204 Burgundy E #204 · Delray Beach, FL 33484

$100,000

2 bd · 2.0 ba · 907 sqft · Condo · 99 Days on market

Built 1979 $797/mo HOA · 39% 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 +21.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 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

This clean and bright 1st floor corner unit 2 bedroom 2 bathroom with water view condo is offered fully furnished. The condo has complete hurricane windows, tile through out, freshly painted, updated, with all new blinds, new refrigerator and stove and AC unit 2019, full washer and dryer and a nice enclosed patio. The condo is in a great location just steps to the brand new pool.

Key facts

• Tile floors
• Patio
• Water view

Tags

• IMPACT WINDOWS
• WATER VIEW
• TILE FLOORS
• FULL-SIZE WASHER DRYER
• PATIO
• COMMUNITY POOLS

Property features AI

Finance

• Other: Senior community
• HOA & community: Has association; Monthly HOA fee; Association amenities include basketball court, billiard room, clubhouse, fitness center, pool, courtesy bus, pickleball court(s), and maintenance; HOA covers insurance, structure maintenance, and roof repairs

Exterior

• Parking: Assigned parking; Guest parking
• Security: Security guard
• Utilities: Cable available
• Home design: Condominium; First floor entry; First floor corner unit; 2-story building; Resale
• Construction: Block construction
• Exterior features: Screened porch; Patio; Porch; Not waterfront

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heating; Central air; Ceiling fan(s); Electric cooling
• Interior features: Walk-in closet(s)
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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.
• 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 $691 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.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask is 5614% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 39% 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 $91,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% 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. 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: 2.06% ✓
• Cap rate: 7.99%
• Cash-on-cash: 6.05%
• DSCR: 1.27
• GRM: 4.0

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: -3.7%
• Equity multiple: 0.86×
• Total profit: $-3,999
• Equity at exit: $14,910

10-year hold

• IRR: 8.9%
• Equity multiple: 1.77×
• Total profit: $21,545
• Equity at exit: $8,646

Cash invested: $28,000 (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: 4.0×

Monthly cashflow live

• Estimated rent: $2,062 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$797
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $141

Break-even live

Break-even rent $1,884

Max offer price $100,000

Occupancy floor 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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 Burgundy N Unit I Delray Beach, FL	1.0	1.5	760	$2,100	$2.76	24d	1	0.03mi
767 Burgundy P Delray Beach, FL	2.0	2.0	902	$1,550	$1.72	24d	1	0.04mi
599 Burgundy M Delray Beach, FL	3.0	2.0	1097	$2,100	$1.91	3d	1	0.04mi
519 Burgundy K Delray Beach, FL	1.0	1.5	760	$2,400	$3.16	24d	1	0.04mi
313 Burgundy G Delray Beach, FL	2.0	2.0	907	$2,050	$2.26	24d	1	0.04mi
548 Burgundy L Delray Beach, FL	2.0	2.0	902	$1,900	$2.11	7d	1	0.04mi
812 Burgundy Q Delray Beach, FL	2.0	2.0	907	$1,799	$1.98	24d	1	0.05mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	15d	1	0.08mi
998 Normandy Trl Unit 998 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.08mi
949 Normandy Trl Unit 949 Delray Beach, FL	2.0	2.0	907	$3,500	$3.86	24d	1	0.17mi
542 Normandy Ln Unit 542 Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.18mi
930 Normandy T Delray Beach, FL	1.0	1.5	760	$2,800	$3.68	7d	1	0.19mi
5220 Las Verdes Cir #101 Delray Beach, FL	2.0	2.0	876	$1,950	$2.23	5d	1	0.23mi
481 Burgundy K Delray Beach, FL	2.0	2.0	902	$1,700	$1.88	24d	1	0.24mi
5220 Las Verdes Cir Delray Beach, FL	2.0	2.0	963	$1,825	$1.90	22d	2	0.24mi
5190 Las Verdes Cir #315 Delray Beach, FL	2.0	2.0	930	$2,000	$2.15	7d	1	0.25mi
468 Capri J Delray Beach, FL	2.0	2.0	910	$1,400	$1.54	24d	1	0.25mi
66 Capri B #66 Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	18d	1	0.26mi
452 Normandy J Unit J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.27mi
452 Normandy J Delray Beach, FL	2.0	2.0	907	$1,600	$1.76	24d	1	0.27mi
5299 Copperleaf Cir Delray Beach, FL	2.0	2.0	1070	$2,000	$1.87	24d	1	0.28mi
66 Capri B Unit B Delray Beach, FL	2.0	2.0	910	$2,000	$2.20	14d	1	0.30mi
115 Capri B Unit 115 Delray Beach, FL	2.0	2.0	1044	$2,000	$1.92	24d	1	0.30mi
595 Normandy M Delray Beach, FL	2.0	2.0	907	$1,750	$1.93	24d	1	0.31mi
15235 Lakes of Delray Blvd #299 Delray Beach, FL	2.0	2.0	900	$1,975	$2.19	18d	1	0.32mi
207 Capri E #207 Delray Beach, FL	2.0	2.0	910	$1,700	$1.87	7d	1	0.34mi
509 Capri Dr Unit 509 Delray Beach, FL	2.0	2.0	910	$2,500	$2.75	2d	1	0.35mi
507 Capri Dr Delray Beach, FL	2.0	2.0	910	$2,200	$2.42	24d	1	0.35mi
98 Capri C Delray Beach, FL	1.0	1.5	795	$1,695	$2.13	24d	1	0.35mi
39 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,400	$1.55	24d	1	0.36mi
5130 Las Verdes Cir #101 Delray Beach, FL	2.0	2.0	1030	$1,825	$1.77	24d	1	0.36mi
29 Burgundy a Delray Beach, FL	2.0	2.0	902	$1,800	$2.00	24d	1	0.38mi
5310 Las Verdes Cir #106 Delray Beach, FL	2.0	2.0	1050	$1,900	$1.81	24d	1	0.38mi
974 Normandy Trl #974 Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	24d	1	0.39mi
522 Capri K Unit K Delray Beach, FL	1.0	1.5	730	$1,350	$1.85	24d	1	0.41mi
794 Normandy Q Delray Beach, FL	2.0	2.0	907	$1,800	$1.98	17d	1	0.43mi
15109 Ashland Dr #323 Delray Beach, FL	2.0	2.0	998	$3,500	$3.51	24d	1	0.44mi
556 Capri L Unit L Delray Beach, FL	2.0	2.0	910	$1,575	$1.73	24d	1	0.45mi
120 Normandy C Delray Beach, FL	1.0	1.5	760	$1,495	$1.97	7d	1	0.45mi
560 Capri Ln Delray Beach, FL	1.0	1.5	760	$1,500	$1.97	24d	1	0.45mi

HOA detail condo

• Monthly dues: $797 · $9,564/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $100,000 Active 99 DOM
2. 2026-06-17
   pricedays on market $100,000 Active 98 DOM
3. 2026-06-16
   days on market $104,995 Active 97 DOM
4. 2026-06-15
   days on market $104,995 Active 96 DOM
5. 2026-06-13
   days on market $104,995 Active 94 DOM
6. 2026-06-09
   days on market $104,995 Active 90 DOM
7. 2026-06-08
   days on market $104,995 Active 89 DOM
8. 2026-06-07
   days on market $104,995 Active 88 DOM
9. 2026-06-04
   days on market $104,995 Active 85 DOM
10. 2026-06-03
    days on market $104,995 Active 84 DOM
11. 2026-06-02
    days on market $104,995 Active 83 DOM
12. 2026-06-01
    days on market $104,995 Active 82 DOM
13. 2026-05-31
    days on market $104,995 Active 81 DOM
14. 2026-01-16
    historical $1,750
15. 2025-06-12
    listed $1,750
16. 2025-01-18
    listed $104,995 Active
17. 2023-11-01
    historical Active Under Contract 382-char remark

    Show marketing remark (382 chars)

    This clean and bright 1st floor corner unit 2 bedroom 2 bathroom with water view condo is offered fully furnished. The condo has complete hurricane windows, tile through out, freshly painted, updated, with all new blinds, new refrigerator and stove and AC unit 2019, full washer and dryer and a nice enclosed patio. The condo is in a great location just steps to the brand new pool.

18. 2023-10-29
    soldstatus $152,500 Closed 382-char remark

    Show marketing remark (382 chars)

    This clean and bright 1st floor corner unit 2 bedroom 2 bathroom with water view condo is offered fully furnished. The condo has complete hurricane windows, tile through out, freshly painted, updated, with all new blinds, new refrigerator and stove and AC unit 2019, full washer and dryer and a nice enclosed patio. The condo is in a great location just steps to the brand new pool.

19. 2023-10-17
    listed $160,000 Active 382-char remark

    Show marketing remark (382 chars)

    This clean and bright 1st floor corner unit 2 bedroom 2 bathroom with water view condo is offered fully furnished. The condo has complete hurricane windows, tile through out, freshly painted, updated, with all new blinds, new refrigerator and stove and AC unit 2019, full washer and dryer and a nice enclosed patio. The condo is in a great location just steps to the brand new pool.

20. 2023-08-02
    historical
21. 2023-06-23
    price $165,000
22. 2023-04-07
    price $185,000
23. 2023-03-05
    price $195,000
24. 2023-02-01
    listed $212,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $24,749
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$1,980
• − Management: −$1,980
• − HOA: −$9,564
• − Depreciation: −$2,909
• Taxable income: $714
• Est. tax owed @ 24.0%: −$171
• After-tax cash flow: $1,523/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

-99.2% since first listed

11 events — show timeline

• 2026-01-16 Rental Removed $1,750 GFLMLS
• 2025-06-12 Listed for Rent $1,750 GFLMLS
• 2025-01-18 Listed $104,995 Beaches MLS
• 2023-11-01 Contingent — Beaches MLS
• 2023-10-29 Sold (MLS) $152,500 Beaches MLS
• 2023-10-17 Listed $160,000 Beaches MLS
• 2023-08-02 Listing Removed — Beaches MLS
• 2023-06-23 Price Changed $165,000 Beaches MLS
• 2023-04-07 Price Changed $185,000 Beaches MLS
• 2023-03-05 Price Changed $195,000 Beaches MLS
• 2023-02-01 Listed $212,000 Beaches MLS