141 Brittany C

Delray Beach, FL 33446

$109,900D+

2 bd · 2.0 ba · 988 sqft · Built 1973 · Condo · Active · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,839/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$174
• HOA: −$763
• Vac / Maint / Mgmt: −$386
• Net cashflow: $-61/mo
• Annual: $-729/yr
• Cap rate: 5.63%
• Cash-on-cash: -2.37%
• DSCR: 0.89
• 1% rule: 1.67%
• Cash to close: $30,772

Investor read

• This is a 2-bed/2.0-bath condo listed at $110k.
• At list price, monthly cash flow is $-61 ($-729/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (9.8% below list).
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 133 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($760 loan paydown + $755 appreciation (0.7% local appreciation)).
• 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.
• Watch-outs: HOA is 41% of rent.
• Market conditions: Rents flat; 577 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); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 12 sale attempts since 13y ago; this cycle's ask is 6769% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $80k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• 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?
• It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?