428 Normandy I · Delray Beach, FL 33484

$62,000

2 bd · 2.0 ba · 907 sqft · Condo public records · 334 Days on market

Built 1979 $806/mo HOA · 41% of rent

---

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

1 year HOA fees PAID for by SELLER!!! Clean and well maintained 2 BR / 2 Bath Condo. Spacious living room for relaxing / entertaining Family & Friends . Newer Refrigerator , furniture is included if necessary. HVAC 2017. Amenities are endless in Kings Point Country Club, including 3 pools, state of the art Gym, Golf Courses, Theater, Pickleball, Basketball, etc . Kings Point is one of the most centrally located Communities in the heart of Beautiful Delray Beach, Florida. Close proximity to trendy Atlantic Ave, Beaches, world class shopping and renowned Restaurants. Let's not forget ALL major Airports, and I-95, FL Turnpike, and Sawgrass , too. An active 55+ Community where life lon

Key facts

• $806 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Pets allowed (restrictions possible); Senior community
• Financial info: No land lease
• HOA & community: Association managed by First Service; Monthly association fee; Association amenities include: airport/runway access, basketball court, billiard room, clubhouse, elevators, fitness center, golf course, game room, indoor pool, management, picnic area, parking, pool, spa/hot tub, storage, tennis courts, on-site manager, cafe/restaurant, community room, courtesy bus, internet included, pickleball courts, street lights, security; Association fee covers cable TV, insurance, grounds maintenance, security, trash, common areas, elevator, and roof repairs

Exterior

• Parking: Assigned parking; Guest parking; 1 open parking space
• Security: Closed-circuit cameras; Gated community with guard; Security lights; Security patrol
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Resale; 2 stories total; Faces south; Building identified as "I"
• Construction: Concrete construction; Concrete and tile roof; Living area reported from plans
• Exterior features: No waterfront; West of US-1 road frontage

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central heating (electric); Central air; Ceiling fan(s)
• Interior features: No notable built-in interior features listed; Furnished
• Laundry & utility: Laundry inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $62k.

Deal economics

• At list price, monthly cash flow is $255 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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 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 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 $429 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 $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 334 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y ago; this cycle's ask has dropped $46k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; HOA is 41% 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 $54,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 334 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
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: 3.19% ✓
• Cap rate: 11.24%
• Cash-on-cash: 17.66%
• DSCR: 1.79
• GRM: 2.6

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: 13.0%
• Equity multiple: 1.54×
• Total profit: $9,368
• Equity at exit: $9,244

10-year hold

• IRR: 24.3%
• Equity multiple: 3.44×
• Total profit: $42,272
• Equity at exit: $5,361

Cash invested: $17,360 (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: 2.6×

Monthly cashflow live

• Estimated rent: $1,976 high
• Mortgage (P&I): −$325
• Tax from tax record: −$149 /mo · $1,784/yr
• Insurance: −$26
• HOA: −$806
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $255

Break-even live

Break-even rent $1,653

Max offer price $62,000

Occupancy floor 82%

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: $15,500
• Closing costs: $1,860
• 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	18d	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: $806 · $9,672/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-09
   statusdays on market $62,000 Pending 334 DOM
2. 2026-06-07
   days on market $62,000 Active Under Contract 333 DOM
3. 2026-06-04
   days on market $62,000 Active Under Contract 330 DOM
4. 2026-06-03
   days on market $62,000 Active Under Contract 329 DOM
5. 2026-06-01
   days on market $62,000 Active Under Contract 327 DOM
6. 2026-05-31
   days on market $62,000 Active Under Contract 326 DOM
7. 2026-05-19
   historical Active Under Contract
8. 2026-05-06
   price $62,000
9. 2026-04-06
   price $68,999
10. 2026-03-23
    price $73,000
11. 2026-01-22
    price $79,000
12. 2025-08-12
    price $96,995
13. 2025-07-09
    historical
14. 2025-07-09
    listed $108,000 Active
15. 2025-07-08
    historical $108,000
16. 2025-02-12
    price $109,500
17. 2024-12-22
    price $124,900
18. 2024-09-30
    price $139,000
19. 2024-08-29
    price $144,900
20. 2024-07-29
    price $149,000
21. 2024-07-05
    listed $159,000 Active
22. 2024-04-08
    soldstatus $120,000
23. 2013-09-22
    historical
24. 2004-05-18
    soldstatus $68,500
25. 2003-01-24
    soldstatus $31,000
26. 2000-04-14
    listed $35,000
27. 1998-05-11
    soldstatus $20,000

ⓘ 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: $1,784 · $149/mo
• Projected year-2 tax: $1,784 · $149/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: $23,712
• − Mortgage interest: −$3,473
• − Property taxes: −$1,784
• − Insurance: −$310
• − Repairs & maintenance: −$1,897
• − Management: −$1,897
• − HOA: −$9,672
• − Depreciation: −$1,804
• Taxable income: $2,876
• Est. tax owed @ 24.0%: −$690
• After-tax cash flow: $2,375/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

+210.0% since first listed

21 events — show timeline

• 2026-05-19 Contingent — Beaches MLS
• 2026-05-06 Price Changed $62,000 Beaches MLS
• 2026-04-06 Price Changed $68,999 Beaches MLS
• 2026-03-23 Price Changed $73,000 Beaches MLS
• 2026-01-22 Price Changed $79,000 Beaches MLS
• 2025-08-12 Price Changed $96,995 Beaches MLS
• 2025-07-09 Listing Removed — Beaches MLS
• 2025-07-09 Listed $108,000 Beaches MLS
• 2025-07-08 Coming Soon $108,000 Beaches MLS
• 2025-02-12 Price Changed $109,500 Beaches MLS
• 2024-12-22 Price Changed $124,900 Beaches MLS
• 2024-09-30 Price Changed $139,000 Beaches MLS
• 2024-08-29 Price Changed $144,900 Beaches MLS
• 2024-07-29 Price Changed $149,000 Beaches MLS
• 2024-07-05 Listed $159,000 Beaches MLS
• 2024-04-08 Sold (Public Records) $120,000 Public Records
• 2013-09-22 Listing Removed — Beaches MLS
• 2004-05-18 Sold (Public Records) $68,500 Public Records
• 2003-01-24 Sold (Public Records) $31,000 Public Records
• 2000-04-14 Listed $35,000 Beaches MLS
• 1998-05-11 Sold (Public Records) $20,000 Public Records

Property tax history

+8.9%/yr

Latest (2025): $1,784 · +17.3% YoY. Source: county tax records.