286 Monaco F Unit F

Delray Beach, FL 33446

$89,500D+

1 bd · 2.0 ba · 726 sqft · Built 1974 · Condo · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,652/mo
• Mortgage (P&I): −$469
• Tax + insurance: −$149
• HOA: −$741
• Vac / Maint / Mgmt: −$347
• Net cashflow: $-54/mo
• Annual: $-654/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.61%
• DSCR: 0.88
• 1% rule: 1.85%
• Cash to close: $25,060

Investor read

• This is a 1-bed/2.0-bath condo listed at $90k.
• At list price, monthly cash flow is $-54 ($-654/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (8.8% below list).
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 102 days — a 9% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (9.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($619 loan paydown + $615 appreciation (0.7% local appreciation)).
• 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).
• Watch-outs: HOA is 45% of rent.
• Market conditions: Rents flat; 584 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• 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?
• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?