415 Normandy Ln Unit I · Delray Beach, FL 33484

$90,000

1 bd · 1.5 ba · 760 sqft · Condo public records · 17 Days on market

Built 1978 $716/mo HOA · 38% of rent

---

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 +23.2/30.0
• 1% rule +10.0/10.0
• DSCR +7.5/10.0
• 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

Key facts

• $716 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Living area listed from public records; Association fee listed as a monthly amount
• Financial info: Pets not allowed
• HOA & community: Part of Kings Point association; Monthly association fee (listed) includes insurance, grounds maintenance, security, sewer, trash, common area maintenance, and recreation facility; Association amenities include clubhouse, fitness center, indoor pool, outdoor pool, tennis courts, basketball court, shuffleboard, bocce ball, golf course, billiard room, game room, workshop area, library, cafe/restaurant, picnic area, and elevator(s); Senior community

Exterior

• Parking: Assigned parking; Guest parking; 1 open parking space (total 1 parking)
• Security: Gated community with guard; Smoke detectors
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; 2 stories; Faces north; Resale property
• Construction: CBS construction; Other roof type
• Exterior features: Covered patio; Screened porch; Patio; Porch; Not waterfront

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: No additional interior features listed; Blinds on windows
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% 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); 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); 546 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 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.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $37k; list at $90k implies a 143% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 38% 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 $88,650 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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. 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.
8. 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.
9. 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: 2.07% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.80%
• DSCR: 1.35
• GRM: 4.0

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-1,275
• Equity at exit: $13,419

10-year hold

• IRR: 11.0%
• Equity multiple: 1.97×
• Total profit: $24,375
• Equity at exit: $7,782

Cash invested: $25,200 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,862 high
• Mortgage (P&I): −$472
• Tax from tax record: −$82 /mo · $979/yr
• Insurance: −$38
• HOA: −$716
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $164

Break-even live

Break-even rent $1,654

Max offer price $90,000

Occupancy floor 86%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	24d	1	0.02mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	24d	1	0.02mi
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	10d	1	0.02mi
729 Normandy P Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.02mi
825 Normandy R Delray Beach, FL	2.0	2.0	905	$3,350	$3.70	17d	1	0.02mi
708 Normandy O Delray Beach, FL	2.0	2.0	907	$3,000	$3.31	24d	1	0.02mi
705 Normandy Ln Unit 705 Delray Beach, FL	2.0	2.0	907	$2,600	$2.87	24d	1	0.02mi
226 Normandy E Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	24d	1	0.02mi
70 Normandy B Delray Beach, FL	2.0	2.0	907	$1,695	$1.87	24d	1	0.02mi
816 Normandy Q Delray Beach, FL	1.0	1.5	760	$1,475	$1.94	2d	1	0.02mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.02mi
137 Normandy Ln Unit 137 Delray Beach, FL	2.0	2.0	906	$1,895	$2.09	24d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	4d	1	0.02mi
185 Normandy D Delray Beach, FL	1.0	1.5	760	$1,499	$1.97	13d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	21d	1	0.02mi
864 Normandy Ln Unit 864 Delray Beach, FL	1.0	1.5	760	$1,750	$2.30	24d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	11d	1	0.02mi
900 Normandy S Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	24d	1	0.02mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.18mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	1d	1	0.19mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	2d	1	0.19mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	24d	1	0.20mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	7d	1	0.20mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	13d	1	0.20mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	24d	1	0.21mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	13d	1	0.21mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	24d	1	0.21mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	24d	1	0.21mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	24d	1	0.21mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	10d	1	0.23mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.23mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	24d	1	0.24mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,495	$1.97	7d	1	0.24mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	24d	1	0.26mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	16d	1	0.26mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	24d	1	0.28mi
514 Piedmont K Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	24d	1	0.30mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	2d	1	0.30mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.31mi
322 Seville N Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	24d	1	0.35mi

HOA detail condo

• Monthly dues: $716 · $8,592/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $90,000 Active 17 DOM
2. 2026-06-17
   days on market $90,000 Active 16 DOM
3. 2026-06-16
   days on market $90,000 Active 15 DOM
4. 2026-06-15
   days on market $90,000 Active 14 DOM
5. 2026-06-13
   days on market $90,000 Active 12 DOM
6. 2026-06-09
   days on market $90,000 Active 8 DOM
7. 2026-06-08
   days on market $90,000 Active 7 DOM
8. 2026-06-07
   days on market $90,000 Active 6 DOM
9. 2026-06-04
   days on market $90,000 Active 3 DOM
10. 2026-06-03
    days on market $90,000 Active 2 DOM
11. 2026-06-02
    listed $90,000 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: $979 · $82/mo
• Projected year-2 tax: $979 · $82/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 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: $22,341
• − Mortgage interest: −$5,041
• − Property taxes: −$979
• − Insurance: −$450
• − Repairs & maintenance: −$1,787
• − Management: −$1,787
• − HOA: −$8,592
• − Depreciation: −$2,618
• Taxable income: $1,087
• Est. tax owed @ 24.0%: −$261
• After-tax cash flow: $1,705/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

+143.2% since first listed

7 events — show timeline

• 2026-06-01 Listed $90,000 Beaches MLS
• 2023-11-02 Rental Removed $1,600 RMLSFL
• 2023-10-20 Price Changed $1,600 RMLSFL
• 2022-09-17 Listing Removed — Beaches MLS
• 2022-07-18 Price Changed $140,000 Beaches MLS
• 2022-06-28 Listed $155,000 Beaches MLS
• 2007-05-10 Sold (Public Records) $37,000 Public Records

Property tax history

+6.9%/yr

Latest (2025): $979 · -6.7% YoY. Source: county tax records.