22 Normandy A · Delray Beach, FL 33484

$145,000

2 bd · 2.0 ba · 907 sqft · Condo public records · 20 Days on market

Built 1978 $739/mo HOA · 37% 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 +8.6/10.0
• Cash flow +8.2/30.0
• 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 +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

BEAUTIFUL 2 BEDROOM UNIT WITH GORGEOUS WOOD LOOK CERAMIC FLOOR! EXPANDED MASTER EN SUITE BATHROOM, HIGH END UPGRADES WITH LARGE KITCHEN COUNTER IN THE OPEN CONCEPT KITCHE ! FULLY ENCLOSED PATIO THAT OVERLOOKS A GRASSY AREA AND THE BUILDING IS ON A CUL-DE-SAC STYLE END SO THERE IS NO THROUGH TRAFFIC! SERENE AND BEAUTIFUL! COME SEE THIS ONE.

Key facts

• Grassy area
• Fully enclosed patio
• Cul-de-sac style end

Tags

• LARGE KITCHEN COUNTER
• FULLY ENCLOSED PATIO
• GRASSY AREA
• CUL-DE-SAC STYLE END

Property features AI

Finance

• Other: Pets not allowed
• Financial info: Not a land-lease property; Senior community
• HOA & community: Part of Normandy A association; Monthly HOA fee; Association amenities include clubhouse, fitness center, indoor pool, outdoor pool, tennis and pickleball courts, billiard and game rooms, sauna, workshop area, cafe/restaurant, courtesy bus, maintained community, picnic area, gated access, parking, and maintenance services; HOA covers cable TV, grounds and structure maintenance, trash, roof repairs, recreation facilities, and pool service

Exterior

• Parking: Assigned parking (1 open space)
• Security: Security guard; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: Condominium; One-level living with 2 total stories in the building; East-facing entry
• Construction: Concrete block/CBS construction with stucco; Flat roof; Built on block foundation
• Exterior features: Covered patio; Patio (glass enclosed); First-floor entry; Not waterfront

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating (electric); Central air; Ceiling fans; Wall/window unit(s)
• Interior features: Kitchen island; Stacked bedroom layout; Unfurnished
• Laundry & utility: Laundry closet and inside laundry room; Electric water heater (owned)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (16.5% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $121k (16.5% 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); 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 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 $1k 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 20 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 37% 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 $121,139 (16.5% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 1.36% ✓
• Cap rate: 5.18%
• Cash-on-cash: -3.99%
• DSCR: 0.82
• GRM: 6.1

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: -20.1%
• Equity multiple: 0.28×
• Total profit: $-29,060
• Equity at exit: $21,620

10-year hold

• IRR: -8.4%
• Equity multiple: 0.42×
• Total profit: $-23,649
• Equity at exit: $12,537

Cash invested: $40,600 (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: 6.1×

Monthly cashflow live

• Estimated rent: $1,979 high
• Mortgage (P&I): −$760
• Tax from tax record: −$139 /mo · $1,666/yr
• Insurance: −$60
• HOA: −$739
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $-135

Break-even live

Break-even rent $2,150

Max offer price $121,139

Occupancy floor —

Sensitivity live

Price	-10% $-53	-5% $-94	+0% $-135	+5% $-176	+10% $-217
Rent	-10% $-291	-5% $-213	+0% $-135	+5% $-57	+10% $21
Rate	-1.0pp $-62	-0.5pp $-98	base $-135	+0.5pp $-173	+1.0pp $-211

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29 Flanders a Delray Beach, FL	2.0	2.0	760	$1,900	$2.50	26d	1	0.06mi
450 Piedmont J Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	1d	1	0.09mi
492 Piedmont Ct Delray Beach, FL	2.0	2.0	1040	$2,200	$2.12	26d	1	0.11mi
23 Flanders a Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	26d	1	0.12mi
52 Saxony Cir Unit 52 Delray Beach, FL	2.0	2.0	1027	$3,200	$3.12	26d	1	0.13mi
7 Piedmont a Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	4d	1	0.14mi
370 Piedmont H Delray Beach, FL	1.0	1.5	760	$1,600	$2.11	26d	1	0.14mi
368 Piedmont H Unit H Delray Beach, FL	2.0	2.0	910	$1,850	$2.03	26d	1	0.14mi
370 Piedmont Trl Unit 370 Delray Beach, FL	1.0	2.0	760	$1,700	$2.24	26d	1	0.14mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,650	$2.08	1d	1	0.15mi
514 Piedmont K Unit k Delray Beach, FL	1.0	1.5	792	$1,690	$2.13	4d	1	0.15mi
344 Piedmont Trl Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	26d	1	0.17mi
18 Piedmont a Delray Beach, FL	2.0	2.0	910	$1,950	$2.14	1d	1	0.17mi
99 Saxony C Delray Beach, FL	1.0	1.5	720	$2,500	$3.47	26d	1	0.18mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$1,800	$1.98	9d	1	0.18mi
322 Piedmont G Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	15d	1	0.18mi
341 Piedmont H Unit H Delray Beach, FL	2.0	2.0	907	$1,650	$1.82	15d	1	0.19mi
224 Piedmont F #224 Delray Beach, FL	1.0	1.5	760	$1,200	$1.58	26d	1	0.19mi
499 Piedmont K Delray Beach, FL	2.0	2.0	907	$2,800	$3.09	26d	1	0.19mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	3d	1	0.20mi
111 Normandy Ln Delray Beach, FL	1.0	1.5	726	$1,450	$2.00	1d	1	0.20mi
151 Saxony D Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	13d	1	0.21mi
175 Valencia H Delray Beach, FL	1.0	1.5	726	$1,500	$2.07	9d	1	0.21mi
185 Valencia H Delray Beach, FL	2.0	2.0	883	$1,700	$1.93	26d	1	0.21mi
523 Piedmont E Unit 523 Delray Beach, FL	2.0	2.0	1044	$1,750	$1.68	26d	1	0.23mi
127 Flanders C Delray Beach, FL	1.0	1.5	760	$1,550	$2.04	26d	1	0.25mi
176 Piedmont D Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	26d	1	0.26mi
211 Saxony Ln #211 Delray Beach, FL	1.0	1.5	720	$1,400	$1.94	9d	1	0.26mi
669 Monaco N Delray Beach, FL	2.0	2.0	880	$1,700	$1.93	26d	1	0.26mi
322 Seville N Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	26d	1	0.27mi
153 Monaco D Delray Beach, FL	2.0	2.0	880	$1,750	$1.99	18d	1	0.28mi
137 Piedmont Way Unit 137 Delray Beach, FL	2.0	2.0	1040	$2,300	$2.21	12d	1	0.28mi
318 Seville N #318 Delray Beach, FL	1.0	1.5	720	$1,495	$2.08	26d	1	0.28mi
166 Piedmont Way Delray Beach, FL	2.0	2.0	910	$1,600	$1.76	26d	1	0.29mi
401 Monaco Way Unit 401 Delray Beach, FL	2.0	2.0	920	$1,950	$2.12	26d	1	0.29mi
719 Flanders O Delray Beach, FL	2.0	2.0	920	$1,800	$1.96	26d	1	0.30mi
352 Saxony Trl Unit 352 Delray Beach, FL	2.0	2.0	907	$2,000	$2.21	26d	1	0.30mi
177 Flanders D Delray Beach, FL	2.0	2.0	920	$1,600	$1.74	26d	1	0.31mi
711 Monaco O Delray Beach, FL	1.0	1.5	720	$1,550	$2.15	26d	1	0.31mi
581 Monaco Blvd Unit 581 Delray Beach, FL	2.0	2.0	880	$2,000	$2.27	26d	1	0.31mi

HOA detail condo

• Monthly dues: $739 · $8,868/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-07
   status $145,000 Pending 20 DOM
2. 2026-06-04
   days on market $145,000 Active 20 DOM
3. 2026-06-03
   days on market $145,000 Active 19 DOM
4. 2026-06-02
   days on market $145,000 Active 18 DOM
5. 2026-06-01
   days on market $145,000 Active 17 DOM
6. 2026-05-31
   days on market $145,000 Active 16 DOM
7. 2026-05-15
   listed $145,000 Active
8. 2018-03-02
   soldstatus $125,000
9. 2017-08-17
   soldstatus $57,000
10. 1995-06-26
    soldstatus $41,500

ⓘ 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: $1,666 · $139/mo
• Projected year-2 tax: $1,666 · $139/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: $23,750
• − Mortgage interest: −$8,122
• − Property taxes: −$1,666
• − Insurance: −$725
• − Repairs & maintenance: −$1,900
• − Management: −$1,900
• − HOA: −$8,868
• − Depreciation: −$4,218
• Taxable loss: −$3,649
• Est. tax savings @ 24.0%: +$876
• After-tax cash flow: $-745/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

+249.4% since first listed

4 events — show timeline

• 2026-05-15 Listed $145,000 Beaches MLS
• 2018-03-02 Sold (Public Records) $125,000 Public Records
• 2017-08-17 Sold (Public Records) $57,000 Public Records
• 1995-06-26 Sold (Public Records) $41,500 Public Records

Property tax history

+15.8%/yr

Latest (2025): $1,666 · -3.8% YoY. Source: county tax records.