2828 Casita Way #205 · Delray Beach, FL 33445

$199,000

2 bd · 2.0 ba · 1,023 sqft · Condo · 5 Days on market

Built 1980 Good condition $648/mo HOA · 27% 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 +9.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +3.0/5.0
• DSCR +2.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Imagine every morning look at a peaceful lake view + green, sipping your coffee while the sunlight reflects off the water. This 2/2 condo isn’t just move in ready, it’s perfect blend of comfort and smart investment. You’ll love the spacious layout, bright open living space, large rooms, walk-in closet, Storage Space, and dedicated home office space. kitchen is bright and functional, inviting place to cook and gather. You’re just minutes from restaurants, shops, and I95, making everyday life easier. Lots of parking. NO RENTAL RESTRICTION. NO MINIMUM DOWN PAYMENT. Flexibility whether you’re buying to live or to invest. Owner-occupied but easy to show. The only th

Key facts

• Waterfront property
• $648 HOA
• 2 parking spots

Tags

• WATERFRONT PROPERTY
• LAGO DEL REY CONDO COMMUNITY
• DISTINCT SPACES FOR RELAXATION

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Quarterly association fee; Association covers common areas, insurance, grounds maintenance, structure maintenance, parking, pool(s), sewer, trash and water; Community amenities: clubhouse, fitness center, pool, tennis courts

Exterior

• Parking: Assigned parking; Two or more parking spaces; 2 covered spaces; 2-car garage
• Utilities: Water: connected; Sewer: connected; Power: connected
• Home design: Attached property; 2 stories; Entry on second level; Resale home
• Construction: Block construction
• Exterior features: Balcony; Screened balcony / porch; Lakefront waterfront; Association pool

Interior

• Kitchen: Electric range; Self-cleaning oven; Dishwasher; Disposal; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Bedroom on main level; Second-floor entry; Garden tub / Roman tub; Split bedroom layout; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $199k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-153 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (11.1% below list).
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $177k (11.1% below list) — sets the bar for cash-flow.
• Cap rate 5.4% 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); 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.
• 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 26d 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 36% 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y 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.

Risks & watch-outs

• Watch-outs: HOA is 27% 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 $176,812 (11.1% 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: 1.19% ✓
• Cap rate: 5.37%
• Cash-on-cash: -3.30%
• DSCR: 0.85
• GRM: 7.0

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: -23.5%
• Equity multiple: 0.20×
• Total profit: $-44,333
• Equity at exit: $29,672

10-year hold

• IRR: -23.1%
• Equity multiple: -0.09×
• Total profit: $-60,457
• Equity at exit: $17,206

Cash invested: $55,720 (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: 7.0×

Monthly cashflow live

• Estimated rent: $2,367 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$648
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $-153

Break-even live

Break-even rent $2,561

Max offer price $176,812

Occupancy floor —

Sensitivity live

Price	-10% $-16	-5% $-85	+0% $-153	+5% $-222	+10% $-291
Rent	-10% $-340	-5% $-247	+0% $-153	+5% $-60	+10% $34
Rate	-1.0pp $-53	-0.5pp $-103	base $-153	+0.5pp $-205	+1.0pp $-257

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
829 Camino Rd Delray Beach, FL	2.0	2.0	1023	$2,262	$2.21	26d	2	0.01mi
829 Camino Rd Unit 206C Delray Beach, FL	2.0	2.0	1023	$2,400	$2.35	25d	1	0.02mi
2828 Casita Way #1020 Delray Beach, FL	2.0	2.0	1023	$2,000	$1.96	22d	1	0.04mi
2828 Casita Way #214 Delray Beach, FL	2.0	2.0	1023	$2,300	$2.25	17d	1	0.06mi
2828 Casita Way Delray Beach, FL	2.0	2.0	1023	$2,248	$2.20	26d	2	0.06mi
2900 Fiore Way #2110 Delray Beach, FL	2.0	2.0	1023	$2,385	$2.33	5d	1	0.09mi
2700 Fiore Way #2020 Delray Beach, FL	2.0	2.0	1023	$2,500	$2.44	7d	1	0.14mi
2600 Fiore Way #2140 Delray Beach, FL	2.0	2.0	1023	$2,175	$2.13	5d	1	0.16mi
2500 Fiore Way #109 Delray Beach, FL	1.0	1.5	825	$2,150	$2.61	13d	1	0.18mi
2733 Zorno Way Delray Beach, FL	2.0	2.0	1245	$2,950	$2.37	21d	1	0.19mi
2500 Fiore Way #1110 Delray Beach, FL	2.0	2.0	1023	$1,850	$1.81	26d	1	0.19mi
2500 Fiore Way Delray Beach, FL	1.0–2.0	1.5–2.0	874	$2,150	$2.46	19d	2	0.20mi
1060 Homewood Blvd Unit J102 Delray Beach, FL	2.0	2.0	1247	$2,450	$1.96	22d	1	0.32mi
1001 Flame Vine Ave #202 Delray Beach, FL	2.0	2.0	1167	$2,800	$2.40	26d	1	0.33mi
2715 Ponce de Leon Blvd Delray Beach, FL	2.0	1.0	1000	$2,200	$2.20	26d	1	0.33mi
2731 Knight Ln Delray Beach, FL	2.0	2.0	1050	$2,650	$2.52	26d	1	0.33mi
1021 Flame Vine Ave Delray Beach, FL	2.0	2.0	1167	$1,750	$1.50	26d	1	0.36mi
1120 Homewood Blvd Unit G204 Delray Beach, FL	2.0	2.0	1247	$2,550	$2.04	21d	1	0.37mi
2521 Pansey Ln Unit 7A Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	26d	1	0.39mi
2520 Pansy Ln Unit D Delray Beach, FL	2.0	2.0	1167	$2,150	$1.84	26d	1	0.42mi
1020 Silk Oak Ter #104 Delray Beach, FL	2.0	2.0	1167	$2,500	$2.14	26d	1	0.43mi
2835 SW 13th St #201 Delray Beach, FL	2.0	2.0	1144	$1,975	$1.73	20d	1	0.44mi
2403 Lowson Blvd Unit C Delray Beach, FL	1.0	1.5	821	$1,650	$2.01	23d	1	0.47mi
2403 Lowson Blvd Unit D Delray Beach, FL	2.0	2.0	1020	$2,200	$2.16	26d	1	0.47mi
354 SW 28th Ave Delray Beach, FL	2.0	2.0	1369	$5,450	$3.98	26d	1	0.48mi
2730 SW 13th St #203 Delray Beach, FL	2.0	2.0	1084	$2,200	$2.03	26d	1	0.49mi
1101 Cactus Ter #203 Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	19d	1	0.50mi
305 SW 28th Ave Delray Beach, FL	2.0	2.0	1369	$4,300	$3.14	15d	1	0.50mi
2480 Juniper Dr #203 Delray Beach, FL	2.0	2.0	1167	$1,900	$1.63	26d	1	0.51mi
2480 Juniper Dr #204 Delray Beach, FL	2.0	2.0	1167	$1,750	$1.50	26d	1	0.51mi
2303 Lowson Blvd Unit D Delray Beach, FL	2.0	2.0	1020	$2,500	$2.45	0d	1	0.51mi
1100 Boxwood Dr #101 Delray Beach, FL	2.0	2.0	1167	$1,800	$1.54	16d	1	0.54mi
1121 Cactus Ter #202 Delray Beach, FL	2.0	2.0	1167	$2,100	$1.80	26d	1	0.56mi
1130 Cactus Ter Unit 45C Delray Beach, FL	2.0	1.5	982	$2,000	$2.04	26d	1	0.58mi
2381 Papaya Dr Unit 92C Delray Beach, FL	2.0	2.0	1100	$1,795	$1.63	26d	1	0.59mi
2381 Papaya Dr Unit C Delray Beach, FL	2.0	2.0	1100	$1,795	$1.63	9d	1	0.59mi
1141 Calamondin Ter #203 Delray Beach, FL	2.0	2.0	1167	$1,700	$1.46	26d	1	0.61mi
2520 Black Olive Blvd #203 Delray Beach, FL	2.0	2.0	1167	$1,799	$1.54	5d	1	0.68mi
2520 Black Olive Blvd #203 Delray Beach, FL	2.0	2.0	1167	$1,799	$1.54	26d	1	0.68mi
3001 San Clara Dr Unit 4A Delray Beach, FL	2.0	2.5	1500	$2,250	$1.50	16d	1	0.69mi

HOA detail condo

• Monthly dues: $648 · $7,776/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $199,000 Active 5 DOM
2. 2026-06-18
   days on market $199,000 Active 2 DOM
3. 2026-06-17
   days on marketlisting id $199,000 Active 1 DOM
4. 2026-06-16
   days on market $199,000 Active 85 DOM
5. 2026-06-15
   days on market $199,000 Active 84 DOM
6. 2026-06-13
   days on market $199,000 Active 82 DOM
7. 2026-06-09
   days on market $199,000 Active 78 DOM
8. 2026-06-08
   days on market $199,000 Active 77 DOM
9. 2026-06-07
   pricedays on market $199,000 Active 76 DOM
10. 2026-06-04
    days on market $209,000 Active 73 DOM
11. 2026-06-03
    days on market $209,000 Active 72 DOM
12. 2026-06-02
    days on market $209,000 Active 71 DOM
13. 2026-06-01
    days on market $209,000 Active 70 DOM
14. 2026-05-31
    days on market $209,000 Active 69 DOM
15. 2026-03-19
    listed $209,000 Active
16. 2026-03-17
    historical
17. 2026-02-17
    price $209,000
18. 2025-11-12
    listed $215,000 Active
19. 2014-10-29
    historical
20. 2002-03-11
    listed $82,900

ⓘ 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 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: $28,404
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,272
• − Management: −$2,272
• − HOA: −$7,776
• − Depreciation: −$5,789
• Taxable loss: −$4,833
• Est. tax savings @ 24.0%: +$1,160
• After-tax cash flow: $-680/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 · 6 photos

Good 75/100 Cosmetic rehab

This move-in ready 2/2 condo offers a peaceful lake view and is well-maintained with no visible repairs needed. Enhancements like painting and landscaping would significantly boost its value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Rental HVAC maintenance — Ensures comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Rental HVAC maintenance — Ensures comfort and energy efficiency ↑

ⓘ 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

+152.1% since first listed

6 events — show timeline

• 2026-03-19 Listed $209,000 MARMLS
• 2026-03-17 Listing Removed — MARMLS
• 2026-02-17 Price Changed $209,000 MARMLS
• 2025-11-12 Listed $215,000 MARMLS
• 2014-10-29 Listing Removed — Beaches MLS
• 2002-03-11 Listed $82,900 Beaches MLS