964 Normandy Trl Unit U · Delray Beach, FL 33484

$155,000

2 bd · 2.0 ba · 907 sqft · Condo public records · 38 Days on market

Built 1979 $699/mo HOA · 34% 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 +8.2/10.0
• Cash flow +8.0/30.0
• 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
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully renovated ground-floor 2BR/2BA condo with modern finishes throughout. Features include newer vinyl laminate flooring, LED high-hat lighting, and a fully updated kitchen with white shaker cabinets, quartz countertops, and new stainless-steel appliances. Both bathrooms have been completely updated. Enjoy a private screened porch with washer and dryer included. Incredible golf course views from the living area. Side entrance offers quick access to your assigned parking space. Kings Point offers true resort-style living with indoor/outdoor pools, theater, gym, bistro, café, two golf courses, courtesy buses and more. Perfect 55+ community lifestyle. This property is a must-see

Key facts

• Updated kitchen
• Ground-floor condo
• Indoor outdoor pools

Tags

• GROUND-FLOOR CONDO
• UPDATED KITCHEN
• PRIVATE SCREENED PORCH
• GOLF COURSE VIEWS
• ASSIGNED PARKING SPACE
• INDOOR OUTDOOR POOLS

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Community has an association; Monthly association fee; Association amenities: Indoor pool, pool, billiard room, shuffleboard court, putting green, community room, business center, library, courtesy bus, security; HOA fee includes insurance, trash, common areas, reserve funds, roof repairs, recreation facility; Senior community

Exterior

• Parking: Assigned parking; Guest parking; 1 open parking space (total parking: 1)
• Security: Security guard; Security patrol; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; Water available; Sewer available; Other utilities available
• Home design: Condominium; One level; Two-story building; Faces southwest; Resale property
• Construction: CBS construction; Other roof
• Exterior features: Screened porch; Porch; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Stacked bedroom layout; Furnished; Blinds on windows
• Laundry & utility: Laundry: Other (on-site); Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $155k.

Deal economics

• At list price, monthly cash flow is $-161 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (18.3% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $127k (18.3% 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 40% 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 $1k of loan paydown is wiped out by about $5k 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 38 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 34% 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 $126,573 (18.3% 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 38 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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: 1.32% ✓
• Cap rate: 5.05%
• Cash-on-cash: -4.45%
• DSCR: 0.80
• GRM: 6.3

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: -20.9%
• Equity multiple: 0.26×
• Total profit: $-32,225
• Equity at exit: $23,111

10-year hold

• IRR: -9.5%
• Equity multiple: 0.35×
• Total profit: $-28,098
• Equity at exit: $13,402

Cash invested: $43,400 (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: 6.3×

Monthly cashflow live

• Estimated rent: $2,050 high
• Mortgage (P&I): −$813
• Tax from tax record: −$204 /mo · $2,451/yr
• Insurance: −$65
• HOA: −$699
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $-161

Break-even live

Break-even rent $2,254

Max offer price $126,573

Occupancy floor —

Sensitivity live

Price	-10% $-73	-5% $-117	+0% $-161	+5% $-205	+10% $-249
Rent	-10% $-323	-5% $-242	+0% $-161	+5% $-80	+10% $1
Rate	-1.0pp $-83	-0.5pp $-121	base $-161	+0.5pp $-201	+1.0pp $-242

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	8d	1	0.06mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.07mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.07mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.07mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	25d	1	0.08mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.09mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	19d	1	0.10mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	25d	1	0.10mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.12mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.14mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	25d	1	0.14mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	25d	1	0.16mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	15d	1	0.17mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.17mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.19mi
812 Burgundy Q Delray Beach, FL	2.0	2.0	907	$1,799	$1.98	25d	1	0.20mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.20mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	8d	1	0.21mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	8d	1	0.22mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	25d	1	0.22mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	25d	1	0.22mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	25d	1	0.22mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	4d	1	0.22mi
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	25d	1	0.23mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	19d	1	0.26mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	25d	1	0.31mi
481 Burgundy K Delray Beach, FL	2.0	2.0	902	$1,700	$1.88	25d	1	0.32mi
509 Capri Dr Unit 509 Delray Beach, FL	2.0	2.0	910	$2,500	$2.75	2d	1	0.33mi
507 Capri Dr Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	25d	1	0.33mi
15108 Ashland Dr #215 Delray Beach, FL	2.0	2.0	900	$2,000	$2.22	25d	1	0.35mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	25d	1	0.36mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	25d	1	0.36mi
960 Flanders T Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.37mi
560 Capri Ln Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	25d	1	0.38mi
29 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,800	$2.00	25d	1	0.40mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	4d	1	0.40mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	14d	1	0.40mi
39 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,400	$1.55	25d	1	0.40mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	11d	1	0.43mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.43mi

HOA detail condo

• Monthly dues: $699 · $8,388/yr
• Likely covers: poolgymparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $155,000 Active 38 DOM
2. 2026-06-17
   days on market $155,000 Active 37 DOM
3. 2026-06-16
   days on market $155,000 Active 36 DOM
4. 2026-06-15
   days on market $155,000 Active 35 DOM
5. 2026-06-13
   days on market $155,000 Active 33 DOM
6. 2026-06-09
   days on market $155,000 Active 29 DOM
7. 2026-06-08
   days on market $155,000 Active 28 DOM
8. 2026-06-07
   days on market $155,000 Active 27 DOM
9. 2026-06-04
   days on market $155,000 Active 24 DOM
10. 2026-06-03
    days on market $155,000 Active 23 DOM
11. 2026-06-02
    days on market $155,000 Active 22 DOM
12. 2026-06-01
    days on market $155,000 Active 21 DOM
13. 2026-05-31
    days on market $155,000 Active 20 DOM
14. 2026-05-11
    listed $155,000 Active
15. 2026-05-05
    historical
16. 2026-05-02
    price $155,000
17. 2026-03-28
    price $164,900
18. 2025-11-15
    listed $165,000 Active
19. 2023-06-30
    historical
20. 2023-06-30
    historical
21. 2023-04-13
    price $219,999
22. 2023-03-27
    price $229,999
23. 2023-03-27
    price $29,999
24. 2023-03-17
    price $230,000
25. 2023-02-27
    listed $240,000 Active
26. 2022-08-11
    soldstatus $205,000
27. 2018-11-05
    soldstatus $62,500
28. 2018-10-24
    soldstatus $62,500 Closed
29. 2018-09-26
    status Pending
30. 2018-09-16
    historical Active Under Contract
31. 2018-08-15
    listed $70,000 Active

ⓘ 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: $2,451 · $204/mo
• Projected year-2 tax: $2,451 · $204/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: $24,603
• − Mortgage interest: −$8,682
• − Property taxes: −$2,451
• − Insurance: −$775
• − Repairs & maintenance: −$1,968
• − Management: −$1,968
• − HOA: −$8,388
• − Depreciation: −$4,509
• Taxable loss: −$4,138
• Est. tax savings @ 24.0%: +$993
• After-tax cash flow: $-938/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

+121.4% since first listed

18 events — show timeline

• 2026-05-11 Listed $155,000 Beaches MLS
• 2026-05-05 Listing Removed — Beaches MLS
• 2026-05-02 Price Changed $155,000 Beaches MLS
• 2026-03-28 Price Changed $164,900 Beaches MLS
• 2025-11-15 Listed $165,000 Beaches MLS
• 2023-06-30 Rental Removed — RMLSFL
• 2023-06-30 Listing Removed — Beaches MLS
• 2023-04-13 Price Changed $219,999 Beaches MLS
• 2023-03-27 Price Changed $229,999 Beaches MLS
• 2023-03-27 Price Changed $29,999 Beaches MLS
• 2023-03-17 Price Changed $230,000 Beaches MLS
• 2023-02-27 Listed $240,000 Beaches MLS
• 2022-08-11 Sold (Public Records) $205,000 Public Records
• 2018-11-05 Sold (Public Records) $62,500 Public Records
• 2018-10-24 Sold (MLS) $62,500 Beaches MLS
• 2018-09-26 Pending — Beaches MLS
• 2018-09-16 Contingent — Beaches MLS
• 2018-08-15 Listed $70,000 Beaches MLS

Property tax history

+19.0%/yr

Latest (2025): $2,451 · +77.2% YoY. Source: county tax records.