185 Normandy Ln Unit D · Delray Beach, FL 33484

$129,800

1 bd · 1.5 ba · 760 sqft · Condo public records · 74 Days on market

Built 1980 $650/mo HOA · 35% 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).

• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Cash flow +7.4/30.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Updated 1BR/1.1/2 BA Condo in meticulously maintained Normandy D. Impact Windows and Doors Throughout. Updated Kitchen, Baths and Flooring. Neutral Tile throughout that continues into Screened Lanai /No Carpet. Kings Point offers Golf, Tennis, Pickleball, Shows, Cafe, Fitness, Crafts, Billiards, Clubs, Pool, 3 clubhouses and endless activity for all. Convenient Shuttle bus to Take you to shopping, mall, movies, etc. Easily accessible to sought after Downtown Delray Beach, Shoppes, Dining, Beaches, Hwys and so much more! Don't miss this opportunity to own this wonderful gem! Seller is currently occupying property. Please provide a few hrs notice. Schedule on Showing time. Quick closing a

Key facts

• 3 clubhouses
• Updated baths
• Screened lanai

Tags

• IMPACT WINDOWS AND DOORS
• UPDATED KITCHEN
• UPDATED BATHS
• UPDATED FLOORING
• SCREENED LANAI
• 3 CLUBHOUSES

Property features AI

Finance

• Other: Senior community; Pets not allowed
• HOA & community: Association managed by Wilson Management; Monthly HOA fee (approximately $650) covering insurance, grounds and structure maintenance, pest control, security, common areas, elevator, recreation facilities and common real estate tax; Association amenities include pool, spa/hot tub, tennis and pickleball courts, fitness center, clubhouse, café/restaurant, billiard and game rooms, library, workshop and hobby rooms, community room, courtesy bus, maintained community, sidewalks, street lights, parking, and recreation facilities

Exterior

• Parking: Assigned parking and guest open parking (1 total space)
• Security: Gated with guard; Security guard
• Utilities: Public water; Public sewer; Cable available; Electricity available; Phone available; Underground utilities
• Home design: Condominium; One level; Entry on level 2; Building faces north; Accessible common areas and entrance; Gated community with security guard
• Construction: Block and stucco construction; Shingle and tar/gravel roof; Updated with complete impact windows and doors; 2-story building
• Exterior features: Terrace; Paved roads with private maintenance; Not waterfront

Interior

• Kitchen: Electric range; Electric cooktop; Microwave; Refrigerator; Freezer
• Bedrooms: 1 bedroom on the main level
• Flooring: Tile flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: No built-in interior features listed; Negotiable furnishings
• Laundry & utility: Laundry closet with washer and dryer hookups; Inside laundry room; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $-169 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (23.0% below list).
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $100k (23.0% below list) — sets the bar for cash-flow.

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 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 $897 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 74 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y 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.

Risks & watch-outs

• Watch-outs: HOA is 35% 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 $99,884 (23.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
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. 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?
10. 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.
11. 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.
12. 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: 1.43% ✓
• Cap rate: 4.73%
• Cash-on-cash: -5.59%
• DSCR: 0.75
• GRM: 5.8

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: -22.5%
• Equity multiple: 0.20×
• Total profit: $-28,906
• Equity at exit: $19,354

10-year hold

• IRR: -10.9%
• Equity multiple: 0.26×
• Total profit: $-26,862
• Equity at exit: $11,223

Cash invested: $36,344 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,862 high
• Mortgage (P&I): −$681
• Tax from tax record: −$255 /mo · $3,065/yr
• Insurance: −$54
• HOA: −$650
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $-169

Break-even live

Break-even rent $2,076

Max offer price $99,884

Occupancy floor —

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: $32,450
• Closing costs: $3,894
• 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	11d	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	3d	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	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	$1,500	$1.65	22d	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	12d	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	2d	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	24d	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	24d	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	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	11d	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	8d	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	17d	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	3d	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: $650 · $7,800/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-04
   days on market $129,800 Active 74 DOM
2. 2026-06-03
   days on market $129,800 Active 73 DOM
3. 2026-06-02
   days on market $129,800 Active 72 DOM
4. 2026-06-01
   days on market $129,800 Active 71 DOM
5. 2026-05-31
   days on market $129,800 Active 70 DOM
6. 2026-03-22
   listed $129,800 Active
7. 2022-07-15
   soldstatus $125,000
8. 1999-12-01
   historical
9. 1999-07-19
   listed $23,000
10. 1980-12-01
    soldstatus $35,000

ⓘ 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: $3,065 · $255/mo
• Projected year-2 tax: $3,065 · $255/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: −$7,271
• − Property taxes: −$3,065
• − Insurance: −$649
• − Repairs & maintenance: −$1,787
• − Management: −$1,787
• − HOA: −$7,800
• − Depreciation: −$3,776
• Taxable loss: −$3,794
• Est. tax savings @ 24.0%: +$910
• After-tax cash flow: $-1,122/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

+270.9% since first listed

5 events — show timeline

• 2026-03-22 Listed $129,800 Beaches MLS
• 2022-07-15 Sold (Public Records) $125,000 Public Records
• 1999-12-01 Listing Removed — Beaches MLS
• 1999-07-19 Listed $23,000 Beaches MLS
• 1980-12-01 Sold (Public Records) $35,000 Public Records

Property tax history

+16.0%/yr

Latest (2025): $3,065 · -5.8% YoY. Source: county tax records.