465 Flanders J · Delray Beach, FL 33484

$55,000

1 bd · 1.5 ba · 868 sqft · Condo public records · 44 Days on market

Built 1977 $626/mo HOA · 33% 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 +30.0/30.0
• 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

Light and bright 1 bedroom, 1.5 bath corner unit in Kings Point, Delray Beach. Enjoy a peaceful lake view through the living room window and the comfort of a newer air conditioner. This condo offers great natural light and is located close to the community pool. Kings Point is a gated 55+ community known for its clubhouse amenities, pools, golf, fitness center, theater, library, cafe, salon, community bus service and endless social activities. Conveniently located about 10 minutes from downtown Delray Beach and approximately 15 minutes from the beach, with great shopping and dining nearby.

Key facts

• Gated community
• Theater
• Fitness center

Tags

• LAKE VIEW
• GATED COMMUNITY
• CLUBHOUSE AMENITIES
• COMMUNITY POOL
• FITNESS CENTER
• THEATER

Property features AI

Finance

• Financial info: Community contains a large number of units (7,200); Pets are not allowed
• HOA & community: Part of Kings Point association; Monthly HOA fee; Association amenities include clubhouse, elevators, fitness center, golf course, parking, pool, spa/hot tub, tennis courts, workshop area, cafe/restaurant, community room, courtesy bus, library, pickleball courts, gated security, and recreation facilities; HOA covers cable TV, insurance, grounds maintenance, security, sewer, trash, water, common areas, common real estate tax, elevator, roof repairs, recreation facility, and pool service

Exterior

• Parking: Assigned parking; Guest parking; Asphalt parking surface; Total of 1 parking space
• Security: Gated community with guard
• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: Condominium; One level (unit); Faces west; Resale condition; Part of building named Flanders J
• Construction: Concrete block with stucco construction; Concrete and shingle roof; 2-story building
• Exterior features: Screened porch; Porch

Interior

• Kitchen: Electric cooktop; Microwave; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom on the main level
• Flooring: Tile flooring
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: No notable built-in interior features listed; Furnished
• Laundry & utility: In-unit laundry; Outdoor laundry area access

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $55k.

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.4% 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.
• Zoned schools: Orchard View Elementary School (math 48% / reading 47%, grade D, #1,182 of 2,144 statewide, top 55%, 596 students, 76% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL) — zoned schools at 50% FRL track the district average.
• 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 24d 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 36% 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 $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 33% 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 $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1977 — 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: 3.41% ✓
• Cap rate: 16.43%
• Cash-on-cash: 36.21%
• DSCR: 2.61
• GRM: 2.4

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: 34.9%
• Equity multiple: 2.53×
• Total profit: $23,553
• Equity at exit: $8,201

10-year hold

• IRR: 43.0%
• Equity multiple: 5.59×
• Total profit: $70,645
• Equity at exit: $4,755

Cash invested: $15,400 (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: 2.4×

Monthly cashflow live

• Estimated rent: $1,878 high
• Mortgage (P&I): −$288
• Tax from tax record: −$82 /mo · $979/yr
• Insurance: −$23
• HOA: −$626
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $465

Break-even live

Break-even rent $1,290

Max offer price $55,000

Occupancy floor 70%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.10mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	10d	1	0.10mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	3d	1	0.14mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	13d	1	0.14mi
697 Flanders O Delray Beach, FL	1.0	1.5	760	$1,400	$1.84	1d	1	0.15mi
177 Flanders Dr Unit 177 Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	24d	1	0.15mi
278 Flanders Dr Unit 278 Delray Beach, FL	1.0	1.5	828	$1,290	$1.56	24d	1	0.15mi
457 Flanders Dr Unit 457 Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	24d	1	0.15mi
173 Flanders Dr Unit 173 Delray Beach, FL	2.0	2.0	920	$2,400	$2.61	24d	1	0.15mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.15mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	24d	1	0.15mi
205 Flanders Dr Unit 205 Delray Beach, FL	2.0	2.0	883	$1,750	$1.98	24d	1	0.17mi
960 Flanders T Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	24d	1	0.18mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	24d	1	0.20mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	13d	1	0.20mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	24d	1	0.20mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	7d	1	0.21mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	13d	1	0.21mi
719 Flanders O Delray Beach, FL	2.0	2.0	920	$1,800	$1.96	24d	1	0.21mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.21mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	16d	1	0.23mi
177 Flanders D Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	24d	1	0.24mi
514 Piedmont K Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	24d	1	0.24mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	2d	1	0.24mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.24mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	24d	1	0.25mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	24d	1	0.25mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	24d	1	0.25mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	24d	1	0.26mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,495	$1.97	7d	1	0.26mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	24d	1	0.27mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	7d	1	0.29mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	2d	1	0.30mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.30mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	24d	1	0.30mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	24d	1	0.32mi
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	10d	1	0.32mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	24d	1	0.32mi
825 Normandy R Delray Beach, FL	2.0	2.0	905	$3,350	$3.70	17d	1	0.32mi
729 Normandy P Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.32mi

HOA detail condo

• Monthly dues: $626 · $7,512/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-15
   status Pending
2. 2026-04-01
   listed $55,000 Active

ⓘ 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: $979 · $82/mo
• Projected year-2 tax: $979 · $82/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 ≥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: $22,535
• − Mortgage interest: −$3,081
• − Property taxes: −$979
• − Insurance: −$275
• − Repairs & maintenance: −$1,803
• − Management: −$1,803
• − HOA: −$7,512
• − Depreciation: −$1,600
• Taxable income: $5,483
• Est. tax owed @ 24.0%: −$1,316
• After-tax cash flow: $4,260/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

2 events — show timeline

• 2026-05-15 Pending — Beaches MLS
• 2026-04-01 Listed $55,000 Beaches MLS

Property tax history

+6.9%/yr

Latest (2025): $979 · -6.7% YoY. Source: county tax records.