if text in column a is "X" then apply numeric value to column b..help?

Hello! I apologize in advance as I'm sure this is super simple, but for some reason I'm having a hard time and frankly have spent too much time (staring at it, searching formulas, trying+ failing etc ;)) when I'm sure you smarties can help! 

What I'm trying to do: if text (a specific text/phrase from a dropdown option)  in column A is X then apply numeric value (dollar amount) to column B 

In this sheet, if PROPERTY column is "5222 Kentucky" then apply $200 to column PAYOUT  ..of that same row *or "200" as the column is set up already as currency 

*In addition there are multiple PROPERTY values to select from the drop down (5222 Kentucky, 1105 49th, 921 South ..etc) and each one will have a specific # (dollar amount) to be applied to PAYOUT column.

5222 Kentucky = $200 

1105 49th = $150 

921 South = $220  ..etc. etc. 

Is there a way to set this up so when I type 522..and it auto populates from the drop down PROPERTY column to read "5222 Kentucky" that it then automatically adds "$200" to the PAYOUT column? 

..aka it's annoying to type every payout amount to each property when it's the same every time. 

Hopefully this makes sense and again thank you for any assistance! :) 

Sheet Set up.png

PROPERTY column Dropdown Ex.png



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