865 Flanders S · Delray Beach, FL 33484

$94,500

2 bd · 2.0 ba · 868 sqft · Condo public records · 352 Days on market

Built 1978 $743/mo HOA · 38% 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 +19.9/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 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

55+ Senior Community. Two-bedrooms corner condo. True ground floor at the end of Flanders S, so you will have a great privacy. FloorTiled throughout. Updated kitchen. 2 full bathrooms. Enclosed lanai with a unique beautiful and amazing garden view around of the apartment, beautiful trees that provide a fresh air in summer, Shutter protection in Lanai. apartment in quite and peaceful area, assigned parking from steps of front door. Brand new, range & refrigerator. Mandatory min 700 score credit for each applicant. Reasonable offer will be accepted. 6 miles from the beach and the historic district of Delray Beach. Delray Market Place are within 2.5 miles of Kings Point. The community h

Key facts

• Ground floor
• Garden view
• Assigned parking

Tags

• GROUND FLOOR
• ENCLOSED LANAI
• GARDEN VIEW
• ASSIGNED PARKING
• OUTDOOR POOLS

Property features AI

Finance

• Financial info: Pets not allowed; Is a senior community
• HOA & community: Monthly HOA fee; Community amenities include clubhouse, fitness center, golf course, tennis courts, pickleball courts, and courtesy bus; HOA includes cable TV

Exterior

• Parking: Assigned parking; Guest parking; 1 open parking space
• Security: Gated community with guard; Gated community without guard; Security patrol
• Utilities: Cable available
• Home design: Condominium; Resale; 2 stories; Faces northeast
• Construction: Built with other construction materials
• Exterior features: Covered patio; Screened patio; Patio

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms (1 on the main level)
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Walk-in closets; Partially furnished
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $94k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $94k).
• Recommended offer: $83k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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.
• Zoned schools: Orchard View Elementary School (math 48% / reading 47%, grade D, #1,182 of 2,144 statewide, top 55%, 596 students, 76% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL) — zoned schools at 50% 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 25d 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).
• This rent runs 38% of the median local income ($62k/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 $653 of loan paydown is wiped out by about $3k 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 352 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: HOA is 38% 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 $83,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 352 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
10. 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.
11. 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: 2.07% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 4.0

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: -4.9%
• Equity multiple: 0.81×
• Total profit: $-5,026
• Equity at exit: $14,090

10-year hold

• IRR: 7.8%
• Equity multiple: 1.67×
• Total profit: $17,732
• Equity at exit: $8,171

Cash invested: $26,460 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,955 high
• Mortgage (P&I): −$496
• Tax from tax record: −$153 /mo · $1,833/yr
• Insurance: −$39
• HOA: −$743
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $114

Break-even live

Break-even rent $1,811

Max offer price $94,500

Occupancy floor 89%

Sensitivity live

Price	-10% $167	-5% $140	+0% $114	+5% $87	+10% $60
Rent	-10% $-41	-5% $36	+0% $114	+5% $191	+10% $268
Rate	-1.0pp $161	-0.5pp $138	base $114	+0.5pp $89	+1.0pp $64

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: $23,625
• Closing costs: $2,835
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 Flanders Dr Unit 205 Delray Beach, FL	2.0	2.0	883	$1,750	$1.98	25d	1	0.02mi
177 Flanders Dr Unit 177 Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	25d	1	0.03mi
697 Flanders O Delray Beach, FL	1.0	1.5	760	$1,400	$1.84	2d	1	0.03mi
278 Flanders Dr Unit 278 Delray Beach, FL	1.0	1.5	828	$1,290	$1.56	25d	1	0.03mi
173 Flanders Dr Unit 173 Delray Beach, FL	2.0	2.0	920	$2,400	$2.61	25d	1	0.03mi
457 Flanders Dr Unit 457 Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	25d	1	0.03mi
719 Flanders O Delray Beach, FL	2.0	2.0	920	$1,800	$1.96	25d	1	0.10mi
177 Flanders D Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	25d	1	0.12mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	14d	1	0.14mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	4d	1	0.14mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.18mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	11d	1	0.19mi
960 Flanders T Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.19mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	25d	1	0.20mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.22mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	3d	1	0.23mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,650	$2.08	0d	1	0.23mi
127 Flanders C Delray Beach, FL	1.0	1.5	760	$1,550	$2.04	25d	1	0.23mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.24mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.24mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	14d	1	0.24mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	25d	1	0.24mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	8d	1	0.25mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.25mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	25d	1	0.27mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	25d	1	0.29mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	25d	1	0.29mi
450 Piedmont J Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	0d	1	0.29mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	25d	1	0.30mi
18 Piedmont a Delray Beach, FL	2.0	2.0	910	$1,950	$2.14	0d	1	0.32mi
23 Flanders a Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.34mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	3d	1	0.34mi
29 Flanders a Delray Beach, FL	2.0	2.0	760	$1,900	$2.50	25d	1	0.34mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	25d	1	0.36mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	25d	1	0.36mi
99 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	25d	1	0.38mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	8d	1	0.38mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.38mi
52 Saxony Cir Unit 52 Delray Beach, FL	2.0	2.0	1027	$3,200	$3.12	25d	1	0.38mi
560 Capri Ln Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.38mi

HOA detail condo

• Monthly dues: $743 · $8,916/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 42 events

1. 2026-06-18
   days on market $94,500 Active 352 DOM
2. 2026-06-17
   days on market $94,500 Active 351 DOM
3. 2026-06-16
   days on market $94,500 Active 350 DOM
4. 2026-06-15
   days on market $94,500 Active 349 DOM
5. 2026-06-13
   days on market $94,500 Active 347 DOM
6. 2026-06-09
   days on market $94,500 Active 343 DOM
7. 2026-06-07
   days on market $94,500 Active 341 DOM
8. 2026-06-04
   days on market $94,500 Active 338 DOM
9. 2026-06-03
   days on market $94,500 Active 337 DOM
10. 2026-06-01
    days on market $94,500 Active 335 DOM
11. 2026-05-31
    days on market $94,500 Active 334 DOM
12. 2026-05-05
    status Active
13. 2026-04-07
    historical Active Under Contract
14. 2026-01-02
    status Active
15. 2026-01-01
    historical
16. 2025-06-30
    historical
17. 2025-06-30
    listed $94,500 Active
18. 2025-06-20
    historical $2,850
19. 2025-03-11
    listed $2,850
20. 2025-03-11
    listed $119,500 Active
21. 2025-03-01
    historical
22. 2025-02-03
    price $134,000
23. 2025-01-01
    historical $2,400
24. 2024-12-28
    status Active
25. 2024-11-23
    historical
26. 2024-10-04
    price $2,400
27. 2024-09-04
    listed $140,000 Active
28. 2024-08-29
    historical $2,800
29. 2024-08-27
    listed $2,800
30. 2024-08-02
    listed $2,800
31. 2024-07-25
    historical $2,800
32. 2024-07-25
    listed $2,800
33. 2024-07-25
    historical $2,800
34. 2024-07-24
    listed $2,800
35. 2024-07-16
    historical
36. 2024-04-22
    listed $175,000 Active
37. 2021-12-20
    soldstatus $106,000
38. 2021-12-16
    soldstatus $106,000 Closed
39. 2021-10-26
    status Pending
40. 2021-10-24
    listed $109,999 Active
41. 2004-08-12
    soldstatus $71,500
42. 1992-10-02
    soldstatus $38,000

ⓘ 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: $1,833 · $153/mo
• Projected year-2 tax: $1,833 · $153/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 ≥107°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: $23,456
• − Mortgage interest: −$5,293
• − Property taxes: −$1,833
• − Insurance: −$472
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − HOA: −$8,916
• − Depreciation: −$2,749
• Taxable income: $439
• Est. tax owed @ 24.0%: −$105
• After-tax cash flow: $1,257/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

+148.7% since first listed

31 events — show timeline

• 2026-05-05 Relisted — Beaches MLS
• 2026-04-07 Contingent — Beaches MLS
• 2026-01-02 Relisted — Beaches MLS
• 2026-01-01 Listing Removed — Beaches MLS
• 2025-06-30 Listed $94,500 Beaches MLS
• 2025-06-30 Listing Removed — Beaches MLS
• 2025-06-20 Rental Removed $2,850 GFLMLS
• 2025-03-11 Listed for Rent $2,850 GFLMLS
• 2025-03-11 Listed $119,500 Beaches MLS
• 2025-03-01 Listing Removed — Beaches MLS
• 2025-02-03 Price Changed $134,000 Beaches MLS
• 2025-01-01 Rental Removed $2,400 RMLSFL
• 2024-12-28 Relisted — Beaches MLS
• 2024-11-23 Listing Removed — Beaches MLS
• 2024-10-04 Price Changed $2,400 RMLSFL
• 2024-09-04 Listed $140,000 Beaches MLS
• 2024-08-29 Rental Removed $2,800 GFLMLS
• 2024-08-27 Listed for Rent $2,800 GFLMLS
• 2024-08-02 Listed for Rent $2,800 RMLSFL
• 2024-07-25 Rental Removed $2,800 RMLSFL
• 2024-07-25 Listed for Rent $2,800 RMLSFL
• 2024-07-25 Rental Removed $2,800 GFLMLS
• 2024-07-24 Listed for Rent $2,800 GFLMLS
• 2024-07-16 Listing Removed — Beaches MLS
• 2024-04-22 Listed $175,000 Beaches MLS
• 2021-12-20 Sold (Public Records) $106,000 Public Records
• 2021-12-16 Sold (MLS) $106,000 Beaches MLS
• 2021-10-26 Pending — Beaches MLS
• 2021-10-24 Listed $109,999 Beaches MLS
• 2004-08-12 Sold (Public Records) $71,500 Public Records
• 1992-10-02 Sold (Public Records) $38,000 Public Records

Property tax history

+16.6%/yr

Latest (2025): $1,833 · -17.2% YoY. Source: county tax records.