251 Monaco Way · Delray Beach, FL 33446

$68,000

1 bd · 1.5 ba · 720 sqft · Townhouse · 47 Days on market

Built 1974 Good condition Est $95k · 28% under $741/mo HOA · 45% 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 +21.2/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +6.8/10.0
• Appreciation +5.3/10.0
• Schools +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0

Listing remarks

Motivated Seller! Welcome to this beautifully maintained condo in one of South Florida's most sought-after 55+ resort-style communities, where comfort, convenience, and an active lifestyle come together. This spacious residence features an open layout filled with natural light, creating a bright and inviting living space. Features include new updated cabinetry and updated bathroom- ready to move in! Enjoy a true resort experience with access to three stunning clubhouses, two 18-hole golf courses, an expansive aquatic center with indoor and outdoor pools, state-of-the-art fitness centers, tennis courts, library, billiards, full-service salon, on-site dining, theater, and more. Experience th

Key facts

• Three clubhouses
• Two golf courses
• Aquatic center

Tags

• UPDATED CABINETRY
• UPDATED BATHROOM
• THREE CLUBHOUSES
• TWO GOLF COURSES
• AQUATIC CENTER
• INDOOR AND OUTDOOR POOLS

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath townhouse listed at $68k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $99 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $66k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).

Forward outlook

• In year one you build about $937 of equity ($470 loan paydown + $467 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 47 days — a 3% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,960 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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 1974 — 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. 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.44% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.23%
• DSCR: 1.28
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $95,040
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
247 Seville K	0.40mi	1/1.5	720 (0%)	10mo	$95,000	$132	73

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 3.2%
• Equity multiple: 1.16×
• Total profit: $2,957
• Equity at exit: $22,113

10-year hold

• IRR: 4.3%
• Equity multiple: 1.44×
• Total profit: $8,320
• Equity at exit: $28,552

Cash invested: $19,040 (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: 3.4×

Monthly cashflow live

• Estimated rent: $1,658 high
• Mortgage (P&I): −$357
• Tax est. 1.5%: −$85 /mo · $1,020/yr
• Insurance: −$28
• HOA: −$741
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $99

Break-even live

Break-even rent $1,533

Max offer price $68,000

Occupancy floor 89%

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
459 Monaco Blvd Unit 459 Delray Beach, FL	1.0	1.5	720	$1,500	$2.08	21d	1	0.01mi
711 Monaco O Delray Beach, FL	1.0	1.5	720	$1,550	$2.15	24d	1	0.01mi
451 Monaco Blvd Unit J Delray Beach, FL	1.0	1.5	720	$1,599	$2.22	24d	1	0.01mi
399 Brittany I Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	19d	1	0.02mi
399 Brittany I Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	13d	1	0.02mi
482 Monaco Blvd #482 Delray Beach, FL	1.0	1.5	726	$1,400	$1.93	24d	1	0.02mi
195 Monaco E Delray Beach, FL	1.0	1.5	728	$1,550	$2.13	24d	1	0.04mi
459 Monaco J #459 Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	1d	1	0.08mi
58 Monaco Blvd Unit 58 Delray Beach, FL	1.0	1.5	720	$1,650	$2.29	24d	1	0.09mi
286 Monaco F Delray Beach, FL	1.0	2.0	726	$1,700	$2.34	24d	1	0.10mi
679 Saxony Way Delray Beach, FL	1.0	1.5	720	$1,600	$2.22	5d	1	0.15mi
11 Brittany a Delray Beach, FL	1.0	1.5	725	$1,500	$2.07	8d	1	0.16mi
419 Brittany I Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	24d	1	0.17mi
159 Brittany Ter Unit 159 Delray Beach, FL	1.0	1.5	720	$1,795	$2.49	17d	1	0.17mi
270 Brittany F Unit F Delray Beach, FL	1.0	1.5	720	$1,600	$2.22	8d	1	0.17mi
675 Brittany O Delray Beach, FL	1.0	1.5	720	$1,500	$2.08	24d	1	0.18mi
662 Saxony N Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	21d	1	0.19mi
594 Saxony Trl Unit 594 Delray Beach, FL	1.0	1.5	720	$1,550	$2.15	2d	1	0.19mi
123 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	24d	1	0.19mi
23 Saxony a Delray Beach, FL	1.0	1.5	726	$1,300	$1.79	8d	1	0.19mi
594 Saxony Trl Unit 594 Delray Beach, FL	1.0	1.5	720	$1,650	$2.29	24d	1	0.19mi
175 Valencia H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	8d	1	0.21mi
370 Saxony H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	5d	1	0.21mi
686 Brittany O Delray Beach, FL	1.0	1.5	720	$1,600	$2.22	24d	1	0.22mi
718 Brittany Park #718 Delray Beach, FL	1.0	1.5	720	$1,795	$2.49	17d	1	0.25mi
715 Saxony O Delray Beach, FL	1.0	1.5	726	$1,200	$1.65	24d	1	0.28mi
318 Seville N #318 Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.29mi
211 Saxony Ln #211 Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	8d	1	0.30mi
99 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	24d	1	0.30mi
151 Saxony D Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	12d	1	0.30mi
322 Seville N Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.32mi
242 Seville K Unit 242 Delray Beach, FL	1.0	1.5	720	$1,380	$1.92	24d	1	0.38mi
102 Waterford D Unit 102 Delray Beach, FL	1.0	1.5	720	$1,900	$2.64	24d	1	0.39mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	2d	1	0.42mi
43 Waterford B Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	24d	1	0.45mi
154 Seville G Delray Beach, FL	1.0	1.0	720	$1,490	$2.07	15d	1	0.47mi
163 Tuscany C Unit C Delray Beach, FL	1.0	1.5	720	$1,300	$1.81	15d	1	0.49mi
126 Seville E Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	19d	1	0.51mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	24d	1	1.06mi

HOA detail

• Monthly dues: $741 · $8,892/yr
• Likely covers: poolgym

Listing history 15 events

1. 2026-06-18
   days on market $68,000 Active 47 DOM
2. 2026-06-17
   days on market $68,000 Active 46 DOM
3. 2026-06-16
   days on market $68,000 Active 45 DOM
4. 2026-06-15
   days on market $68,000 Active 44 DOM
5. 2026-06-13
   days on market $68,000 Active 42 DOM
6. 2026-06-09
   days on market $68,000 Active 38 DOM
7. 2026-06-08
   days on market $68,000 Active 37 DOM
8. 2026-06-07
   days on market $68,000 Active 36 DOM
9. 2026-06-04
   days on market $68,000 Active 33 DOM
10. 2026-06-03
    days on market $68,000 Active 32 DOM
11. 2026-06-02
    days on market $68,000 Active 31 DOM
12. 2026-06-01
    days on market $68,000 Active 30 DOM
13. 2026-06-01
    remarks 699-char remark
14. 2026-06-01
    pricedays on marketlisting id $68,000 Active 29 DOM
15. 2026-05-26
    listed $84,900 Active

ⓘ 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 · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,895
• − Mortgage interest: −$3,809
• − Property taxes: −$1,020
• − Insurance: −$340
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − HOA: −$8,892
• − Depreciation: −$1,978
• Taxable income: $672
• Est. tax owed @ 24.0%: −$161
• After-tax cash flow: $1,024/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.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab

This beautifully maintained townhouse in a sought-after community is ready to move in and offers a great return on investment with minimal updates.

Value-add opportunities

• Both Painting — Fresh paint can enhance curb appeal and interior aesthetics
• Both Landscaping — Enhances curb appeal and can attract more potential buyers
• Both New flooring — Can improve the overall look and feel of the home

Renovation cost estimate screening

Value-add ROI direction

• Both Painting — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Landscaping — Enhances curb appeal and can attract more potential buyers ↑
• Both New flooring — Can improve the overall look and feel of the home ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-05-26 Listed $84,900 FSBO.com