114 Waterford E #114 · Delray Beach, FL 33446

$88,900

1 bd · 1.5 ba · 720 sqft · Condo · 49 Days on market

Built 1973 $661/mo HOA · 40% of rent

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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 +15.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• DSCR +4.6/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Lovely well maintained unit in desirable Waterford. Has ceramic floors all but BR Enclosed patio has awning windows and B/I A/C. Newer stack washer/dryer

Key facts

• Quiet part
• Washer dryer
• Great location

Tags

• REMODELED VILLA
• ENCLOSED PATIO
• WASHER DRYER
• GREAT LOCATION
• QUIET PART

Property features AI

Finance

• Other: Pets not allowed; Community contains a large number of units
• Financial info: Association fee paid monthly
• HOA & community: Has homeowners association; Monthly HOA fee; Association amenities include heated indoor pool, spa/hot tub, sauna, fitness center, tennis courts, pickleball and bocce courts, basketball and shuffleboard courts, billiard and game rooms, library, workshop area, cafe/restaurant, courtesy bus, picnic area, parking, and more; HOA fee covers cable TV, insurance, roof repairs, security, common area maintenance, and grounds maintenance; Senior community

Exterior

• Parking: One assigned/deeded parking space; Guest parking available
• Security: Gated community with security gate; Security guard and security patrol
• Utilities: Public water; Public sewer; Electricity available; Cable available
• Home design: Condominium; One story; Faces north; Resale property, updated/remodeled
• Construction: Stucco and wood frame construction; Tar/gravel roof; Built using standard foundation (details not specified)
• Exterior features: No waterfront; Public maintained road

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater (owned)
• Bedrooms: One bedroom on the main level
• Flooring: Tile flooring
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fan(s)
• Interior features: No additional built-in interior features specified; Furnished
• Laundry & utility: Washer hookup in unit; Dryer hookup (electric) inside unit; Laundry details referenced in remarks

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $89k.

Deal economics

• At list price, monthly cash flow is $30 ($362/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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 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 $1k of equity ($615 loan paydown + $611 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 49 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $89k implies a 535% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,233 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1973 — 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: 1.86% ✓
• Cap rate: 6.70%
• Cash-on-cash: 1.45%
• DSCR: 1.06
• 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: -1.2%
• Equity multiple: 0.94×
• Total profit: $-1,379
• Equity at exit: $28,909

10-year hold

• IRR: 0.9%
• Equity multiple: 1.09×
• Total profit: $2,302
• Equity at exit: $37,327

Cash invested: $24,892 (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: $1,653 high
• Mortgage (P&I): −$466
• Tax est. 1.5%: −$111 /mo · $1,334/yr
• Insurance: −$37
• HOA: −$661
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $30

Break-even live

Break-even rent $1,614

Max offer price $88,900

Occupancy floor 93%

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: $22,225
• Closing costs: $2,667
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 Waterford D Unit 102 Delray Beach, FL	1.0	1.5	720	$1,900	$2.64	24d	1	0.05mi
43 Waterford B Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	24d	1	0.06mi
163 Tuscany C Unit C Delray Beach, FL	1.0	1.5	720	$1,300	$1.81	15d	1	0.18mi
242 Seville K Unit 242 Delray Beach, FL	1.0	1.5	720	$1,380	$1.92	24d	1	0.23mi
154 Seville G Delray Beach, FL	1.0	1.0	720	$1,490	$2.07	15d	1	0.26mi
318 Seville N #318 Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.28mi
126 Seville E Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	18d	1	0.28mi
322 Seville N Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.31mi
159 Brittany Ter Unit 159 Delray Beach, FL	1.0	1.5	720	$1,795	$2.49	17d	1	0.33mi
419 Brittany I Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	24d	1	0.33mi
270 Brittany F Unit F Delray Beach, FL	1.0	1.5	720	$1,600	$2.22	7d	1	0.33mi
175 Valencia H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	7d	1	0.35mi
195 Monaco E Delray Beach, FL	1.0	1.5	728	$1,550	$2.13	24d	1	0.38mi
58 Monaco Blvd Unit 58 Delray Beach, FL	1.0	1.5	720	$1,650	$2.29	24d	1	0.43mi
286 Monaco F Delray Beach, FL	1.0	2.0	726	$1,700	$2.34	24d	1	0.43mi
711 Monaco O Delray Beach, FL	1.0	1.5	720	$1,550	$2.15	24d	1	0.43mi
459 Monaco Blvd Unit 459 Delray Beach, FL	1.0	1.5	720	$1,500	$2.08	20d	1	0.43mi
451 Monaco Blvd Unit J Delray Beach, FL	1.0	1.5	720	$1,599	$2.22	24d	1	0.43mi
399 Brittany I Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	18d	1	0.44mi
399 Brittany I Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	12d	1	0.44mi
482 Monaco Blvd #482 Delray Beach, FL	1.0	1.5	726	$1,400	$1.93	24d	1	0.44mi
459 Monaco J #459 Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	1d	1	0.45mi
11 Brittany a Delray Beach, FL	1.0	1.5	725	$1,500	$2.07	7d	1	0.48mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	2d	1	0.49mi
675 Brittany O Delray Beach, FL	1.0	1.5	720	$1,500	$2.08	24d	1	0.51mi
686 Brittany O Delray Beach, FL	1.0	1.5	720	$1,600	$2.22	24d	1	0.53mi
718 Brittany Park #718 Delray Beach, FL	1.0	1.5	720	$1,795	$2.49	17d	1	0.54mi
679 Saxony Way Delray Beach, FL	1.0	1.5	720	$1,600	$2.22	5d	1	0.56mi
715 Saxony O Delray Beach, FL	1.0	1.5	726	$1,200	$1.65	24d	1	0.60mi
662 Saxony N Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	20d	1	0.61mi
123 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	24d	1	0.61mi
594 Saxony Trl Unit 594 Delray Beach, FL	1.0	1.5	720	$1,550	$2.15	2d	1	0.61mi
23 Saxony a Delray Beach, FL	1.0	1.5	726	$1,300	$1.79	7d	1	0.61mi
594 Saxony Trl Unit 594 Delray Beach, FL	1.0	1.5	720	$1,650	$2.29	24d	1	0.61mi
370 Saxony H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	5d	1	0.63mi
99 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	24d	1	0.66mi
151 Saxony D Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	12d	1	0.68mi
211 Saxony Ln #211 Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	7d	1	0.69mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	24d	1	1.27mi

HOA detail condo

• Monthly dues: $661 · $7,932/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $88,900 Active 49 DOM
2. 2026-06-17
   days on market $88,900 Active 48 DOM
3. 2026-06-16
   days on market $88,900 Active 47 DOM
4. 2026-06-15
   price $88,900 Active 46 DOM
5. 2026-06-15
   days on market $94,900 Active 46 DOM
6. 2026-06-13
   pricedays on market $94,900 Active 44 DOM
7. 2026-06-10
   price $88,900 Active 40 DOM
8. 2026-06-09
   days on market $94,900 Active 40 DOM
9. 2026-06-08
   days on market $94,900 Active 39 DOM
10. 2026-06-07
    days on market $94,900 Active 38 DOM
11. 2026-06-04
    days on market $94,900 Active 35 DOM
12. 2026-06-03
    days on market $94,900 Active 34 DOM
13. 2026-06-02
    days on market $94,900 Active 33 DOM
14. 2026-06-01
    days on market $94,900 Active 32 DOM
15. 2026-05-31
    days on market $94,900 Active 31 DOM
16. 2026-04-30
    listed $94,900 Active
17. 2012-10-12
    soldstatus $14,000 153-char remark

    Show marketing remark (153 chars)

    Lovely well maintained unit in desirable Waterford. Has ceramic floors all but BR Enclosed patio has awning windows and B/I A/C. Newer stack washer/dryer

18. 2012-08-21
    historical 153-char remark

    Show marketing remark (153 chars)

    Lovely well maintained unit in desirable Waterford. Has ceramic floors all but BR Enclosed patio has awning windows and B/I A/C. Newer stack washer/dryer

19. 2012-04-10
    listed $18,000 153-char remark

    Show marketing remark (153 chars)

    Lovely well maintained unit in desirable Waterford. Has ceramic floors all but BR Enclosed patio has awning windows and B/I A/C. Newer stack washer/dryer

ⓘ 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 6 d/yr ≥107°F today · 20 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: $19,831
• − Mortgage interest: −$4,980
• − Property taxes: −$1,334
• − Insurance: −$444
• − Repairs & maintenance: −$1,586
• − Management: −$1,586
• − HOA: −$7,932
• − Depreciation: −$2,586
• Taxable loss: −$618
• Est. tax savings @ 24.0%: +$148
• After-tax cash flow: $510/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

+427.2% since first listed

4 events — show timeline

• 2026-04-30 Listed $94,900 Beaches MLS
• 2012-10-12 Sold (MLS) $14,000 Beaches MLS
• 2012-08-21 Listing Removed — Beaches MLS
• 2012-04-10 Listed $18,000 Beaches MLS