2515 NE 2nd Ct #405 · Boynton Beach, FL 33435

$89,000

1 bd · 1.5 ba · 874 sqft · Condo public records · 63 Days on market

Built 1975 $465/mo HOA · 25% of rent ↓ 18% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

EXCELLENT VALUE & OPPORTUNITY FOR A SEASONAL OR FULL TIME RESIDENT. Fully Renovated Immaculate & Beautiful 1, Bedroom, 2 Bath Condo in the highly sought after Bldg 14 at Village Royale, a 55+ Community. This Community features 2 pools, shuffle boards, Tennis Courts, Banquette Hall, Card Rooms, Fitness Centers, BBQ Areas, Security Patrol and more. Close to shopping and the beach, with easy access to I-95. This updated unit features a walk-in closet & a traditional closet across an entire wall; * New interior doors & a new front screen door; * ALL impact windows (except for the Lanai); * Ideally situated next to the clubhouse and amenities. Monthly HOA includes cable

Key facts

• $465 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Part of a senior community; Community contains 880 units
• Financial info: Not a pet-friendly unit (pets not allowed)
• HOA & community: Association: Village Royale Greentree; Monthly HOA fee of $465; HOA covers cable TV, internet, grounds maintenance, pest control, water, common areas, elevator, recreation facility, and pool service; Community amenities include clubhouse, fitness center, pool, spa/hot tub, tennis courts, pickleball and shuffleboard courts, bocce ball, putting green, billiard and game rooms, library, picnic area, managed community, on-site manager, community room, and laundry

Exterior

• Parking: Assigned open parking on asphalt (1 space)
• Security: Building security; Closed circuit camera(s); Secure elevator
• Utilities: Public water; Public sewer; Cable available; Water and sewer available
• Home design: Condominium; One level; Faces east; Updated/remodeled condition
• Construction: CBS construction; Other roof type; 4-story building; Built as part of a multi-unit building
• Exterior features: No waterfront; Public maintained road

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: One bedroom on the main level
• Flooring: Laminate; Tile; Wood
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fan(s)
• Interior features: Unfurnished; Accessible bedroom and entrance; Accessible common areas and central living area; Building security with closed-circuit cameras and secure elevator
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $89k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $84k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 4.3% in Boynton 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 72/100 on livability (#351 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: amenities D+, crime D-, commute 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: Rolling Green Elementary School (math 21% / reading 26%, grade F, #2,061 of 2,144 statewide, top 96%, 692 students, 88% FRL); Congress Community Middle School (math 21% / reading 28%, grade F, #522 of 571 statewide, top 93%, 988 students, 72% FRL); Boynton Beach Community High (math 13% / reading 25%, grade F, #565 of 667 statewide, top 85%, 1,547 students, 65% FRL) — zoned schools average 75% FRL vs 52% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 50% district-wide (-27 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.6%/yr); 536 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 33% of the median local income ($68k/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 $615 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.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — 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. 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. 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.
9. 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.
10. 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: 2.11% ✓
• Cap rate: 11.52%
• Cash-on-cash: 18.68%
• DSCR: 1.83
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.64% rent growth · sell at horizon

5-year hold

• IRR: 11.8%
• Equity multiple: 1.47×
• Total profit: $11,830
• Equity at exit: $13,270

10-year hold

• IRR: 21.7%
• Equity multiple: 2.95×
• Total profit: $48,488
• Equity at exit: $7,695

Cash invested: $24,920 (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 33435

• Rents YoY: 3.6%
• Active inventory: 536
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,876 high
• Mortgage (P&I): −$467
• Tax from tax record: −$125 /mo · $1,503/yr
• Insurance: −$37
• HOA: −$465
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $388

Break-even live

Break-even rent $1,385

Max offer price $89,000

Occupancy floor 74%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2515 NE 2nd Ct #202 Boynton Beach, FL	2.0	2.0	960	$1,499	$1.56	24d	1	0.03mi
2601 3rd Ct NE #202 Boynton Beach, FL	2.0	2.0	982	$1,500	$1.53	19d	1	0.08mi
2615 NE 1st Ct #403 Boynton Beach, FL	2.0	2.0	960	$2,100	$2.19	24d	1	0.11mi
2615 NE 1st Ct Boynton Beach, FL	2.0	2.0	960	$1,850	$1.93	19d	2	0.11mi
2615 NE 3rd Ct #4030 Boynton Beach, FL	2.0	2.0	960	$1,699	$1.77	5d	1	0.11mi
300 NE 26th Ave #1040 Boynton Beach, FL	2.0	2.0	1080	$1,559	$1.44	24d	1	0.11mi
330 NE 26th Ave Unit 108 Boynton Beach, FL	1.0	1.5	754	$1,600	$2.12	2d	1	0.13mi
330 NE 26th Ave Unit 108 Boynton Beach, FL	1.0	1.5	754	$1,375	$1.82	24d	1	0.13mi
230 NE 26th Ave #1070 Boynton Beach, FL	1.0	1.5	754	$1,620	$2.15	11d	1	0.16mi
230 NE 26th Ave Boynton Beach, FL	1.0–2.0	1.5–2.0	857	$1,600	$1.87	18d	2	0.17mi
2213 NE 1st Ct #103 Boynton Beach, FL	1.0	1.5	624	$1,350	$2.16	24d	1	0.18mi
2400 NE 1st Ln #206 Boynton Beach, FL	1.0	1.5	754	$1,800	$2.39	15d	1	0.19mi
130 NE 26th Ave #307 Boynton Beach, FL	2.0	2.0	982	$3,500	$3.56	24d	1	0.21mi
30 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$2,400	$2.78	19d	1	0.32mi
17 Crossings Cir Unit E Boynton Beach, FL	2.0	2.0	864	$1,900	$2.20	24d	1	0.35mi
4 Crossings Cir Unit B Boynton Beach, FL	2.0	1.5	864	$1,950	$2.26	24d	1	0.35mi
7 Crossings Cir Boynton Beach, FL	2.0	1.5	864	$2,500	$2.89	24d	1	0.35mi
108 NE 20th Ave #206 Boynton Beach, FL	2.0	2.0	860	$1,800	$2.09	20d	1	0.35mi
27 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$1,900	$2.20	15d	1	0.36mi
14 Crossings Cir Unit E Boynton Beach, FL	2.0	2.0	953	$2,300	$2.41	24d	1	0.37mi
2202 NE 4th St #10 Boynton Beach, FL	2.0	1.0	757	$1,900	$2.51	3d	1	0.39mi
24 Crossings Cir Unit H Boynton Beach, FL	2.0	2.0	864	$2,050	$2.37	24d	1	0.41mi
117 Waterside Dr #117 Hypoluxo, FL	2.0	2.0	768	$2,000	$2.60	24d	1	0.46mi
661 Waterside Dr Hypoluxo, FL	2.0	2.0	768	$2,000	$2.60	24d	1	0.46mi
311 NE 17th Ave #204 Boynton Beach, FL	2.0	2.0	1100	$1,650	$1.50	24d	1	0.49mi
410 NE 17th Ave #101 Boynton Beach, FL	2.0	1.5	1080	$1,500	$1.39	8d	1	0.52mi
2008 S Federal Hwy Unit C207 Boynton Beach, FL	2.0	2.0	963	$2,000	$2.08	24d	1	0.58mi
640 Oak St Boynton Beach, FL	2.0	1.0	765	$2,690	$3.52	8d	1	0.67mi
1820 New Palm Way #201 Boynton Beach, FL	2.0	2.0	873	$3,500	$4.01	24d	1	0.76mi
1097 Wilkinson Rd Unit B Lantana, FL	2.0	1.0	855	$2,200	$2.57	2d	1	0.77mi
1097 Wilkinson Rd Unit B Lantana, FL	2.0	1.0	855	$2,200	$2.57	2d	1	0.77mi
1632 N Federal Hwy Boynton Beach, FL	1.0–3.0	1.0–2.0	1098	$2,111	$1.92	2d	20	0.78mi
25 S Loafing St Unit 25 Hypoluxo, FL	2.0	1.0	552	$1,500	$2.72	24d	1	0.82mi
25 S Loafing St Unit 25 Hypoluxo, FL	2.0	1.0	552	$1,500	$2.72	2d	1	0.82mi
22 S Loafing St Hypoluxo, FL	2.0	1.0	696	$1,300	$1.87	24d	1	0.82mi
101 Country Ln Boynton Beach, FL	1.0	1.0	1012	$1,800	$1.78	24d	1	0.87mi
65 Relaxed Cir Hypoluxo, FL	2.0	2.0	828	$2,000	$2.42	8d	1	0.87mi
1000 Scotia Dr #605 Hypoluxo, FL	2.0	1.0	901	$2,190	$2.43	8d	1	0.91mi
3601 High Ridge Rd Unit 206 Boynton Beach, FL	1.0	1.0	833	$1,950	$2.34	15d	1	0.93mi
3605 High Ridge Rd Unit 204 Boynton Beach, FL	1.0	1.0	833	$1,900	$2.28	18d	1	0.94mi

HOA detail condo

• Monthly dues: $465 · $5,580/yr
• Likely covers: cablepoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $89,000 Active 63 DOM
2. 2026-06-17
   days on market $89,000 Active 62 DOM
3. 2026-06-16
   days on market $89,000 Active 61 DOM
4. 2026-06-15
   days on market $89,000 Active 60 DOM
5. 2026-06-13
   days on market $89,000 Active 58 DOM
6. 2026-06-09
   days on market $89,000 Active 54 DOM
7. 2026-06-08
   days on market $89,000 Active 53 DOM
8. 2026-06-07
   remarks 683-char remark
9. 2026-06-07
   days on market $89,000 Active 52 DOM
10. 2026-06-04
    days on market $89,000 Active 49 DOM
11. 2026-06-03
    days on market $89,000 Active 48 DOM
12. 2026-06-02
    days on market $89,000 Active 47 DOM
13. 2026-06-01
    days on market $89,000 Active 46 DOM
14. 2026-05-31
    days on market $89,000 Active 45 DOM
15. 2026-05-21
    price $89,000
16. 2026-05-01
    price $99,000
17. 2026-04-16
    listed $109,000 Active

ⓘ 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: $1,503 · $125/mo
• Projected year-2 tax: $1,503 · $125/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥105°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,513
• − Mortgage interest: −$4,985
• − Property taxes: −$1,503
• − Insurance: −$445
• − Repairs & maintenance: −$1,801
• − Management: −$1,801
• − HOA: −$5,580
• − Depreciation: −$2,589
• Taxable income: $3,808
• Est. tax owed @ 24.0%: −$914
• After-tax cash flow: $3,742/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 — Boynton Beach

• Score: 72/100
• State rank: #351
• US rank: #6098

Category grades

Amenities D+ Commute F Cost of living B Crime D- Employment C Housing A+ Health & safety B+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boynton Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 37,833
• Household income: $67,979
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1623.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 41% Black 40% Hispanic / Latino 15% Two or more races 10%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Hispanic 23% Romanian 2% Lithuanian 2%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 61% English-only · French/Haitian/Cajun 24% Spanish 11% Other Indo-European 2%

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: ▼ -345.86%
• Current HPI: 371.0527
• Rent YoY: ▲ 3.64%
• 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

-18.3% since first listed

3 events — show timeline

• 2026-05-21 Price Changed $89,000 Beaches MLS
• 2026-05-01 Price Changed $99,000 Beaches MLS
• 2026-04-16 Listed $109,000 Beaches MLS

Property tax history

+6.5%/yr

Latest (2025): $1,503 · +2.6% YoY. Source: county tax records.