12540 Majesty Cir #208 · Delray Beach, FL 33437

$239,900

3 bd · 2.0 ba · 1,500 sqft · Condo public records · 130 Days on market

Built 2001 $1153/mo HOA · 35% of rent ↓ 7% since listing

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Why this score? — see what drove the D+ 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 +11.4/30.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Appreciation +4.9/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• DSCR +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0

Listing remarks

Bright corner unit offering extra natural light and a smart open feeling. The home features renovated bathrooms no carpeting throughout for a modern, low-maintenance lifestyle that shows how meticulously it was cared for. This is a non-smoking, pet-free unit since day one, making it an excellent choice for buyers seeking a fresh pristine living space. Ideal for those who value cleanliness, comfort, and move in ready condition. NEW AIR CONDIONER installed 5/28/2026. The newly renovated 72,000 sq ft clubhouse features a 650 seat theater bwith Las Vegas style shows, indoor pool, cafe open 7 days a week. The sports complex features 10 tennis courts, 6 Pickleball courts with a pro for each. Boc

Key facts

• No carpeting
• Renovated bathrooms
• Corner unit

Tags

• CORNER UNIT
• RENOVATED BATHROOMS
• NO CARPETING
• NON SMOKING UNIT
• PET FREE UNIT
• NEWLY RENOVATED CLUBHOUSE

Property features AI

Finance

• Financial info: Pets allowed with restrictions or possible restrictions
• HOA & community: Quarterly association fee; Association amenities include clubhouse, fitness center, library, billiard room, pool, heated pool, tennis courts, pickleball, basketball court, shuffleboard court, elevators, recreation facilities and trash service; Association fee covers amenities, common areas, cable TV, insurance, internet, grounds maintenance, structure maintenance, parking, pest control, recreation facilities, trash and water; Large community with 1,372 units; Senior community

Exterior

• Parking: Guest parking; One assigned parking space
• Security: Security system; Elevator secured; Phone entry; Fire sprinkler system; Smoke detectors
• Utilities: Cable available
• Home design: Condominium with property attached; 4-story building; Entry located on level 2; Faces northeast; Builder model: Chardonnay; Block construction
• Construction: Block construction; Effective year built
• Exterior features: Association tennis courts; Heated association pool; Lakefront; Has a view; Is waterfront

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Icemaker; Eat-in kitchen
• Bedrooms: Split bedrooms layout
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms; Dual sinks in primary
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Partially furnished; Closet cabinetry; Dual sinks; Entrance foyer; Eat-in kitchen; Elevator; Sitting area in primary; Split bedrooms
• Laundry & utility: Washer; Dryer; Electric water heater; Utility room; Storage room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $-82 ($-983/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (6.0% below list).
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.9% 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.
• Market conditions: Rents rising (+1.3%/yr); 479 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); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $3,281/mo this rent would consume 49% of the median local household income ($81k/yr) (locally 902% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1k of equity ($2k loan paydown + $-580 appreciation (-0.2% local appreciation)).
• 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 130 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: 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 $211,112 (12.0% 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 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 1.37% ✓
• Cap rate: 5.88%
• Cash-on-cash: -1.46%
• DSCR: 0.93
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.24% appreciation · 1.28% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.70×
• Total profit: $-19,854
• Equity at exit: $66,774

10-year hold

• IRR: -2.3%
• Equity multiple: 0.78×
• Total profit: $-14,952
• Equity at exit: $77,998

Cash invested: $67,172 (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 33437

• Home prices YoY: -0.1%
• Rents YoY: 1.3%
• Active inventory: 479
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,281 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$163 /mo · $1,952/yr
• Insurance: −$100
• HOA: −$1,153
• Vacancy / Maint / Mgmt: −$689
• Net cashflow: $-82

Break-even live

Break-even rent $3,384

Max offer price $225,434

Occupancy floor 98%

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12547 Imperial Isle Dr Boynton Beach, FL	2.0–3.0	2.0	1500	$4,500	$3.00	24d	2	0.13mi
12390 Summer Springs Dr Boynton Beach, FL	3.0	2.0	1861	$3,300	$1.77	24d	1	0.20mi
12299 Forest Greens Dr Boynton Beach, FL	2.0	2.0	1310	$2,450	$1.87	17d	1	0.31mi
5952 Regal Glen Dr #103 Boynton Beach, FL	3.0	2.0	1813	$2,550	$1.41	24d	1	0.40mi
5574 Royal Lake Cir Boynton Beach, FL	3.0	2.0	1658	$5,000	$3.02	15d	1	0.41mi
5335 Vernio Ln Boynton Beach, FL	3.0	2.0	1798	$3,700	$2.06	24d	1	0.45mi
5694 Northpointe Ln Boynton Beach, FL	2.0	2.0	1125	$2,825	$2.51	7d	1	0.49mi
5675 Northpointe Ln Boynton Beach, FL	2.0	2.5	1163	$2,950	$2.54	24d	1	0.50mi
5675 Northpointe Ln Boynton Beach, FL	2.0	2.0	1163	$3,000	$2.58	3d	1	0.50mi
5734 Northpointe Ln Boynton Beach, FL	2.0	2.0	1125	$2,750	$2.44	15d	1	0.50mi
5734 Northpointe Ln Boynton Beach, FL	2.0	2.0	1125	$2,600	$2.31	4d	1	0.50mi
5850 Sugar Palm Ct Delray Beach, FL	2.0	2.0	1198	$3,300	$2.75	24d	1	0.51mi
12118 Country Greens Blvd Boynton Beach, FL	3.0	2.0	1566	$3,000	$1.92	11d	1	0.51mi
12654 Via Ravenna Boynton Beach, FL	3.0	2.0	1729	$3,500	$2.02	24d	1	0.55mi
13921 Royal Palm Ct Unit D Delray Beach, FL	2.0	2.0	1205	$4,000	$3.32	7d	1	0.57mi
12932 Anthorne Ln Boynton Beach, FL	4.0	3.5	2008	$3,750	$1.87	20d	1	0.61mi
13817 Royal Palm Ct Unit B Delray Beach, FL	2.0	2.0	1205	$3,200	$2.66	24d	1	0.65mi
5750 Fairway Park Ct #101 Boynton Beach, FL	3.0	2.0	1426	$1,850	$1.30	24d	1	0.69mi
13283 Pineapple Palm Ct Unit F Delray Beach, FL	2.0	2.0	1198	$2,100	$1.75	7d	1	0.71mi
13283 Pineapple Palm Ct Unit F Delray Beach, FL	2.0	2.0	1198	$2,100	$1.75	24d	1	0.71mi
13297 Via Vulcanus Unit B Delray Beach, FL	2.0	2.0	1527	$3,000	$1.96	7d	1	0.77mi
13431 Amber Waves Ave Delray Beach, FL	2.0	2.0	1390	$3,500	$2.52	24d	1	0.82mi
6599 Old Farm Trl #6599 Boynton Beach, FL	3.0	2.5	1441	$3,000	$2.08	24d	1	0.82mi
11690 Briarwood Cir Boynton Beach, FL	3.0	2.0	1952	$3,400	$1.74	24d	1	0.86mi
13255 Royale Sabal Ct Delray Beach, FL	3.0	2.5	1618	$4,300	$2.66	24d	1	0.88mi
5449 Grande Palm Cir Delray Beach, FL	3.0	2.5	1618	$4,000	$2.47	24d	1	0.89mi
5449 Grande Palm Cir Delray Beach, FL	3.0	2.5	1618	$4,000	$2.47	17d	1	0.89mi
6768 Heritage Grande Boynton Beach, FL	2.0	2.0	1200	$1,800	$1.50	18d	1	0.90mi
6768 Heritage Grande Boynton Beach, FL	2.0	2.0	1200	$1,800	$1.50	24d	1	0.90mi
6633 Old Farm Trl Boynton Beach, FL	3.0	2.5	1441	$3,500	$2.43	24d	1	0.90mi
5675 Queen Palm Ct Delray Beach, FL	2.0	2.0	1200	$2,600	$2.17	24d	1	0.91mi
5908 Via Delray Blvd Delray Beach, FL	2.0	2.0	1221	$2,000	$1.64	24d	1	0.91mi
13413 Via Vesta Unit A Delray Beach, FL	4.0	2.0	1196	$2,100	$1.76	17d	1	0.92mi
5655 Via Delray Delray Beach, FL	2.0	2.0	1205	$2,200	$1.83	24d	1	0.93mi
13759 Date Palm Ct Unit A Delray Beach, FL	2.0	2.0	1247	$3,500	$2.81	24d	1	0.93mi
5256 Glenville Dr Boynton Beach, FL	3.0	2.0	2015	$5,000	$2.48	2d	1	1.04mi
6685 Old Farm Trl Boynton Beach, FL	3.0	2.0	1361	$2,995	$2.20	24d	1	1.04mi
5260 Grande Palm Cir Delray Beach, FL	3.0	2.0	1464	$2,800	$1.91	24d	1	1.06mi
13653 Jubilee Ln Delray Beach, FL	3.0	2.0	1305	$3,450	$2.64	14d	1	1.06mi
5462 Via Delray #123 Delray Beach, FL	2.0	2.0	1200	$2,700	$2.25	20d	1	1.09mi

HOA detail condo

• Monthly dues: $1,153 · $13,836/yr
• Likely covers: gaspool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $239,900 Active 130 DOM
2. 2026-06-17
   days on market $239,900 Active 129 DOM
3. 2026-06-16
   days on market $239,900 Active 128 DOM
4. 2026-06-15
   days on market $239,900 Active 127 DOM
5. 2026-06-13
   days on market $239,900 Active 125 DOM
6. 2026-06-09
   days on market $239,900 Active 121 DOM
7. 2026-06-07
   days on market $239,900 Active 119 DOM
8. 2026-06-04
   pricedays on market $239,900 Active 116 DOM
9. 2026-06-03
   days on market $279,000 Active 115 DOM
10. 2026-06-02
    remarks 699-char remark
11. 2026-06-01
    days on market $279,000 Active 113 DOM
12. 2026-05-31
    days on market $279,000 Active 112 DOM
13. 2026-03-05
    price $279,000
14. 2026-02-08
    listed $299,000 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: $1,952 · $163/mo
• Projected year-2 tax: $1,991 · $166/mo
• Expected delta: +$39/yr (+$3/mo · 2.0%)

ⓘ 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 · 25 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: $39,369
• − Mortgage interest: −$13,438
• − Property taxes: −$1,952
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,150
• − Management: −$3,150
• − HOA: −$13,836
• − Depreciation: −$6,979
• Taxable loss: −$4,334
• Est. tax savings @ 24.0%: +$1,040
• After-tax cash flow: $58/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): 37,229
• Household income: $80,710
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 902.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 13% Hispanic / Latino 12% Black 10% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Cuban 1% Dominican 1%
• Common ancestry: Scotch-Irish 8% Romanian 8% Hispanic 6%
• Foreign-born: 18% · Canada, Jamaica, Vietnam
• Languages at home: 78% English-only · Spanish 10% French/Haitian/Cajun 6% 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: ▼ -0.24%
• Current HPI: 257.5891
• Rent YoY: ▲ 1.28%
• 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

-6.7% since first listed

2 events — show timeline

• 2026-03-05 Price Changed $279,000 MARMLS
• 2026-02-08 Listed $299,000 MARMLS

Property tax history

+0.7%/yr

Latest (2025): $1,952 · +3.8% YoY. Source: county tax records.