281 Flanders #281 · Delray Beach, FL 33484

$39,000

2 bd · 2.0 ba · 880 sqft · Condo · 28 Days on market

Built 1974 Fair condition $780/mo HOA · 41% 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

"Excellent Price" for this spacious 2nd floor well 2-bedroom, 2 bath unit with a large screen balcony. This is a 55+ community, does not allow rentals 1st year of ownership. Kings Point has everything to offer your buyers, including a golf course, tennis, and transportation. Don't miss this chance to own your slice of paradise! Hurry, this one last. .. easy to show property is vacant and has a LBX

Key facts

• Tennis
• Large screen balcony
• Transportation

Tags

• LARGE SCREEN BALCONY
• GOLF COURSE
• TENNIS
• TRANSPORTATION

Property features AI

Finance

• Other: Senior community
• Financial info: Pets not allowed; Community contains multiple units (community-sized development)
• HOA & community: HOA present (monthly fee applies); Association amenities: clubhouse, elevator(s), fitness center, golf course, game room, picnic area, parking, pool, tennis court(s), courtesy bus, library; HOA fee paid monthly

Exterior

• Parking: Assigned parking; Guest parking; 1 parking space total; No carport
• Security: Gated community with guard; Security patrol; Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; Electricity available; Water available; Sewer available
• Home design: Condominium; 2 stories; Resale property; Faces east
• Construction: Stucco construction; Flat roof
• Exterior features: Covered patio; Screened patio; Patio

Interior

• Kitchen: Electric range; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Built-in features; Walk-in closet(s); Stacked bedroom layout
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $39k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $469 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $39k).
• Recommended offer: $38k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.7% 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 25d 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 $270 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 41% 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 $38,415 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 4.93% ✓
• Cap rate: 20.73%
• Cash-on-cash: 51.57%
• DSCR: 3.29
• GRM: 1.7

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: 53.0%
• Equity multiple: 3.43×
• Total profit: $26,587
• Equity at exit: $5,815

10-year hold

• IRR: 59.3%
• Equity multiple: 7.80×
• Total profit: $74,267
• Equity at exit: $3,372

Cash invested: $10,920 (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: 1.7×

Monthly cashflow live

• Estimated rent: $1,923 high
• Mortgage (P&I): −$205
• Tax est. 1.5%: −$49 /mo · $585/yr
• Insurance: −$16
• HOA: −$780
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $469

Break-even live

Break-even rent $1,329

Max offer price $39,000

Occupancy floor 71%

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: $9,750
• Closing costs: $1,170
• 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	0.02mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	3d	1	0.02mi
960 Flanders T Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	24d	1	0.07mi
205 Flanders Dr Unit 205 Delray Beach, FL	2.0	2.0	883	$1,750	$1.98	24d	1	0.14mi
177 Flanders Dr Unit 177 Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	24d	1	0.15mi
697 Flanders O Delray Beach, FL	1.0	1.5	760	$1,400	$1.84	2d	1	0.15mi
173 Flanders Dr Unit 173 Delray Beach, FL	2.0	2.0	920	$2,400	$2.61	24d	1	0.15mi
278 Flanders Dr Unit 278 Delray Beach, FL	1.0	1.5	828	$1,290	$1.56	24d	1	0.15mi
457 Flanders Dr Unit 457 Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	24d	1	0.15mi
719 Flanders O Delray Beach, FL	2.0	2.0	920	$1,800	$1.96	24d	1	0.22mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.23mi
177 Flanders D Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	24d	1	0.24mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	24d	1	0.24mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	11d	1	0.24mi
560 Capri Ln Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	24d	1	0.26mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	24d	1	0.27mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	8d	1	0.27mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	24d	1	0.27mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.29mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	24d	1	0.29mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	24d	1	0.31mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.32mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.32mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	14d	1	0.32mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	24d	1	0.32mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	24d	1	0.32mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.33mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.33mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	8d	1	0.33mi
514 Piedmont K Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	24d	1	0.33mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	3d	1	0.33mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.34mi
127 Flanders C Delray Beach, FL	1.0	1.5	760	$1,550	$2.04	24d	1	0.35mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	19d	1	0.36mi
509 Capri Dr Unit 509 Delray Beach, FL	2.0	2.0	910	$2,500	$2.75	2d	1	0.36mi
507 Capri Dr Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	24d	1	0.36mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	24d	1	0.36mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	24d	1	0.37mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	24d	1	0.37mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,495	$1.97	8d	1	0.38mi

HOA detail condo

• Monthly dues: $780 · $9,360/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-04-29
   historical
2. 2026-04-28
   listed $39,000 Active
3. 2026-04-28
   listed $39,000 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 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: $23,071
• − Mortgage interest: −$2,185
• − Property taxes: −$585
• − Insurance: −$195
• − Repairs & maintenance: −$1,846
• − Management: −$1,846
• − HOA: −$9,360
• − Depreciation: −$1,135
• Taxable income: $5,920
• Est. tax owed @ 24.0%: −$1,421
• After-tax cash flow: $4,211/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 · 10 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 2-bath condo requires moderate repairs and updates to its exterior and interior, but presents a good opportunity for investment with potential for significant value increase.

Repairs flagged

• Moderate Exterior siding — Weathered and in need of repainting
• Moderate Interior walls — Painted walls show signs of wear
• Moderate Flooring — Carpeted floors appear worn
• Moderate Bathrooms — Dated fixtures and tile
• Moderate Kitchen — Dated cabinetry and appliances

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Rental Replace worn carpet — Improves living experience
• Both Update dated bathrooms and kitchen — Enhances both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and in need of repainting	Moderate	$3,000–15,000
Interior walls · Painted walls show signs of wear	Moderate	$3,000–15,000
Flooring · Carpeted floors appear worn	Moderate	$3,000–15,000
Bathrooms · Dated fixtures and tile	Moderate	$3,000–15,000
Kitchen · Dated cabinetry and appliances	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$15,000–75,000

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Rental Replace worn carpet — Improves living experience ↑
• Both Update dated bathrooms and kitchen — Enhances both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+0.0% since first listed

3 events — show timeline

• 2026-04-29 Listing Removed — Beaches MLS
• 2026-04-28 Listed $39,000 Beaches MLS
• 2026-04-28 Listed $39,000 Beaches MLS