15244 Lakes Of Delray Blvd #103 · Delray Beach, FL 33484

$199,500

2 bd · 2.0 ba · 1,362 sqft · Condo public records · 64 Days on market

Built 1988 $760/mo HOA · 31% 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 +10.3/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Eat-in kitchen. Stainless steel appliances. Ceramic tile through out. Split bedroom floor plan. Fabulous screened in & covered patio with lake view. A/C 2015

Key facts

• $760 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Senior community
• Financial info: Pets not allowed; Association fee listed as monthly
• HOA & community: Has association (Watersedge F Condo Association); Monthly association fee; Association fee includes cable TV, insurance, grounds maintenance, pest control, security, sewer, trash, water, common areas, recreation facility, and pool service; Community amenities include pool, spa/hot tub, fitness center, clubhouse, billiard room, game room, library, community room, lobby, elevator(s), maintenance, parking, car wash area, tennis courts, pickleball court(s), basketball court, shuffleboard court, jogging path, sidewalks, street lights, gated access, security, and internet included

Exterior

• Parking: Assigned open parking; Guest parking; Asphalt/paved parking; 1 open parking space (1 total)
• Security: Gated community with guard; Security patrol; Smoke detector(s)
• Utilities: Public water; Public sewer; Electric service (Three Phase); Cable available; Electricity available; Sewer available; Water available
• Home design: Condominium; One-level; Resale; Northeast facing
• Construction: Built with stucco and CBS construction; Flat/other roof; 3 total stories (building)
• Exterior features: Screened patio; Patio; Many trees; Landscaped; West of US-1 road frontage; Waterfront

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Refrigerator; Disposal; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile; Tile; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air; Ceiling fan(s)
• Interior features: Entrance foyer; Walk-in closet(s)
• Laundry & utility: Washer hookup inside; Dryer hookup (electric); Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (9.7% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $180k (9.7% below list) — sets the bar for cash-flow.
• 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.

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); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% 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 $2,485/mo this rent would consume 48% 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 $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

• It's been on market 64 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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 $162k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $180,121 (9.7% 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. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.25% ✓
• Cap rate: 5.63%
• Cash-on-cash: -2.36%
• DSCR: 0.90
• GRM: 6.7

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: -17.7%
• Equity multiple: 0.36×
• Total profit: $-35,609
• Equity at exit: $29,746

10-year hold

• IRR: -6.2%
• Equity multiple: 0.56×
• Total profit: $-24,466
• Equity at exit: $17,249

Cash invested: $55,860 (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: 6.7×

Monthly cashflow live

• Estimated rent: $2,485 high
• Mortgage (P&I): −$1,046
• Tax from tax record: −$184 /mo · $2,205/yr
• Insurance: −$83
• HOA: −$760
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $-110

Break-even live

Break-even rent $2,624

Max offer price $180,121

Occupancy floor 99%

Sensitivity live

Price	-10% $3	-5% $-53	+0% $-110	+5% $-166	+10% $-223
Rent	-10% $-306	-5% $-208	+0% $-110	+5% $-12	+10% $87
Rate	-1.0pp $-9	-0.5pp $-59	base $-110	+0.5pp $-161	+1.0pp $-214

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: $49,875
• Closing costs: $5,985
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15449 Lakes of Delray Blvd #207 Delray Beach, FL	2.0	2.0	976	$2,950	$3.02	26d	1	0.10mi
15469 Lakes of Delray Blvd #102 Delray Beach, FL	2.0	2.0	976	$3,000	$3.07	26d	1	0.10mi
5600 Atlantic Ave Delray Beach, FL	1.0–3.0	1.0–3.0	1147	$2,997	$2.61	0d	29	0.19mi
15364 Lakes of Delray Blvd #45 Delray Beach, FL	2.0	2.0	1160	$2,000	$1.72	16d	1	0.22mi
15355 Lakes of Delray Blvd #309 Delray Beach, FL	2.0	2.0	1362	$2,800	$2.06	20d	1	0.23mi
15072 Ashland Pl Delray Beach, FL	2.0	2.0	1000	$2,048	$2.05	1d	2	0.27mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	26d	1	0.28mi
15072 Ashland Pl #132 Delray Beach, FL	2.0	2.0	1100	$2,100	$1.91	21d	1	0.28mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	20d	1	0.30mi
15108 Ashland Dr #215 Delray Beach, FL	2.0	2.0	900	$2,000	$2.22	26d	1	0.31mi
5884 Morningstar Cir #306 Delray Beach, FL	2.0	2.0	1113	$2,200	$1.98	26d	1	0.31mi
15090 Ashland Pl Delray Beach, FL	2.0	2.0	900	$2,300	$2.56	1d	1	0.33mi
5910 Morningstar Cir #202 Delray Beach, FL	2.0	2.0	1120	$2,200	$1.96	26d	1	0.34mi
14696 Lucy Dr #14696 Delray Beach, FL	2.0	2.0	1200	$2,200	$1.83	9d	1	0.37mi
15301 Pembridge Ave #43 Delray Beach, FL	2.0	2.0	1150	$2,150	$1.87	26d	1	0.43mi
6108 Petunia Rd Delray Beach, FL	2.0	2.0	1532	$4,500	$2.94	26d	1	0.44mi
14606 Lucy Dr Delray Beach, FL	2.0	2.0	1200	$1,850	$1.54	26d	1	0.46mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	26d	1	0.49mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	26d	1	0.49mi
14716 Canalview Dr Unit D Delray Beach, FL	2.0	2.0	1186	$3,500	$2.95	14d	1	0.49mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	26d	1	0.50mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	26d	1	0.53mi
6077 Lake Hibiscus Dr Unit 6077 Delray Beach, FL	3.0	2.0	1570	$3,200	$2.04	20d	1	0.54mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	26d	1	0.55mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	9d	1	0.55mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	5d	1	0.55mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	26d	1	0.55mi
481 Burgundy N Unit NA Delray Beach, FL	2.0	2.0	1200	$1,700	$1.42	26d	1	0.56mi
167 Gramercy Square Dr Delray Beach, FL	3.0	2.5	1758	$3,200	$1.82	7d	1	0.56mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	26d	1	0.57mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	26d	1	0.58mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.58mi
812 Burgundy Q Delray Beach, FL	2.0	2.0	907	$1,799	$1.98	26d	1	0.58mi
6197 Caladium Rd Delray Beach, FL	2.0	2.0	1427	$4,000	$2.80	26d	1	0.59mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	18d	1	0.62mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	26d	1	0.62mi
14464 Campanelli Dr Delray Beach, FL	2.0	2.0	1296	$2,950	$2.28	26d	1	0.64mi
14484 Canalview Dr Unit C Delray Beach, FL	1.0	2.0	1068	$1,700	$1.59	26d	1	0.65mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	26d	1	0.65mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	20d	1	0.65mi

HOA detail condo

• Monthly dues: $760 · $9,120/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $199,500 Active 64 DOM
2. 2026-06-18
   days on market $199,500 Active 61 DOM
3. 2026-06-17
   days on market $199,500 Active 60 DOM
4. 2026-06-16
   days on market $199,500 Active 59 DOM
5. 2026-06-15
   days on market $199,500 Active 58 DOM
6. 2026-06-13
   days on market $199,500 Active 56 DOM
7. 2026-06-09
   days on market $199,500 Active 52 DOM
8. 2026-06-08
   days on market $199,500 Active 51 DOM
9. 2026-06-07
   days on market $199,500 Active 50 DOM
10. 2026-06-04
    days on market $199,500 Active 47 DOM
11. 2026-06-03
    days on market $199,500 Active 46 DOM
12. 2026-06-02
    days on market $199,500 Active 45 DOM
13. 2026-06-01
    days on market $199,500 Active 44 DOM
14. 2026-05-31
    days on market $199,500 Active 43 DOM
15. 2026-05-13
    price $199,500
16. 2026-04-18
    listed $209,500 Active
17. 2026-03-09
    historical
18. 2026-01-15
    price $224,000
19. 2026-01-15
    status Active
20. 2025-12-16
    historical
21. 2025-11-12
    price $235,000
22. 2025-09-04
    price $239,000
23. 2025-08-25
    listed $259,000 Active
24. 2018-09-06
    soldstatus $162,500
25. 2018-09-05
    soldstatus $162,500 Closed 163-char remark

    Show marketing remark (163 chars)

    Eat-in kitchen. Stainless steel appliances. Ceramic tile through out. Split bedroom floor plan. Fabulous screened in & covered patio with lake view. A/C 2015

26. 2018-07-13
    status Pending 163-char remark

    Show marketing remark (163 chars)

    Eat-in kitchen. Stainless steel appliances. Ceramic tile through out. Split bedroom floor plan. Fabulous screened in & covered patio with lake view. A/C 2015

27. 2018-07-07
    listed $165,000 Active 163-char remark

    Show marketing remark (163 chars)

    Eat-in kitchen. Stainless steel appliances. Ceramic tile through out. Split bedroom floor plan. Fabulous screened in & covered patio with lake view. A/C 2015

28. 2017-01-18
    historical Active Under Contract
29. 2017-01-17
    historical
30. 2016-11-22
    price $139,000
31. 2016-11-10
    listed $149,900 Active
32. 2012-09-17
    soldstatus $62,000

ⓘ 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: $2,205 · $184/mo
• Projected year-2 tax: $2,205 · $184/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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,823
• − Mortgage interest: −$11,175
• − Property taxes: −$2,205
• − Insurance: −$998
• − Repairs & maintenance: −$2,386
• − Management: −$2,386
• − HOA: −$9,120
• − Depreciation: −$5,804
• Taxable loss: −$4,250
• Est. tax savings @ 24.0%: +$1,020
• After-tax cash flow: $-297/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

+221.8% since first listed

18 events — show timeline

• 2026-05-13 Price Changed $199,500 Beaches MLS
• 2026-04-18 Listed $209,500 Beaches MLS
• 2026-03-09 Listing Removed — Beaches MLS
• 2026-01-15 Price Changed $224,000 Beaches MLS
• 2026-01-15 Relisted — Beaches MLS
• 2025-12-16 Listing Removed — Beaches MLS
• 2025-11-12 Price Changed $235,000 Beaches MLS
• 2025-09-04 Price Changed $239,000 Beaches MLS
• 2025-08-25 Listed $259,000 Beaches MLS
• 2018-09-06 Sold (Public Records) $162,500 Public Records
• 2018-09-05 Sold (MLS) $162,500 Beaches MLS
• 2018-07-13 Pending — Beaches MLS
• 2018-07-07 Listed $165,000 Beaches MLS
• 2017-01-18 Contingent — Beaches MLS
• 2017-01-17 Listing Removed — Beaches MLS
• 2016-11-22 Price Changed $139,000 Beaches MLS
• 2016-11-10 Listed $149,900 Beaches MLS
• 2012-09-17 Sold (Public Records) $62,000 Public Records

Property tax history

+8.2%/yr

Latest (2025): $2,205 · -18.1% YoY. Source: county tax records.