421 Flanders I · Delray Beach, FL 33484

$74,800

2 bd · 2.0 ba · 988 sqft · Condo public records · 1 Days on market

Built 1975 $863/mo HOA · 45% of rent

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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 +27.1/30.0
• 1% rule +10.0/10.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 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 MLS

This beautifully upgraded property has all new appliances throughout, including stainless fridge, stove, dishwasher and microwave, as well asnew kitchen cabinets, high-quality laminate floors, new tile floors in bathrooms, crown moulding through kitchen and bathrooms and new washer/dryer. The ''social kitchen'' is open to the living room and great for entertaining. The condo is next to the club house, 1st hole of the East Course and the large outdoor pool. It is also next to the elevator, stairs and your private parking spot. This is one of the best condos in Kings Point and is ready for you to move-in. Kings Point has free bus service, over 50 social clubs, indoor and outdoor pools, tennis, 2 golf courses, 1200+ seat theatre and much, much more. Call Sean today to view this ge

Key facts

• Updated bathrooms
• No assessments
• Turn-key condo

Tags

• TURN-KEY CONDO
• OPEN KITCHEN
• WOOD-LOOK LAMINATE FLOORING
• UPDATED BATHROOMS
• SPACIOUS WALK-IN CLOSET
• NO ASSESSMENTS

Property features AI

Finance

• Other: Living area reported as 880
• Financial info: No land lease; Pets not allowed
• HOA & community: Association: Flanders I @ Kings Point (also part of Kings Point); Monthly HOA fee; HOA includes cable TV, grounds maintenance, pest control, security, trash, common areas, elevator, golf, reserve funds, roof repairs, and recreation facilities; Community amenities include clubhouse, billiard room, fitness center, golf course, game room, indoor pool, jogging path, parking, pool, tennis courts, workshop area, business center, cafe/restaurant, community room, courtesy bus, heated pool, library, pickleball courts, sidewalks, gated entry, security, and recreation facilities; Senior community

Exterior

• Parking: Assigned parking; Guest parking; 1 parking space
• Security: Gated community with guard; Security patrol
• Utilities: Public water; Public sewer; Electricity connected; Cable available; Water connected; Sewer connected
• Home design: Condominium; One level; East-facing
• Construction: CBS construction; Concrete roof; 2 total stories
• Exterior features: Screened patio; Patio; Not waterfront; Private maintained road

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on main level
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms on main level
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fan(s); Electric cooling
• Interior features: Walk-in closet(s); Partially furnished; Blinds and drapes; Sliding windows
• Laundry & utility: Laundry area outside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 9.7% 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.
• 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 24d 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 37% 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 $517 of loan paydown is wiped out by about $2k 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 + 4.3% rent growth), your $21k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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.
• Current owner paid $64k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 45% 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 $74,800

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.59% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.14%
• DSCR: 1.54
• GRM: 3.2

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: 5.3%
• Equity multiple: 1.21×
• Total profit: $4,430
• Equity at exit: $11,153

10-year hold

• IRR: 17.3%
• Equity multiple: 2.62×
• Total profit: $34,014
• Equity at exit: $6,467

Cash invested: $20,944 (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: 3.2×

Monthly cashflow live

• Estimated rent: $1,939 high
• Mortgage (P&I): −$392
• Tax from tax record: −$33 /mo · $397/yr
• Insurance: −$31
• HOA: −$863
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $212

Break-even live

Break-even rent $1,670

Max offer price $74,800

Occupancy floor 84%

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: $18,700
• Closing costs: $2,244
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	14d	1	0.09mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	3d	1	0.09mi
177 Flanders Dr Unit 177 Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	24d	1	0.10mi
697 Flanders O Delray Beach, FL	1.0	1.5	760	$1,400	$1.84	2d	1	0.10mi
457 Flanders Dr Unit 457 Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	24d	1	0.10mi
278 Flanders Dr Unit 278 Delray Beach, FL	1.0	1.5	828	$1,290	$1.56	24d	1	0.10mi
173 Flanders Dr Unit 173 Delray Beach, FL	2.0	2.0	920	$2,400	$2.61	24d	1	0.10mi
205 Flanders Dr Unit 205 Delray Beach, FL	2.0	2.0	883	$1,750	$1.98	24d	1	0.12mi
960 Flanders T Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	24d	1	0.14mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.14mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	11d	1	0.15mi
719 Flanders O Delray Beach, FL	2.0	2.0	920	$1,800	$1.96	24d	1	0.17mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	24d	1	0.18mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.20mi
177 Flanders D Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	24d	1	0.20mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.23mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	24d	1	0.23mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	24d	1	0.23mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	14d	1	0.23mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	7d	1	0.24mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.24mi
514 Piedmont K Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	24d	1	0.25mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	3d	1	0.25mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	24d	1	0.27mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	24d	1	0.28mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	24d	1	0.29mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	24d	1	0.29mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.29mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	24d	1	0.29mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.30mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	7d	1	0.30mi
127 Flanders C Delray Beach, FL	1.0	1.5	760	$1,550	$2.04	24d	1	0.31mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	24d	1	0.31mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,495	$1.97	7d	1	0.32mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	24d	1	0.33mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.33mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	3d	1	0.34mi
560 Capri Ln Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	24d	1	0.34mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	18d	1	0.37mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	24d	1	0.37mi

HOA detail condo

• Monthly dues: $863 · $10,356/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $74,800 Active 1 DOM

ⓘ 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: $397 · $33/mo
• Projected year-2 tax: $621 · $52/mo
• Expected delta: +$224/yr (+$19/mo · 56.5%)

ⓘ 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: $23,263
• − Mortgage interest: −$4,190
• − Property taxes: −$397
• − Insurance: −$374
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − HOA: −$10,356
• − Depreciation: −$2,176
• Taxable income: $2,048
• Est. tax owed @ 24.0%: −$491
• After-tax cash flow: $2,052/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

+293.7% since first listed

12 events — show timeline

• 2026-06-18 Listed $74,800 Beaches MLS
• 2014-09-12 Sold (Public Records) $63,500 Public Records
• 2014-08-28 Sold (MLS) $63,500 Beaches MLS
• 2014-08-04 Contingent — Beaches MLS
• 2014-07-22 Listed $64,500 Beaches MLS
• 2014-06-02 Sold (Public Records) $25,000 Public Records
• 2014-05-23 Sold (MLS) $25,000 Beaches MLS
• 2014-05-06 Contingent — Beaches MLS
• 2014-04-25 Relisted — Beaches MLS
• 2014-04-22 Contingent — Beaches MLS
• 2014-04-15 Listed $30,000 Beaches MLS
• 1976-01-01 Sold (Public Records) $19,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $397 · +4.8% YoY. Source: county tax records.