687 Normandy O Ln Unit O - 687 · Delray Beach, FL 33484

$125,000

1 bd · 1.5 ba · 760 sqft · Condo · 124 Days on market

Built 1980 $579/mo HOA · 31% of rent

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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 +14.2/30.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 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

Key facts

• $579 HOA
• Community pool
• Built 1980

Property features AI

Finance

• Other: Located in a senior community; Directions: Jog Road to Normandy Gate Entrance; through gate to Normandy O on the right
• Financial info: Pets not allowed; Association fee listed (monthly)
• HOA & community: Has homeowners association; Monthly HOA with amenities including clubhouse, fitness center, indoor pool, outdoor pool, tennis courts, pickleball and bocce courts, putting green, jogging path, billiard and game rooms, library, cafe/restaurant, courtesy bus, manager onsite, street lights, parking, elevator; HOA fees paid monthly; HOA covers cable TV, insurance, grounds maintenance, security, sewer, trash, water, common areas, common real estate tax, elevator

Exterior

• Parking: Assigned parking; Guest parking
• Security: Gated community with guard; Security guard; Security lights
• Utilities: Public water; Public sewer; Cable available; Water available; Sewer available
• Home design: Condominium; Multi-level/split; Entry-level living area present; Faces south
• Construction: Concrete/Stucco/CBS construction; Two-story building; Building name: O; Built prior to current listing (resale)
• Exterior features: Porch; Screened porch; Glass-enclosed porch; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Garbage disposal; Gas water heater
• Bedrooms: One bedroom on the main level
• Flooring: Ceramic tile
• Bathrooms: One full bathroom and one half bathroom (2 total); one main level bathroom
• Heating & cooling: Electric heating; Wall/window air conditioning units
• Interior features: Unfurnished; Screened porch; enclosed glass porch
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $20 ($234/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% 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.
• 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 36% 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 $864 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 124 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 31% 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 $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 1.48% ✓
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• GRM: 5.6

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: -12.5%
• Equity multiple: 0.54×
• Total profit: $-16,214
• Equity at exit: $18,638

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-791
• Equity at exit: $10,808

Cash invested: $35,000 (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 33484

• Rents YoY: 4.3%
• Active inventory: 546
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,851 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$579
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $20

Break-even live

Break-even rent $1,826

Max offer price $125,000

Occupancy floor 94%

Sensitivity live

Price	-10% $106	-5% $63	+0% $20	+5% $-24	+10% $-67
Rent	-10% $-127	-5% $-54	+0% $20	+5% $93	+10% $166
Rate	-1.0pp $82	-0.5pp $51	base $20	+0.5pp $-13	+1.0pp $-46

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: $31,250
• Closing costs: $3,750
• 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	0.06mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.06mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.11mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.19mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.21mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	11d	1	0.22mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	25d	1	0.22mi
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	11d	1	0.22mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.22mi
708 Normandy O Delray Beach, FL	2.0	2.0	907	$3,000	$3.31	25d	1	0.22mi
729 Normandy P Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.22mi
825 Normandy R Delray Beach, FL	2.0	2.0	905	$3,350	$3.70	18d	1	0.22mi
864 Normandy Ln Unit 864 Delray Beach, FL	1.0	1.5	760	$1,750	$2.30	25d	1	0.22mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	12d	1	0.22mi
226 Normandy E Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.22mi
70 Normandy B Delray Beach, FL	2.0	2.0	907	$1,695	$1.87	25d	1	0.22mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	5d	1	0.22mi
137 Normandy Ln Unit 137 Delray Beach, FL	2.0	2.0	906	$1,895	$2.09	25d	1	0.22mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.22mi
185 Normandy D Delray Beach, FL	1.0	1.5	760	$1,499	$1.97	14d	1	0.22mi
816 Normandy Q Delray Beach, FL	1.0	1.5	760	$1,475	$1.94	3d	1	0.22mi
705 Normandy Ln Unit 705 Delray Beach, FL	2.0	2.0	907	$2,600	$2.87	25d	1	0.22mi
900 Normandy S Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	25d	1	0.22mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	22d	1	0.22mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.22mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	25d	1	0.23mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.24mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.24mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.26mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	25d	1	0.27mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	25d	1	0.28mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.28mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	14d	1	0.28mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	25d	1	0.28mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	19d	1	0.28mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.28mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	8d	1	0.28mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	25d	1	0.28mi
18 Piedmont a Delray Beach, FL	2.0	2.0	910	$1,950	$2.14	0d	1	0.29mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	8d	1	0.31mi

HOA detail condo

• Monthly dues: $579 · $6,948/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $125,000 Active 124 DOM
2. 2026-06-17
   days on market $125,000 Active 123 DOM
3. 2026-06-16
   days on market $125,000 Active 122 DOM
4. 2026-06-15
   days on market $125,000 Active 121 DOM
5. 2026-06-13
   days on market $125,000 Active 119 DOM
6. 2026-06-09
   days on market $125,000 Active 115 DOM
7. 2026-06-07
   days on market $125,000 Active 113 DOM
8. 2026-06-04
   days on market $125,000 Active 110 DOM
9. 2026-06-03
   days on market $125,000 Active 109 DOM
10. 2026-06-01
    days on market $125,000 Active 107 DOM
11. 2026-05-31
    days on market $125,000 Active 106 DOM
12. 2026-02-12
    listed $125,000 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: $22,213
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,777
• − Management: −$1,777
• − HOA: −$6,948
• − Depreciation: −$3,636
• Taxable loss: −$1,427
• Est. tax savings @ 24.0%: +$343
• After-tax cash flow: $577/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

1 event — show timeline

• 2026-02-12 Listed $125,000 Beaches MLS