15321 Strathearn Dr #10902 · Delray Beach, FL 33446

$269,000

2 bd · 2.0 ba · 1,513 sqft · Condo public records · 174 Days on market

Built 1988 $735/mo HOA · 25% of rent

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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 +12.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Appreciation +5.3/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

beautiful, 1st floor corner unit, marble floors,large eat in kitchen over looking golf course, close to shopping,pool,and Atlantic Ave. close to beach and downtown delray beach. call for club fees.

Key facts

• $735 HOA
• Community pool
• Built 1988

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• HOA & community: Community of 1,080 units; Monthly HOA fee (includes cable TV, grounds maintenance, security, sewer, trash, water, common areas, recreation facilities); Community amenities: clubhouse, fitness center, pool, spa/hot tub, sauna, tennis courts, pickleball courts, putting green, golf course, billiard room, cafe/restaurant, elevator(s), management, on-site manager, jogging path, sidewalks, street lights, parking

Exterior

• Parking: Assigned parking
• Security: Fire sprinkler system; Gated community with guard; On-site security guard; Security lights; Window bars; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; Sewer available; Water available
• Home design: Condominium; Resale property; 2-story building; Entry level living area; Faces south
• Construction: Frame and stucco construction; Flat and slate roof
• Exterior features: Patio; Porch; Glass-enclosed porch; Located on a golf course; Waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Disposal; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Marble flooring
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Electric central heating (individual); Central electric cooling (individual); Ceiling fan(s)
• Interior features: Built-in features; Walk-in closet(s); Split bedroom layout
• Laundry & utility: Washer hookup inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $269k.

Deal economics

• At list price, monthly cash flow is $-29 ($-343/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (1.9% below list).
• Meets the 1% rule at list price ($3k rent vs $269k).
• Recommended offer: $237k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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 flat; 577 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); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (0.7% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y ago; this cycle's ask has dropped $56k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $66k; list at $269k implies a 308% gain — meaningful room to come down on a strong offer.

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 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $236,720 (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 174 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: 1.08% ✓
• Cap rate: 6.17%
• Cash-on-cash: -0.46%
• DSCR: 0.98
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.69% appreciation · 0.51% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.90×
• Total profit: $-7,641
• Equity at exit: $87,475

10-year hold

• IRR: 1.2%
• Equity multiple: 1.14×
• Total profit: $10,225
• Equity at exit: $112,948

Cash invested: $75,320 (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 33446

• Home prices YoY: 0.3%
• Rents YoY: 0.5%
• Active inventory: 577
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,895 high
• Mortgage (P&I): −$1,411
• Tax from tax record: −$58 /mo · $697/yr
• Insurance: −$112
• HOA: −$735
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $-29

Break-even live

Break-even rent $2,931

Max offer price $263,946

Occupancy floor 96%

Sensitivity live

Price	-10% $124	-5% $48	+0% $-29	+5% $-105	+10% $-181
Rent	-10% $-257	-5% $-143	+0% $-29	+5% $86	+10% $200
Rate	-1.0pp $107	-0.5pp $40	base $-29	+0.5pp $-98	+1.0pp $-169

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15426 Fiorenza Cir Delray Beach, FL	2.0	2.0	1883	$3,750	$1.99	8d	1	0.15mi
15085 Michelangelo Blvd #202 Delray Beach, FL	3.0	2.0	1238	$2,700	$2.18	22d	1	0.16mi
15145 Michelangelo Blvd #102 Delray Beach, FL	3.0	2.0	1238	$2,600	$2.10	25d	1	0.20mi
15145 Michelangelo Blvd #102 Delray Beach, FL	3.0	2.0	1238	$2,600	$2.10	0d	1	0.20mi
15145 Michelangelo Blvd #102 Delray Beach, FL	3.0	2.0	1238	$2,600	$2.10	3d	1	0.20mi
15055 Michelangelo Blvd Delray Beach, FL	2.0–3.0	2.0	1158	$2,125	$1.83	22d	2	0.20mi
15055 Michelangelo Blvd #208 Delray Beach, FL	3.0	2.0	1238	$2,500	$2.02	0d	1	0.21mi
15065 Michelangelo Blvd #105 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	3d	1	0.22mi
15065 Michelangelo Blvd #105 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	22d	1	0.22mi
15005 Michelangelo Blvd Delray Beach, FL	2.0–3.0	2.0	1234	$2,050	$1.66	0d	21	0.24mi
15155 Michelangelo Blvd #106 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	25d	1	0.24mi
15155 Michelangelo Blvd #106 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	20d	1	0.24mi
15035 Michelangelo Blvd #103 Delray Beach, FL	2.0	2.0	1079	$2,000	$1.85	25d	1	0.24mi
15155 Michelangelo Blvd Delray Beach, FL	2.0	2.0	1079	$2,288	$2.12	8d	2	0.25mi
15015 Michelangelo Blvd #102 Delray Beach, FL	3.0	2.0	1238	$2,499	$2.02	25d	1	0.28mi
15015 Michelangelo Blvd #102 Delray Beach, FL	3.0	2.0	1238	$2,499	$2.02	4d	1	0.28mi
15323 Fiorenza Cir Delray Beach, FL	2.0	2.0	2057	$6,000	$2.92	25d	1	0.31mi
7512 Eagle Point Dr Delray Beach, FL	3.0	2.0	1461	$4,000	$2.74	0d	1	0.31mi
7512 Eagle Point Dr Delray Beach, FL	3.0	2.0	1463	$4,000	$2.73	4d	1	0.31mi
7512 Eagle Point Dr Unit 7512 Delray Beach, FL	3.0	2.0	1463	$4,000	$2.73	19d	1	0.31mi
7509 Glendevon Ln #1002 Delray Beach, FL	2.0	2.0	1399	$9,500	$6.79	18d	1	0.36mi
7533 Glendevon Ln #907 Delray Beach, FL	2.0	2.0	1311	$8,000	$6.10	15d	1	0.36mi
7455 Glendevon Ln #206 Delray Beach, FL	2.0	2.0	1260	$9,500	$7.54	25d	1	0.36mi
7254 Clunie Pl #15002 Delray Beach, FL	2.0	2.0	1311	$9,000	$6.86	25d	1	0.39mi
14898 Wedgefield Dr #202 Delray Beach, FL	2.0	2.0	1103	$2,000	$1.81	18d	1	0.42mi
14895 Builtmore Way Delray Beach, FL	2.0	2.0	1103	$1,800	$1.63	25d	1	0.42mi
7657 Lexington Club Blvd Delray Beach, FL	3.0	2.0	1645	$4,500	$2.74	25d	1	0.46mi
15018 Three Ponds Trl Delray Beach, FL	3.0	2.0	1703	$4,150	$2.44	25d	1	0.56mi
15018 Three Ponds Trl Delray Beach, FL	3.0	2.0	1703	$4,150	$2.44	12d	1	0.56mi
15694 Loch Maree Ln #5903 Delray Beach, FL	2.0	2.0	1705	$9,000	$5.28	15d	1	0.58mi
15711 Loch Maree Ln #4702 Delray Beach, FL	2.0	2.0	1688	$10,000	$5.92	25d	1	0.61mi
15845 Vivanco St Delray Beach, FL	3.0	2.5	2149	$4,000	$1.86	25d	1	0.63mi
6813 Moonlit Dr Delray Beach, FL	2.0	2.0	1148	$2,150	$1.87	25d	1	0.64mi
7260 Kinghurst Dr #205 Delray Beach, FL	2.0	2.0	1230	$2,800	$2.28	19d	1	0.65mi
7350 Kinghurst Dr #305 Delray Beach, FL	2.0	2.0	1220	$4,500	$3.69	22d	1	0.65mi
7350 Kinghurst Dr #305 Delray Beach, FL	2.0	2.0	1220	$4,500	$3.69	0d	1	0.65mi
7350 Kinghurst Dr Delray Beach, FL	2.0	2.0	1220	$4,500	$3.69	16d	1	0.66mi
15831 Loch Maree Ln #5502 Delray Beach, FL	2.0	2.0	1340	$9,500	$7.09	13d	1	0.68mi
14800 Cumberland Dr Delray Beach, FL	2.0	2.0	1321	$3,948	$2.99	0d	3	0.72mi
14856 Barletta Way Delray Beach, FL	2.0	2.0	1406	$3,200	$2.28	25d	1	0.77mi

HOA detail condo

• Monthly dues: $735 · $8,820/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-05-06
   status Pending
2. 2026-04-25
   price $269,000
3. 2026-03-11
   price $285,000
4. 2026-01-07
   price $299,000
5. 2025-11-13
   listed $325,000 Active
6. 2025-11-12
   historical $325,000
7. 2025-10-22
   historical
8. 2025-08-07
   price $349,900
9. 2025-05-29
   listed $424,900 Active
10. 2013-09-18
    soldstatus $66,000
11. 2013-09-13
    historical 197-char remark

    Show marketing remark (197 chars)

    beautiful, 1st floor corner unit, marble floors,large eat in kitchen over looking golf course, close to shopping,pool,and Atlantic Ave. close to beach and downtown delray beach. call for club fees.

12. 2013-09-11
    soldstatus $66,000 Closed 197-char remark

    Show marketing remark (197 chars)

    beautiful, 1st floor corner unit, marble floors,large eat in kitchen over looking golf course, close to shopping,pool,and Atlantic Ave. close to beach and downtown delray beach. call for club fees.

13. 2013-07-22
    status Pending 197-char remark

    Show marketing remark (197 chars)

    beautiful, 1st floor corner unit, marble floors,large eat in kitchen over looking golf course, close to shopping,pool,and Atlantic Ave. close to beach and downtown delray beach. call for club fees.

14. 2012-11-26
    listed $79,900 Active 197-char remark

    Show marketing remark (197 chars)

    beautiful, 1st floor corner unit, marble floors,large eat in kitchen over looking golf course, close to shopping,pool,and Atlantic Ave. close to beach and downtown delray beach. call for club fees.

15. 2000-06-30
    soldstatus $130,000
16. 2000-06-30
    soldstatus $130,000
17. 2000-02-29
    historical
18. 1999-11-29
    listed $145,000
19. 1993-12-13
    soldstatus $153,000

ⓘ 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: $697 · $58/mo
• Projected year-2 tax: $2,233 · $186/mo
• Expected delta: +$1,536/yr (+$128/mo · 220.4%)

ⓘ 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 2/10 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 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,743
• − Mortgage interest: −$15,068
• − Property taxes: −$697
• − Insurance: −$1,345
• − Repairs & maintenance: −$2,779
• − Management: −$2,779
• − HOA: −$8,820
• − Depreciation: −$7,825
• Taxable loss: −$4,572
• Est. tax savings @ 24.0%: +$1,097
• After-tax cash flow: $754/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: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 28,431
• Household income: $80,187
• Rent vs Own: 11.4% rent · 88.6% own
• Severe rent burden: 494.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 13% Two or more races 9% Black 4%
• Hispanic origin (detail): Puerto Rican 3% Dominican 1%
• Common ancestry: Romanian 9% Scotch-Irish 9% Italian 2%
• Foreign-born: 20% · Canada, Jamaica, Guatemala
• Languages at home: 80% English-only · Spanish 12% Other Indo-European 2% French/Haitian/Cajun 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: ▲ 0.69%
• Current HPI: 242.5138
• Rent YoY: ▲ 0.51%
• 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

+75.8% since first listed

19 events — show timeline

• 2026-05-06 Pending — Beaches MLS
• 2026-04-25 Price Changed $269,000 Beaches MLS
• 2026-03-11 Price Changed $285,000 Beaches MLS
• 2026-01-07 Price Changed $299,000 Beaches MLS
• 2025-11-13 Listed $325,000 Beaches MLS
• 2025-11-12 Coming Soon $325,000 Beaches MLS
• 2025-10-22 Listing Removed — Beaches MLS
• 2025-08-07 Price Changed $349,900 Beaches MLS
• 2025-05-29 Listed $424,900 Beaches MLS
• 2013-09-18 Sold (Public Records) $66,000 Public Records
• 2013-09-13 Listing Removed — Beaches MLS
• 2013-09-11 Sold (MLS) $66,000 Beaches MLS
• 2013-07-22 Pending — Beaches MLS
• 2012-11-26 Listed $79,900 Beaches MLS
• 2000-06-30 Sold (Public Records) $130,000 Public Records
• 2000-06-30 Sold (MLS) $130,000 Beaches MLS
• 2000-02-29 Listing Removed — Beaches MLS
• 1999-11-29 Listed $145,000 Beaches MLS
• 1993-12-13 Sold (Public Records) $153,000 Public Records

Property tax history

-3.2%/yr

Latest (2025): $697 · +2.7% YoY. Source: county tax records.