15496 Lakes Of Delray Blvd #206 · Delray Beach, FL 33484

$125,000

2 bd · 2.0 ba · 940 sqft · Condo public records · 66 Days on market

Built 1985 $714/mo HOA · 31% of rent

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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 +20.8/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

FURNISHED 2 BEDROOM, 2 BATH WITH 18" DIAGONAL TILE IN LIVING ROOM, DINING ROOM, KITCHEN AND HALL, ALL WITH VAULTED CEILINGS. ALL ROOMS NICELY FURNISHED WITH GREAT WATER VIEWS FROM LIVING, DINING AND BOTH BEDROOMS. PORCH HAS BEEN CONVERTED INTO FLORIDA ROOM WITH TILE FLOOR AND THE BEST OF VIEWS!!! SERVICE CONTRACT ON ALL APPLIANCES AND A/C WILL BE TRANSFERED TO NEW OWNER. UTILITY ROOM OFF FLORIDA ROOM WITH WASHER AND DRYER. CALL LISTING AGENT FOR FURNITURE EXCLUSIONS. ACTIVE CLUB HOUSE IN GATED COMMUNITY.

Key facts

• Lakefront living
• Water views
• In-unit washer dryer

Tags

• LAKEFRONT LIVING
• IN-UNIT WASHER DRYER
• WATER VIEWS
• COUNTRY CLUB-STYLE AMENITIES
• 55 LAKES OF DELRAY COMMUNITY

Property features AI

Finance

• Other: Senior community; Pets not allowed
• HOA & community: Part of Lakes of Delray community; Monthly HOA fee (includes cable TV, insurance, grounds and structure maintenance, common areas, common real estate tax, reserve funds, roof repairs, and recreation facility); Community amenities: billiard room, clubhouse, fitness center, on-site management, pool, shuffleboard court, tennis courts, manager on site, cafe/restaurant, community room, hobby room, lobby, maintained community, pickleball courts, sidewalks, street lights, gated access, security, recreation facilities

Exterior

• Parking: Assigned and guest parking; Two open parking spaces (total 2)
• Security: Gated community with guard
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Condominium; One level; Northeast facing; Resale condition
• Construction: Built with stucco and CBS; Concrete, tile, and wood truss/rafter roof
• Exterior features: Waterfront location; Paved road frontage (west of US-1)

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Entrance foyer; Walk-in closet(s); Stacked bedroom layout; Custom mirrors
• Laundry & utility: In-unit laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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); 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); 541 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); 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 $864 of loan paydown is wiped out by about $4k 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 66 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y 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 31% 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 $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.83% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.91%
• DSCR: 1.26
• GRM: 4.6

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: -4.3%
• Equity multiple: 0.83×
• Total profit: $-5,801
• Equity at exit: $18,638

10-year hold

• IRR: 8.0%
• Equity multiple: 1.68×
• Total profit: $23,675
• Equity at exit: $10,808

Cash invested: $35,000 (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: 541
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,283 high
• Mortgage (P&I): −$656
• Tax from tax record: −$210 /mo · $2,521/yr
• Insurance: −$52
• HOA: −$714
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $172

Break-even live

Break-even rent $2,065

Max offer price $125,000

Occupancy floor 87%

Sensitivity live

Price	-10% $243	-5% $208	+0% $172	+5% $137	+10% $101
Rent	-10% $-8	-5% $82	+0% $172	+5% $262	+10% $353
Rate	-1.0pp $235	-0.5pp $204	base $172	+0.5pp $140	+1.0pp $107

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: $31,250
• Closing costs: $3,750
• 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	25d	1	0.12mi
15449 Lakes of Delray Blvd #207 Delray Beach, FL	2.0	2.0	976	$2,950	$3.02	25d	1	0.13mi
15072 Ashland Pl Delray Beach, FL	2.0	2.0	1000	$2,048	$2.05	0d	2	0.17mi
15072 Ashland Pl #132 Delray Beach, FL	2.0	2.0	1100	$2,100	$1.91	21d	1	0.18mi
5600 Atlantic Ave Delray Beach, FL	1.0–3.0	1.0–3.0	1147	$2,997	$2.61	0d	31	0.21mi
15090 Ashland Pl Delray Beach, FL	2.0	2.0	900	$2,300	$2.56	0d	1	0.23mi
15108 Ashland Dr #215 Delray Beach, FL	2.0	2.0	900	$2,000	$2.22	25d	1	0.24mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	25d	1	0.25mi
5884 Morningstar Cir #306 Delray Beach, FL	2.0	2.0	1113	$2,200	$1.98	25d	1	0.25mi
5910 Morningstar Cir #202 Delray Beach, FL	2.0	2.0	1120	$2,200	$1.96	25d	1	0.28mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	20d	1	0.32mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.49mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.49mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.51mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.52mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.54mi
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	9d	1	0.58mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	18d	1	0.58mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	25d	1	0.59mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.59mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	25d	1	0.60mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	4d	1	0.60mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	25d	1	0.60mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	25d	1	0.60mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	9d	1	0.60mi
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	25d	1	0.61mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.61mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	16d	1	0.61mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	25d	1	0.61mi
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	12d	1	0.61mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.61mi
70 Normandy B Delray Beach, FL	2.0	2.0	907	$1,695	$1.87	25d	1	0.61mi
185 Normandy D Delray Beach, FL	1.0	1.5	760	$1,499	$1.97	15d	1	0.61mi
226 Normandy E Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.61mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	23d	1	0.61mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.61mi
705 Normandy Ln Unit 705 Delray Beach, FL	2.0	2.0	907	$2,600	$2.87	25d	1	0.61mi
900 Normandy S Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	25d	1	0.61mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	6d	1	0.61mi
137 Normandy Ln Unit 137 Delray Beach, FL	2.0	2.0	906	$1,895	$2.09	25d	1	0.61mi

HOA detail condo

• Monthly dues: $714 · $8,568/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $125,000 Active 66 DOM
2. 2026-06-18
   days on market $125,000 Active 63 DOM
3. 2026-06-17
   days on market $125,000 Active 62 DOM
4. 2026-06-16
   days on market $125,000 Active 61 DOM
5. 2026-06-15
   days on market $125,000 Active 60 DOM
6. 2026-06-13
   days on market $125,000 Active 58 DOM
7. 2026-06-09
   days on market $125,000 Active 54 DOM
8. 2026-06-08
   days on market $125,000 Active 53 DOM
9. 2026-06-07
   days on market $125,000 Active 52 DOM
10. 2026-06-04
    days on market $125,000 Active 49 DOM
11. 2026-06-03
    days on market $125,000 Active 48 DOM
12. 2026-06-02
    days on market $125,000 Active 47 DOM
13. 2026-06-01
    days on market $125,000 Active 46 DOM
14. 2026-05-31
    days on market $125,000 Active 45 DOM
15. 2026-04-16
    listed $125,000 Active
16. 2018-05-21
    soldstatus $117,000
17. 2005-02-02
    soldstatus $122,000
18. 2005-01-25
    soldstatus $122,000 514-char remark

    Show marketing remark (514 chars)

    FURNISHED 2 BEDROOM, 2 BATH WITH 18" DIAGONAL TILE IN LIVING ROOM, DINING ROOM, KITCHEN AND HALL, ALL WITH VAULTED CEILINGS. ALL ROOMS NICELY FURNISHED WITH GREAT WATER VIEWS FROM LIVING, DINING AND BOTH BEDROOMS. PORCH HAS BEEN CONVERTED INTO FLORIDA ROOM WITH TILE FLOOR AND THE BEST OF VIEWS!!! SERVICE CONTRACT ON ALL APPLIANCES AND A/C WILL BE TRANSFERED TO NEW OWNER. UTILITY ROOM OFF FLORIDA ROOM WITH WASHER AND DRYER. CALL LISTING AGENT FOR FURNITURE EXCLUSIONS. ACTIVE CLUB HOUSE IN GATED COMMUNITY.

19. 2004-11-30
    historical 514-char remark

    Show marketing remark (514 chars)

    FURNISHED 2 BEDROOM, 2 BATH WITH 18" DIAGONAL TILE IN LIVING ROOM, DINING ROOM, KITCHEN AND HALL, ALL WITH VAULTED CEILINGS. ALL ROOMS NICELY FURNISHED WITH GREAT WATER VIEWS FROM LIVING, DINING AND BOTH BEDROOMS. PORCH HAS BEEN CONVERTED INTO FLORIDA ROOM WITH TILE FLOOR AND THE BEST OF VIEWS!!! SERVICE CONTRACT ON ALL APPLIANCES AND A/C WILL BE TRANSFERED TO NEW OWNER. UTILITY ROOM OFF FLORIDA ROOM WITH WASHER AND DRYER. CALL LISTING AGENT FOR FURNITURE EXCLUSIONS. ACTIVE CLUB HOUSE IN GATED COMMUNITY.

20. 2004-11-01
    listed $129,900 514-char remark

    Show marketing remark (514 chars)

    FURNISHED 2 BEDROOM, 2 BATH WITH 18" DIAGONAL TILE IN LIVING ROOM, DINING ROOM, KITCHEN AND HALL, ALL WITH VAULTED CEILINGS. ALL ROOMS NICELY FURNISHED WITH GREAT WATER VIEWS FROM LIVING, DINING AND BOTH BEDROOMS. PORCH HAS BEEN CONVERTED INTO FLORIDA ROOM WITH TILE FLOOR AND THE BEST OF VIEWS!!! SERVICE CONTRACT ON ALL APPLIANCES AND A/C WILL BE TRANSFERED TO NEW OWNER. UTILITY ROOM OFF FLORIDA ROOM WITH WASHER AND DRYER. CALL LISTING AGENT FOR FURNITURE EXCLUSIONS. ACTIVE CLUB HOUSE IN GATED COMMUNITY.

21. 1997-07-02
    soldstatus $72,000

ⓘ 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: $2,521 · $210/mo
• Projected year-2 tax: $2,521 · $210/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $27,402
• − Mortgage interest: −$7,002
• − Property taxes: −$2,521
• − Insurance: −$625
• − Repairs & maintenance: −$2,192
• − Management: −$2,192
• − HOA: −$8,568
• − Depreciation: −$3,636
• Taxable income: $665
• Est. tax owed @ 24.0%: −$160
• After-tax cash flow: $1,907/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

+73.6% since first listed

7 events — show timeline

• 2026-04-16 Listed $125,000 Beaches MLS
• 2018-05-21 Sold (Public Records) $117,000 Public Records
• 2005-02-02 Sold (Public Records) $122,000 Public Records
• 2005-01-25 Sold (MLS) $122,000 Beaches MLS
• 2004-11-30 Listing Removed — Beaches MLS
• 2004-11-01 Listed $129,900 Beaches MLS
• 1997-07-02 Sold (Public Records) $72,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $2,521 · +1.9% YoY. Source: county tax records.