642 N Normandy N #642 · Delray Beach, FL 33484

$120,000

2 bd · 2.0 ba · 907 sqft · Condo · 222 Days on market

Built 1979 $657/mo HOA · 33% of rent ↓ 16% since listing

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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 +16.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• 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

GREAT FOR INVESTMENT, NO WAITING TIME, RENTALS ARE ALLOWED INMEDIATELY. , SPACIOUS, BRIGHT AND AIRY 1ST FLOOR, 2 BEDROOM , 2BATH, NICE KITCHEN AND BATHROOMS. DISPOSAL, NEWER LARGE NEUTRAL TILE THROUGHOUT LIVING AREA. FULL SIZE WAHER/DRYER. SCREENED PATIO WITH ROLL-UPS. THIS LOVELY UNIT OFFERS A TRANQUIL, PRIVATE & SERENE SETTING. WALKING DISTANCE TO THE FLANDERS CLUBHOUSE. KING POINT FEATURES LOTS CLUBS & ORGANIZATIONS, THEATER, CARDROOMS, RESTAURANTS, FITNESS CENTER, BILLARDS, INDOOR & OUTDOOR POOLS, HAIR & NAIL SALON. PUBLIC GOLF COURSE, TENNIS, PICKLEBALL, RACQUETBALL, BASKETBALL COURTS AND MUCH MORE. COURTESY BUSES TAKE YOU THROUGHOUT THE COMMUNITY AND SHOPPI

Key facts

• Screened patio
• Fitness center
• Indoor outdoor pools

Tags

• NEWER LARGE NEUTRAL TILE
• SCREENED PATIO
• TRANQUIL PRIVATE SETTING
• WALKING DISTANCE TO CLUBHOUSE
• FITNESS CENTER
• INDOOR OUTDOOR POOLS

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee; Association fee includes cable TV; Community amenities: basketball court, billiard room, clubhouse, fitness center, golf course, pickleball, pool, sauna, tennis courts; Golf course community; Senior community

Exterior

• Parking: Assigned parking; Guest parking; One assigned space
• Security: Security guard
• Utilities: Has cooling; Has heating
• Home design: Condominium / attached property; 2 stories; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Barbecue; Association pool

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal
• Bedrooms: Bedroom on main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Partially furnished; First-floor entry; Bedroom on main level; Living/dining room; Elevator access
• Laundry & utility: Washer included

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 $67 ($803/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: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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.
• Market conditions: Rents rising fast (+4.3%/yr); 541 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 38% 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 $830 of loan paydown is wiped out by about $4k 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 222 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $49k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• 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 $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 222 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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. 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. 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: 1.64% ✓
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 5.1

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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-12,185
• Equity at exit: $17,892

10-year hold

• IRR: 2.8%
• Equity multiple: 1.22×
• Total profit: $7,439
• Equity at exit: $10,375

Cash invested: $33,600 (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: 541
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,966 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$657
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $67

Break-even live

Break-even rent $1,881

Max offer price $120,000

Occupancy floor 92%

Sensitivity live

Price	-10% $150	-5% $108	+0% $67	+5% $25	+10% $-16
Rent	-10% $-88	-5% $-11	+0% $67	+5% $145	+10% $222
Rate	-1.0pp $127	-0.5pp $97	base $67	+0.5pp $36	+1.0pp $4

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.12mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	18d	1	0.13mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	25d	1	0.16mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.16mi
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	12d	1	0.16mi
729 Normandy P Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.16mi
708 Normandy O Delray Beach, FL	2.0	2.0	907	$3,000	$3.31	25d	1	0.16mi
825 Normandy R Delray Beach, FL	2.0	2.0	905	$3,350	$3.70	18d	1	0.16mi
705 Normandy Ln Unit 705 Delray Beach, FL	2.0	2.0	907	$2,600	$2.87	25d	1	0.16mi
185 Normandy D Delray Beach, FL	1.0	1.5	760	$1,499	$1.97	15d	1	0.16mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.16mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	6d	1	0.16mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	13d	1	0.16mi
816 Normandy Q Delray Beach, FL	1.0	1.5	760	$1,475	$1.94	4d	1	0.16mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	23d	1	0.16mi
900 Normandy S Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	25d	1	0.16mi
137 Normandy Ln Unit 137 Delray Beach, FL	2.0	2.0	906	$1,895	$2.09	25d	1	0.16mi
226 Normandy E Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.16mi
864 Normandy Ln Unit 864 Delray Beach, FL	1.0	1.5	760	$1,750	$2.30	25d	1	0.16mi
70 Normandy B Delray Beach, FL	2.0	2.0	907	$1,695	$1.87	25d	1	0.16mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.16mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.18mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	12d	1	0.18mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.18mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	25d	1	0.22mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.22mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	15d	1	0.22mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	25d	1	0.22mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	8d	1	0.23mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.23mi
18 Piedmont a Delray Beach, FL	2.0	2.0	910	$1,950	$2.14	0d	1	0.23mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.25mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	25d	1	0.25mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	25d	1	0.26mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	25d	1	0.26mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	4d	1	0.27mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.27mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	25d	1	0.28mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.30mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.30mi

HOA detail condo

• Monthly dues: $657 · $7,884/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-09
   days on market $120,000 Active 222 DOM
2. 2026-06-07
   days on market $120,000 Active 220 DOM
3. 2026-06-04
   days on market $120,000 Active 217 DOM
4. 2026-06-03
   days on market $120,000 Active 216 DOM
5. 2026-06-01
   days on market $120,000 Active 214 DOM
6. 2026-05-31
   days on market $120,000 Active 213 DOM
7. 2026-04-28
   price $145,000
8. 2026-03-09
   price $165,000
9. 2025-10-30
   listed $169,000 Active
10. 2025-08-07
    historical
11. 2025-02-12
    listed $169,000 Active
12. 2025-01-16
    historical
13. 2024-10-17
    status Active
14. 2024-10-17
    price $169,000
15. 2024-10-16
    historical
16. 2024-07-16
    listed $173,000 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 ≥107°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: $23,593
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,887
• − Management: −$1,887
• − HOA: −$7,884
• − Depreciation: −$3,491
• Taxable loss: −$679
• Est. tax savings @ 24.0%: +$163
• After-tax cash flow: $966/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

-16.2% since first listed

10 events — show timeline

• 2026-04-28 Price Changed $145,000 MARMLS
• 2026-03-09 Price Changed $165,000 MARMLS
• 2025-10-30 Listed $169,000 MARMLS
• 2025-08-07 Listing Removed — MARMLS
• 2025-02-12 Listed $169,000 MARMLS
• 2025-01-16 Listing Removed — MARMLS
• 2024-10-17 Relisted — MARMLS
• 2024-10-17 Price Changed $169,000 MARMLS
• 2024-10-16 Listing Removed — MARMLS
• 2024-07-16 Listed $173,000 MARMLS