938 Normandy T Unit T938 · Delray Beach, FL 33484

$78,000

1 bd · 1.5 ba · 760 sqft · Condo · 169 Days on market

Built 1979 $645/mo HOA · 32% of rent ↓ 19% since listing

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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

BEAUTIFULLY RENOVATED 1 BEDROOM, 1.5 BATH CONDO IN PREMIER 55+ COMMUNITY. Second-floor unit in sought-after Kings Point featuring a brand-new kitchen with quartz countertops, updated cabinetry and appliances. Both bathrooms offer new vanities, and the unit boasts new flooring throughout. Enclosed lanai provides additional living space and includes a full-size washer and dryer. Enjoy resort-style amenities, including golf, pools, fitness center, theater, clubs, and transportation. Conveniently located near shopping, dining, and medical facilities. Move-in ready.

Key facts

• Quartz countertops
• Brand new kitchen
• New flooring

Tags

• BRAND NEW KITCHEN
• QUARTZ COUNTERTOPS
• UPDATED CABINETRY
• NEW VANITIES
• NEW FLOORING
• ENCLOSED LANAI

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee includes cable TV; Elevator(s) in the building; Senior community

Exterior

• Parking: 1-car garage; One covered parking space
• Home design: 2-story building; Entry on second level
• Construction: Block construction
• Exterior features: Property is attached

Interior

• Flooring: Tile flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Second-floor entry; Other interior features
• Laundry & utility: Washer; Dryer; Dishwasher

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $78k.

Deal economics

• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $69k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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); 541 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 39% 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 $539 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 $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 169 days — a 12% lower offer ($69k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% 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 $68,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 169 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 2.56% ✓
• Cap rate: 12.38%
• Cash-on-cash: 21.73%
• DSCR: 1.97
• GRM: 3.3

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: 17.1%
• Equity multiple: 1.71×
• Total profit: $15,585
• Equity at exit: $11,630

10-year hold

• IRR: 27.3%
• Equity multiple: 3.69×
• Total profit: $58,723
• Equity at exit: $6,744

Cash invested: $21,840 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,999 high
• Mortgage (P&I): −$409
• Tax est. 1.5%: −$98 /mo · $1,170/yr
• Insurance: −$32
• HOA: −$645
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $396

Break-even live

Break-even rent $1,499

Max offer price $78,000

Occupancy floor 75%

Sensitivity live

Price	-10% $449	-5% $422	+0% $396	+5% $369	+10% $342
Rent	-10% $238	-5% $317	+0% $396	+5% $474	+10% $553
Rate	-1.0pp $435	-0.5pp $415	base $396	+0.5pp $375	+1.0pp $355

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	16d	1	0.04mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.04mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	25d	1	0.05mi
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	9d	1	0.07mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.07mi
812 Burgundy Q Delray Beach, FL	2.0	2.0	907	$1,799	$1.98	25d	1	0.08mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	25d	1	0.10mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	25d	1	0.10mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	9d	1	0.10mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	25d	1	0.10mi
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	25d	1	0.11mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	25d	1	0.15mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	20d	1	0.15mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.15mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.15mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.19mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.19mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	25d	1	0.20mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	25d	1	0.24mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	9d	1	0.25mi
481 Burgundy K Delray Beach, FL	2.0	2.0	902	$1,700	$1.88	25d	1	0.25mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	20d	1	0.26mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.26mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	18d	1	0.31mi
507 Capri Dr Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	25d	1	0.32mi
509 Capri Dr Unit 509 Delray Beach, FL	2.0	2.0	910	$2,500	$2.75	3d	1	0.32mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.32mi
5220 Las Verdes Cir #101 Delray Beach, FL	2.0	2.0	876	$1,950	$2.23	6d	1	0.34mi
5220 Las Verdes Cir Delray Beach, FL	2.0	2.0	963	$1,825	$1.90	23d	2	0.36mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	25d	1	0.36mi
39 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,400	$1.55	25d	1	0.36mi
29 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,800	$2.00	25d	1	0.37mi
5190 Las Verdes Cir #315 Delray Beach, FL	2.0	2.0	930	$2,000	$2.15	9d	1	0.37mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	25d	1	0.37mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	25d	1	0.39mi
5299 Copperleaf Cir Delray Beach, FL	2.0	2.0	1070	$2,000	$1.87	25d	1	0.40mi
560 Capri Ln Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.40mi
15108 Ashland Dr #215 Delray Beach, FL	2.0	2.0	900	$2,000	$2.22	25d	1	0.41mi
960 Flanders T Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.45mi
15449 Lakes of Delray Blvd #207 Delray Beach, FL	2.0	2.0	976	$2,950	$3.02	25d	1	0.47mi

HOA detail condo

• Monthly dues: $645 · $7,740/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $78,000 Active 169 DOM
2. 2026-06-18
   days on market $78,000 Active 166 DOM
3. 2026-06-17
   days on market $78,000 Active 165 DOM
4. 2026-06-16
   days on market $78,000 Active 164 DOM
5. 2026-06-15
   days on market $78,000 Active 163 DOM
6. 2026-06-13
   days on market $78,000 Active 161 DOM
7. 2026-06-09
   pricedays on market $78,000 Active 157 DOM
8. 2026-06-07
   days on market $80,000 Active 155 DOM
9. 2026-06-04
   days on market $80,000 Active 152 DOM
10. 2026-06-03
    days on market $80,000 Active 151 DOM
11. 2026-06-01
    days on market $80,000 Active 149 DOM
12. 2026-05-31
    days on market $80,000 Active 148 DOM
13. 2026-04-22
    price $80,000
14. 2026-02-24
    price $92,000
15. 2026-02-02
    price $99,000
16. 2026-01-25
    price $89,000
17. 2026-01-05
    price $95,000
18. 2026-01-03
    listed $99,000 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: $23,993
• − Mortgage interest: −$4,369
• − Property taxes: −$1,170
• − Insurance: −$390
• − Repairs & maintenance: −$1,919
• − Management: −$1,919
• − HOA: −$7,740
• − Depreciation: −$2,269
• Taxable income: $4,216
• Est. tax owed @ 24.0%: −$1,012
• After-tax cash flow: $3,734/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

-19.2% since first listed

6 events — show timeline

• 2026-04-22 Price Changed $80,000 MARMLS
• 2026-02-24 Price Changed $92,000 MARMLS
• 2026-02-02 Price Changed $99,000 MARMLS
• 2026-01-25 Price Changed $89,000 MARMLS
• 2026-01-05 Price Changed $95,000 MARMLS
• 2026-01-03 Listed $99,000 MARMLS