1905 NW 18th St #101 · Delray Beach, FL 33445

$125,000

2 bd · 2.0 ba · 1,148 sqft · Condo public records · 123 Days on market

Built 1981 $587/mo HOA · 24% 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 +27.5/30.0
• 1% rule +10.0/10.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 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

Priced to sell NOW A remodel & Flip, A Beautiful Water front property , watch the boats go by! great views!, in Delray Beach Large 2/2 corner unit X-large screened in patio being sold as is, Make it your way Gated 55, community , with heated pools, spa, gym, pickleball, tennis and more!! minuets to famous Atlantic Ave. night life, , A lot of social things to do. . location is great, . The Pines At Delray Beach North a active community. 5 minuets to Beach and Famous Atlantic Ave. in Delray Beach Downtown Make this you dream home Priced to sell NOW. .

Key facts

• Water front property
• Gated community
• Heated pools

Tags

• WATER FRONT PROPERTY
• CORNER UNIT
• SCREENED IN PATIO
• OPEN KITCHEN
• GATED COMMUNITY
• HEATED POOLS

Property features AI

Finance

• HOA & community: Monthly HOA fee; Association amenities include: pool, spa/hot tub, clubhouse, fitness center, game room, community room, billiard room, tennis courts, pickleball and bocce courts, shuffleboard, jogging path, picnic area, courtesy bus; HOA fee covers cable TV, insurance, ground maintenance, pest control, security, sewer, trash, water and common areas; Pets allowed with restrictions (breed and size limits); Senior community

Exterior

• Parking: Assigned deeded parking; Guest parking (approximately 20 open spaces)
• Security: Closed-circuit cameras; Gated community with guard; Key card entry; Security patrol
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Resale property; Entry-level living area; Southeast-facing
• Construction: Block/CBS construction; Mixed roof; 2-story building
• Exterior features: Covered patio; Screened patio; Patio and porch; Waterfront location

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric heating; Electric cooling; Ceiling fans
• Interior features: Walk-in closets; Split bedroom layout; Partially furnished; Blinds on windows
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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: Crosspointe Elementary School (math 36% / reading 45%, grade F, #1,471 of 2,144 statewide, top 69%, 652 students, 75% FRL); Carver Middle School (math 22% / reading 34%, grade F, #486 of 571 statewide, top 86%, 732 students, 73% FRL); Atlantic High School (math 28% / reading 52%, grade F, #296 of 667 statewide, top 45%, 1,889 students, 59% FRL) — zoned schools average 69% FRL vs 52% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 50% district-wide (-13 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.8%/yr); 359 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); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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

• It's been on market 123 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $64k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $125k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% 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 $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.95% ✓
• Cap rate: 9.86%
• Cash-on-cash: 12.73%
• DSCR: 1.57
• GRM: 4.3

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $1,023
• Equity at exit: $18,638

10-year hold

• IRR: 8.8%
• Equity multiple: 1.62×
• Total profit: $21,859
• Equity at exit: $10,808

Cash invested: $35,000 (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: 359
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,435 high
• Mortgage (P&I): −$656
• Tax from tax record: −$258 /mo · $3,091/yr
• Insurance: −$52
• HOA: −$587
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $371

Break-even live

Break-even rent $1,965

Max offer price $125,000

Occupancy floor 80%

Sensitivity live

Price	-10% $442	-5% $407	+0% $371	+5% $336	+10% $301
Rent	-10% $179	-5% $275	+0% $371	+5% $468	+10% $564
Rate	-1.0pp $434	-0.5pp $403	base $371	+0.5pp $339	+1.0pp $306

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1641 NW 19th Ter Unit 46A Delray Beach, FL	2.0	2.0	1104	$2,000	$1.81	20d	1	0.06mi
1640 NW 19th Ter #103 Delray Beach, FL	2.0	2.0	1148	$1,950	$1.70	9d	1	0.08mi
1640 NW 19th Ter #103 Delray Beach, FL	2.0	2.0	1148	$1,950	$1.70	23d	1	0.08mi
1551 NW 20th Ave #102 Delray Beach, FL	2.0	2.0	1148	$1,995	$1.74	25d	1	0.13mi
1560 NW 18th Ave #104 Delray Beach, FL	2.0	2.0	1148	$2,100	$1.83	22d	1	0.15mi
1560 NW 18th Ave #104 Delray Beach, FL	2.0	2.0	1148	$2,100	$1.83	23d	1	0.15mi
1860 NW 13th St #201 Delray Beach, FL	2.0	2.0	1335	$2,800	$2.10	25d	1	0.16mi
1520 NW 19th Ter #203 Delray Beach, FL	2.0	2.0	1335	$2,200	$1.65	25d	1	0.17mi
1441 NW 19th Ter #201 Delray Beach, FL	2.0	2.0	1148	$2,250	$1.96	25d	1	0.19mi
1440 NW 20th Ave #104 Delray Beach, FL	2.0	2.0	1335	$2,650	$1.99	15d	1	0.20mi
1631 NW 18th Ave #201 Delray Beach, FL	2.0	2.0	1148	$3,300	$2.87	25d	1	0.20mi
340 Lake Monterey Cir Boynton Beach, FL	2.0	2.5	1188	$2,350	$1.98	25d	1	0.26mi
169 Monterey Bay Dr Boynton Beach, FL	3.0	2.5	1389	$2,800	$2.02	25d	1	0.28mi
169 Monterey Bay Dr Boynton Beach, FL	3.0	2.5	1389	$2,800	$2.02	16d	1	0.28mi
161 Monterey Bay Dr #161 Boynton Beach, FL	2.0	2.5	1188	$2,200	$1.85	4d	1	0.28mi
161 Monterey Bay Dr #161 Boynton Beach, FL	2.0	2.5	1188	$2,300	$1.94	25d	1	0.28mi
161 Monterey Bay Dr #161 Boynton Beach, FL	2.0	2.5	1188	$2,250	$1.89	15d	1	0.28mi
161 Monterey Bay Dr Boynton Beach, FL	2.0	2.5	1188	$2,300	$1.94	5d	1	0.28mi
161 Monterey Bay Dr Boynton Beach, FL	2.0	2.5	1188	$2,300	$1.94	19d	1	0.28mi
400 Lake Monterey Cir Boynton Beach, FL	2.0	2.5	1144	$2,400	$2.10	12d	1	0.32mi
182 Lake Monterey Cir Boynton Beach, FL	2.0	2.5	1423	$2,500	$1.76	23d	1	0.44mi
182 Lake Monterey Cir Boynton Beach, FL	2.0	2.5	1423	$2,500	$1.76	25d	1	0.44mi
2583 NW 13th St Delray Beach, FL	2.0	2.0	1466	$2,600	$1.77	19d	1	0.57mi
2915 NW 12th St Unit D Delray Beach, FL	2.0	2.0	1499	$3,200	$2.13	9d	1	0.74mi
500 N Congress Ave Delray Beach, FL	2.0–3.0	1.0–2.0	989	$2,295	$2.32	0d	6	0.82mi
872 NW 29th Ave Unit A Delray Beach, FL	2.0	2.0	1188	$2,700	$2.27	25d	1	0.83mi
2622 NW 7th Ct Delray Beach, FL	2.0	2.5	1384	$2,750	$1.99	25d	1	0.84mi
797 NW 32nd Ave Delray Beach, FL	2.0	2.0	1480	$2,800	$1.89	19d	1	0.95mi
797 NW 32nd Ave Delray Beach, FL	2.0	2.0	1480	$2,800	$1.89	25d	1	0.95mi
1502 NW 4th Ave Delray Beach, FL	3.0	2.0	1468	$6,800	$4.63	18d	1	0.96mi
1335 Lee St Delray Beach, FL	3.0	2.0	1000	$3,200	$3.20	25d	1	1.03mi
1720 Depot Ave Delray Beach, FL	2.0	2.0	1189	$2,650	$2.23	25d	1	1.03mi
1720 Depot Ave Delray Beach, FL	2.0	2.0	1199	$2,874	$2.40	15d	1	1.03mi
1914 Palmland Dr Unit C Boynton Beach, FL	2.0	2.0	1026	$2,300	$2.24	16d	1	1.07mi
1916 Palmland Dr Unit D Boynton Beach, FL	3.0	2.0	1080	$3,200	$2.96	25d	1	1.09mi
231 NW 14th Ave Delray Beach, FL	3.0	2.0	1250	$4,950	$3.96	9d	1	1.18mi
227 Coral Trace Ln Unit 227 Delray Beach, FL	2.0	2.0	1376	$3,100	$2.25	25d	1	1.19mi
351 NW 8th Ave Delray Beach, FL	3.0	2.0	1348	$3,600	$2.67	12d	1	1.23mi
351 NW 8th Ave Delray Beach, FL	3.0	2.0	1348	$3,600	$2.67	2d	1	1.23mi
3996 NW 7th Ct Delray Beach, FL	3.0	2.0	1480	$5,000	$3.38	25d	1	1.23mi

HOA detail condo

• Monthly dues: $587 · $7,044/yr
• Likely covers: waterpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-05-18
   status Pending
2. 2026-05-15
   price $125,000
3. 2026-05-14
   price $1,229,000
4. 2026-05-07
   price $157,000
5. 2026-04-23
   price $159,000
6. 2026-03-16
   price $169,000
7. 2026-03-11
   price $172,000
8. 2026-02-18
   price $178,000
9. 2026-02-16
   price $185,000
10. 2026-01-14
    listed $189,000 Active
11. 2025-12-08
    historical
12. 2025-11-16
    price $205,000
13. 2025-11-04
    price $210,000
14. 2025-09-22
    price $220,000
15. 2025-06-10
    price $225,000
16. 2025-05-28
    price $228,000
17. 2025-05-15
    price $229,000
18. 2025-04-18
    price $231,000
19. 2025-04-10
    listed $232,000 Active
20. 2023-12-23
    historical $2,500
21. 2023-11-29
    listed $2,500
22. 1990-09-26
    soldstatus $53,000

ⓘ 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: $3,091 · $258/mo
• Projected year-2 tax: $3,091 · $258/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 ≥105°F today · 26 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: $29,219
• − Mortgage interest: −$7,002
• − Property taxes: −$3,091
• − Insurance: −$625
• − Repairs & maintenance: −$2,337
• − Management: −$2,337
• − HOA: −$7,044
• − Depreciation: −$3,636
• Taxable income: $3,145
• Est. tax owed @ 24.0%: −$755
• After-tax cash flow: $3,702/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

+135.8% since first listed

22 events — show timeline

• 2026-05-18 Pending — Beaches MLS
• 2026-05-15 Price Changed $125,000 Beaches MLS
• 2026-05-14 Price Changed $1,229,000 Beaches MLS
• 2026-05-07 Price Changed $157,000 Beaches MLS
• 2026-04-23 Price Changed $159,000 Beaches MLS
• 2026-03-16 Price Changed $169,000 Beaches MLS
• 2026-03-11 Price Changed $172,000 Beaches MLS
• 2026-02-18 Price Changed $178,000 Beaches MLS
• 2026-02-16 Price Changed $185,000 Beaches MLS
• 2026-01-14 Listed $189,000 Beaches MLS
• 2025-12-08 Listing Removed — Beaches MLS
• 2025-11-16 Price Changed $205,000 Beaches MLS
• 2025-11-04 Price Changed $210,000 Beaches MLS
• 2025-09-22 Price Changed $220,000 Beaches MLS
• 2025-06-10 Price Changed $225,000 Beaches MLS
• 2025-05-28 Price Changed $228,000 Beaches MLS
• 2025-05-15 Price Changed $229,000 Beaches MLS
• 2025-04-18 Price Changed $231,000 Beaches MLS
• 2025-04-10 Listed $232,000 Beaches MLS
• 2023-12-23 Rental Removed $2,500 GFLMLS
• 2023-11-29 Listed for Rent $2,500 GFLMLS
• 1990-09-26 Sold (Public Records) $53,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $3,091 · +8.1% YoY. Source: county tax records.