2640 SW 22nd Ave #1103 · Delray Beach, FL 33445

$159,000

2 bd · 2.0 ba · 1,013 sqft · Condo public records · 12 Days on market

Built 1972 $699/mo HOA · 30% of rent

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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 +14.3/30.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• 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 MLS

Move in ready 2 bedroom 2 bath ground floor condo in 55+ community. Featuring new carpet, fresh paint and a screened in porch with a garden view. No leasing first year of ownership and no pets.

Key facts

• First-floor condo
• Newer roof
• Updated interior

Tags

• FIRST-FLOOR CONDO
• UPDATED INTERIOR
• GROUND-FLOOR LOCATION
• NEWER ROOF
• LOW-MAINTENANCE LIFESTYLE
• MINUTES FROM SHOPPING

Property features AI

Finance

• HOA & community: Association: SABAL PINE; HOA dues collected monthly; HOA amenities include clubhouse, game room, pool, bike storage, library; HOA fee covers cable TV, water, and common areas; Senior community; Community contains 256 units; Pets not allowed

Exterior

• Parking: Assigned parking; 1 open/assigned parking space (total parking 1)
• Utilities: Public water; Public sewer; Cable available; Water available; Sewer available
• Home design: Condominium; One level; Southwest facing; Resale property; 2 total stories in the building
• Construction: Constructed with CBS and other materials
• Exterior features: No waterfront; no waterfront features listed; Roof: Other

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closet(s); Partially furnished; Blinds on windows
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $30 ($359/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Cap rate 6.5% 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); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% 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 47% FRL track the district average.
• 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 19d 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 35% 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 $1k of loan paydown is wiped out by about $5k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y ago 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 30% 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 $159,000

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 1.45% ✓
• Cap rate: 6.52%
• Cash-on-cash: 0.81%
• DSCR: 1.04
• GRM: 5.7

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: -16.8%
• Equity multiple: 0.41×
• Total profit: $-26,083
• Equity at exit: $23,707

10-year hold

• IRR: -11.8%
• Equity multiple: 0.35×
• Total profit: $-29,142
• Equity at exit: $13,747

Cash invested: $44,520 (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: 5.7×

Monthly cashflow live

• Estimated rent: $2,305 high
• Mortgage (P&I): −$834
• Tax from tax record: −$192 /mo · $2,305/yr
• Insurance: −$66
• HOA: −$699
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $30

Break-even live

Break-even rent $2,267

Max offer price $159,000

Occupancy floor 94%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2660 SW 22nd Ave #1203 Delray Beach, FL	2.0	2.0	1013	$2,000	$1.97	24d	1	0.05mi
2440 SW 22nd Ave #703 Delray Beach, FL	2.0	2.0	1013	$2,025	$2.00	16d	1	0.05mi
2740 SW 22nd Ave #1605 Delray Beach, FL	2.0	2.0	1013	$2,000	$1.97	7d	1	0.08mi
2335 SW 22nd Ave #104 Delray Beach, FL	2.0	2.0	1120	$2,500	$2.23	24d	1	0.09mi
2340 SW 22nd Ave #306 Delray Beach, FL	2.0	2.0	1066	$1,600	$1.50	18d	1	0.11mi
2820 SW 22nd Ave Unit 211 Delray Beach, FL	2.0	2.0	1126	$2,100	$1.87	2d	1	0.11mi
2315 SW 22nd Ave #2020 Delray Beach, FL	2.0	2.0	985	$2,300	$2.34	19d	1	0.11mi
2300 SW 22nd Ave #109 Delray Beach, FL	2.0	2.0	1013	$1,899	$1.87	7d	1	0.13mi
2300 SW 22nd Ave #109 Delray Beach, FL	2.0	2.0	1013	$1,899	$1.87	24d	1	0.13mi
2865 SW 22nd Ave #1080 Delray Beach, FL	2.0	2.0	1142	$2,150	$1.88	7d	1	0.16mi
2900 SW 22nd Ave #5020 Delray Beach, FL	2.0	2.0	1126	$2,000	$1.78	24d	1	0.16mi
2900 SW 22nd Ave #5110 Delray Beach, FL	2.0	2.0	1126	$2,200	$1.95	20d	1	0.16mi
2865 SW 22nd Ave #105 Delray Beach, FL	2.0	2.0	1136	$2,500	$2.20	24d	1	0.16mi
2825 SW 22nd Ave #201 Delray Beach, FL	2.0	2.0	1142	$2,150	$1.88	5d	1	0.18mi
2885 SW 22nd Ave #106 Delray Beach, FL	2.0	2.0	1136	$2,000	$1.76	3d	1	0.19mi
2805 SW 22nd Ave #104 Delray Beach, FL	2.0	2.0	964	$2,450	$2.54	7d	1	0.22mi
2805 SW 22nd Ave #104 Delray Beach, FL	2.0	2.0	964	$2,500	$2.59	24d	1	0.22mi
1874 Heron Club Dr Delray Beach, FL	2.0	1.0–2.0	889	$3,768	$4.24	1d	5	0.23mi
2955 SW 22nd Ave #2080 Delray Beach, FL	2.0	2.0	1116	$2,200	$1.97	7d	1	0.28mi
2975 SW 22nd Ave #2020 Delray Beach, FL	2.0	2.0	1096	$2,000	$1.82	20d	1	0.30mi
2900 SW 22nd Cir Unit 5020 Delray Beach, FL	2.0	2.0	1126	$2,000	$1.78	18d	1	0.32mi
2736 Carnation Ct Delray Beach, FL	3.0	2.0	1496	$3,400	$2.27	21d	1	0.34mi
2736 Carnation Ct Delray Beach, FL	3.0	2.0	1496	$3,400	$2.27	5d	1	0.34mi
2756 Carnation Ct Delray Beach, FL	2.0	2.0	1407	$3,200	$2.27	19d	1	0.36mi
2906 SW 21st Ter Unit 31b2 Delray Beach, FL	2.0	2.0	1120	$2,150	$1.92	24d	1	0.39mi
2070 Homewood Blvd #214 Delray Beach, FL	2.0	2.0	1155	$2,350	$2.03	24d	1	0.47mi
3011 SW 21st Ter Delray Beach, FL	2.0	2.0	1348	$2,550	$1.89	24d	1	0.48mi
2070 Homewood Blvd #3150 Delray Beach, FL	2.0	2.0	1090	$2,350	$2.16	14d	1	0.49mi
1495 Spring Harbor Dr Delray Beach, FL	3.0	2.0	1335	$3,454	$2.59	17d	1	0.50mi
1495 Spring Harbor Dr Delray Beach, FL	3.0	2.0	1335	$3,082	$2.31	10d	1	0.50mi
1495 Spring Harbor Dr Delray Beach, FL	3.0	2.0	1335	$2,874	$2.15	1d	1	0.50mi
1495 Spring Harbor Dr Delray Beach, FL	2.0	2.0	1175	$2,797	$2.38	12d	1	0.50mi
1850 Homewood Blvd #2070 Delray Beach, FL	2.0	2.0	1090	$2,550	$2.34	24d	1	0.50mi
3015 SW 21st Ter Unit 371B Delray Beach, FL	2.0	2.0	1120	$2,800	$2.50	2d	1	0.51mi
3118 SW 20th Ter Unit 24A2 Delray Beach, FL	2.0	2.0	1316	$2,295	$1.74	24d	1	0.52mi
1885 Palm Cove Blvd Unit 10-203 Delray Beach, FL	2.0	2.0	992	$2,300	$2.32	4d	1	0.54mi
1725 Palm Cove Blvd Unit 2-306 Delray Beach, FL	1.0	1.0	934	$2,100	$2.25	20d	1	0.55mi
2201 Catherine Dr Unit 3 Delray Beach, FL	2.0	1.0	876	$2,100	$2.40	24d	1	0.55mi
2450 Black Olive Blvd Unit A Delray Beach, FL	2.0	2.0	1167	$1,950	$1.67	24d	1	0.55mi
2450 Black Olive Blvd Unit A Delray Beach, FL	2.0	2.0	1167	$1,950	$1.67	14d	1	0.55mi

HOA detail condo

• Monthly dues: $699 · $8,388/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-18
   days on market $159,000 Active 12 DOM
2. 2026-06-17
   days on market $159,000 Active 11 DOM
3. 2026-06-16
   days on market $159,000 Active 10 DOM
4. 2026-06-15
   days on market $159,000 Active 9 DOM
5. 2026-06-13
   days on market $159,000 Active 7 DOM
6. 2026-06-09
   days on market $159,000 Active 3 DOM
7. 2026-06-08
   days on market $159,000 Active 2 DOM
8. 2026-06-07
   remarks 693-char remark
9. 2026-06-07
   listed $159,000 Active 1 DOM

ⓘ 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: $2,305 · $192/mo
• Projected year-2 tax: $2,305 · $192/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 ≥106°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: $27,661
• − Mortgage interest: −$8,906
• − Property taxes: −$2,305
• − Insurance: −$795
• − Repairs & maintenance: −$2,213
• − Management: −$2,213
• − HOA: −$8,388
• − Depreciation: −$4,625
• Taxable loss: −$1,784
• Est. tax savings @ 24.0%: +$428
• After-tax cash flow: $787/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

+591.3% since first listed

15 events — show timeline

• 2026-06-06 Listed $159,000 Beaches MLS
• 2025-01-17 Sold (Public Records) $189,900 Public Records
• 2015-01-16 Listing Removed — Beaches MLS
• 2015-01-16 Sold (MLS) $58,000 Beaches MLS
• 2014-12-16 Pending — Beaches MLS
• 2014-12-08 Price Changed $63,900 Beaches MLS
• 2014-11-13 Price Changed $65,500 Beaches MLS
• 2014-10-13 Price Changed $70,900 Beaches MLS
• 2014-09-09 Listed $80,900 Beaches MLS
• 2004-12-03 Sold (Public Records) $100,000 Public Records
• 2004-11-19 Sold (MLS) $100,000 Beaches MLS
• 2004-10-12 Listing Removed — Beaches MLS
• 2004-03-11 Listed $115,000 Beaches MLS
• 1990-03-09 Sold (Public Records) $45,200 Public Records
• 1973-01-01 Sold (Public Records) $23,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $2,305 · +4.1% YoY. Source: county tax records.