15484 Lakes Of Delray Blvd #103 · Delray Beach, FL 33484

$195,000

2 bd · 2.0 ba · 940 sqft · Condo public records · 28 Days on market

Built 1985 $680/mo HOA · 30% of rent

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Why this score? — see what drove the D 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 +10.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this first floor, 2/2 condo with a relaxing patio view. A great location in the community just a short stroll to the clubhouse! This gated community is located in a desirable 55+ community that features an active clubhouse offering several activities, clubs, events and County bus service. Other amenities include an Olympic size swimming pool, jacuzzi, tennis courts, billiards, card rooms and a gym. There are also 2 satellite pools.

Key facts

• $680 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Senior community
• Financial info: Pets not allowed
• HOA & community: Lakes of Delray association; HOA fee $680 monthly; HOA includes maintenance of grounds, common areas, common real estate tax, security, roof repairs, reserve funds, pool and recreation facility service, legal/accounting; Community amenities: clubhouse, fitness center, heated pool, spa/hot tub, tennis courts, pickleball and shuffleboard courts, bocce ball, billiard room, business center, community room, library, hobby room, car wash area, park and picnic areas, maintained community, sidewalks, street lights, gated security, recreation facilities, internet included

Exterior

• Parking: Assigned parking and guest parking; Six open parking spaces total; One parking space assigned
• Security: Gated community with guard
• Utilities: Public water; Public sewer; Electricity available (three phase); Water connected
• Home design: Condominium; One level (entry level 1); Faces southwest; Resale property
• Construction: CBS construction; Other roof; Two-story building (unit is on ground level); Built area per public records: 940
• Exterior features: Screened patio; Patio; Sidewalks; Paved road access; Waterfront community (no direct waterfront on the unit)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: Two bedrooms on the main level
• Flooring: Tile; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Central individual heating; Central air conditioning
• Interior features: Built-in features; Walk-in closet(s); Bedroom layout: stacked; Closet cabinetry; Furnished
• Laundry & utility: Laundry closet inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $195k.

Deal economics

• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (10.5% below list).
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $175k (10.5% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 4.3% 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); 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 rising fast (+4.3%/yr); 546 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 44% 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 $6k 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 28 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $125k; list at $195k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 30% 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 $174,539 (10.5% 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. 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.17% ✓
• Cap rate: 5.58%
• Cash-on-cash: -2.55%
• DSCR: 0.89
• GRM: 7.1

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: -18.2%
• Equity multiple: 0.35×
• Total profit: $-35,614
• Equity at exit: $29,075

10-year hold

• IRR: -7.0%
• Equity multiple: 0.52×
• Total profit: $-26,409
• Equity at exit: $16,860

Cash invested: $54,600 (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: 546
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,282 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$135 /mo · $1,617/yr
• Insurance: −$81
• HOA: −$680
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $-116

Break-even live

Break-even rent $2,429

Max offer price $174,539

Occupancy floor —

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15469 Lakes of Delray Blvd #102 Delray Beach, FL	2.0	2.0	976	$3,000	$3.07	24d	1	0.08mi
15449 Lakes of Delray Blvd #207 Delray Beach, FL	2.0	2.0	976	$2,950	$3.02	24d	1	0.09mi
15072 Ashland Pl #132 Delray Beach, FL	2.0	2.0	1100	$2,100	$1.91	19d	1	0.14mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	24d	1	0.18mi
15108 Ashland Dr #215 Delray Beach, FL	2.0	2.0	900	$2,000	$2.22	24d	1	0.18mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	18d	1	0.26mi
5600 Atlantic Ave Delray Beach, FL	1.0–3.0	1.0–3.0	1147	$3,030	$2.64	1d	29	0.28mi
5884 Morningstar Cir #306 Delray Beach, FL	2.0	2.0	1113	$2,200	$1.98	24d	1	0.32mi
5910 Morningstar Cir #202 Delray Beach, FL	2.0	2.0	1120	$2,200	$1.96	24d	1	0.35mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.42mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.42mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	24d	1	0.45mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.46mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,495	$1.97	7d	1	0.47mi
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	7d	1	0.51mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.51mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	24d	1	0.52mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.52mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	3d	1	0.54mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	7d	1	0.54mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	24d	1	0.54mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	24d	1	0.54mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	24d	1	0.54mi
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	24d	1	0.55mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	15d	1	0.55mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.55mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	24d	1	0.56mi
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	11d	1	0.56mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	24d	1	0.56mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	22d	1	0.56mi
226 Normandy E Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	24d	1	0.56mi
185 Normandy D Delray Beach, FL	1.0	1.5	760	$1,499	$1.97	14d	1	0.56mi
70 Normandy B Delray Beach, FL	2.0	2.0	907	$1,695	$1.87	24d	1	0.56mi
137 Normandy Ln Unit 137 Delray Beach, FL	2.0	2.0	906	$1,895	$2.09	24d	1	0.56mi
705 Normandy Ln Unit 705 Delray Beach, FL	2.0	2.0	907	$2,600	$2.87	24d	1	0.56mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.56mi
864 Normandy Ln Unit 864 Delray Beach, FL	1.0	1.5	760	$1,750	$2.30	24d	1	0.56mi
900 Normandy S Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	24d	1	0.56mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	5d	1	0.56mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	12d	1	0.56mi

HOA detail condo

• Monthly dues: $680 · $8,160/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-18
   days on market $195,000 Active 28 DOM
2. 2026-06-17
   days on market $195,000 Active 27 DOM
3. 2026-06-16
   days on market $195,000 Active 26 DOM
4. 2026-06-15
   days on market $195,000 Active 25 DOM
5. 2026-06-13
   pricedays on market $195,000 Active 23 DOM
6. 2026-06-09
   days on market $199,000 Active 19 DOM
7. 2026-06-08
   days on market $199,000 Active 18 DOM
8. 2026-06-07
   days on market $199,000 Active 17 DOM
9. 2026-06-04
   days on market $199,000 Active 14 DOM
10. 2026-06-03
    days on market $199,000 Active 13 DOM
11. 2026-06-02
    days on market $199,000 Active 12 DOM
12. 2026-06-01
    days on market $199,000 Active 11 DOM
13. 2026-05-31
    days on market $199,000 Active 10 DOM
14. 2026-05-21
    listed $199,000 Active
15. 2025-07-02
    historical
16. 2025-05-09
    price $179,000
17. 2025-04-12
    price $189,000
18. 2025-04-02
    price $195,000
19. 2025-03-03
    status Active
20. 2025-03-03
    historical
21. 2025-02-04
    price $200,000
22. 2025-01-13
    price $209,000
23. 2024-12-04
    listed $229,000 Active
24. 2024-12-03
    historical
25. 2020-10-28
    soldstatus $125,000
26. 2020-10-16
    soldstatus $125,000 Closed 446-char remark

    Show marketing remark (446 chars)

    Don't miss this first floor, 2/2 condo with a relaxing patio view. A great location in the community just a short stroll to the clubhouse! This gated community is located in a desirable 55+ community that features an active clubhouse offering several activities, clubs, events and County bus service. Other amenities include an Olympic size swimming pool, jacuzzi, tennis courts, billiards, card rooms and a gym. There are also 2 satellite pools.

27. 2020-09-17
    status Pending 446-char remark

    Show marketing remark (446 chars)

    Don't miss this first floor, 2/2 condo with a relaxing patio view. A great location in the community just a short stroll to the clubhouse! This gated community is located in a desirable 55+ community that features an active clubhouse offering several activities, clubs, events and County bus service. Other amenities include an Olympic size swimming pool, jacuzzi, tennis courts, billiards, card rooms and a gym. There are also 2 satellite pools.

28. 2020-08-31
    listed $130,000 Active 446-char remark

    Show marketing remark (446 chars)

    Don't miss this first floor, 2/2 condo with a relaxing patio view. A great location in the community just a short stroll to the clubhouse! This gated community is located in a desirable 55+ community that features an active clubhouse offering several activities, clubs, events and County bus service. Other amenities include an Olympic size swimming pool, jacuzzi, tennis courts, billiards, card rooms and a gym. There are also 2 satellite pools.

29. 2010-03-26
    soldstatus $36,000
30. 2010-03-05
    soldstatus $36,000
31. 2010-02-11
    historical
32. 2009-12-02
    listed $38,000

ⓘ 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: $1,617 · $135/mo
• Projected year-2 tax: $1,618 · $135/mo
• Expected delta: +$2/yr ($0/mo · 0.1%)

ⓘ 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 9/10 Extreme 7 d/yr ≥106°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: $27,384
• − Mortgage interest: −$10,923
• − Property taxes: −$1,617
• − Insurance: −$975
• − Repairs & maintenance: −$2,191
• − Management: −$2,191
• − HOA: −$8,160
• − Depreciation: −$5,673
• Taxable loss: −$4,345
• Est. tax savings @ 24.0%: +$1,043
• After-tax cash flow: $-347/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

+423.7% since first listed

19 events — show timeline

• 2026-05-21 Listed $199,000 Beaches MLS
• 2025-07-02 Listing Removed — Beaches MLS
• 2025-05-09 Price Changed $179,000 Beaches MLS
• 2025-04-12 Price Changed $189,000 Beaches MLS
• 2025-04-02 Price Changed $195,000 Beaches MLS
• 2025-03-03 Relisted — Beaches MLS
• 2025-03-03 Listing Removed — Beaches MLS
• 2025-02-04 Price Changed $200,000 Beaches MLS
• 2025-01-13 Price Changed $209,000 Beaches MLS
• 2024-12-04 Listed $229,000 Beaches MLS
• 2024-12-03 Coming Soon — Beaches MLS
• 2020-10-28 Sold (Public Records) $125,000 Public Records
• 2020-10-16 Sold (MLS) $125,000 Beaches MLS
• 2020-09-17 Pending — Beaches MLS
• 2020-08-31 Listed $130,000 Beaches MLS
• 2010-03-26 Sold (Public Records) $36,000 Public Records
• 2010-03-05 Sold (MLS) $36,000 Beaches MLS
• 2010-02-11 Listing Removed — Beaches MLS
• 2009-12-02 Listed $38,000 Beaches MLS

Property tax history

+5.1%/yr

Latest (2025): $1,617 · -2.8% YoY. Source: county tax records.