200 Normandy E #200 · Delray Beach, FL 33484

$114,000

2 bd · 2.0 ba · 907 sqft · Condo · 7 Days on market

Built 1980 Good condition $647/mo HOA · 33% 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 +19.5/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +3.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy Florida living in this beautifully updated 2-bedroom, 2-bath first-floor condo! Enjoy a renovated kitchen featuring granite countertops, fresh interior paint, and a spacious enclosed lanai with new flooring overlooking a private lot with no rear neighbors. Located in a vibrant 55+ active adult community, residents enjoy an incredible array of amenities including a public golf course, resort-style pools, fitness center, salon, café, tennis and pickleball courts, and a state-of-the-art theater featuring live shows and entertainment. Whether you're seeking an active lifestyle or a peaceful retreat, this home offers the perfect combination of comfort, convenience, and rec

Key facts

• Private lot
• No rear neighbors
• Public golf course

Tags

• RENOVATED KITCHEN
• GRANITE COUNTERTOPS
• ENCLOSED LANAI
• PRIVATE LOT
• NO REAR NEIGHBORS
• PUBLIC GOLF COURSE

Property features AI

Finance

• Other: Senior community; Pets not allowed
• HOA & community: Association: Normandy E; Monthly HOA fee of $647; HOA covers cable TV, grounds maintenance, security, common areas, and roof repairs; Association amenities include clubhouse, multiple pools (indoor/heated), spa/hot tub, fitness center, tennis, pickleball and shuffleboard courts, basketball court, bocce, golf course access, billiard and game rooms, library, hobby/workshop rooms, cafe/restaurant, community room, courtesy bus, elevator service, management and on-site manager, gated entry and security, maintenance, parking, sauna

Exterior

• Parking: 1 assigned parking space; Guest parking available
• Security: Gated community with guard; On-site security
• Utilities: Public water; Public sewer; Electricity available; Cable available
• Home design: Condominium; 2-story building; Faces north; Resale condition
• Construction: CBS construction
• Exterior features: Waterfront; Flat roof

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fans
• Interior features: Walk-in closets; Stacked bedroom layout
• Laundry & utility: Laundry closet; Outdoor laundry access

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $114k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• Cap rate 7.6% vs local median 4.4% 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); 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 $788 of loan paydown is wiped out by about $3k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

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 $114,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.74% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.84%
• DSCR: 1.22
• GRM: 4.8

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: -6.0%
• Equity multiple: 0.77×
• Total profit: $-7,266
• Equity at exit: $16,998

10-year hold

• IRR: 6.4%
• Equity multiple: 1.53×
• Total profit: $16,838
• Equity at exit: $9,857

Cash invested: $31,920 (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: 541
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,979 high
• Mortgage (P&I): −$598
• Tax est. 1.5%: −$142 /mo · $1,710/yr
• Insurance: −$48
• HOA: −$647
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $129

Break-even live

Break-even rent $1,816

Max offer price $114,000

Occupancy floor 88%

Sensitivity live

Price	-10% $207	-5% $168	+0% $129	+5% $89	+10% $50
Rent	-10% $-28	-5% $51	+0% $129	+5% $207	+10% $285
Rate	-1.0pp $186	-0.5pp $158	base $129	+0.5pp $99	+1.0pp $69

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	11d	1	0.02mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	25d	1	0.02mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.02mi
708 Normandy O Delray Beach, FL	2.0	2.0	907	$3,000	$3.31	25d	1	0.02mi
729 Normandy P Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.02mi
825 Normandy R Delray Beach, FL	2.0	2.0	905	$3,350	$3.70	18d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	23d	1	0.02mi
226 Normandy E Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	5d	1	0.02mi
185 Normandy D Delray Beach, FL	1.0	1.5	760	$1,499	$1.97	14d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	13d	1	0.02mi
816 Normandy Q Delray Beach, FL	1.0	1.5	760	$1,475	$1.94	3d	1	0.02mi
705 Normandy Ln Unit 705 Delray Beach, FL	2.0	2.0	907	$2,600	$2.87	25d	1	0.02mi
864 Normandy Ln Unit 864 Delray Beach, FL	1.0	1.5	760	$1,750	$2.30	25d	1	0.02mi
137 Normandy Ln Unit 137 Delray Beach, FL	2.0	2.0	906	$1,895	$2.09	25d	1	0.02mi
900 Normandy S Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	25d	1	0.02mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.02mi
70 Normandy B Delray Beach, FL	2.0	2.0	907	$1,695	$1.87	25d	1	0.02mi
18 Piedmont a Delray Beach, FL	2.0	2.0	910	$1,950	$2.14	0d	1	0.16mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.18mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	3d	1	0.19mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	0d	1	0.19mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	3d	1	0.19mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	25d	1	0.20mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	8d	1	0.20mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.20mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	25d	1	0.21mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	14d	1	0.21mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.21mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	25d	1	0.21mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	25d	1	0.21mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	11d	1	0.23mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.23mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	25d	1	0.24mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.24mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.26mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.26mi
450 Piedmont J Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	0d	1	0.27mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	25d	1	0.28mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,650	$2.08	0d	1	0.30mi

HOA detail condo

• Monthly dues: $647 · $7,764/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-21
   days on market $114,000 Active 7 DOM
2. 2026-06-18
   days on market $114,000 Active 4 DOM
3. 2026-06-17
   days on market $114,000 Active 3 DOM
4. 2026-06-16
   days on market $114,000 Active 2 DOM
5. 2026-06-15
   remarks 692-char remark
6. 2026-06-15
   listed $114,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $23,750
• − Mortgage interest: −$6,386
• − Property taxes: −$1,710
• − Insurance: −$570
• − Repairs & maintenance: −$1,900
• − Management: −$1,900
• − HOA: −$7,764
• − Depreciation: −$3,316
• Taxable income: $204
• Est. tax owed @ 24.0%: −$49
• After-tax cash flow: $1,496/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained, updated townhouse in a vibrant 55+ community offers a good investment opportunity with minimal repairs needed.

Value-add opportunities

• Both painting the exterior — enhances curb appeal and resale value
• Resale upgrading the kitchen appliances — modernizes the space and appeals to buyers
• Resale installing new flooring in the bathrooms — improves aesthetics and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both painting the exterior — enhances curb appeal and resale value ↑
• Resale upgrading the kitchen appliances — modernizes the space and appeals to buyers ↑
• Resale installing new flooring in the bathrooms — improves aesthetics and functionality ↑

ⓘ 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

1 event — show timeline

• 2026-06-14 Listed $114,000 Beaches MLS