278 Burgundy Unit F · Delray Beach, FL 33484

$55,000

2 bd · 2.0 ba · 1,010 sqft · Condo public records · 6 Days on market

Built 1979 $777/mo HOA · 38% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Exceptional opportunity in Kings Point! Second-floor two-bedroom, two-bath residence with lift access in the building. A true handyman special offering great bones and unlimited potential, ready for complete updating and customization to your taste. Ideal for buyers looking to renovate and create their own space while adding immediate value. Priced as an outstanding opportunity in a desirable community with exceptional amenities. Bring your vision and submit your offer today!

Key facts

• $777 HOA
• Parking
• Built 1979

Property features AI

Finance

• Other: Pets are not allowed
• HOA & community: Monthly HOA fee of $777 that includes insurance; Has association; Senior community; Association amenities: Other

Exterior

• Parking: Assigned parking; Guest parking; 1 parking space
• Utilities: Public water; Public sewer; Other utilities
• Home design: Condominium; One level (unit on one floor); Faces east; 2 total stories in building
• Construction: Other construction materials; Other roof
• Exterior features: Waterfront property; Other exterior features

Interior

• Bedrooms: 2 bedrooms on the main level
• Flooring: Other
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heating; Central air conditioning (electric)
• Interior features: Other flooring

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $55k.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Cap rate 15.4% 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.
• 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 40% 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 $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $34k; list at $55k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; HOA is 38% 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 $55,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.74% ✓
• Cap rate: 15.44%
• Cash-on-cash: 32.66%
• DSCR: 2.45
• GRM: 2.2

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: 31.2%
• Equity multiple: 2.36×
• Total profit: $21,010
• Equity at exit: $8,201

10-year hold

• IRR: 40.0%
• Equity multiple: 5.30×
• Total profit: $66,176
• Equity at exit: $4,755

Cash invested: $15,400 (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: 2.2×

Monthly cashflow live

• Estimated rent: $2,059 high
• Mortgage (P&I): −$288
• Tax from tax record: −$119 /mo · $1,430/yr
• Insurance: −$23
• HOA: −$777
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $419

Break-even live

Break-even rent $1,529

Max offer price $55,000

Occupancy floor 75%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	24d	1	0.03mi
481 Burgundy N Unit NA Delray Beach, FL	2.0	2.0	1200	$1,700	$1.42	24d	1	0.03mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	4d	1	0.04mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	8d	1	0.04mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	24d	1	0.04mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	24d	1	0.04mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	24d	1	0.04mi
812 Burgundy Q Delray Beach, FL	2.0	2.0	907	$1,799	$1.98	24d	1	0.05mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.08mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	15d	1	0.08mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	24d	1	0.17mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.18mi
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	8d	1	0.19mi
5220 Las Verdes Cir #101 Delray Beach, FL	2.0	2.0	876	$1,950	$2.23	5d	1	0.23mi
481 Burgundy K #481 Delray Beach, FL	2.0	2.0	1200	$1,700	$1.42	19d	1	0.24mi
481 Burgundy K Delray Beach, FL	2.0	2.0	902	$1,700	$1.88	24d	1	0.24mi
5220 Las Verdes Cir Delray Beach, FL	2.0	2.0	963	$1,825	$1.90	22d	2	0.24mi
5190 Las Verdes Cir #315 Delray Beach, FL	2.0	2.0	930	$2,000	$2.15	8d	1	0.25mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	24d	1	0.25mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	19d	1	0.26mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.27mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.27mi
5299 Copperleaf Cir Delray Beach, FL	2.0	2.0	1070	$2,000	$1.87	24d	1	0.28mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.30mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	24d	1	0.30mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	24d	1	0.31mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	19d	1	0.32mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	8d	1	0.34mi
509 Capri Dr Unit 509 Delray Beach, FL	2.0	2.0	910	$2,500	$2.75	2d	1	0.35mi
507 Capri Dr Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	24d	1	0.35mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	24d	1	0.35mi
15355 Lakes of Delray Blvd #309 Delray Beach, FL	2.0	2.0	1362	$2,800	$2.06	19d	1	0.36mi
39 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,400	$1.55	24d	1	0.36mi
5130 Las Verdes Cir #101 Delray Beach, FL	2.0	2.0	1030	$1,825	$1.77	24d	1	0.36mi
29 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,800	$2.00	24d	1	0.38mi
5310 Las Verdes Cir #106 Delray Beach, FL	2.0	2.0	1050	$1,900	$1.81	24d	1	0.38mi
15364 Lakes of Delray Blvd #45 Delray Beach, FL	2.0	2.0	1160	$2,000	$1.72	14d	1	0.38mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.39mi
15548 Bottlebrush Cir Delray Beach, FL	2.0	2.0	1169	$2,200	$1.88	24d	1	0.40mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	24d	1	0.41mi

HOA detail condo

• Monthly dues: $777 · $9,324/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $55,000 Active 6 DOM
2. 2026-06-17
   days on market $55,000 Active 5 DOM
3. 2026-06-16
   days on market $55,000 Active 4 DOM
4. 2026-06-15
   days on market $55,000 Active 3 DOM
5. 2026-06-13
   remarks 480-char remark
6. 2026-06-13
   listed $55,000 Active 1 DOM

ⓘ 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: $1,430 · $119/mo
• Projected year-2 tax: $1,430 · $119/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°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: $24,709
• − Mortgage interest: −$3,081
• − Property taxes: −$1,430
• − Insurance: −$275
• − Repairs & maintenance: −$1,977
• − Management: −$1,977
• − HOA: −$9,324
• − Depreciation: −$1,600
• Taxable income: $5,046
• Est. tax owed @ 24.0%: −$1,211
• After-tax cash flow: $3,819/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

+17.3% since first listed

3 events — show timeline

• 2026-06-12 Listed $55,000 Beaches MLS
• 1987-05-01 Sold (Public Records) $34,000 Public Records
• 1982-12-01 Sold (Public Records) $46,900 Public Records

Property tax history

+7.2%/yr

Latest (2025): $1,430 · -5.9% YoY. Source: county tax records.