200 E Normandy · Delray Beach, FL 33484

$114,000

2 bd · 2.0 ba · 907 sqft · Condo public records · 1 Days on market

Built 1980 $647/mo HOA · 33% of rent

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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 +20.4/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 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

Listing remarks MLS

VERY PRIVATE PATIO- FACES FLORAL LAKES BUT HAS PRIVACY HEDGE- VERY CLEAN BERBER IN L.R. AND HALL- CER. TILE IN KIT., D.R.- 3 FANS- FULL W/D- GREAT SHAPE, JAL. DOOR- NICE VERTICALS

Key facts

• Private lot
• No rear neighbors
• Public golf course

Tags

• RENOVATED KITCHEN
• GRANITE COUNTERTOPS
• ENCLOSED LANAI
• PRIVATE LOT
• NO REAR NEIGHBORS
• PUBLIC GOLF COURSE

Property features AI

Finance

• Other: Not in a land-lease community; Senior community
• HOA & community: Community association (Normandy E); Monthly HOA fee; HOA covers cable TV, grounds maintenance, security, common areas, and roof repairs; Association amenities include: clubhouse, fitness center, indoor pool, heated pool, spa/hot tub, sauna, tennis courts, pickleball and shuffleboard courts, basketball court, bocce ball, golf course access, billiard and game rooms, library, hobby and workshop rooms, cafe/restaurant, community room, lobby, elevator(s), manager on site, courtesy bus, gated/security, parking, maintenance

Exterior

• Parking: Assigned parking; Guest parking (1 total parking space)
• Security: Gated community with guard; On-site security guard
• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: Condominium; Resale property; North-facing; 2 total stories
• Construction: Built with CBS (concrete block and stucco) construction
• Exterior features: Waterfront property; Flat roof

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Walk-in closets; Bedroom layout with stacked bedrooms
• Laundry & utility: Laundry closet; Outdoor laundry access; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $114k.

Deal economics

• At list price, monthly cash flow is $147 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• Cap rate 7.8% 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); 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 38% 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 $788 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 25y 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 $31k; list at $114k implies a 268% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% 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 $114,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.74% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.54%
• DSCR: 1.25
• GRM: 4.8

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: -5.0%
• Equity multiple: 0.81×
• Total profit: $-6,087
• Equity at exit: $16,998

10-year hold

• IRR: 7.3%
• Equity multiple: 1.61×
• Total profit: $19,352
• Equity at exit: $9,857

Cash invested: $31,920 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,980 high
• Mortgage (P&I): −$598
• Tax from tax record: −$124 /mo · $1,489/yr
• Insurance: −$48
• HOA: −$647
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $147

Break-even live

Break-even rent $1,793

Max offer price $114,000

Occupancy floor 88%

Sensitivity live

Price	-10% $212	-5% $180	+0% $147	+5% $115	+10% $83
Rent	-10% $-9	-5% $69	+0% $147	+5% $226	+10% $304
Rate	-1.0pp $205	-0.5pp $176	base $147	+0.5pp $118	+1.0pp $88

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
244 Normandy Ln Delray Beach, FL	2.0	2.0	907	$2,400	$2.65	12d	1	0.02mi
559 Normandy Ln #559 Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	25d	1	0.02mi
586 Normandy Ln #586 Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	25d	1	0.02mi
825 Normandy R Delray Beach, FL	2.0	2.0	905	$3,350	$3.70	19d	1	0.02mi
729 Normandy P Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.02mi
708 Normandy O Delray Beach, FL	2.0	2.0	907	$3,000	$3.31	25d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	13d	1	0.02mi
864 Normandy Ln Unit 864 Delray Beach, FL	1.0	1.5	760	$1,750	$2.30	25d	1	0.02mi
816 Normandy Q Delray Beach, FL	1.0	1.5	760	$1,475	$1.94	4d	1	0.02mi
185 Normandy D Delray Beach, FL	1.0	1.5	760	$1,499	$1.97	15d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	23d	1	0.02mi
122 Normandy C Delray Beach, FL	2.0	2.0	907	$1,450	$1.60	6d	1	0.02mi
394 Normandy I Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	25d	1	0.02mi
900 Normandy S Delray Beach, FL	2.0	2.0	907	$1,500	$1.65	25d	1	0.02mi
137 Normandy Ln Unit 137 Delray Beach, FL	2.0	2.0	906	$1,895	$2.09	25d	1	0.02mi
226 Normandy E Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.02mi
705 Normandy Ln Unit 705 Delray Beach, FL	2.0	2.0	907	$2,600	$2.87	25d	1	0.02mi
70 Normandy B Delray Beach, FL	2.0	2.0	907	$1,695	$1.87	25d	1	0.02mi
18 Piedmont a Delray Beach, FL	2.0	2.0	910	$1,950	$2.14	0d	1	0.16mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.18mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	0d	1	0.19mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	3d	1	0.19mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	4d	1	0.19mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	25d	1	0.20mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	9d	1	0.20mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.20mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	15d	1	0.21mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	25d	1	0.21mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	25d	1	0.21mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	25d	1	0.21mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	25d	1	0.21mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	12d	1	0.23mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.23mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	25d	1	0.24mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,575	$2.07	0d	1	0.24mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	25d	1	0.26mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	18d	1	0.26mi
450 Piedmont J Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	0d	1	0.27mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	25d	1	0.28mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	4d	1	0.30mi

HOA detail condo

• Monthly dues: $647 · $7,764/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-15
   remarks 692-char remark
2. 2026-06-15
   listed $114,000 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: $1,489 · $124/mo
• Projected year-2 tax: $1,489 · $124/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: $23,754
• − Mortgage interest: −$6,386
• − Property taxes: −$1,489
• − Insurance: −$570
• − Repairs & maintenance: −$1,900
• − Management: −$1,900
• − HOA: −$7,764
• − Depreciation: −$3,316
• Taxable income: $428
• Est. tax owed @ 24.0%: −$103
• After-tax cash flow: $1,666/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

+208.1% since first listed

7 events — show timeline

• 2026-06-14 Listed $114,000 Beaches MLS
• 2001-10-26 Sold (Public Records) $31,000 Public Records
• 2001-10-01 Sold (MLS) $31,000 Beaches MLS
• 2001-09-10 Listing Removed — Beaches MLS
• 2001-05-11 Listed $37,000 Beaches MLS
• 1990-06-06 Sold (Public Records) $39,000 Public Records
• 1980-04-01 Sold (Public Records) $37,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $1,489 · -5.5% YoY. Source: county tax records.