5884 Morningstar Cir #406 · Delray Beach, FL 33484

$155,000

2 bd · 2.0 ba · 1,113 sqft · Condo public records · 1 Days on market

Built 1985 $849/mo HOA · 33% of rent

---

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 +14.5/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• 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

Discover the potential of this top-floor waterfront condo in the desirable Morningstar at Delray community. Overlooking a tranquil lake, this residence offers breathtaking water views and stunning sunset vistas that create a peaceful backdrop for everyday living. Enjoy your morning coffee or evening glass of wine from the private screened balcony. Inside, the spacious floor plan presents an exceptional opportunity to customize and renovate to your personal style and taste. With generous living and dining areas, abundant natural light, and a desirable layout, this condo serves as a blank canvas ready to be transformed into your ideal South Florida retreat. Adding to its value, the building f

Key facts

• Fitness center
• Brand-new roof
• Resort-style pool

Tags

• TOP-FLOOR WATERFRONT CONDO
• PRIVATE SCREENED BALCONY
• BRAND-NEW ROOF
• PET-FRIENDLY COMMUNITY
• RESORT-STYLE POOL
• FITNESS CENTER

Property features AI

Finance

• Financial info: Pets allowed (cats and dogs; limits on number and size may apply)
• HOA & community: Member of Morningstar at Delray Condo Association; Monthly association fee; Association amenities include basketball court, clubhouse, car wash area, elevators, fitness center, parking, pool, and tennis courts; Association covers maintenance of grounds, security, sewer, water, common areas, elevator, roof repairs, and pool service

Exterior

• Parking: Assigned parking with guest spaces; One open parking space (total parking: 1)
• Security: Gated community (no guard); Security gate
• Utilities: Public water; Public sewer; Sewer connected; Water connected
• Home design: Condominium; One level; Resale property; Faces east
• Construction: CBS construction
• Exterior features: Waterfront location; Roof: Other

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Built-in features throughout; Walk-in closet(s); Split bedroom layout
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $155k.

Deal economics

• At list price, monthly cash flow is $35 ($414/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Cap rate 6.6% 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); Atlantic High School (math 28% / reading 52%, grade F, #296 of 667 statewide, top 45%, 1,889 students, 59% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 546 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $2,565/mo this rent would consume 50% 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 $5k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $120k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 33% 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 $155,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.65% ✓
• Cap rate: 6.56%
• Cash-on-cash: 0.95%
• DSCR: 1.04
• GRM: 5.0

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: -11.8%
• Equity multiple: 0.56×
• Total profit: $-18,969
• Equity at exit: $23,111

10-year hold

• IRR: 0.8%
• Equity multiple: 1.07×
• Total profit: $2,860
• Equity at exit: $13,402

Cash invested: $43,400 (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: 546
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,565 high
• Mortgage (P&I): −$813
• Tax from tax record: −$265 /mo · $3,186/yr
• Insurance: −$65
• HOA: −$849
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $35

Break-even live

Break-even rent $2,521

Max offer price $155,000

Occupancy floor 94%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5884 Morningstar Cir #306 Delray Beach, FL	2.0	2.0	1113	$2,200	$1.98	24d	1	0.04mi
5910 Morningstar Cir #202 Delray Beach, FL	2.0	2.0	1120	$2,200	$1.96	24d	1	0.07mi
5600 Atlantic Ave Delray Beach, FL	1.0–3.0	1.0–3.0	1147	$3,030	$2.64	1d	29	0.17mi
14696 Lucy Dr #14696 Delray Beach, FL	2.0	2.0	1200	$2,200	$1.83	7d	1	0.22mi
14606 Lucy Dr Delray Beach, FL	2.0	2.0	1200	$1,850	$1.54	24d	1	0.30mi
15469 Lakes of Delray Blvd #102 Delray Beach, FL	2.0	2.0	976	$3,000	$3.07	24d	1	0.33mi
15449 Lakes of Delray Blvd #207 Delray Beach, FL	2.0	2.0	976	$2,950	$3.02	24d	1	0.33mi
15072 Ashland Pl #132 Delray Beach, FL	2.0	2.0	1100	$2,100	$1.91	19d	1	0.34mi
14464 Campanelli Dr Delray Beach, FL	2.0	2.0	1296	$2,950	$2.28	24d	1	0.40mi
6096 Kings Gate Cir Delray Beach, FL	2.0	2.0	1311	$2,500	$1.91	24d	1	0.43mi
15108 Ashland Dr #215 Delray Beach, FL	2.0	2.0	900	$2,000	$2.22	24d	1	0.44mi
14608 Country Side Ln Delray Beach, FL	2.0	2.0	1303	$2,950	$2.26	24d	1	0.45mi
14425 Amapola Way Delray Beach, FL	2.0	2.0	1406	$2,800	$1.99	5d	1	0.45mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	24d	1	0.46mi
15355 Lakes of Delray Blvd #309 Delray Beach, FL	2.0	2.0	1362	$2,800	$2.06	18d	1	0.49mi
14716 Canalview Dr Unit D Delray Beach, FL	2.0	2.0	1186	$3,500	$2.95	12d	1	0.49mi
6372 Sleepy Willow Way Delray Beach, FL	2.0	2.0	1344	$3,975	$2.96	14d	1	0.49mi
6372 Sleepy Willow Way Delray Beach, FL	2.0	2.0	1344	$3,975	$2.96	24d	1	0.49mi
15364 Lakes of Delray Blvd #45 Delray Beach, FL	2.0	2.0	1160	$2,000	$1.72	13d	1	0.50mi
6396 Country Wood Way Delray Beach, FL	2.0	2.0	1364	$3,000	$2.20	24d	1	0.50mi
6234 Pointe Regal Cir Delray Beach, FL	2.0	2.0	1217	$3,899	$3.20	24d	1	0.53mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	18d	1	0.54mi
6197 Caladium Rd Delray Beach, FL	2.0	2.0	1427	$4,000	$2.80	24d	1	0.55mi
6557 Country Wood Way Delray Beach, FL	3.0	2.0	1346	$4,700	$3.49	24d	1	0.56mi
6550 Country Wood Way Delray Beach, FL	3.0	2.0	1408	$4,000	$2.84	4d	1	0.57mi
6550 Country Wood Way Delray Beach, FL	3.0	2.0	1408	$4,000	$2.84	24d	1	0.57mi
15301 Pembridge Ave #43 Delray Beach, FL	2.0	2.0	1150	$2,150	$1.87	24d	1	0.58mi
14484 Canalview Dr Unit C Delray Beach, FL	1.0	2.0	1068	$1,700	$1.59	24d	1	0.63mi
14832 Wildflower Ln Delray Beach, FL	2.0	2.0	1073	$2,500	$2.33	17d	1	0.66mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.70mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.70mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	24d	1	0.72mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,495	$1.97	7d	1	0.73mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.74mi
14735 Wildflower Ln Delray Beach, FL	2.0	2.0	1073	$2,350	$2.19	1d	1	0.75mi
14747 Wildflower Ln Delray Beach, FL	2.0	2.0	1229	$2,475	$2.01	24d	1	0.75mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	24d	1	0.75mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	24d	1	0.75mi
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	10d	1	0.75mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.75mi

HOA detail condo

• Monthly dues: $849 · $10,188/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $155,000 Active 1 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: $3,186 · $265/mo
• Projected year-2 tax: $3,186 · $265/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: $30,781
• − Mortgage interest: −$8,682
• − Property taxes: −$3,186
• − Insurance: −$775
• − Repairs & maintenance: −$2,462
• − Management: −$2,462
• − HOA: −$10,188
• − Depreciation: −$4,509
• Taxable loss: −$1,484
• Est. tax savings @ 24.0%: +$356
• After-tax cash flow: $770/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

+112.6% since first listed

6 events — show timeline

• 2026-06-18 Listed $155,000 Beaches MLS
• 2025-10-03 Rental Removed $1,800 REDFIN
• 2025-09-01 Listed for Rent $1,800 REDFIN
• 2003-06-13 Sold (Public Records) $120,000 Public Records
• 1998-06-02 Sold (Public Records) $58,000 Public Records
• 1990-02-02 Sold (Public Records) $72,900 Public Records

Property tax history

+5.7%/yr

Latest (2025): $3,186 · +2.8% YoY. Source: county tax records.