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3401 Spanish Trl Unit 348g
C- Composite 53.98
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).

  • ARV discount +15.0/15.0
  • Cash flow +11.6/30.0
  • 1% rule +6.2/10.0
  • Schools +5.6/10.0
  • Rent growth +4.2/5.0
  • Condition / age +4.0/5.0
  • Livability +3.9/5.0
  • DSCR +3.6/10.0
  • Appreciation +0.0/10.0

$257,000

3401 Spanish Trl Unit 348g · Delray Beach, FL 33483
2 bd · 2.0 ba · 1,000 sqft · Townhouse · 81 Days on market
55+ age-restricted Built 1970 Good condition $257/sqft · 25% below area Est $344k · 25% under $979/mo HOA · 31% of rent ↓ 3% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Tropic Harbor is a 55+ waterfront hidden gem on the Intracoastal. Rare 3rd floor corner unit with bird's-eye water views from the living room and primary bedroom. 2BR/2BA with a bright layout, accordion shutters on all windows, bring your vision and make it your own! Calling all boaters and water lovers, dockage available when available, no fixed bridges, accommodates up to 50 ft. Enjoy 2 pools, new gym, renovated clubhouse, dockage, card/library and shuffleboard. Concrete restoration completed. East of Federal, minutes to the beach and Downtown Delray Beach, near Atlantic Ave dining and nightlife. Washer/dryer on floor. Covered parking #153 near elevator (carport under construction).

Key facts

  • No fixed bridges
  • Dockage available
  • Accordion shutters

Tags

WATERFRONTBREATHTAKING WATER VIEWSACCORDION SHUTTERSDOCKAGE AVAILABLENO FIXED BRIDGES2 POOLS

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2-bed/2.0-bath townhouse listed at $257k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-673 ($-8k/yr) — negative.
  • To cash-flow at today's rent, offer at most $160k (37.9% below list).
  • Meets the 1% rule at list price ($3k rent vs $257k).
  • Recommended offer: $160k (37.9% below list) — sets the bar for cash-flow.
  • Cap rate 5.1% vs local median 4.2% 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: Pine Grove Elementary School (math 42% / reading 47%, grade F, #1,288 of 2,144 statewide, top 62%, 354 students, 79% FRL); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% FRL); West Boca Raton High School (math 55% / reading 70%, grade B-, #93 of 667 statewide, top 14%, 2,271 students, 28% FRL) — zoned schools at 49% FRL track the district average.
  • Market conditions: Rents rising fast (+6.9%/yr); 336 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 69d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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 ($116k/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 $2k of loan paydown is wiped out by about $8k 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 81 days — a 6% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: flood insurance adds $427/mo; HOA is 31% of rent.
  • Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Recommended offer $159,669 (37.9% 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 81 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
  3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
  5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  8. 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?
  9. 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?
  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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

1% rule
1.24%
Cap rate
5.14%
Cash-on-cash
-4.10%
DSCR
0.82
GRM
6.7

CMA / ARV

ARV (median comp)
$344,341
List price
$257,000
Delta
-25.36%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 11 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
3421 Spanish Trl #329 0.05mi 2/2.0 1,000 (0%) 0mo $410,000 $410 97
3351 Spanish Trl #115 0.06mi 2/2.0 1,000 (0%) 0mo $255,000 $255 97
3421 Spanish 324 Trl #324 0.05mi 2/2.0 1,000 (0%) 21mo $430,000 $430 80
3310 S Ocean Blvd Unit 528-d 0.57mi 1/2.0 (-1) 981 (-2%) 0mo $360,000 $367 65
3101 S Ocean Blvd #1022 0.47mi 2/2.0 988 (-1%) 17mo $740,000 $749 62
440 Canal Pt #226 0.45mi 2/2.0 936 (-6%) 8mo $215,000 $230 62
3221 S Ocean Blvd #806 0.60mi 2/2.0 1,050 (+5%) 4mo $490,000 $467 61
3215 S Ocean Blvd #412 0.59mi 2/2.0 1,050 (+5%) 5mo $760,000 $724 60
3101 S Ocean Blvd #100 0.47mi 2/2.0 988 (-1%) 20mo $900,000 $911 60
3301 S Ocean Blvd #206 0.63mi 2/2.0 1,050 (+5%) 5mo $490,000 $467 58
2921 S Ocean Blvd #406 0.41mi 1/1.0 (-1) 956 (-4%) 13mo $375,000 $392 54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.87% rent growth · sell at horizon

5-year hold
IRR
-27.6%
Equity multiple
0.02×
Total profit
$-70,727
Equity at exit
$38,320
10-year hold
IRR
-9.7%
Equity multiple
0.22×
Total profit
$-55,950
Equity at exit
$22,221

Cash invested: $71,960 (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.
Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
65 active · 25 under contract
Months of supply
32.5 mo (3%/mo absorbed)
Median asking
$399,000 ($366/sqft)
Median days on market
87 d
This list price
8% of active listings are priced below it
ARV vs active asking
-5.9% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33483

Rents YoY
6.9%
Active inventory
336
Price-to-rent
6.7×

Monthly cashflow live

Estimated rent
$3,176 high interval (Pro) →
Mortgage (P&I)
$1,348
Tax est. 1.5%
$321 /mo · $3,855/yr
Insurance
$107
Flood insurance flood zone
−$427 /mo · $5,118/yr
HOA
$979
Vacancy / Maint / Mgmt
$667
Net cashflow
$-673

Break-even live

Break-even rent $4,027
Max offer price $159,669
Occupancy floor

Sensitivity live

Price -10% $-495 -5% $-584 +0% $-673 +5% $-761 +10% $-850
Rent -10% $-924 -5% $-798 +0% $-673 +5% $-547 +10% $-422
Rate -1.0pp $-543 -0.5pp $-607 base $-673 +0.5pp $-739 +1.0pp $-807

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
$64,250
Closing costs
$7,710
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
3401 Spanish Trl #148 Delray Beach, FL 2.0 2.0 1175 $2,500 $2.13 69d 1 0.03mi
207 Tropic Isle Dr #2050 Delray Beach, FL 1.0 1.0 836 $3,250 $3.89 8d 1 0.04mi
3275 Frederick Blvd Unit 17U Delray Beach, FL 2.0 2.0 899 $2,650 $2.95 18d 1 0.06mi
3351 Spanish Trl #212 Delray Beach, FL 2.0 2.0 1175 $3,500 $2.98 73d 1 0.06mi
701 Avenue L Delray Beach, FL 2.0 2.0 1248 $2,500 $2.00 61d 1 0.11mi
100 Pelican Pointe Dr #103 Delray Beach, FL 2.0 2.0 1135 $2,950 $2.60 73d 1 0.12mi
2920 Florida Blvd #216 Delray Beach, FL 2.0 2.0 1226 $2,495 $2.04 73d 1 0.26mi
2904 Spanish Trl Delray Beach, FL 3.0 2.0 1500 $5,600 $3.73 73d 1 0.27mi
3360 Delray Bay Dr Delray Beach, FL 1.0–3.0 1.0–2.0 1312 $3,101 $2.36 2d 24 0.29mi
3120 E Latitude Cir Unit 101S Delray Beach, FL 1.0 1.0 1053 $2,500 $2.37 26d 1 0.30mi
3120 E Latitude Cir Delray Beach, FL 3.0 2.0–3.0 1550 $4,350 $2.81 71d 2 0.30mi
226 N Latitude Cir #205 Delray Beach, FL 3.0 2.0 1496 $3,150 $2.11 59d 1 0.33mi
226 N Latitude Cir Delray Beach, FL 1.0–3.0 1.5–2.0 1240 $2,675 $2.16 63d 2 0.33mi
3130 W Latitude Cir Delray Beach, FL 1.0–3.0 1.0–2.5 1300 $2,925 $2.25 4d 2 0.37mi
2909 S Ocean Blvd Unit 1B1 Highland Beach, FL 2.0 2.0 1176 $4,900 $4.17 73d 1 0.42mi
931 Gardenia Dr #269 Delray Beach, FL 2.0 2.0 1200 $2,400 $2.00 73d 1 0.42mi
911 Gardenia Dr #150 Delray Beach, FL 2.0 2.0 1200 $2,500 $2.08 73d 1 0.42mi
3100 S Ocean Blvd Unit 116 Highland Beach, FL 2.0 2.0 1166 $3,200 $2.74 73d 1 0.43mi
2635 Frederick Blvd Delray Beach, FL 2.0–3.0 2.5 1530 $4,050 $2.65 73d 1 0.45mi
3009 S Ocean Blvd Ph 1 Highland Beach, FL 2.0 2.0 1360 $10,000 $7.35 73d 1 0.45mi
3009 S Ocean Blvd #902 Highland Beach, FL 2.0 2.0 1360 $9,500 $6.99 69d 1 0.45mi
440 Canal Pt S #2260 Delray Beach, FL 2.0 2.0 936 $2,600 $2.78 16d 1 0.46mi
3114 S Ocean Blvd #205 Highland Beach, FL 2.0 2.0 1102 $3,250 $2.95 70d 1 0.47mi
435 Canal Pt S #2400 Delray Beach, FL 2.0 2.0 936 $2,500 $2.67 4d 1 0.47mi
505 Heron Dr Unit 505 Delray Beach, FL 3.0 2.0 1435 $4,000 $2.79 73d 1 0.49mi
505 Heron Dr Unit 505 Delray Beach, FL 3.0 2.0 1435 $4,000 $2.79 43d 1 0.49mi
3101 S Ocean Blvd #218 Highland Beach, FL 2.0 2.0 1076 $3,400 $3.16 73d 1 0.49mi
513 Lindell Blvd Delray Beach, FL 2.0 1.0 1203 $7,500 $6.23 41d 1 0.50mi
2801 Albatross Rd Delray Beach, FL 2.0 2.0 1102 $2,450 $2.22 29d 1 0.57mi
2801 Albatross Rd Delray Beach, FL 2.0 2.0 1102 $2,450 $2.22 28d 1 0.57mi
3224 S Ocean Blvd Unit 211B Highland Beach, FL 2.0 2.0 1201 $2,500 $2.08 73d 1 0.58mi
3224 S Ocean Blvd Unit 113B Highland Beach, FL 2.0 2.0 1201 $3,100 $2.58 73d 1 0.58mi
3310 S Ocean Blvd Unit 629D Highland Beach, FL 2.0 2.0 1201 $3,300 $2.75 71d 1 0.59mi
3310 S Ocean Blvd Unit 525D Highland Beach, FL 2.0 2.0 1239 $3,750 $3.03 57d 1 0.59mi
3300 S Ocean Blvd Unit 318C Highland Beach, FL 2.0 2.0 1201 $5,000 $4.16 73d 1 0.60mi
3300 S Ocean Blvd Unit 617C Highland Beach, FL 2.0 2.0 1239 $3,600 $2.91 33d 1 0.60mi
3300 S Ocean Blvd Unit 723C Highland Beach, FL 2.0 2.0 1201 $3,750 $3.12 38d 1 0.60mi
3215 S Ocean Blvd #911 Highland Beach, FL 2.0 2.0 1050 $4,900 $4.67 10d 1 0.61mi
3215 S Ocean Blvd #303 Highland Beach, FL 1.0 1.5 900 $4,900 $5.44 73d 1 0.61mi
3215 S Ocean Blvd #702 Highland Beach, FL 2.0 2.0 1050 $3,450 $3.29 18d 1 0.61mi

Property features AI

Finance

Other
Senior community
HOA & community
Tropic Harbor associationMonthly HOA feeAssociation amenities: Elevator(s), Fitness center, Laundry, On-site management/manager, Pool, Library, Maintenance, Recreation facilities

Exterior

Parking
Attached carportAssigned open parking1 covered/carport space
Utilities
Public waterPublic sewerCable available
Home design
CondominiumOne levelFaces westUnit in Tropic Harbor (4-story building)
Construction
Concrete block with stucco constructionConcrete / pre-stressed roof
Exterior features
No waterfrontMarina with no fixed bridge access

Interior

Kitchen
DishwasherDisposalRefrigeratorElectric water heater
Bedrooms
2 bedrooms on the main level
Flooring
CarpetCeramic tile
Bathrooms
2 full bathrooms
Heating & cooling
Electric heatingElectric cooling
Interior features
Walk-in closetsSplit bedroom layoutBlinds and shutters on windows
Laundry & utility
Laundry in common area

HOA detail $979/mo · $11,748/yr

Likely covers
waterpoolgym

Listing history 18 events

  1. 2026-06-26
    days on market $257,000 Active 81 DOM
  2. 2026-06-24
    days on market $257,000 Active 79 DOM
  3. 2026-06-22
    days on market $257,000 Active 77 DOM
  4. 2026-06-21
    days on market $257,000 Active 76 DOM
  5. 2026-06-18
    days on market $257,000 Active 73 DOM
  6. 2026-06-17
    days on market $257,000 Active 72 DOM
  7. 2026-06-16
    days on market $257,000 Active 71 DOM
  8. 2026-06-15
    days on market $257,000 Active 70 DOM
  9. 2026-06-13
    days on market $257,000 Active 68 DOM
  10. 2026-06-09
    days on market $257,000 Active 64 DOM
  11. 2026-06-08
    days on market $257,000 Active 63 DOM
  12. 2026-06-07
    days on market $257,000 Active 62 DOM
  13. 2026-06-04
    pricedays on market $257,000 Active 59 DOM
  14. 2026-06-03
    days on market $265,000 Active 58 DOM
  15. 2026-06-02
    days on market $265,000 Active 57 DOM
  16. 2026-06-01
    days on market $265,000 Active 56 DOM
  17. 2026-05-31
    days on market $265,000 Active 55 DOM
  18. 2026-04-06
    listed $265,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

  • 🌊 Flood 6/10 Major FEMA zone AE · 66% chance over 30 yrs
  • 🔥 Wildfire 1/10 Low
  • 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 25 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$38,111
− Mortgage interest
−$14,396
− Property taxes
−$3,855
− Insurance
−$6,404
− Repairs & maintenance
−$3,049
− Management
−$3,049
− HOA
−$11,748
− Depreciation
−$7,476
Taxable loss
−$11,866
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$2,848
After-tax cash flow
$-5,224/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $5,000–$15,000 screening

This 55+ waterfront condo is in good condition with a good condition score of 80. It offers a great location and amenities, making it a good investment opportunity.

Value-add opportunities

  • Both Painting — Enhances curb appeal and interior aesthetics
  • Both New flooring — Improves living space and resale value
  • Both Kitchen and bathroom updates — Modernizes spaces and increases value
  • Both HVAC upgrade — Improves comfort and energy efficiency
  • Both Landscaping and curb appeal — Enhances property's visual appeal

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 56/100

Zoned Schools

Elementary Pine Grove Elementary School F FL #1,288/2,144 Nat'l #16,061/41,679 Middle Boca Raton Community Middle School B FL #135/571 Nat'l #1,793/14,009 High West Boca Raton High School B- FL #93/667 Nat'l #3,176/17,239

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
B Composite livability gradescore 77/100

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

Census place
Delray Beach, FL
County
Palm Beach County · 1,637,487 people
City population
123,167
Metro
Miami-Fort Lauderdale-Pompano Beach, FL
Population (ZIP)
12,669
Household income
$116,115
Rent vs Own
30.2% rent · 69.8% own
Severe rent burden
13% of renters

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 (80%)
Race & ethnicity
White 80% Black 9% Two or more races 5% Hispanic / Latino 5% Asian 2%
Hispanic origin (detail)
Puerto Rican 1%
Common ancestry
Hispanic 6% Romanian 5% Scotch-Irish 3%
Foreign-born
16% · Canada, South Korea
Languages at home
85% English-only · French/Haitian/Cajun 7% Spanish 4% 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

Price history

-3.0% since first listed
3 events — show timeline
  • 2026-06-26 Listing Removed Beaches MLS
  • 2026-06-03 Price Changed $257,000 Beaches MLS
  • 2026-04-06 Listed $265,000 Beaches MLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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