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15449 Lakes Of Delray Blvd
C- Composite 50.98
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).

  • ARV discount +15.0/15.0
  • 1% rule +8.7/10.0
  • Cash flow +8.6/30.0
  • Schools +4.8/10.0
  • Condition / age +4.0/5.0
  • Livability +3.9/5.0
  • Rent growth +3.6/5.0
  • DSCR +2.4/10.0
  • Appreciation +0.0/10.0

$168,000

15449 Lakes Of Delray Blvd · Delray Beach, FL 33484
2 bd · 2.0 ba · 976 sqft · Townhouse · 51 Days on market
Built 1986 Good condition $172/sqft · 17% below area Est $203k · 17% under $804/mo HOA · 35% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Key facts

  • $804 HOA
  • Parking
  • Community pool

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2-bed/2.0-bath townhouse listed at $168k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-143 ($-2k/yr) — negative.
  • To cash-flow at today's rent, offer at most $147k (12.3% below list).
  • Meets the 1% rule at list price ($2k rent vs $168k).
  • Recommended offer: $147k (12.3% below list) — sets the bar for cash-flow.
  • Cap rate 5.3% vs local median 4.2% in Delray Beach — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); Carver Middle School (math 22% / reading 34%, grade F, #486 of 571 statewide, top 86%, 732 students, 73% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL).
  • Market conditions: Rents rising fast (+4.3%/yr); 659 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 43d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
  • This rent runs 45% 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 $1k of loan paydown is wiped out by about $5k 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 51 days — a 3% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
  • 7 sale attempts since 3y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

  • Watch-outs: HOA is 35% of rent.
  • Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer $147,275 (12.3% below list)

Questions for the listing agent

  1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
  2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
  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
1.37%
Cap rate
5.27%
Cash-on-cash
-3.65%
DSCR
0.84
GRM
6.1

CMA / ARV

ARV (median comp)
$202,914
List price
$168,000
Delta
-17.21%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
15453 Lakes Of Delray Blvd #204 0.10mi 2/2.0 1,000 (+2%) 0mo $145,000 $145 91
15054 Ashland Way #102 0.17mi 2/2.0 1,000 (+2%) 2mo $142,500 $143 86
334 Burgundy G 0.49mi 2/2.0 907 (-7%) 1mo $109,000 $120 65
147 Burgundy D 0.51mi 2/2.0 902 (-8%) 0mo $85,000 $94 63
339 Normandy 0.55mi 2/2.0 907 (-7%) 0mo $97,000 $107 62
489 Burgundy K 0.49mi 2/2.0 902 (-8%) 3mo $85,000 $94 62
5160 Las Verdes Cir Unit 101 0.73mi 2/2.0 952 (-2%) 1mo $173,000 $182 61
389 Capri Unit I 0.56mi 2/2.0 910 (-7%) 3mo $100,000 $110 60
471 Capri Unit J 0.56mi 2/2.0 910 (-7%) 3mo $110,000 $121 60
48 Piedmont 0.73mi 2/2.0 1,040 (+7%) 1mo $115,000 $111 54
222 Burgundy E 0.70mi 2/2.0 902 (-8%) 5mo $105,000 $116 50
408 Flanders I 0.73mi 2/2.0 880 (-10%) 3mo $82,000 $93 47

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

Projected returns pro-forma

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

5-year hold
IRR
-19.5%
Equity multiple
0.30×
Total profit
$-32,809
Equity at exit
$25,049
10-year hold
IRR
-7.8%
Equity multiple
0.46×
Total profit
$-25,498
Equity at exit
$14,526

Cash invested: $47,040 (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.
Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
218 active · 96 under contract
Months of supply
38.5 mo (3%/mo absorbed)
Median asking
$143,750 ($154/sqft)
Median days on market
104 d
This list price
69% of active listings are priced below it
ARV vs active asking
+35.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33484

Rents YoY
4.3%
Active inventory
659
Price-to-rent
6.1×

Monthly cashflow live

Estimated rent
$2,306 high interval (Pro) →
Mortgage (P&I)
$881
Tax est. 1.5%
$210 /mo · $2,520/yr
Insurance
$70
HOA
$804
Vacancy / Maint / Mgmt
$484
Net cashflow
$-143

Break-even live

Break-even rent $2,487
Max offer price $147,275
Occupancy floor

Sensitivity live

Price -10% $-27 -5% $-85 +0% $-143 +5% $-201 +10% $-259
Rent -10% $-325 -5% $-234 +0% $-143 +5% $-52 +10% $39
Rate -1.0pp $-59 -0.5pp $-100 base $-143 +0.5pp $-187 +1.0pp $-231

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
$42,000
Closing costs
$5,040
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
15469 Lakes of Delray Blvd #102 Delray Beach, FL 2.0 2.0 976 $3,000 $3.07 73d 1 0.02mi
15449 Lakes of Delray Blvd #207 Delray Beach, FL 2.0 2.0 976 $2,950 $3.02 73d 1 0.03mi
15445 Lakes of Delray Blvd #204 Delray Beach, FL 2.0 2.0 1000 $2,200 $2.20 31d 1 0.12mi
15109 Ashland Dr #323 Delray Beach, FL 2.0 2.0 998 $3,500 $3.51 73d 1 0.19mi
15072 Ashland Pl Delray Beach, FL 2.0 2.0 1000 $2,048 $2.05 48d 2 0.19mi
15072 Ashland Pl #132 Delray Beach, FL 2.0 2.0 1100 $2,100 $1.91 69d 1 0.20mi
15072 Ashland Pl #117 Delray Beach, FL 2.0 2.0 1100 $1,950 $1.77 27d 1 0.20mi
15108 Ashland Dr #215 Delray Beach, FL 2.0 2.0 900 $2,000 $2.22 73d 1 0.21mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL 2.0 2.0 900 $1,900 $2.11 31d 1 0.24mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL 2.0 2.0 900 $1,900 $2.11 21d 1 0.24mi
15090 Ashland Pl Delray Beach, FL 2.0 2.0 900 $2,300 $2.56 48d 1 0.24mi
5600 Atlantic Ave Delray Beach, FL 1.0–3.0 1.0–3.0 1147 $2,790 $2.43 0d 27 0.26mi
5884 Morningstar Cir #205 Delray Beach, FL 1.0 1.5 717 $1,850 $2.58 29d 1 0.34mi
5884 Morningstar Cir #306 Delray Beach, FL 2.0 2.0 1113 $2,200 $1.98 73d 1 0.34mi
5910 Morningstar Cir #202 Delray Beach, FL 2.0 2.0 1120 $2,350 $2.10 9d 1 0.37mi
5910 Morningstar Cir #202 Delray Beach, FL 2.0 2.0 1120 $2,350 $2.10 9d 1 0.37mi
452 Normandy J Delray Beach, FL 2.0 2.0 907 $1,550 $1.71 43d 1 0.41mi
452 Normandy J Unit J Delray Beach, FL 2.0 2.0 907 $1,550 $1.71 43d 1 0.41mi
542 Normandy Ln Unit 542 Delray Beach, FL 2.0 2.0 907 $1,600 $1.76 73d 1 0.44mi
569 Normandy L Delray Beach, FL 1.0 1.5 760 $1,400 $1.84 16d 1 0.44mi
595 Normandy M Delray Beach, FL 2.0 2.0 907 $1,750 $1.93 73d 1 0.45mi
120 Normandy C Delray Beach, FL 1.0 1.5 760 $1,475 $1.94 19d 1 0.50mi
358 Normandy H Delray Beach, FL 2.0 2.0 907 $2,000 $2.21 24d 1 0.50mi
930 Normandy T Delray Beach, FL 1.0 1.5 760 $2,800 $3.68 57d 1 0.50mi
949 Normandy Trl Unit 949 Delray Beach, FL 2.0 2.0 907 $3,500 $3.86 73d 1 0.51mi
999 Normandy U Delray Beach, FL 1.0 1.5 760 $1,750 $2.30 7d 1 0.51mi
767 Burgundy P Delray Beach, FL 2.0 2.0 902 $1,550 $1.72 73d 1 0.51mi
599 Burgundy M Delray Beach, FL 3.0 2.0 1097 $2,100 $1.91 52d 1 0.51mi
313 Burgundy G Delray Beach, FL 2.0 2.0 907 $2,050 $2.26 73d 1 0.51mi
519 Burgundy K Delray Beach, FL 1.0 1.5 760 $2,000 $2.63 38d 1 0.51mi
548 Burgundy L Delray Beach, FL 2.0 2.0 902 $1,900 $2.11 57d 1 0.51mi
321 Burgundy G Delray Beach, FL 2.0 2.0 907 $1,700 $1.87 36d 1 0.51mi
362 Burgundy H Delray Beach, FL 1.0 1.5 760 $1,400 $1.84 32d 1 0.51mi
980 Normandy U Delray Beach, FL 2.0 2.0 907 $2,900 $3.20 24d 1 0.51mi
441 Burgundy N #441 Delray Beach, FL 2.0 2.0 902 $1,600 $1.77 42d 1 0.51mi
805 Normandy Q Delray Beach, FL 2.0 2.0 907 $2,000 $2.21 4d 1 0.51mi
416 Burgundy N Unit I Delray Beach, FL 1.0 1.5 760 $2,100 $2.76 73d 1 0.52mi
416 Burgundy N Unit I Delray Beach, FL 1.0 1.5 760 $2,100 $2.76 9d 1 0.52mi
369 Burgundy N Unit 369 Delray Beach, FL 1.0 1.5 760 $1,600 $2.11 37d 1 0.52mi
998 Normandy Trl Delray Beach, FL 2.0 2.0 907 $1,800 $1.98 37d 1 0.53mi

Property features AI

Finance

Financial info
Pets not allowed
HOA & community
HOA with monthly feeHOA amenities include maintenance of grounds, trash service, roof repairs and pool service

Exterior

Parking
1 parking spaceCommunity parking available
Security
Smoke detector(s)Gated with community security
Utilities
Public waterPublic sewerElectricity available with circuit breakersCable available
Home design
CondominiumOne storyFaces eastResale condition
Construction
Built with CBS construction materialsShingle roof1,120 sq ft building area (appraiser source)Living area reported as 976
Exterior features
Not waterfrontClubhouseGame roomPoolShuffleboard courtTennis court(s)Bocce ballBusiness centerLibraryPickleball court(s)SidewalksStreet lightsGated communitySecurityRecreation facilitiesMaintenance provided

Interior

Kitchen
DisposalDishwasherElectric rangeMicrowaveRefrigerator
Bedrooms
2 bedrooms on the main level
Flooring
Tile
Bathrooms
2 full bathrooms (main level)
Heating & cooling
Central heatingCentral airCeiling fan(s)
Interior features
High ceilingsKitchen island
Laundry & utility
Laundry room with washer hookupIndoor laundry

Listing history 39 events

  1. 2026-07-02
    days on market $168,000 Active 51 DOM
  2. 2026-07-01
    days on market $168,000 Active 50 DOM
  3. 2026-06-30
    price $168,000 Active 49 DOM
  4. 2026-06-30
    days on market $188,000 Active 49 DOM
  5. 2026-06-29
    days on market $188,000 Active 48 DOM
  6. 2026-06-28
    days on market $188,000 Active 47 DOM
  7. 2026-06-27
    days on market $188,000 Active 46 DOM
  8. 2026-06-26
    days on market $188,000 Active 45 DOM
  9. 2026-06-24
    days on market $188,000 Active 43 DOM
  10. 2026-06-22
    days on market $188,000 Active 41 DOM
  11. 2026-06-21
    days on market $188,000 Active 40 DOM
  12. 2026-06-18
    days on market $188,000 Active 37 DOM
  13. 2026-06-17
    days on market $188,000 Active 36 DOM
  14. 2026-06-16
    days on market $188,000 Active 35 DOM
  15. 2026-06-15
    days on market $188,000 Active 34 DOM
  16. 2026-06-13
    days on market $188,000 Active 32 DOM
  17. 2026-06-10
    price $188,000 Active 28 DOM
  18. 2026-06-09
    days on market $198,000 Active 28 DOM
  19. 2026-06-08
    days on market $198,000 Active 27 DOM
  20. 2026-06-07
    days on market $198,000 Active 26 DOM
  21. 2026-06-04
    days on market $198,000 Active 23 DOM
  22. 2026-06-03
    days on market $198,000 Active 22 DOM
  23. 2026-06-02
    days on market $198,000 Active 21 DOM
  24. 2026-06-01
    days on market $198,000 Active 20 DOM
  25. 2026-05-31
    days on market $198,000 Active 19 DOM
  26. 2026-05-12
    listed $198,000 Active
  27. 2024-07-16
    historical $4,000
  28. 2024-07-16
    listed $4,000
  29. 2024-06-22
    historical $1,880
  30. 2024-06-15
    listed $1,880
  31. 2024-04-08
    historical $2,800
  32. 2024-03-31
    listed $2,800
  33. 2024-02-17
    historical $1,975
  34. 2024-01-29
    price $1,975
  35. 2024-01-17
    listed $2,100
  36. 2023-12-05
    historical $4,000
  37. 2023-12-05
    listed $4,000
  38. 2023-11-18
    historical $4,000
  39. 2023-10-05
    listed $4,000

ⓘ 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 ≥106°F today · 24 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$27,673
− Mortgage interest
−$9,411
− Property taxes
−$2,520
− Insurance
−$840
− Repairs & maintenance
−$2,214
− Management
−$2,214
− HOA
−$9,648
− Depreciation
−$4,887
Taxable loss
−$4,061
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$975
After-tax cash flow
$-744/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $4,880–$14,640 screening

A modern, well-maintained kitchen and bathrooms with potential for increased value through exterior improvements and electrical upgrades.

Value-add opportunities

  • Both Painting exterior and landscaping — Enhances curb appeal and adds value for both resale and rental.
  • Both Upgrading electrical panel — Ensures safety and meets current building codes, improving both resale and rental value.

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 48/100

Zoned Schools

Elementary Orchard View Elementary School D FL #1,182/2,144 Nat'l #14,382/41,679 Middle Carver Middle School F FL #486/571 Nat'l #9,545/14,009 High Spanish River Community High School B FL #63/667 Nat'l #2,354/17,239

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
B Composite livability gradescore 77/100

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 · 1,637,487 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
16% of renters

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

Price history

+4600.0% since first listed
15 events — show timeline
  • 2026-06-09 Price Changed $188,000 Beaches MLS
  • 2026-05-12 Listed $198,000 Beaches MLS
  • 2024-07-16 Rental Removed $4,000 RMLSFL
  • 2024-07-16 Listed for Rent $4,000 RMLSFL
  • 2024-06-22 Rental Removed $1,880 RMLSFL
  • 2024-06-15 Listed for Rent $1,880 RMLSFL
  • 2024-04-08 Rental Removed $2,800 RMLSFL
  • 2024-03-31 Listed for Rent $2,800 RMLSFL
  • 2024-02-17 Rental Removed $1,975 RMLSFL
  • 2024-01-29 Price Changed $1,975 RMLSFL
  • 2024-01-17 Listed for Rent $2,100 RMLSFL
  • 2023-12-05 Rental Removed $4,000 RMLSFL
  • 2023-12-05 Listed for Rent $4,000 RMLSFL
  • 2023-11-18 Rental Removed $4,000 RMLSFL
  • 2023-10-05 Listed for Rent $4,000 RMLSFL

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…