221 Waterford Unit J · Delray Beach, FL 33446

$119,900

2 bd · 2.0 ba · 988 sqft · Condo public records · 34 Days on market

Built 1973 $739/mo HOA · 39% of rent

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Why this score? — see what drove the C 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 +16.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

55+ Senior Community. two-bedrooms. Condo Villa, one story so no other apartment above, you will have a great privacy. 2 full bathrooms. Enclosed lanai apartment in quite and peaceful area, assigned parking from steps of back door. Six miles from the beach and the historic district of Delray Beach. The public library and Delray Market Place are within 2.5 miles of Kings Point. The community has multi-million dollar clubhouses. It also has entertainment, parties, bus service, golf courses, pickleball, tennis, outdoor pools and more.

Key facts

• Quartz countertops
• Renovated
• Soft-close cabinets

Tags

• GOLF COURSE
• RENOVATED
• NEW APPLIANCES
• MODERN KITCHEN
• QUARTZ COUNTERTOPS
• SOFT-CLOSE CABINETS

Property features AI

Finance

• Financial info: Pets not allowed; Multifamily investor details not provided
• HOA & community: Has association; Monthly HOA fee; Association amenities include clubhouse, fitness center, golf course, game room, indoor pool, outdoor pool, shuffleboard court, tennis courts, business center, cafe/restaurant, courtesy bus, heated pool, library, lobby, pickleball courts, and recreation facilities; HOA fee includes cable TV, insurance, grounds maintenance, common area maintenance, roof repairs, and recreation facility access

Exterior

• Parking: Assigned parking; Guest parking (total 1 parking space)
• Security: Gated community with guard
• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: Condominium; One-story; Resale; Faces west; Located in a gated community with guard
• Construction: Stucco and wood frame construction; Other roof type; Built with a foundation per public records
• Exterior features: Screened patio; Patio; Waterfront (no specified waterfront features)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets; Split bedroom layout
• Laundry & utility: Laundry area (other)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $64 ($763/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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.
• 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 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).

Forward outlook

• In year one you build about $2k of equity ($829 loan paydown + $823 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.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($116k) 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.
• Current owner paid $67k; list at $120k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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. 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.
9. 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.
10. 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: 1.59% ✓
• Cap rate: 6.93%
• Cash-on-cash: 2.27%
• DSCR: 1.10
• GRM: 5.2

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: 0.1%
• Equity multiple: 1.01×
• Total profit: $210
• Equity at exit: $38,990

10-year hold

• IRR: 2.5%
• Equity multiple: 1.27×
• Total profit: $9,140
• Equity at exit: $50,344

Cash invested: $33,572 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,908 high
• Mortgage (P&I): −$629
• Tax from tax record: −$26 /mo · $312/yr
• Insurance: −$50
• HOA: −$739
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $64

Break-even live

Break-even rent $1,828

Max offer price $119,900

Occupancy floor 92%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
213 Waterford I Delray Beach, FL	2.0	2.0	880	$1,600	$1.82	24d	1	0.05mi
102 Waterford D Unit 102 Delray Beach, FL	1.0	1.5	720	$1,900	$2.64	24d	1	0.05mi
148 Waterford D Unit 148 Delray Beach, FL	2.0	2.0	883	$1,900	$2.15	17d	1	0.10mi
43 Waterford B Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	24d	1	0.12mi
163 Tuscany C Unit C Delray Beach, FL	1.0	1.5	720	$1,300	$1.81	15d	1	0.12mi
28 Seville B Delray Beach, FL	2.0	2.0	883	$1,950	$2.21	11d	1	0.26mi
92 Seville Blvd Delray Beach, FL	2.0	2.0	880	$1,895	$2.15	24d	1	0.27mi
242 Seville K Unit 242 Delray Beach, FL	1.0	1.5	720	$1,380	$1.92	24d	1	0.29mi
15155 Michelangelo Blvd Delray Beach, FL	2.0	2.0	1079	$2,288	$2.12	8d	2	0.29mi
15155 Michelangelo Blvd #106 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	24d	1	0.30mi
15155 Michelangelo Blvd #106 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	20d	1	0.30mi
189 Seville Ter Unit 189 Delray Beach, FL	2.0	2.0	880	$1,900	$2.16	24d	1	0.30mi
260 Brittany F Unit F Delray Beach, FL	2.0	2.0	880	$1,600	$1.82	2d	1	0.32mi
419 Brittany I Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	24d	1	0.32mi
233 Brittany F Unit F Delray Beach, FL	2.0	2.0	988	$1,600	$1.62	24d	1	0.32mi
233 Brittany F Unit F Delray Beach, FL	2.0	2.0	988	$1,600	$1.62	8d	1	0.32mi
537 Brittany K Unit 537 Delray Beach, FL	2.0	2.0	880	$1,700	$1.93	24d	1	0.32mi
292 Brittany Ave #292 Delray Beach, FL	2.0	2.0	880	$1,700	$1.93	4d	1	0.32mi
270 Brittany F Unit F Delray Beach, FL	1.0	1.5	720	$1,600	$2.22	8d	1	0.32mi
159 Brittany Ter Unit 159 Delray Beach, FL	1.0	1.5	720	$1,795	$2.49	17d	1	0.32mi
564 Brittany L Delray Beach, FL	2.0	2.5	880	$1,800	$2.05	24d	1	0.32mi
568 Brittany L Delray Beach, FL	2.0	2.0	883	$1,950	$2.21	24d	1	0.32mi
154 Seville G Delray Beach, FL	1.0	1.0	720	$1,490	$2.07	15d	1	0.33mi
318 Seville N #318 Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.33mi
417 Brittany Dr #417 Delray Beach, FL	2.0	2.0	880	$1,750	$1.99	21d	1	0.34mi
126 Seville E Delray Beach, FL	1.0	1.5	720	$1,450	$2.01	19d	1	0.35mi
233 Brittany Dr Unit 233 Delray Beach, FL	2.0	2.0	988	$1,700	$1.72	24d	1	0.35mi
322 Seville N Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.37mi
185 Valencia H Delray Beach, FL	2.0	2.0	883	$1,700	$1.93	24d	1	0.39mi
175 Valencia H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	8d	1	0.39mi
195 Monaco E Delray Beach, FL	1.0	1.5	728	$1,550	$2.13	24d	1	0.39mi
153 Monaco D Delray Beach, FL	2.0	2.0	880	$1,750	$1.99	17d	1	0.42mi
15065 Michelangelo Blvd #105 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	22d	1	0.42mi
15065 Michelangelo Blvd #105 Delray Beach, FL	2.0	2.0	1079	$2,400	$2.22	2d	1	0.42mi
318 Monaco G Delray Beach, FL	2.0	2.0	907	$2,200	$2.43	24d	1	0.43mi
286 Monaco F Delray Beach, FL	1.0	2.0	726	$1,700	$2.34	24d	1	0.43mi
276 Monaco F Delray Beach, FL	2.0	2.0	883	$1,650	$1.87	24d	1	0.43mi
72 Monaco Blvd Unit 72 Delray Beach, FL	2.0	2.0	880	$1,950	$2.22	22d	1	0.43mi
58 Monaco Blvd Unit 58 Delray Beach, FL	1.0	1.5	720	$1,650	$2.29	24d	1	0.43mi
15035 Michelangelo Blvd #103 Delray Beach, FL	2.0	2.0	1079	$2,000	$1.85	24d	1	0.44mi

HOA detail condo

• Monthly dues: $739 · $8,868/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $119,900 Active 34 DOM
2. 2026-06-17
   days on market $119,900 Active 33 DOM
3. 2026-06-16
   days on market $119,900 Active 32 DOM
4. 2026-06-15
   days on market $119,900 Active 31 DOM
5. 2026-06-13
   pricedays on market $119,900 Active 29 DOM
6. 2026-06-09
   days on market $125,000 Active 25 DOM
7. 2026-06-08
   days on market $125,000 Active 24 DOM
8. 2026-06-07
   remarks 691-char remark
9. 2026-06-07
   days on market $125,000 Active 23 DOM
10. 2026-06-04
    days on market $125,000 Active 20 DOM
11. 2026-06-03
    remarks 611-char remark
12. 2026-06-03
    days on market $125,000 Active 19 DOM
13. 2026-06-02
    days on market $125,000 Active 18 DOM
14. 2026-06-01
    days on market $125,000 Active 17 DOM
15. 2026-05-31
    days on market $125,000 Active 16 DOM
16. 2026-05-15
    listed $125,000 Active
17. 2026-03-26
    soldstatus $67,000
18. 2026-03-24
    soldstatus $67,000 Closed 539-char remark

    Show marketing remark (539 chars)

    55+ Senior Community. two-bedrooms. Condo Villa, one story so no other apartment above, you will have a great privacy. 2 full bathrooms. Enclosed lanai apartment in quite and peaceful area, assigned parking from steps of back door. Six miles from the beach and the historic district of Delray Beach. The public library and Delray Market Place are within 2.5 miles of Kings Point. The community has multi-million dollar clubhouses. It also has entertainment, parties, bus service, golf courses, pickleball, tennis, outdoor pools and more.

19. 2026-03-11
    status Pending 539-char remark

    Show marketing remark (539 chars)

    55+ Senior Community. two-bedrooms. Condo Villa, one story so no other apartment above, you will have a great privacy. 2 full bathrooms. Enclosed lanai apartment in quite and peaceful area, assigned parking from steps of back door. Six miles from the beach and the historic district of Delray Beach. The public library and Delray Market Place are within 2.5 miles of Kings Point. The community has multi-million dollar clubhouses. It also has entertainment, parties, bus service, golf courses, pickleball, tennis, outdoor pools and more.

20. 2026-02-25
    status Pending 539-char remark

    Show marketing remark (539 chars)

    55+ Senior Community. two-bedrooms. Condo Villa, one story so no other apartment above, you will have a great privacy. 2 full bathrooms. Enclosed lanai apartment in quite and peaceful area, assigned parking from steps of back door. Six miles from the beach and the historic district of Delray Beach. The public library and Delray Market Place are within 2.5 miles of Kings Point. The community has multi-million dollar clubhouses. It also has entertainment, parties, bus service, golf courses, pickleball, tennis, outdoor pools and more.

21. 2026-02-16
    listed $79,000 Active 539-char remark

    Show marketing remark (539 chars)

    55+ Senior Community. two-bedrooms. Condo Villa, one story so no other apartment above, you will have a great privacy. 2 full bathrooms. Enclosed lanai apartment in quite and peaceful area, assigned parking from steps of back door. Six miles from the beach and the historic district of Delray Beach. The public library and Delray Market Place are within 2.5 miles of Kings Point. The community has multi-million dollar clubhouses. It also has entertainment, parties, bus service, golf courses, pickleball, tennis, outdoor pools and more.

22. 1993-04-20
    soldstatus $33,000

ⓘ 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: $312 · $26/mo
• Projected year-2 tax: $995 · $83/mo
• Expected delta: +$683/yr (+$57/mo · 218.9%)

ⓘ 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 6 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,896
• − Mortgage interest: −$6,716
• − Property taxes: −$312
• − Insurance: −$600
• − Repairs & maintenance: −$1,832
• − Management: −$1,832
• − HOA: −$8,868
• − Depreciation: −$3,488
• Taxable loss: −$751
• Est. tax savings @ 24.0%: +$180
• After-tax cash flow: $944/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): 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

+278.8% since first listed

7 events — show timeline

• 2026-05-15 Listed $125,000 Beaches MLS
• 2026-03-26 Sold (Public Records) $67,000 Public Records
• 2026-03-24 Sold (MLS) $67,000 Beaches MLS
• 2026-03-11 Pending — Beaches MLS
• 2026-02-25 Pending — Beaches MLS
• 2026-02-16 Listed $79,000 Beaches MLS
• 1993-04-20 Sold (Public Records) $33,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $312 · +7.5% YoY. Source: county tax records.