186 Burgundy D · Delray Beach, FL 33484

$129,000

2 bd · 2.0 ba · 1,010 sqft · Condo public records · 169 Days on market

Built 1978 $702/mo HOA · 35% 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 +14.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 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

Two bedroom, two full bath, 2nd floor condo in desirable Kings Point community. Freshly painted with tile floors throughout. New appliances, remolded baths, walk in closet in the master bedroom, screened patio with full size washer & dryer. 1x Capital contribution of $2000 due at time of application. AC 2018, water heater 2015. Community amenities include: Multimillion dollar clubhouses, 2 golf courses, 2 restaurants, tennis, theatre, courtesy buses and much more.

Key facts

• Screened patio
• Tile floors
• New appliances

Tags

• TILE FLOORS
• NEW APPLIANCES
• REMOLDED BATHS
• WALK IN CLOSET
• SCREENED PATIO
• MULTIMILLION DOLLAR CLUBHOUSES

Property features AI

Finance

• Other: Located in a senior community; Directions: I-95 to Linton Blvd west past Sims Rd to the Flanders entrance of Kings Point
• Financial info: Monthly association fee: $702; Not pet-friendly (pets not allowed); Community contains a large number of units
• HOA & community: Association with monthly fee; Monthly HOA fee includes cable TV, grounds maintenance, pest control, trash, and common areas; Community amenities: Clubhouse, Fitness Center, Indoor Pool, Outdoor Pool, Tennis courts, Pickleball and Shuffleboard courts, Putting green, Golf course access, Billiard room, Game room, Cafe/Restaurant, Library, Picnic area, Courtesy bus

Exterior

• Parking: Assigned parking; Guest parking; 1 open parking space
• Utilities: Public water; Public sewer; Sewer available; Water available
• Home design: Condominium; Resale; 2-story building; Faces north
• Construction: Constructed with CBS; Shingle roof; Built as part of a multi-unit community
• Exterior features: Screened patio; Patio

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 2 bedrooms on main level
• Flooring: Ceramic tile; Unfurnished unit
• Bathrooms: 2 full bathrooms on main level
• Heating & cooling: Electric heating; Central air conditioning (electric)
• Interior features: Walk-in closets; Stacked bedroom layout
• Laundry & utility: Inside laundry in closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $129k.

Deal economics

• At list price, monthly cash flow is $22 ($263/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% 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); Carver Middle School (math 22% / reading 34%, grade F, #486 of 571 statewide, top 86%, 732 students, 73% FRL); Spanish River Community High School (math 64% / reading 74%, grade B, #63 of 667 statewide, top 10%, 2,578 students, 25% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 543 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 $892 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 169 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $24k; list at $129k implies a 438% gain — meaningful room to come down on a strong offer.

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 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,520 (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 1978 — 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: 1.57% ✓
• Cap rate: 6.50%
• Cash-on-cash: 0.73%
• DSCR: 1.03
• GRM: 5.3

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: -12.3%
• Equity multiple: 0.55×
• Total profit: $-16,409
• Equity at exit: $19,234

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $497
• Equity at exit: $11,154

Cash invested: $36,120 (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: 543
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,029 high
• Mortgage (P&I): −$676
• Tax from tax record: −$149 /mo · $1,784/yr
• Insurance: −$54
• HOA: −$702
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $22

Break-even live

Break-even rent $2,001

Max offer price $129,000

Occupancy floor 94%

Sensitivity live

Price	-10% $95	-5% $58	+0% $22	+5% $-15	+10% $-51
Rent	-10% $-138	-5% $-58	+0% $22	+5% $102	+10% $182
Rate	-1.0pp $87	-0.5pp $55	base $22	+0.5pp $-12	+1.0pp $-46

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
481 Burgundy K Delray Beach, FL	2.0	2.0	902	$1,700	$1.88	26d	1	0.05mi
481 Burgundy K #481 Delray Beach, FL	2.0	2.0	1200	$1,700	$1.42	20d	1	0.05mi
39 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,400	$1.55	26d	1	0.08mi
507 Capri Dr Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	26d	1	0.09mi
509 Capri Dr Unit 509 Delray Beach, FL	2.0	2.0	910	$2,500	$2.75	3d	1	0.09mi
29 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,800	$2.00	26d	1	0.09mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	26d	1	0.16mi
560 Capri Ln Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	26d	1	0.21mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	26d	1	0.22mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	9d	1	0.22mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	26d	1	0.24mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	26d	1	0.24mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	20d	1	0.25mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	16d	1	0.26mi
812 Burgundy Q Delray Beach, FL	2.0	2.0	907	$1,799	$1.98	26d	1	0.26mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	16d	1	0.26mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	25d	1	0.26mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	26d	1	0.28mi
16218 Sierra Palms Dr Delray Beach, FL	3.0	2.5	1474	$3,250	$2.20	21d	1	0.28mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	26d	1	0.29mi
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	9d	1	0.29mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	26d	1	0.30mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	9d	1	0.30mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	26d	1	0.30mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	26d	1	0.30mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	5d	1	0.30mi
481 Burgundy N Unit NA Delray Beach, FL	2.0	2.0	1200	$1,700	$1.42	26d	1	0.30mi
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	26d	1	0.30mi
5220 Las Verdes Cir #101 Delray Beach, FL	2.0	2.0	876	$1,950	$2.23	7d	1	0.31mi
5220 Las Verdes Cir Delray Beach, FL	2.0	2.0	963	$1,825	$1.90	23d	2	0.32mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	26d	1	0.34mi
5310 Las Verdes Cir #106 Delray Beach, FL	2.0	2.0	1050	$1,900	$1.81	26d	1	0.36mi
5190 Las Verdes Cir #315 Delray Beach, FL	2.0	2.0	930	$2,000	$2.15	9d	1	0.37mi
960 Flanders T Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	26d	1	0.37mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	26d	1	0.40mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	26d	1	0.40mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	26d	1	0.40mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	26d	1	0.40mi
5241 Breadfruit Cir Delray Beach, FL	3.0	2.0	1462	$3,500	$2.39	22d	1	0.42mi
811 Flanders Q Delray Beach, FL	2.0	2.0	920	$1,700	$1.85	5d	1	0.42mi

HOA detail condo

• Monthly dues: $702 · $8,424/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-17
   days on market $129,000 Active 169 DOM
2. 2026-06-16
   days on market $129,000 Active 168 DOM
3. 2026-06-15
   days on market $129,000 Active 167 DOM
4. 2026-06-13
   days on market $129,000 Active 165 DOM
5. 2026-06-09
   days on market $129,000 Active 161 DOM
6. 2026-06-07
   days on market $129,000 Active 159 DOM
7. 2026-06-04
   days on market $129,000 Active 156 DOM
8. 2026-06-03
   days on market $129,000 Active 155 DOM
9. 2026-06-01
   days on market $129,000 Active 153 DOM
10. 2026-05-31
    days on market $129,000 Active 152 DOM
11. 2026-03-30
    price $129,000
12. 2025-12-30
    listed $149,900 Active
13. 1979-01-01
    soldstatus $24,000

ⓘ 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 7 d/yr ≥106°F today · 26 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: $24,346
• − Mortgage interest: −$7,226
• − Property taxes: −$1,784
• − Insurance: −$645
• − Repairs & maintenance: −$1,948
• − Management: −$1,948
• − HOA: −$8,424
• − Depreciation: −$3,753
• Taxable loss: −$1,381
• Est. tax savings @ 24.0%: +$331
• After-tax cash flow: $594/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

+437.5% since first listed

3 events — show timeline

• 2026-03-30 Price Changed $129,000 Beaches MLS
• 2025-12-30 Listed $149,900 Beaches MLS
• 1979-01-01 Sold (Public Records) $24,000 Public Records

Property tax history

+8.9%/yr

Latest (2025): $1,784 · -5.7% YoY. Source: county tax records.