647 Hummingbird Ln · Delray Beach, FL 33445

$260,300

2 bd · 2.0 ba · 1,150 sqft · Condo public records · 21 Days on market

Built 1975

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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 +23.5/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fabulous updated contemporary villa in desirable Country Manors subdivision, just minutes from all of the beauty and amenities of the Delray Beach waterfront. Open concept living space includes a host of updated fixtures and finishes, including gleaming ceramic tile flooring throughout. Charming kitchen includes dome ceiling, roomy pantry, and plenty of cabinet and counter space. Lovely, light-filled Florida room brings the outdoors in with an expansive garden view and offers plenty of room for additional seating, dining, or entertaining. Lovely owner's suite includes walk-in closet and updated en suite bath with cabinet-style vanity. Covered carport for ease and convenience. Fun-filled Country Manors subdivision features a clubhouse, nine pools, year-round community events and activities.

Key facts

• Newer ac
• Brand new dishwasher
• New roof

Tags

• FULLY CLOSED IN LANAI
• LOOKS OUT TOWARD THE POOL
• ATTACHED LAUNDRY ROOM
• NEWER AC
• NEW ROOF
• BRAND NEW DISHWASHER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $260k.

Deal economics

• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $260k (0.2% below list).
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.4% 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.
• Market conditions: Rents rising (+1.8%/yr); 354 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).
• This rent runs 40% 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 $2k of loan paydown is wiped out by about $8k 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 21 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $155k; list at $260k implies a 68% gain — meaningful room to come down on a strong offer.

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 $256,395 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.00% ✗
• Cap rate: 8.53%
• Cash-on-cash: 8.00%
• DSCR: 1.36
• GRM: 8.3

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-14,364
• Equity at exit: $38,812

10-year hold

• IRR: 3.0%
• Equity multiple: 1.20×
• Total profit: $14,797
• Equity at exit: $22,506

Cash invested: $72,884 (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: 354
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,599 high
• Mortgage (P&I): −$1,365
• Tax from tax record: −$94 /mo · $1,122/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $486

Break-even live

Break-even rent $1,984

Max offer price $260,300

Occupancy floor 76%

Sensitivity live

Price	-10% $633	-5% $560	+0% $486	+5% $412	+10% $338
Rent	-10% $281	-5% $383	+0% $486	+5% $588	+10% $691
Rate	-1.0pp $617	-0.5pp $552	base $486	+0.5pp $418	+1.0pp $350

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: $65,075
• Closing costs: $7,809
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1418 W Wickham Cir Unit B Delray Beach, FL	3.0	2.5	1316	$3,200	$2.43	18d	1	0.12mi
4809 N Wickham Cir Unit A Delray Beach, FL	2.0	2.0	1028	$2,600	$2.53	25d	1	0.16mi
5093 Privet Pl Unit A-1 Delray Beach, FL	2.0	2.0	1220	$2,350	$1.93	25d	1	0.21mi
13419 Noble Dr Delray Beach, FL	2.0	2.0	1410	$3,600	$2.55	18d	1	0.25mi
5260 Grande Palm Cir Delray Beach, FL	3.0	2.0	1464	$2,800	$1.91	25d	1	0.34mi
5200 Privet Pl Unit C Delray Beach, FL	2.0	2.0	1457	$1,850	$1.27	25d	1	0.34mi
13487 Barwick Rd Unit B Delray Beach, FL	2.0	1.5	1092	$3,600	$3.30	0d	1	0.38mi
5061 Nesting Way Unit D Delray Beach, FL	2.0	2.0	1255	$2,400	$1.91	25d	1	0.50mi
4477 NW 3rd Dr Delray Beach, FL	2.0	1.5	1109	$2,550	$2.30	25d	1	0.51mi
5462 Via Delray #123 Delray Beach, FL	2.0	2.0	1200	$2,700	$2.25	21d	1	0.55mi
13990 Nesting Way Unit C Delray Beach, FL	1.0	2.0	1092	$2,300	$2.11	25d	1	0.59mi
5265 NW 3rd St Unit C Delray Beach, FL	1.0	1.5	1080	$2,200	$2.04	25d	1	0.62mi
4510 NW 2nd St Unit A Delray Beach, FL	2.0	2.0	1080	$1,800	$1.67	25d	1	0.64mi
4515 NW 3rd Ct Unit C Delray Beach, FL	1.0	2.0	1080	$1,900	$1.76	25d	1	0.66mi
13759 Date Palm Ct Unit A Delray Beach, FL	2.0	2.0	1247	$3,500	$2.81	25d	1	0.67mi
13670 Via Flora Delray Beach, FL	2.0	2.0	1021	$1,400	$1.37	16d	1	0.68mi
13670 Via Flora Delray Beach, FL	2.0	2.0	1021	$1,400	$1.37	25d	1	0.68mi
14040 Nesting Way Unit B Delray Beach, FL	1.0	2.0	1092	$1,700	$1.56	25d	1	0.69mi
13682 Via Flora Unit H Delray Beach, FL	2.0	2.0	1097	$1,900	$1.73	25d	1	0.69mi
3996 NW 7th Ct Delray Beach, FL	3.0	2.0	1480	$5,000	$3.38	25d	1	0.70mi
4310 Village Dr Unit D Delray Beach, FL	3.0	3.0	1326	$2,600	$1.96	25d	1	0.71mi
13653 Jubilee Ln Delray Beach, FL	3.0	2.0	1305	$3,450	$2.64	14d	1	0.75mi
13721 Flora Pl Unit D Delray Beach, FL	2.0	2.0	1097	$1,850	$1.69	25d	1	0.75mi
13721 Flora Pl Unit D Delray Beach, FL	2.0	2.0	1097	$1,900	$1.73	6d	1	0.75mi
13817 Royal Palm Ct Unit B Delray Beach, FL	2.0	2.0	1205	$3,200	$2.66	25d	1	0.77mi
5655 Via Delray Delray Beach, FL	2.0	2.0	1205	$2,200	$1.83	25d	1	0.77mi
13431 Amber Waves Ave Delray Beach, FL	2.0	2.0	1390	$3,500	$2.52	25d	1	0.77mi
13741 Flora Pl Unit B Delray Beach, FL	2.0	2.0	989	$2,100	$2.12	22d	1	0.78mi
14139 Nesting Way Unit A Delray Beach, FL	2.0	2.0	1255	$2,200	$1.75	12d	1	0.78mi
13731 Flora Pl Unit A Delray Beach, FL	2.0	2.0	1097	$1,850	$1.69	25d	1	0.79mi
13921 Royal Palm Ct Unit D Delray Beach, FL	2.0	2.0	1205	$4,000	$3.32	8d	1	0.81mi
5349 Lakefront Blvd Unit B Delray Beach, FL	1.0	2.0	1068	$1,800	$1.69	25d	1	0.82mi
5030 Lakefront Blvd Unit D Delray Beach, FL	2.0	2.0	1287	$1,700	$1.32	25d	1	0.82mi
5169 Lakefront Blvd Unit D Delray Beach, FL	2.0	2.0	1186	$2,300	$1.94	25d	1	0.83mi
13787 Flora Pl Unit A Delray Beach, FL	2.0	2.0	1097	$2,500	$2.28	25d	1	0.85mi
3935 Village Dr Unit A Delray Beach, FL	3.0	3.0	1326	$2,700	$2.04	8d	1	0.85mi
3935 Village Dr Delray Beach, FL	3.0	3.0	1326	$2,700	$2.04	6d	1	0.85mi
14676 Canalview Dr Unit C Delray Beach, FL	1.0	2.0	1068	$1,775	$1.66	25d	1	0.86mi
5385 Lakefront Blvd Unit A Delray Beach, FL	2.0	2.0	1186	$2,200	$1.85	25d	1	0.86mi
14629 Canalview Dr Unit C Delray Beach, FL	1.0	2.0	1068	$1,600	$1.50	25d	1	0.86mi

HOA detail condo

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

Listing history 11 events

1. 2026-06-18
   days on market $260,300 Active 21 DOM
2. 2026-06-17
   days on market $260,300 Active 20 DOM
3. 2026-06-16
   days on market $260,300 Active 19 DOM
4. 2026-06-15
   days on market $260,300 Active 18 DOM
5. 2026-06-13
   days on market $260,300 Active 16 DOM
6. 2026-06-09
   days on market $260,300 Active 12 DOM
7. 2026-06-07
   days on market $260,300 Active 10 DOM
8. 2026-06-04
   days on market $260,300 Active 7 DOM
9. 2026-06-03
   days on market $260,300 Active 6 DOM
10. 2026-06-01
    days on market $260,300 Active 4 DOM
11. 2026-05-31
    days on market $260,300 Active 3 DOM

ⓘ 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: $1,122 · $94/mo
• Projected year-2 tax: $2,160 · $180/mo
• Expected delta: +$1,038/yr (+$87/mo · 92.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $31,183
• − Mortgage interest: −$14,581
• − Property taxes: −$1,122
• − Insurance: −$1,302
• − Repairs & maintenance: −$2,495
• − Management: −$2,495
• − Depreciation: −$7,572
• Taxable income: $1,616
• Est. tax owed @ 24.0%: −$388
• After-tax cash flow: $5,442/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

• 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

+807.0% since first listed

7 events — show timeline

• 2026-05-29 Listed $260,300 FSBO.com
• 2020-03-18 Sold (Public Records) $155,000 Public Records
• 2020-03-13 Sold (MLS) $155,000 Beaches MLS
• 2020-02-15 Contingent — Beaches MLS
• 2020-01-23 Listed $159,900 Beaches MLS
• 1991-09-11 Sold (Public Records) $43,800 Public Records
• 1974-01-01 Sold (Public Records) $28,700 Public Records

Property tax history

+5.5%/yr

Latest (2025): $1,122 · +11.3% YoY. Source: county tax records.