1405 S Federal Hwy #104 · Delray Beach, FL 33483

$299,000

2 bd · 2.0 ba · 860 sqft · Condo public records · 62 Days on market

Built 1984 $853/mo HOA · 24% 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 +10.0/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +4.3/10.0
• Rent growth +4.2/5.0
• Livability +3.9/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 2/2 close to shops, Publix, Trader Joes, beach and 95. Immaculate complex, resort style pool and spa. This unit is original, but well kept. Second floor, beautiful volume ceiling. All ages welcome.

Key facts

• Community pool
• Close to dining
• Close to shopping

Tags

• UPDATED PRIMARY BATHROOM
• COMMUNITY POOL
• CLOSE TO SHOPPING
• CLOSE TO DINING
• CLOSE TO ENTERTAINMENT

Property features AI

Finance

• Other: Pets allowed with breed and size restrictions
• HOA & community: HOA with monthly fee (includes cable TV, insurance, grounds maintenance, sewer and water); Monthly HOA fee: 853

Exterior

• Parking: 1 open/guest parking space
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected; Cable available
• Home design: Condominium unit in a 2-story building; Unit faces south; Resale property; Building name: Domaine
• Construction: CBS construction; Tile roof; Appraiser-provided living area: 860
• Exterior features: Community pool

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Blinds on windows
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $-182 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $267k (10.8% below list).
• Meets the 1% rule at list price ($3k rent vs $299k).
• Recommended offer: $267k (10.8% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 4.3% 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); 310 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 36% 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 $9k 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 62 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $26k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; list at $299k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: major flood risk; 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 $266,846 (10.8% 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 62 days. Have you received any prior offers? Is the seller open to a 11% 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: 1.17% ✓
• Cap rate: 5.56%
• Cash-on-cash: -2.61%
• DSCR: 0.88
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -14.4%
• Equity multiple: 0.46×
• Total profit: $-45,315
• Equity at exit: $44,582

10-year hold

• IRR: 1.5%
• Equity multiple: 1.13×
• Total profit: $10,846
• Equity at exit: $25,852

Cash invested: $83,720 (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 33483

• Rents YoY: 6.9%
• Active inventory: 310
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,495 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$397 /mo · $4,768/yr
• Insurance: −$125
• HOA: −$853
• Vacancy / Maint / Mgmt: −$734
• Net cashflow: $-182

Break-even live

Break-even rent $3,725

Max offer price $266,846

Occupancy floor —

Sensitivity live

Price	-10% $-13	-5% $-97	+0% $-182	+5% $-267	+10% $-351
Rent	-10% $-458	-5% $-320	+0% $-182	+5% $-44	+10% $94
Rate	-1.0pp $-31	-0.5pp $-106	base $-182	+0.5pp $-259	+1.0pp $-338

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Harbourside Dr #3603 Delray Beach, FL	2.0	2.0	1092	$7,500	$6.87	26d	1	0.09mi
1 Harbourside Dr #4502 Delray Beach, FL	2.0	2.0	1092	$4,000	$3.66	26d	1	0.09mi
1 Harbourside Dr #3702 Delray Beach, FL	2.0	2.0	1092	$8,500	$7.78	26d	1	0.09mi
320 Franklin Club Dr Unit Palm Delray Beach, FL	1.0	1.0	1017	$2,408	$2.37	26d	1	0.14mi
1045 Miami Blvd Delray Beach, FL	2.0	1.0	855	$2,100	$2.46	26d	1	0.26mi
107 Central Ave Delray Beach, FL	2.0	2.0	972	$3,400	$3.50	24d	1	0.29mi
1700 S Ocean Blvd #70 Delray Beach, FL	2.0	2.0	1000	$7,000	$7.00	26d	1	0.37mi
1700 S Ocean Blvd #14 Delray Beach, FL	2.0	2.0	1000	$7,750	$7.75	26d	1	0.37mi
1700 S Ocean Blvd Delray Beach, FL	1.0–2.0	1.0–2.0	875	$7,750	$8.86	6d	2	0.37mi
1820 S Ocean Blvd Unit 2A Delray Beach, FL	1.0	1.0	638	$2,400	$3.76	7d	1	0.44mi
1820 S Ocean Blvd Unit Del Harbour condo Delray Beach, FL	1.0	1.0	650	$2,400	$3.69	6d	1	0.44mi
1910 S Ocean Blvd #416 Delray Beach, FL	2.0	2.0	1000	$6,000	$6.00	4d	1	0.46mi
743 S Swinton Ave Unit 1 Delray Beach, FL	2.0	1.0	900	$1,900	$2.11	26d	1	0.51mi
320 Sterling Ave Delray Beach, FL	3.0	1.0	1000	$3,500	$3.50	26d	1	0.52mi
710 SE 4th Ave Delray Beach, FL	2.0	1.0	648	$1,750	$2.70	24d	1	0.54mi
2259 Linton Ridge Cir Unit G4 Delray Beach, FL	2.0	2.0	1007	$1,900	$1.89	26d	1	0.59mi
2259 Linton Ridge Cir Unit G4 Delray Beach, FL	2.0	2.0	1007	$1,900	$1.89	9d	1	0.59mi
715 S Swinton Ave Apt 2B Delray Beach, FL	2.0	1.0	850	$2,150	$2.53	4d	1	0.59mi
201 SE 7th St Delray Beach, FL	1.0	1.0	624	$7,000	$11.22	26d	1	0.61mi
1100 SW 4th Ave Delray Beach, FL	2.0	2.0	855	$2,150	$2.51	17d	5	0.64mi
2225 S Ocean Blvd Unit 12A Delray Beach, FL	2.0	1.0	756	$8,000	$10.58	26d	1	0.80mi
341 SE 3rd Ave Delray Beach, FL	2.0	2.0	785	$3,250	$4.14	26d	1	0.81mi
365 SE 6th Ave Delray Beach, FL	1.0	1.0	938	$5,250	$5.59	6d	2	0.81mi
365 SE 6th Ave #203 Delray Beach, FL	1.0	1.0	953	$6,000	$6.30	24d	1	0.81mi
650 Lavers Cir Delray Beach, FL	1.0–3.0	1.0–2.0	1035	$2,736	$2.64	3d	16	0.82mi
608 SW 8th Ct Delray Beach, FL	3.0	1.0	1100	$2,700	$2.45	26d	1	0.83mi
329 SE 3rd Ave Delray Beach, FL	1.0	1.0	737	$2,500	$3.39	1d	1	0.84mi
329 SE 3rd Ave Delray Beach, FL	1.0	1.0	737	$2,500	$3.39	26d	1	0.84mi
334 SE 1st Ave Delray Beach, FL	1.0	1.0	567	$2,699	$4.76	26d	1	0.86mi
1020 Casuarina Rd Delray Beach, FL	2.0	2.0	889	$10,000	$11.25	26d	1	0.87mi
820 Lavers Cir Unit G311 Delray Beach, FL	1.0	1.0	731	$2,000	$2.74	26d	1	0.88mi
600 Egret Cir Delray Beach, FL	1.0–2.0	1.0–2.0	1024	$4,000	$3.91	26d	5	0.90mi
300 SE 7th Ave Delray Beach, FL	1.0	1.5	650	$7,000	$10.77	26d	1	0.90mi
516 Osprey Dr Delray Beach, FL	2.0	2.0	1056	$2,550	$2.41	22d	1	0.92mi
516 Osprey Dr Unit 16C Delray Beach, FL	2.0	2.0	1056	$2,550	$2.41	1d	1	0.92mi
516 Osprey Dr Unit 16B Delray Beach, FL	2.0	2.0	1048	$3,000	$2.86	26d	1	0.92mi
2395 Jaeger Dr Unit 3D Delray Beach, FL	2.0	2.0	1056	$2,450	$2.32	26d	1	0.92mi
905 Southridge Rd Unit 202D Delray Beach, FL	2.0	2.0	1014	$1,850	$1.82	12d	1	0.93mi
905 Southridge Rd Unit 202D Delray Beach, FL	2.0	2.0	1014	$2,050	$2.02	14d	1	0.93mi
950 Lavers Cir Delray Beach, FL	2.0	2.0	1110	$3,625	$3.26	26d	2	0.93mi

HOA detail condo

• Monthly dues: $853 · $10,236/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $299,000 Active 62 DOM
2. 2026-06-18
   days on market $299,000 Active 59 DOM
3. 2026-06-17
   days on market $299,000 Active 58 DOM
4. 2026-06-16
   days on market $299,000 Active 57 DOM
5. 2026-06-15
   days on market $299,000 Active 56 DOM
6. 2026-06-13
   days on market $299,000 Active 54 DOM
7. 2026-06-09
   days on market $299,000 Active 50 DOM
8. 2026-06-08
   days on market $299,000 Active 49 DOM
9. 2026-06-07
   days on market $299,000 Active 48 DOM
10. 2026-06-04
    days on market $299,000 Active 45 DOM
11. 2026-06-03
    days on market $299,000 Active 44 DOM
12. 2026-06-02
    days on market $299,000 Active 43 DOM
13. 2026-06-01
    days on market $299,000 Active 42 DOM
14. 2026-05-31
    days on market $299,000 Active 41 DOM
15. 2026-05-10
    price $299,000
16. 2026-04-19
    listed $325,000 Active
17. 2017-04-24
    soldstatus $185,000
18. 2017-04-21
    soldstatus $185,000 Closed 203-char remark

    Show marketing remark (203 chars)

    Nice 2/2 close to shops, Publix, Trader Joes, beach and 95. Immaculate complex, resort style pool and spa. This unit is original, but well kept. Second floor, beautiful volume ceiling. All ages welcome.

19. 2017-03-25
    status Pending 203-char remark

    Show marketing remark (203 chars)

    Nice 2/2 close to shops, Publix, Trader Joes, beach and 95. Immaculate complex, resort style pool and spa. This unit is original, but well kept. Second floor, beautiful volume ceiling. All ages welcome.

20. 2017-03-22
    price $197,900 203-char remark

    Show marketing remark (203 chars)

    Nice 2/2 close to shops, Publix, Trader Joes, beach and 95. Immaculate complex, resort style pool and spa. This unit is original, but well kept. Second floor, beautiful volume ceiling. All ages welcome.

21. 2016-12-17
    listed $199,900 Active 203-char remark

    Show marketing remark (203 chars)

    Nice 2/2 close to shops, Publix, Trader Joes, beach and 95. Immaculate complex, resort style pool and spa. This unit is original, but well kept. Second floor, beautiful volume ceiling. All ages welcome.

22. 2014-07-25
    soldstatus $155,000

ⓘ 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: $4,768 · $397/mo
• Projected year-2 tax: $4,768 · $397/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 6/10 Major FEMA zone X (shaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $41,937
• − Mortgage interest: −$16,749
• − Property taxes: −$4,768
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,355
• − Management: −$3,355
• − HOA: −$10,236
• − Depreciation: −$8,698
• Taxable loss: −$6,718
• Est. tax savings @ 24.0%: +$1,612
• After-tax cash flow: $-572/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

• Census place: Delray Beach, FL
• County: Palm Beach County · 1,438,312 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: 561.0

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 (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: —

Market trends

• HPI YoY: ▼ -362.41%
• Current HPI: 415.6944
• Rent YoY: ▲ 6.87%
• 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

+92.9% since first listed

8 events — show timeline

• 2026-05-10 Price Changed $299,000 Beaches MLS
• 2026-04-19 Listed $325,000 Beaches MLS
• 2017-04-24 Sold (Public Records) $185,000 Public Records
• 2017-04-21 Sold (MLS) $185,000 Beaches MLS
• 2017-03-25 Pending — Beaches MLS
• 2017-03-22 Price Changed $197,900 Beaches MLS
• 2016-12-17 Listed $199,900 Beaches MLS
• 2014-07-25 Sold (Public Records) $155,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $4,768 · +9.7% YoY. Source: county tax records.