5620 Spindle Palm Ct Unit B · Delray Beach, FL 33484

$219,000

2 bd · 2.0 ba · 1,302 sqft · Condo public records · 151 Days on market

Built 1980 $660/mo HOA · 22% 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 +21.5/30.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 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

Great First Floor Condo overlooking Golf Course. Screened in Patio. Large Tiles on Diagonal, Washer and Dryer in Kitchen. Very clean and up to date. Great Community of Palm Greens.

Key facts

• Peaceful water views
• Brand-new clubhouse
• $660 HOA

Tags

• NEWLY RENOVATED KITCHEN
• PRIVATE LAKE FRONT SETTING
• PEACEFUL WATER VIEWS
• RESORT-STYLE AMENITIES
• BRAND-NEW CLUBHOUSE

Property features AI

Finance

• Financial info: Pets allowed (pet restrictions possible)
• HOA & community: Monthly HOA with amenities including cabana, clubhouse, fitness center, pool, shuffleboard, tennis courts, bocce ball, library, and pickleball courts; HOA fee paid monthly

Exterior

• Parking: Assigned parking
• Utilities: Public water; Public sewer; Three-phase electric; Sewer available; Water available
• Home design: Condominium; 2 total stories; South-facing
• Construction: Concrete construction; Built (year recorded in public records)
• Exterior features: Covered patio; Patio; Waterfront

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Closet cabinetry
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $219k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: Banyan Creek Elementary School (math 62% / reading 64%, grade B, #582 of 2,144 statewide, top 28%, 844 students, 51% 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).
• Market conditions: Rents rising fast (+4.3%/yr); 543 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).
• At $2,969/mo this rent would consume 57% of the median local household income ($62k/yr) (locally 991% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 151 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 27y ago; this cycle's ask has dropped $31k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $108k; list at $219k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% 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 $192,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.36% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.40%
• DSCR: 1.28
• GRM: 6.1

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: -4.5%
• Equity multiple: 0.83×
• Total profit: $-10,432
• Equity at exit: $32,654

10-year hold

• IRR: 7.1%
• Equity multiple: 1.58×
• Total profit: $35,490
• Equity at exit: $18,935

Cash invested: $61,320 (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: 543
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,969 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$119 /mo · $1,428/yr
• Insurance: −$91
• HOA: −$660
• Vacancy / Maint / Mgmt: −$624
• Net cashflow: $327

Break-even live

Break-even rent $2,555

Max offer price $219,000

Occupancy floor 84%

Sensitivity live

Price	-10% $451	-5% $389	+0% $327	+5% $265	+10% $203
Rent	-10% $92	-5% $210	+0% $327	+5% $444	+10% $562
Rate	-1.0pp $437	-0.5pp $383	base $327	+0.5pp $270	+1.0pp $213

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13817 Royal Palm Ct Unit B Delray Beach, FL	2.0	2.0	1205	$3,200	$2.66	26d	1	0.08mi
5850 Sugar Palm Ct Delray Beach, FL	2.0	2.0	1198	$3,300	$2.75	26d	1	0.09mi
13921 Royal Palm Ct Unit D Delray Beach, FL	2.0	2.0	1205	$4,000	$3.32	9d	1	0.10mi
13431 Amber Waves Ave Delray Beach, FL	2.0	2.0	1390	$3,500	$2.52	26d	1	0.25mi
5574 Royal Lake Cir Boynton Beach, FL	3.0	2.0	1658	$5,000	$3.02	16d	1	0.28mi
5449 Grande Palm Cir Delray Beach, FL	3.0	2.5	1618	$4,000	$2.47	26d	1	0.32mi
5449 Grande Palm Cir Delray Beach, FL	3.0	2.5	1618	$4,000	$2.47	19d	1	0.32mi
13255 Royale Sabal Ct Delray Beach, FL	3.0	2.5	1618	$4,300	$2.66	26d	1	0.33mi
5952 Regal Glen Dr #103 Boynton Beach, FL	3.0	2.0	1813	$2,550	$1.41	26d	1	0.34mi
13283 Pineapple Palm Ct Unit F Delray Beach, FL	2.0	2.0	1198	$2,100	$1.75	9d	1	0.35mi
13283 Pineapple Palm Ct Unit F Delray Beach, FL	2.0	2.0	1198	$2,100	$1.75	26d	1	0.35mi
13759 Date Palm Ct Unit A Delray Beach, FL	2.0	2.0	1247	$3,500	$2.81	26d	1	0.35mi
13056 Anthorne Ln Unit 113 Boynton Beach, FL	3.0	2.5	1755	$3,600	$2.05	0d	1	0.36mi
5655 Via Delray Delray Beach, FL	2.0	2.0	1205	$2,200	$1.83	26d	1	0.36mi
5908 Via Delray Blvd Delray Beach, FL	2.0	2.0	1221	$2,000	$1.64	26d	1	0.41mi
5675 Queen Palm Ct Delray Beach, FL	2.0	2.0	1200	$2,600	$2.17	26d	1	0.41mi
13297 Via Vulcanus Unit B Delray Beach, FL	2.0	2.0	1527	$3,000	$1.96	9d	1	0.47mi
13653 Jubilee Ln Delray Beach, FL	3.0	2.0	1305	$3,450	$2.64	15d	1	0.50mi
5462 Via Delray #123 Delray Beach, FL	2.0	2.0	1200	$2,700	$2.25	22d	1	0.51mi
5260 Grande Palm Cir Delray Beach, FL	3.0	2.0	1464	$2,800	$1.91	26d	1	0.53mi
12547 Imperial Isle Dr Boynton Beach, FL	2.0–3.0	2.0	1500	$2,500	$1.67	26d	2	0.55mi
13670 Via Flora Delray Beach, FL	2.0	2.0	1021	$1,400	$1.37	17d	1	0.56mi
13670 Via Flora Delray Beach, FL	2.0	2.0	1021	$1,400	$1.37	26d	1	0.56mi
13741 Flora Pl Unit B Delray Beach, FL	2.0	2.0	989	$2,100	$2.12	23d	1	0.59mi
12654 Via Ravenna Boynton Beach, FL	3.0	2.0	1729	$3,500	$2.02	26d	1	0.59mi
13657 Night Sky Pl Delray Beach, FL	2.0	2.0	1319	$3,200	$2.43	9d	1	0.60mi
13731 Flora Pl Unit A Delray Beach, FL	2.0	2.0	1097	$1,850	$1.69	26d	1	0.62mi
13721 Flora Pl Unit D Delray Beach, FL	2.0	2.0	1097	$1,850	$1.69	26d	1	0.63mi
13721 Flora Pl Unit D Delray Beach, FL	2.0	2.0	1097	$1,900	$1.73	7d	1	0.63mi
13419 Noble Dr Delray Beach, FL	2.0	2.0	1410	$3,600	$2.55	19d	1	0.66mi
13787 Flora Pl Unit A Delray Beach, FL	2.0	2.0	1097	$2,500	$2.28	26d	1	0.68mi
13776 Hero Path Delray Beach, FL	3.0	2.0	1319	$3,400	$2.58	26d	1	0.72mi
13682 Via Flora Unit H Delray Beach, FL	2.0	2.0	1097	$1,900	$1.73	26d	1	0.73mi
6038 Lasalle Rd Delray Beach, FL	2.0	2.0	1475	$2,100	$1.42	6d	1	0.73mi
5335 Vernio Ln Boynton Beach, FL	3.0	2.0	1798	$3,700	$2.06	26d	1	0.73mi
5200 Privet Pl Unit C Delray Beach, FL	2.0	2.0	1457	$1,850	$1.27	26d	1	0.76mi
4809 N Wickham Cir Unit A Delray Beach, FL	2.0	2.0	1028	$2,600	$2.53	26d	1	0.77mi
13886 Via Flora Unit A Delray Beach, FL	2.0	2.0	1097	$2,075	$1.89	26d	1	0.78mi
12390 Summer Springs Dr Boynton Beach, FL	3.0	2.0	1861	$3,300	$1.77	26d	1	0.78mi
1418 W Wickham Cir Unit B Delray Beach, FL	3.0	2.5	1316	$3,200	$2.43	19d	1	0.78mi

HOA detail condo

• Monthly dues: $660 · $7,920/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-21
   days on market $219,000 Active 151 DOM
2. 2026-06-18
   days on market $219,000 Active 148 DOM
3. 2026-06-17
   days on market $219,000 Active 147 DOM
4. 2026-06-16
   days on market $219,000 Active 146 DOM
5. 2026-06-15
   days on market $219,000 Active 145 DOM
6. 2026-06-13
   days on market $219,000 Active 143 DOM
7. 2026-06-09
   days on market $219,000 Active 139 DOM
8. 2026-06-07
   days on market $219,000 Active 137 DOM
9. 2026-06-04
   days on market $219,000 Active 134 DOM
10. 2026-06-03
    days on market $219,000 Active 133 DOM
11. 2026-06-01
    days on market $219,000 Active 131 DOM
12. 2026-05-31
    days on market $219,000 Active 130 DOM
13. 2026-02-23
    price $219,000
14. 2026-01-20
    listed $249,990 Active
15. 2016-07-01
    historical 183-char remark

    Show marketing remark (183 chars)

    Great First Floor Condo overlooking Golf Course. Screened in Patio. Large Tiles on Diagonal, Washer and Dryer in Kitchen. Very clean and up to date. Great Community of Palm Greens.

16. 2016-07-01
    soldstatus $108,500

    Show marketing remark (183 chars)

    Great First Floor Condo overlooking Golf Course. Screened in Patio. Large Tiles on Diagonal, Washer and Dryer in Kitchen. Very clean and up to date. Great Community of Palm Greens.

17. 2016-06-24
    soldstatus $108,500 Closed 183-char remark

    Show marketing remark (183 chars)

    Great First Floor Condo overlooking Golf Course. Screened in Patio. Large Tiles on Diagonal, Washer and Dryer in Kitchen. Very clean and up to date. Great Community of Palm Greens.

18. 2016-05-27
    historical Active Under Contract 183-char remark

    Show marketing remark (183 chars)

    Great First Floor Condo overlooking Golf Course. Screened in Patio. Large Tiles on Diagonal, Washer and Dryer in Kitchen. Very clean and up to date. Great Community of Palm Greens.

19. 2016-03-29
    listed $110,000 Active 183-char remark

    Show marketing remark (183 chars)

    Great First Floor Condo overlooking Golf Course. Screened in Patio. Large Tiles on Diagonal, Washer and Dryer in Kitchen. Very clean and up to date. Great Community of Palm Greens.

20. 2013-09-22
    historical 118-char remark

    Show marketing remark (118 chars)

    TILED THOUGHOUT EXCEPT BEDROOMS JUST MOE RIGHT IN! BEAUTIFUL VIEW LOCATED ON BEAUTIFUL GOLF COURSE/ HURRICANE SHUTTERS

21. 2008-10-29
    historical
22. 2008-10-21
    listed $106,000
23. 2007-11-06
    historical
24. 2007-03-30
    listed $175,000
25. 2007-03-30
    historical
26. 2006-07-22
    historical
27. 2006-06-01
    listed $205,000
28. 2005-11-12
    listed $175,000
29. 2005-10-11
    soldstatus $218,000
30. 2005-06-24
    soldstatus $149,900
31. 2005-06-13
    soldstatus $149,900
32. 2005-04-30
    historical
33. 2005-04-17
    listed $159,900
34. 1999-07-19
    listed $69,900 118-char remark

    Show marketing remark (118 chars)

    TILED THOUGHOUT EXCEPT BEDROOMS JUST MOE RIGHT IN! BEAUTIFUL VIEW LOCATED ON BEAUTIFUL GOLF COURSE/ HURRICANE SHUTTERS

35. 1991-08-22
    soldstatus $64,000

ⓘ 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: $1,428 · $119/mo
• Projected year-2 tax: $1,818 · $151/mo
• Expected delta: +$390/yr (+$32/mo · 27.3%)

ⓘ 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: $35,631
• − Mortgage interest: −$12,267
• − Property taxes: −$1,428
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,850
• − Management: −$2,850
• − HOA: −$7,920
• − Depreciation: −$6,371
• Taxable income: $849
• Est. tax owed @ 24.0%: −$204
• After-tax cash flow: $3,720/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

+242.2% since first listed

23 events — show timeline

• 2026-02-23 Price Changed $219,000 Beaches MLS
• 2026-01-20 Listed $249,990 Beaches MLS
• 2016-07-01 Listing Removed — Beaches MLS
• 2016-07-01 Sold (Public Records) $108,500 Public Records
• 2016-06-24 Sold (MLS) $108,500 Beaches MLS
• 2016-05-27 Contingent — Beaches MLS
• 2016-03-29 Listed $110,000 Beaches MLS
• 2013-09-22 Listing Removed — Beaches MLS
• 2008-10-29 Listing Removed — Beaches MLS
• 2008-10-21 Listed $106,000 Beaches MLS
• 2007-11-06 Listing Removed — Beaches MLS
• 2007-03-30 Listing Removed — Beaches MLS
• 2007-03-30 Listed $175,000 Beaches MLS
• 2006-07-22 Listing Removed — Beaches MLS
• 2006-06-01 Listed $205,000 Beaches MLS
• 2005-11-12 Listed $175,000 Beaches MLS
• 2005-10-11 Sold (Public Records) $218,000 Public Records
• 2005-06-24 Sold (Public Records) $149,900 Public Records
• 2005-06-13 Sold (MLS) $149,900 Beaches MLS
• 2005-04-30 Listing Removed — Beaches MLS
• 2005-04-17 Listed $159,900 Beaches MLS
• 1999-07-19 Listed $69,900 Beaches MLS
• 1991-08-22 Sold (Public Records) $64,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $1,428 · +3.8% YoY. Source: county tax records.