	1	0.24mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	26d	1	0.24mi
669 Monaco N Delray Beach, FL	2.0	2.0	880	$1,700	$1.93	26d	1	0.24mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	4d	1	0.24mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	26d	1	0.25mi
352 Saxony Trl Unit 352 Delray Beach, FL	2.0	2.0	907	$2,000	$2.21	26d	1	0.25mi
18 Piedmont a Delray Beach, FL	2.0	2.0	910	$1,950	$2.14	1d	1	0.26mi
370 Saxony H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	7d	1	0.26mi
662 Saxony N Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	22d	1	0.28mi
516 Saxony K Delray Beach, FL	2.0	2.0	880	$1,450	$1.65	26d	1	0.28mi
23 Saxony a Delray Beach, FL	1.0	1.5	726	$1,300	$1.79	9d	1	0.28mi
594 Saxony Trl Unit 594 Delray Beach, FL	1.0	1.5	720	$1,650	$2.29	26d	1	0.28mi
594 Saxony Trl Unit 594 Delray Beach, FL	1.0	1.5	720	$1,550	$2.15	4d	1	0.28mi
445 Saxony Way #445 Delray Beach, FL	2.0	2.0	883	$1,550	$1.76	26d	1	0.28mi
123 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	26d	1	0.28mi
189 Saxony Trl Unit 189 Delray Beach, FL	2.0	2.0	880	$1,475	$1.68	23d	1	0.28mi
564 Saxony Dr #564 Delray Beach, FL	2.0	2.0	880	$2,200	$2.50	6d	1	0.28mi
173 Flanders Dr Unit 173 Delray Beach, FL	2.0	2.0	920	$2,400	$2.61	26d	1	0.29mi
278 Flanders Dr Unit 278 Delray Beach, FL	1.0	1.5	828	$1,290	$1.56	26d	1	0.29mi

HOA detail condo

• Monthly dues: $763 · $9,156/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-21
   days on market $139,900 Active 288 DOM
2. 2026-06-18
   days on market $139,900 Active 285 DOM
3. 2026-06-17
   days on market $139,900 Active 284 DOM
4. 2026-06-16
   days on market $139,900 Active 283 DOM
5. 2026-06-15
   days on market $139,900 Active 282 DOM
6. 2026-06-13
   days on market $139,900 Active 280 DOM
7. 2026-06-09
   days on market $139,900 Active 276 DOM
8. 2026-06-07
   days on market $139,900 Active 274 DOM
9. 2026-06-04
   days on market $139,900 Active 271 DOM
10. 2026-06-03
    days on market $139,900 Active 270 DOM
11. 2026-06-01
    days on market $139,900 Active 268 DOM
12. 2026-05-31
    days on market $139,900 Active 267 DOM
13. 2026-05-04
    status Active
14. 2026-04-30
    historical
15. 2026-02-28
    price $139,900
16. 2026-01-19
    price $149,900
17. 2026-01-08
    status Active
18. 2026-01-01
    historical
19. 2025-12-10
    price $160,000
20. 2025-10-25
    price $169,900
21. 2025-08-26
    listed $179,900 Active
22. 2015-09-15
    soldstatus $60,000
23. 2015-09-09
    soldstatus $60,000 Closed 153-char remark

    Show marketing remark (153 chars)

    Immaculate unit on Golf course. Must see to appreciate. Everything stays, including beautiful queen size brass bed. All you will need is your toothbrush!

24. 2015-07-16
    status Pending 153-char remark

    Show marketing remark (153 chars)

    Immaculate unit on Golf course. Must see to appreciate. Everything stays, including beautiful queen size brass bed. All you will need is your toothbrush!

25. 2015-07-04
    listed $65,000 Active 153-char remark

    Show marketing remark (153 chars)

    Immaculate unit on Golf course. Must see to appreciate. Everything stays, including beautiful queen size brass bed. All you will need is your toothbrush!

26. 2002-01-30
    soldstatus $38,000
27. 2001-01-22
    soldstatus $35,000
28. 1990-10-02
    soldstatus $47,000

ⓘ 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 7 d/yr ≥107°F today · 26 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: $23,809
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,905
• − Management: −$1,905
• − HOA: −$9,156
• − Depreciation: −$4,070
• Taxable loss: −$3,861
• Est. tax savings @ 24.0%: +$927
• After-tax cash flow: $-1,022/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

+197.7% since first listed

16 events — show timeline

• 2026-05-04 Relisted — Beaches MLS
• 2026-04-30 Listing Removed — Beaches MLS
• 2026-02-28 Price Changed $139,900 Beaches MLS
• 2026-01-19 Price Changed $149,900 Beaches MLS
• 2026-01-08 Relisted — Beaches MLS
• 2026-01-01 Listing Removed — Beaches MLS
• 2025-12-10 Price Changed $160,000 Beaches MLS
• 2025-10-25 Price Changed $169,900 Beaches MLS
• 2025-08-26 Listed $179,900 Beaches MLS
• 2015-09-15 Sold (Public Records) $60,000 Public Records
• 2015-09-09 Sold (MLS) $60,000 Beaches MLS
• 2015-07-16 Pending — Beaches MLS
• 2015-07-04 Listed $65,000 Beaches MLS
• 2002-01-30 Sold (Public Records) $38,000 Public Records
• 2001-01-22 Sold (Public Records) $35,000 Public Records
• 1990-10-02 Sold (Public Records) $47,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $264 · +3.5% YoY. Source: county tax records.