2915 SW 22nd Ave #201 · Delray Beach, FL 33445

$210,000

2 bd · 2.0 ba · 1,125 sqft · Condo · 83 Days on market

Built 1984 Good condition

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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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +3.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

CORNER UNIT WITH SCREENED PATIO TO A LOVELY GARDEN VIEW. NEW CARPET, TILE,PAINT & APPLIANCES.CLUBHOUSE W/HEATED POOL,EXCERCISE RM,BILLIARDS, KITCHEN,CARD RM,TENNIS COURTS.MINUTES TO SHOPPING,BEACH & I-95.

Key facts

• 2 parking spots
• Built 1984
• Listed 83 days

Property features AI

Finance

• HOA & community: Pets allowed (cats and dogs allowed; number limit applies)

Exterior

• Parking: Detached carport; Carport with 1 covered space; 2 total parking spaces (includes guest parking)
• Utilities: Public water; Public sewer; Sewer available
• Home design: Condominium; One level (living area on one level); Faces south
• Construction: CBS construction; Other roof; Built as part of a 2-story building
• Exterior features: Not waterfront; Common area accessibility

Interior

• Kitchen: Dishwasher
• Bedrooms: 2 bedrooms (main level)
• Flooring: Tile
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central electric heating; Central electric air conditioning
• Interior features: Walk-in closet(s); Updated/remodeled condition; Unfurnished
• Laundry & utility: Inside laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $210k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $197k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% 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 47% FRL track the district average.
• Market conditions: Rents rising (+1.8%/yr); 357 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• This rent runs 37% of the median local income ($78k/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 83 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $46k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $153k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $197,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. 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?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.16% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.63%
• DSCR: 1.43
• GRM: 7.2

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: -3.1%
• Equity multiple: 0.88×
• Total profit: $-6,775
• Equity at exit: $31,312

10-year hold

• IRR: 5.2%
• Equity multiple: 1.37×
• Total profit: $21,590
• Equity at exit: $18,157

Cash invested: $58,800 (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: 357
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,434 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $472

Break-even live

Break-even rent $1,837

Max offer price $210,000

Occupancy floor 76%

Sensitivity live

Price	-10% $617	-5% $544	+0% $472	+5% $399	+10% $327
Rent	-10% $280	-5% $376	+0% $472	+5% $568	+10% $664
Rate	-1.0pp $578	-0.5pp $525	base $472	+0.5pp $417	+1.0pp $362

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2885 SW 22nd Ave #106 Delray Beach, FL	2.0	2.0	1136	$2,000	$1.76	5d	1	0.04mi
2805 SW 22nd Ave #104 Delray Beach, FL	2.0	2.0	964	$2,450	$2.54	9d	1	0.04mi
2805 SW 22nd Ave #104 Delray Beach, FL	2.0	2.0	964	$2,500	$2.59	25d	1	0.04mi
2825 SW 22nd Ave #201 Delray Beach, FL	2.0	2.0	1142	$2,150	$1.88	6d	1	0.05mi
2955 SW 22nd Ave #2080 Delray Beach, FL	2.0	2.0	1116	$2,200	$1.97	9d	1	0.07mi
2865 SW 22nd Ave #105 Delray Beach, FL	2.0	2.0	1136	$2,500	$2.20	0d	1	0.09mi
2865 SW 22nd Ave #105 Delray Beach, FL	2.0	2.0	1136	$2,400	$2.11	0d	1	0.09mi
2975 SW 22nd Ave #2020 Delray Beach, FL	2.0	2.0	1096	$2,000	$1.82	22d	1	0.09mi
2865 SW 22nd Ave #1080 Delray Beach, FL	2.0	2.0	1142	$2,150	$1.88	9d	1	0.09mi
2900 SW 22nd Ave #5110 Delray Beach, FL	2.0	2.0	1126	$2,200	$1.95	22d	1	0.18mi
2900 SW 22nd Ave #5020 Delray Beach, FL	2.0	2.0	1126	$2,000	$1.78	25d	1	0.18mi
2740 SW 22nd Ave #1605 Delray Beach, FL	2.0	2.0	1013	$2,000	$1.97	9d	1	0.19mi
2335 SW 22nd Ave #104 Delray Beach, FL	2.0	2.0	1120	$2,500	$2.23	25d	1	0.22mi
2906 SW 21st Ter Unit 31b2 Delray Beach, FL	2.0	2.0	1120	$2,150	$1.92	25d	1	0.22mi
2820 SW 22nd Ave Unit 211 Delray Beach, FL	2.0	2.0	1126	$2,100	$1.87	4d	1	0.23mi
2315 SW 22nd Ave #2020 Delray Beach, FL	2.0	2.0	985	$2,300	$2.34	21d	1	0.24mi
1874 Heron Club Dr Delray Beach, FL	2.0	1.0–2.0	889	$3,593	$4.04	0d	7	0.24mi
2660 SW 22nd Ave #1203 Delray Beach, FL	2.0	2.0	1013	$2,000	$1.97	25d	1	0.25mi
2440 SW 22nd Ave #703 Delray Beach, FL	2.0	2.0	1013	$2,025	$2.00	18d	1	0.26mi
2900 SW 22nd Cir Unit 5020 Delray Beach, FL	2.0	2.0	1126	$2,000	$1.78	20d	1	0.30mi
2340 SW 22nd Ave #306 Delray Beach, FL	2.0	2.0	1066	$1,600	$1.50	20d	1	0.30mi
3011 SW 21st Ter Delray Beach, FL	2.0	2.0	1348	$2,550	$1.89	25d	1	0.30mi
2300 SW 22nd Ave #109 Delray Beach, FL	2.0	2.0	1013	$1,899	$1.87	25d	1	0.32mi
2300 SW 22nd Ave #109 Delray Beach, FL	2.0	2.0	1013	$1,899	$1.87	9d	1	0.32mi
3118 SW 20th Ter Unit 24A2 Delray Beach, FL	2.0	2.0	1316	$2,295	$1.74	25d	1	0.33mi
3015 SW 21st Ter Unit 371B Delray Beach, FL	2.0	2.0	1120	$2,800	$2.50	4d	1	0.33mi
1335 Crystal Way Unit A Delray Beach, FL	2.0	2.0	978	$2,400	$2.45	0d	1	0.42mi
1523 Gallinule Dr Delray Beach, FL	3.0	2.0	1500	$4,400	$2.93	20d	1	0.47mi
2044 Alta Meadows Ln #1809 Delray Beach, FL	2.0	2.0	1302	$3,200	$2.46	25d	1	0.47mi
2042 Alta Meadows Ln #1712 Delray Beach, FL	2.0	2.0	1058	$2,750	$2.60	25d	1	0.49mi
1495 Spring Harbor Dr Delray Beach, FL	2.0	2.0	1175	$2,797	$2.38	14d	1	0.56mi
1495 Spring Harbor Dr Delray Beach, FL	3.0	2.0	1335	$2,874	$2.15	3d	1	0.56mi
1495 Spring Harbor Dr Delray Beach, FL	3.0	2.0	1335	$3,454	$2.59	19d	1	0.56mi
1495 Spring Harbor Dr Delray Beach, FL	3.0	2.0	1335	$3,082	$2.31	12d	1	0.56mi
2736 Carnation Ct Delray Beach, FL	3.0	2.0	1496	$3,400	$2.27	6d	1	0.57mi
2736 Carnation Ct Delray Beach, FL	3.0	2.0	1496	$3,400	$2.27	23d	1	0.57mi
2036 Alta Meadows Ln #1407 Delray Beach, FL	2.0	2.0	1175	$3,300	$2.81	23d	1	0.57mi
2756 Carnation Ct Delray Beach, FL	2.0	2.0	1407	$3,200	$2.27	21d	1	0.59mi
1315 Gallinule Dr Delray Beach, FL	3.0	2.0	1404	$4,700	$3.35	25d	1	0.60mi
2030 Alta Meadows Ln #1208 Delray Beach, FL	3.0	2.0	1362	$3,300	$2.42	25d	1	0.64mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $210,000 Active 83 DOM
2. 2026-06-18
   days on market $210,000 Active 80 DOM
3. 2026-06-17
   days on market $210,000 Active 79 DOM
4. 2026-06-16
   days on market $210,000 Active 78 DOM
5. 2026-06-15
   days on market $210,000 Active 77 DOM
6. 2026-06-13
   days on market $210,000 Active 75 DOM
7. 2026-06-09
   days on market $210,000 Active 71 DOM
8. 2026-06-08
   days on market $210,000 Active 70 DOM
9. 2026-06-07
   days on market $210,000 Active 69 DOM
10. 2026-06-04
    days on market $210,000 Active 66 DOM
11. 2026-06-03
    days on market $210,000 Active 65 DOM
12. 2026-06-02
    pricedays on market $210,000 Active 64 DOM
13. 2026-06-01
    days on market $220,000 Active 63 DOM
14. 2026-05-31
    days on market $220,000 Active 62 DOM
15. 2026-05-13
    price $228,000
16. 2026-04-16
    price $239,000
17. 2026-03-30
    listed $256,000 Active
18. 2005-03-24
    soldstatus $153,000 212-char remark

    Show marketing remark (212 chars)

    CORNER UNIT WITH SCREENED PATIO TO A LOVELY GARDEN VIEW. NEW CARPET, TILE,PAINT & APPLIANCES.CLUBHOUSE W/HEATED POOL,EXCERCISE RM,BILLIARDS, KITCHEN,CARD RM,TENNIS COURTS.MINUTES TO SHOPPING,BEACH & I-95.

19. 2005-02-10
    historical 212-char remark

    Show marketing remark (212 chars)

    CORNER UNIT WITH SCREENED PATIO TO A LOVELY GARDEN VIEW. NEW CARPET, TILE,PAINT & APPLIANCES.CLUBHOUSE W/HEATED POOL,EXCERCISE RM,BILLIARDS, KITCHEN,CARD RM,TENNIS COURTS.MINUTES TO SHOPPING,BEACH & I-95.

20. 2005-01-25
    listed $160,000 212-char remark

    Show marketing remark (212 chars)

    CORNER UNIT WITH SCREENED PATIO TO A LOVELY GARDEN VIEW. NEW CARPET, TILE,PAINT & APPLIANCES.CLUBHOUSE W/HEATED POOL,EXCERCISE RM,BILLIARDS, KITCHEN,CARD RM,TENNIS COURTS.MINUTES TO SHOPPING,BEACH & I-95.

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,211
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,337
• − Management: −$2,337
• − Depreciation: −$6,109
• Taxable income: $2,465
• Est. tax owed @ 24.0%: −$592
• After-tax cash flow: $5,070/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 · 13 photos

Good 75/100 Cosmetic rehab

This corner unit is in good condition with a good roof and well-maintained exterior. It needs updates to the kitchen and bathrooms to increase its value.

Repairs flagged

• Major Kitchen appliances — Old and outdated, need replacement.
• Major Bathroom fixtures — Dated and worn, need replacement.
• Major Kitchen cabinets — Old and dated, need replacement or updating.

Value-add opportunities

• Both New kitchen appliances — Modernizes the space and increases appeal.
• Both New bathroom fixtures — Enhances functionality and aesthetics.
• Both Painting exterior walls — Fresh paint improves curb appeal and value.
• Both New flooring in kitchen and bathrooms — Modernizes the space and improves functionality.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Old and outdated, need replacement.	Major	$15,000–50,000
Bathroom fixtures · Dated and worn, need replacement.	Major	$15,000–50,000
Kitchen cabinets · Old and dated, need replacement or updating.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both New kitchen appliances — Modernizes the space and increases appeal. ↑
• Both New bathroom fixtures — Enhances functionality and aesthetics. ↑
• Both Painting exterior walls — Fresh paint improves curb appeal and value. ↑
• Both New flooring in kitchen and bathrooms — Modernizes the space and improves functionality. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+42.5% since first listed

6 events — show timeline

• 2026-05-13 Price Changed $228,000 Beaches MLS
• 2026-04-16 Price Changed $239,000 Beaches MLS
• 2026-03-30 Listed $256,000 Beaches MLS
• 2005-03-24 Sold (MLS) $153,000 Beaches MLS
• 2005-02-10 Listing Removed — Beaches MLS
• 2005-01-25 Listed $160,000 Beaches MLS