223 Flanders Unit E · Delray Beach, FL 33484

$64,900

1 bd · 1.5 ba · 828 sqft · Condo public records · 102 Days on market

Built 1974 $799/mo HOA · 44% of rent

---

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 +28.3/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come embrace the Florida lifestyle in this immaculate 1 bedroom, 1.5 bath. The dream kitchen comes equipped with classic white cabinets, granite countertops and a snack bar. Spacious master suite with a slider to the balcony and plenty of closet space. Neutral tile, a bright open floorplan and an abundance of natural light complete this home. Enjoy the quiet moments on the large enclosed balcony. Kings Point boasts first class amenities that include a clubhouse with a theater, fitness center, café, resort style pool, resistance pool, Har-Tru tennis courts, Bocce courts, shuffleboard, golf course and numerous clubs and activities.

Key facts

• Remodeled
• Newer a/c unit
• Tile flooring

Tags

• TILE FLOORING
• REMODELED
• NEWER A/C UNIT

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• Financial info: Land lease in place
• HOA & community: Community for seniors; Monthly HOA with amenities including parking, pool, bike storage, business center, elevator, roof repairs, pool service, maintenance of structure, trash and common area upkeep

Exterior

• Parking: Assigned parking
• Security: Fire alarm; Fire sprinkler system; Security guard; Security fence; Attended lobby
• Utilities: Cable available
• Home design: Condominium; Two-story building; Second-floor entry with elevator; Accessible elevator installed
• Construction: Block construction
• Exterior features: Screened porch; Patio; Porch; Fenced

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: One bedroom on the main level
• Flooring: Ceramic tile
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Electric water heater; Disposal; Blinds

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $59k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 rising fast (+4.3%/yr); 541 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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 ($62k/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 $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $59,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% 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. 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.82% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.72%
• DSCR: 1.61
• GRM: 3.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.28% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.31×
• Total profit: $5,613
• Equity at exit: $9,677

10-year hold

• IRR: 19.5%
• Equity multiple: 2.87×
• Total profit: $34,050
• Equity at exit: $5,611

Cash invested: $18,172 (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 33484

• Rents YoY: 4.3%
• Active inventory: 541
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,828 high
• Mortgage (P&I): −$340
• Tax from tax record: −$70 /mo · $842/yr
• Insurance: −$27
• HOA: −$799
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $208

Break-even live

Break-even rent $1,565

Max offer price $64,900

Occupancy floor 84%

Sensitivity live

Price	-10% $245	-5% $226	+0% $208	+5% $189	+10% $171
Rent	-10% $63	-5% $136	+0% $208	+5% $280	+10% $352
Rate	-1.0pp $240	-0.5pp $224	base $208	+0.5pp $191	+1.0pp $174

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	15d	1	0.02mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	4d	1	0.02mi
960 Flanders T Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.07mi
205 Flanders Dr Unit 205 Delray Beach, FL	2.0	2.0	883	$1,750	$1.98	25d	1	0.14mi
177 Flanders Dr Unit 177 Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	25d	1	0.15mi
697 Flanders O Delray Beach, FL	1.0	1.5	760	$1,400	$1.84	3d	1	0.15mi
173 Flanders Dr Unit 173 Delray Beach, FL	2.0	2.0	920	$2,400	$2.61	25d	1	0.15mi
457 Flanders Dr Unit 457 Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	25d	1	0.15mi
278 Flanders Dr Unit 278 Delray Beach, FL	1.0	1.5	828	$1,290	$1.56	25d	1	0.15mi
719 Flanders O Delray Beach, FL	2.0	2.0	920	$1,800	$1.96	25d	1	0.22mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.23mi
177 Flanders D Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	25d	1	0.24mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	25d	1	0.24mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	12d	1	0.24mi
560 Capri Ln Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.26mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	25d	1	0.27mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	9d	1	0.27mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	25d	1	0.27mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.29mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	25d	1	0.29mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	25d	1	0.31mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.32mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.32mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	25d	1	0.32mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.32mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	15d	1	0.32mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.33mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	9d	1	0.33mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.33mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	4d	1	0.33mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,650	$2.08	0d	1	0.33mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	18d	1	0.34mi
127 Flanders C Delray Beach, FL	1.0	1.5	760	$1,550	$2.04	25d	1	0.35mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	20d	1	0.36mi
507 Capri Dr Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	25d	1	0.36mi
509 Capri Dr Unit 509 Delray Beach, FL	2.0	2.0	910	$2,500	$2.75	3d	1	0.36mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	25d	1	0.36mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	25d	1	0.37mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	25d	1	0.37mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.38mi

HOA detail condo

• Monthly dues: $799 · $9,588/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-21
   days on market $64,900 Active 102 DOM
2. 2026-06-18
   days on market $64,900 Active 99 DOM
3. 2026-06-17
   days on market $64,900 Active 98 DOM
4. 2026-06-16
   days on market $64,900 Active 97 DOM
5. 2026-06-15
   days on market $64,900 Active 96 DOM
6. 2026-06-13
   days on market $64,900 Active 94 DOM
7. 2026-06-09
   days on market $64,900 Active 90 DOM
8. 2026-06-08
   days on market $64,900 Active 89 DOM
9. 2026-06-07
   days on market $64,900 Active 88 DOM
10. 2026-06-04
    days on market $64,900 Active 85 DOM
11. 2026-06-03
    days on market $64,900 Active 84 DOM
12. 2026-06-02
    days on market $64,900 Active 83 DOM
13. 2026-06-01
    days on market $64,900 Active 82 DOM
14. 2026-05-31
    days on market $64,900 Active 81 DOM
15. 2026-05-22
    price $64,900
16. 2025-09-28
    listed $69,900 Active
17. 2022-01-21
    soldstatus $81,000
18. 2022-01-07
    soldstatus $81,000 Closed 649-char remark

    Show marketing remark (649 chars)

    Come embrace the Florida lifestyle in this immaculate 1 bedroom, 1.5 bath. The dream kitchen comes equipped with classic white cabinets, granite countertops and a snack bar. Spacious master suite with a slider to the balcony and plenty of closet space. Neutral tile, a bright open floorplan and an abundance of natural light complete this home. Enjoy the quiet moments on the large enclosed balcony. Kings Point boasts first class amenities that include a clubhouse with a theater, fitness center, café, resort style pool, resistance pool, Har-Tru tennis courts, Bocce courts, shuffleboard, golf course and numerous clubs and activities.

19. 2021-12-06
    status Pending 649-char remark

    Show marketing remark (649 chars)

    Come embrace the Florida lifestyle in this immaculate 1 bedroom, 1.5 bath. The dream kitchen comes equipped with classic white cabinets, granite countertops and a snack bar. Spacious master suite with a slider to the balcony and plenty of closet space. Neutral tile, a bright open floorplan and an abundance of natural light complete this home. Enjoy the quiet moments on the large enclosed balcony. Kings Point boasts first class amenities that include a clubhouse with a theater, fitness center, café, resort style pool, resistance pool, Har-Tru tennis courts, Bocce courts, shuffleboard, golf course and numerous clubs and activities.

20. 2021-12-01
    listed $79,900 Active 649-char remark

    Show marketing remark (649 chars)

    Come embrace the Florida lifestyle in this immaculate 1 bedroom, 1.5 bath. The dream kitchen comes equipped with classic white cabinets, granite countertops and a snack bar. Spacious master suite with a slider to the balcony and plenty of closet space. Neutral tile, a bright open floorplan and an abundance of natural light complete this home. Enjoy the quiet moments on the large enclosed balcony. Kings Point boasts first class amenities that include a clubhouse with a theater, fitness center, café, resort style pool, resistance pool, Har-Tru tennis courts, Bocce courts, shuffleboard, golf course and numerous clubs and activities.

21. 2015-11-04
    soldstatus $44,000
22. 2015-10-20
    soldstatus $44,000 Closed 453-char remark

    Show marketing remark (453 chars)

    Clean, clean, clean Just bring your stuff and move in - its ready. Great kitchen - wall taken down and built in counter replaces w/ more storage. Nice newer appliances, beautiful large ceramic tile throughout. washer/dryer in closet on patio. Patio has ceramic tiles and screening plus plastic coverings to keep from coming in. All that you can see from patio is lovely greenery. The owner has had a brand new air condition system as of August 15, 2015.

23. 2015-10-05
    status Pending 453-char remark

    Show marketing remark (453 chars)

    Clean, clean, clean Just bring your stuff and move in - its ready. Great kitchen - wall taken down and built in counter replaces w/ more storage. Nice newer appliances, beautiful large ceramic tile throughout. washer/dryer in closet on patio. Patio has ceramic tiles and screening plus plastic coverings to keep from coming in. All that you can see from patio is lovely greenery. The owner has had a brand new air condition system as of August 15, 2015.

24. 2015-07-03
    listed $48,900 Active 453-char remark

    Show marketing remark (453 chars)

    Clean, clean, clean Just bring your stuff and move in - its ready. Great kitchen - wall taken down and built in counter replaces w/ more storage. Nice newer appliances, beautiful large ceramic tile throughout. washer/dryer in closet on patio. Patio has ceramic tiles and screening plus plastic coverings to keep from coming in. All that you can see from patio is lovely greenery. The owner has had a brand new air condition system as of August 15, 2015.

25. 2005-09-09
    soldstatus $69,000
26. 1990-06-05
    soldstatus $25,000
27. 1990-06-01
    soldstatus $25,000
28. 1990-03-07
    soldstatus $20,000

ⓘ 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: $842 · $70/mo
• Projected year-2 tax: $842 · $70/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $21,939
• − Mortgage interest: −$3,635
• − Property taxes: −$842
• − Insurance: −$324
• − Repairs & maintenance: −$1,755
• − Management: −$1,755
• − HOA: −$9,588
• − Depreciation: −$1,888
• Taxable income: $2,151
• Est. tax owed @ 24.0%: −$516
• After-tax cash flow: $1,977/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): 26,208
• Household income: $62,151
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 991.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 10% Black 5% Asian 2%
• Hispanic origin (detail): Puerto Rican 2% Cuban 2%
• Common ancestry: Scotch-Irish 7% Romanian 6% Italian 2%
• Foreign-born: 23% · Canada, Jamaica, China
• Languages at home: 76% English-only · Spanish 13% Russian/Polish/Slavic 3% French/Haitian/Cajun 3%

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: ▼ -232.73%
• Current HPI: 254.5016
• Rent YoY: ▲ 4.28%
• 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

+224.5% since first listed

14 events — show timeline

• 2026-05-22 Price Changed $64,900 Beaches MLS
• 2025-09-28 Listed $69,900 Beaches MLS
• 2022-01-21 Sold (Public Records) $81,000 Public Records
• 2022-01-07 Sold (MLS) $81,000 Beaches MLS
• 2021-12-06 Pending — Beaches MLS
• 2021-12-01 Listed $79,900 Beaches MLS
• 2015-11-04 Sold (Public Records) $44,000 Public Records
• 2015-10-20 Sold (MLS) $44,000 Beaches MLS
• 2015-10-05 Pending — Beaches MLS
• 2015-07-03 Listed $48,900 Beaches MLS
• 2005-09-09 Sold (Public Records) $69,000 Public Records
• 1990-06-05 Sold (Public Records) $25,000 Public Records
• 1990-06-01 Sold (Public Records) $25,000 Public Records
• 1990-03-07 Sold (Public Records) $20,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $842 · -28.4% YoY. Source: county tax records.