1745 Palm Cove Blvd Apt 306 · Delray Beach, FL 33445

$225,000

1 bd · 1.0 ba · 600 sqft · Condo · 217 Days on market

Built 1992

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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 +13.6/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• DSCR +4.1/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Verano delray, Gated Community, Unfurnished Beautiful 1 bed 1 bath condo with garage, low HOA & rsquo; s fees and all ages are welcome.

Key facts

• Gated community
• Low hoa fees
• Garage

Tags

• GATED COMMUNITY
• LOW HOA FEES

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $13 ($155/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (11.8% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% 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); Carver Middle School (math 22% / reading 34%, grade F, #486 of 571 statewide, top 86%, 732 students, 73% FRL); Atlantic High School (math 28% / reading 52%, grade F, #296 of 667 statewide, top 45%, 1,889 students, 59% FRL) — zoned schools average 69% FRL vs 52% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 359 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).
• This rent runs 30% of the median local income ($78k/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 $7k 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 217 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. 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?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 0.88% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.25%
• DSCR: 1.01
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.83% rent growth · sell at horizon

5-year hold

• IRR: -17.2%
• Equity multiple: 0.40×
• Total profit: $-37,916
• Equity at exit: $33,548

10-year hold

• IRR: -11.5%
• Equity multiple: 0.35×
• Total profit: $-41,090
• Equity at exit: $19,454

Cash invested: $63,000 (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 33445

• Rents YoY: 1.8%
• Active inventory: 359
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,985 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $13

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 94%

Sensitivity live

Price	-10% $168	-5% $91	+0% $13	+5% $-65	+10% $-143
Rent	-10% $-144	-5% $-65	+0% $13	+5% $91	+10% $170
Rate	-1.0pp $126	-0.5pp $70	base $13	+0.5pp $-45	+1.0pp $-105

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1725 Palm Cove Blvd Unit 104 Delray Beach, FL	1.0	1.0	558	$1,700	$3.05	26d	1	0.04mi
1845 Palm Cove Blvd Unit 8-204 Delray Beach, FL	1.0	1.0	570	$1,850	$3.25	14d	1	0.06mi
1705 Palm Cove Blvd Unit 1-206 Delray Beach, FL	1.0	1.0	636	$2,150	$3.38	26d	1	0.07mi
1825 Palm Cove Blvd Unit 7-204 Delray Beach, FL	1.0	1.0	636	$2,000	$3.14	6d	1	0.08mi
1825 Palm Cove Blvd Unit UNI8T 105 Delray Beach, FL	2.0	2.0	672	$2,200	$3.27	4d	1	0.08mi
1780 Palm Cove Blvd Unit 6-302 Delray Beach, FL	1.0	1.0	672	$1,800	$2.68	7d	1	0.09mi
1780 Palm Cove Blvd Unit 6-202 Delray Beach, FL	1.0	1.0	672	$1,800	$2.68	26d	1	0.09mi
1780 Palm Cove Blvd Unit 6 Delray Beach, FL	1.0	1.0	570	$1,845	$3.24	9d	1	0.09mi
1874 Heron Club Dr Delray Beach, FL	2.0	1.0–2.0	889	$2,911	$3.27	1d	7	0.65mi
1385 Crystal Way Unit L Delray Beach, FL	1.0	1.0	560	$1,850	$3.30	26d	1	1.06mi
1125 Crystal Way Delray Beach, FL	1.0–2.0	1.0	560	$2,000	$3.57	4d	2	1.24mi
1001 Crystal Way Unit E Delray Beach, FL	1.0	1.0	696	$1,880	$2.70	26d	1	1.27mi
1011 Crystal Way Delray Beach, FL	1.0	1.0	663	$1,875	$2.83	1d	2	1.28mi
1011 Crystal Way Delray Beach, FL	1.0	1.0	663	$1,875	$2.83	9d	2	1.28mi
1011 Crystal Way Unit D Delray Beach, FL	1.0	1.0	630	$1,850	$2.94	26d	1	1.28mi
1011 Crystal Way Unit C Delray Beach, FL	1.0	1.0	696	$1,900	$2.73	14d	1	1.28mi
1915 Lavers Cir Delray Beach, FL	1.0–2.0	1.0–2.0	990	$1,995	$2.02	13d	5	1.31mi
2255 Lindell Blvd Delray Beach, FL	1.0–2.0	1.0–2.5	1007	$1,900	$1.89	17d	8	1.41mi
820 Lavers Cir Unit G311 Delray Beach, FL	1.0	1.0	731	$2,000	$2.74	26d	1	1.42mi
2755 W Atlantic Ave Unit A101 Delray Beach, FL	1.0	1.0	672	$1,800	$2.68	5d	1	1.44mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   days on market $225,000 Active 217 DOM
2. 2026-06-18
   days on market $225,000 Active 214 DOM
3. 2026-06-17
   days on market $225,000 Active 213 DOM
4. 2026-06-16
   days on market $225,000 Active 212 DOM
5. 2026-06-15
   days on market $225,000 Active 211 DOM
6. 2026-06-13
   days on market $225,000 Active 209 DOM
7. 2026-06-09
   days on market $225,000 Active 205 DOM
8. 2026-06-07
   days on market $225,000 Active 203 DOM
9. 2026-06-04
   days on market $225,000 Active 200 DOM
10. 2026-06-03
    days on market $225,000 Active 199 DOM
11. 2026-06-01
    days on market $225,000 Active 197 DOM
12. 2026-05-31
    days on market $225,000 Active 196 DOM
13. 2025-11-12
    listed $225,000 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 6 d/yr ≥106°F today · 22 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: $23,816
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,905
• − Management: −$1,905
• − Depreciation: −$6,545
• Taxable loss: −$3,644
• Est. tax savings @ 24.0%: +$875
• After-tax cash flow: $1,030/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): 33,122
• Household income: $78,163
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1649.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Black 24% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Puerto Rican 3% Cuban 2%
• Common ancestry: Hispanic 14% Romanian 3% Scotch-Irish 3%
• Foreign-born: 27% · Canada, Jamaica, Dominican Republic
• Languages at home: 66% English-only · French/Haitian/Cajun 18% Spanish 9% Other Indo-European 4%

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: ▼ -258.16%
• Current HPI: 349.5505
• Rent YoY: ▲ 1.83%
• 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

1 event — show timeline

• 2025-11-12 Listed $225,000 Fizber.com