14623 Bonaire Blvd #405 · Delray Beach, FL 33446

$110,000

1 bd · 2.0 ba · 925 sqft · Condo public records · 17 Days on market

Built 1979 $720/mo HOA · 36% of rent ↓ 31% since listing

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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 +17.6/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Appreciation +5.3/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming furnished 4th-floor 1 bedroom /2 baths condo with elevator access and beautiful lake sunset views from balcony. Features a spacious bedroom with walk-in closet, two full bathrooms, and new washer/dryer inside the unit. Located in an active 55+ community offering pool, clubhouse, fitness center, billiards, and more. Close to shopping, dining, places of worship, downtown Delray, Delray Marketplace, and the beach.

Key facts

• Clubhouse
• Walk-in closet
• New washer dryer

Tags

• ELEVATOR ACCESS
• LAKE SUNSET VIEWS
• WALK-IN CLOSET
• NEW WASHER DRYER
• POOL
• CLUBHOUSE

Property features AI

Finance

• Financial info: Lease considered; Pets allowed
• HOA & community: Monthly association fee of $720; Association pays common area maintenance and insurance; Community amenities include clubhouse and elevator(s); Senior community

Exterior

• Parking: One assigned parking space
• Home design: 7-story building; Entry on level 4; Attached property
• Construction: Block construction; Resale property
• Exterior features: Enclosed porch; Porch; Screened porch; Complex is fenced; Lakefront; Has view

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Living/dining room; Walk-in closet(s); Storage room
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.2% 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.
• Market conditions: Rents flat; 577 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 30% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $2k of equity ($761 loan paydown + $755 appreciation (0.7% 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 17 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 4y 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 36% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 2→6/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — 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. 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.
8. 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.
9. 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: 1.84% ✓
• Cap rate: 7.25%
• Cash-on-cash: 3.41%
• DSCR: 1.15
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.69% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.05×
• Total profit: $1,490
• Equity at exit: $35,770

10-year hold

• IRR: 3.0%
• Equity multiple: 1.32×
• Total profit: $9,747
• Equity at exit: $46,187

Cash invested: $30,800 (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 33446

• Home prices YoY: 0.3%
• Rents YoY: 0.5%
• Active inventory: 577
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,028 high
• Mortgage (P&I): −$577
• Tax from tax record: −$172 /mo · $2,062/yr
• Insurance: −$46
• HOA: −$720
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $87

Break-even live

Break-even rent $1,917

Max offer price $110,000

Occupancy floor 91%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14671 Bonaire Blvd #505 Delray Beach, FL	1.0	2.0	925	$1,600	$1.73	24d	1	0.06mi
32 Abbey Ln #207 Delray Beach, FL	2.0	2.0	925	$2,500	$2.70	24d	1	0.15mi
31 Abbey Ln #207 Delray Beach, FL	2.0	2.0	925	$1,300	$1.41	24d	1	0.16mi
23 Abbey Ln #208 Delray Beach, FL	2.0	2.0	925	$1,500	$1.62	3d	1	0.19mi
21 Abbey Ln #107 Delray Beach, FL	2.0	2.0	925	$1,800	$1.95	15d	1	0.22mi
19 Abbey Ln #206 Delray Beach, FL	2.0	2.0	925	$1,750	$1.89	24d	1	0.25mi
20 Abbey Ln #102 Delray Beach, FL	2.0	2.0	925	$2,600	$2.81	24d	1	0.25mi
3 Abbey Ln #102 Delray Beach, FL	2.0	2.0	925	$2,500	$2.70	24d	1	0.28mi
14735 Wildflower Ln Delray Beach, FL	2.0	2.0	1073	$2,350	$2.19	2d	1	0.28mi
6795 Huntington Ln #406 Delray Beach, FL	2.0	2.0	990	$2,500	$2.53	20d	1	0.30mi
14832 Wildflower Ln Delray Beach, FL	2.0	2.0	1073	$2,500	$2.33	17d	1	0.33mi
7192 Huntington Ln #307 Delray Beach, FL	2.0	2.0	1070	$3,500	$3.27	18d	1	0.35mi
14 Willowbrook Ln #101 Delray Beach, FL	2.0	2.0	1005	$1,700	$1.69	5d	1	0.36mi
14307 Bedford Dr #302 Delray Beach, FL	2.0	2.0	990	$2,200	$2.22	24d	1	0.36mi
10 Willowbrook Ln #105 Delray Beach, FL	2.0	2.0	1005	$2,100	$2.09	11d	1	0.37mi
14747 Cumberland Dr #301 Delray Beach, FL	2.0	2.0	1044	$1,900	$1.82	24d	1	0.41mi
7286 Huntington Ln #105 Delray Beach, FL	2.0	2.0	1070	$3,350	$3.13	24d	1	0.44mi
14723 Cumberland Dr Unit 404 B Delray Beach, FL	1.0	2.0	912	$1,850	$2.03	24d	1	0.45mi
189 Seville Ter Unit 189 Delray Beach, FL	2.0	2.0	880	$1,900	$2.16	24d	1	0.49mi
28 Seville B Delray Beach, FL	2.0	2.0	883	$1,950	$2.21	11d	1	0.52mi
14896 Bal Moral Ln Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	24d	1	0.58mi
14898 Wedgefield Dr #202 Delray Beach, FL	2.0	2.0	1103	$2,000	$1.81	17d	1	0.63mi
14895 Builtmore Way Delray Beach, FL	2.0	2.0	1103	$1,800	$1.63	24d	1	0.63mi
7301 Amberly Ln #304 Delray Beach, FL	2.0	2.0	1080	$1,495	$1.38	7d	1	0.69mi
92 Seville Blvd Delray Beach, FL	2.0	2.0	880	$1,895	$2.15	24d	1	0.70mi
43 Waterford B Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	24d	1	0.72mi
126 Seville E Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	19d	1	0.73mi
15035 Michelangelo Blvd #103 Delray Beach, FL	2.0	2.0	1079	$2,000	$1.85	24d	1	0.73mi
213 Waterford I Delray Beach, FL	2.0	2.0	880	$1,600	$1.82	24d	1	0.74mi
15065 Michelangelo Blvd #105 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	2d	1	0.75mi
15065 Michelangelo Blvd #105 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	22d	1	0.75mi
154 Seville G Delray Beach, FL	1.0	1.0	720	$1,490	$2.07	15d	1	0.76mi
15155 Michelangelo Blvd Delray Beach, FL	2.0	2.0	1079	$2,288	$2.12	7d	2	0.76mi
15155 Michelangelo Blvd #106 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	20d	1	0.77mi
15155 Michelangelo Blvd #106 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	24d	1	0.77mi
15055 Michelangelo Blvd Delray Beach, FL	2.0–3.0	2.0	1158	$2,125	$1.83	22d	2	0.77mi
5910 Morningstar Cir #202 Delray Beach, FL	2.0	2.0	1120	$2,200	$1.96	24d	1	0.80mi
163 Tuscany C Unit C Delray Beach, FL	1.0	1.5	720	$1,300	$1.81	15d	1	0.81mi
102 Waterford D Unit 102 Delray Beach, FL	1.0	1.5	720	$1,900	$2.64	24d	1	0.81mi
7515 S Oriole Blvd Delray Beach, FL	2.0	2.0	850	$1,700	$2.00	24d	1	0.81mi

HOA detail condo

• Monthly dues: $720 · $8,640/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $110,000 Active 17 DOM
2. 2026-06-17
   days on market $110,000 Active 16 DOM
3. 2026-06-16
   days on market $110,000 Active 15 DOM
4. 2026-06-15
   days on market $110,000 Active 14 DOM
5. 2026-06-13
   days on market $110,000 Active 12 DOM
6. 2026-06-09
   days on market $110,000 Active 8 DOM
7. 2026-06-08
   days on market $110,000 Active 7 DOM
8. 2026-06-07
   days on market $110,000 Active 6 DOM
9. 2026-06-04
   days on market $110,000 Active 3 DOM
10. 2026-06-03
    days on market $110,000 Active 2 DOM
11. 2026-06-02
    remarks 423-char remark
12. 2026-06-02
    listed $110,000 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: $2,062 · $172/mo
• Projected year-2 tax: $2,062 · $172/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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 2 d/yr ≥107°F today · 6 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: $24,335
• − Mortgage interest: −$6,162
• − Property taxes: −$2,062
• − Insurance: −$550
• − Repairs & maintenance: −$1,947
• − Management: −$1,947
• − HOA: −$8,640
• − Depreciation: −$3,200
• Taxable loss: −$173
• Est. tax savings @ 24.0%: +$42
• After-tax cash flow: $1,091/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): 28,431
• Household income: $80,187
• Rent vs Own: 11.4% rent · 88.6% own
• Severe rent burden: 494.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 13% Two or more races 9% Black 4%
• Hispanic origin (detail): Puerto Rican 3% Dominican 1%
• Common ancestry: Romanian 9% Scotch-Irish 9% Italian 2%
• Foreign-born: 20% · Canada, Jamaica, Guatemala
• Languages at home: 80% English-only · Spanish 12% Other Indo-European 2% French/Haitian/Cajun 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: ▲ 0.69%
• Current HPI: 242.5138
• Rent YoY: ▲ 0.51%
• 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

-30.8% since first listed

35 events — show timeline

• 2026-06-01 Listed $110,000 MARMLS
• 2026-05-20 Rental Removed $1,650 RMLSFL
• 2026-05-14 Price Changed $1,650 RMLSFL
• 2026-04-30 Listing Removed — Beaches MLS
• 2026-03-31 Listed for Rent $1,750 RMLSFL
• 2026-03-24 Rental Removed $1,800 RMLSFL
• 2026-03-11 Listed for Rent $1,800 RMLSFL
• 2026-03-11 Rental Removed $1,800 GFLMLS
• 2026-01-23 Listed for Rent $1,800 GFLMLS
• 2025-12-11 Price Changed $99,000 Beaches MLS
• 2025-10-30 Listed $130,000 Beaches MLS
• 2025-08-07 Listing Removed — Beaches MLS
• 2025-08-02 Rental Removed $1,700 RMLSFL
• 2025-07-16 Listed for Rent $1,700 RMLSFL
• 2025-07-03 Rental Removed $1,700 RMLSFL
• 2025-06-10 Price Changed $1,700 RMLSFL
• 2025-05-23 Price Changed $1,600 RMLSFL
• 2025-05-21 Price Changed $99,900 Beaches MLS
• 2025-05-09 Listed for Rent $1,700 RMLSFL
• 2025-05-08 Listing Removed — Beaches MLS
• 2025-05-08 Listed $129,900 Beaches MLS
• 2025-03-25 Price Changed $139,500 Beaches MLS
• 2025-03-25 Relisted — Beaches MLS
• 2025-03-04 Listing Removed — Beaches MLS
• 2025-02-12 Price Changed $159,000 Beaches MLS
• 2024-12-11 Price Changed $162,500 Beaches MLS
• 2024-10-24 Listed $168,000 Beaches MLS
• 2023-04-26 Sold (Public Records) $125,000 Public Records
• 2023-04-20 Sold (MLS) $125,000 MARMLS
• 2023-04-10 Contingent — MARMLS
• 2023-04-10 Relisted — MARMLS
• 2023-03-30 Contingent — MARMLS
• 2023-03-16 Price Changed $129,900 MARMLS
• 2023-01-18 Price Changed $145,000 MARMLS
• 2022-12-25 Listed $159,000 MARMLS

Property tax history

+16.4%/yr

Latest (2025): $2,062 · -10.2% YoY. Source: county tax records.