4151 San Marino Blvd #207 · West Palm Beach, FL 33409

$215,000

3 bd · 2.0 ba · 1,300 sqft · Condo public records · 25 Days on market

Built 2002 $698/mo HOA · 22% of rent ↓ 4% since listing

---

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 +17.9/30.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! BEAUTIFULLY RENOVATED 3 BED 2 BATH UNIT WITH STAINLESS STEEL KITCHEN APPLIANCES AND WASHER AND DRYER. VAULTED CEILINGS, OPEN BALCONY, VERY ROOMY! COMMUNITY OFFERS CLUBHOUSE, LARGE POOL, FITNESS GYM, PLAYGROUND AND MORE! UNIT SOLD AS-IS.

Key facts

• Tennis courts
• Resort like pool
• Gym

Tags

• RECENTLY REPLACED ROOFS
• RESORT LIKE POOL
• INDOOR BASKETBALL COURT
• GYM
• TENNIS COURTS
• GAMES ROOM

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly HOA fee; HOA covers amenities, common areas, cable TV, hot water, grounds maintenance, structure maintenance, parking, pool(s), reserve fund, roof, sewer, and security; Community amenities include clubhouse, fitness center, basketball court, tennis courts, playground, barbecue/picnic area, pool and spa/hot tub

Exterior

• Parking: Guest parking available; On-street parking; Multiple parking spaces
• Security: Gated/guarded community features
• Utilities: Cable available
• Home design: Attached property; 3-story building; Entry on level 2
• Construction: Block construction; Effective year built
• Exterior features: Open balcony; Association pool; Exterior lighting; Complex is fenced; Security guard on site

Interior

• Kitchen: Electric range; Dishwasher; Garbage disposal; Refrigerator
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Electric cooling; Ceiling fans
• Interior features: Second-floor entry; Combined living and dining area
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.8% in West Palm 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 82/100 on livability (#75 in FL, #1,255 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, crime 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 soft (-0.1%/yr); 193 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• At $3,146/mo this rent would consume 56% of the median local household income ($67k/yr) (locally 1333% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 25 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $142k; list at $215k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,775 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 1.46% ✓
• Cap rate: 7.30%
• Cash-on-cash: 3.58%
• DSCR: 1.16
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.47×
• Total profit: $-32,069
• Equity at exit: $32,057

10-year hold

• IRR: -17.9%
• Equity multiple: 0.23×
• Total profit: $-46,589
• Equity at exit: $18,589

Cash invested: $60,200 (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 33409

• Home prices YoY: -25.6%
• Rents YoY: -0.1%
• Active inventory: 193
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,146 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$391 /mo · $4,691/yr
• Insurance: −$90
• HOA: −$698
• Vacancy / Maint / Mgmt: −$661
• Net cashflow: $180

Break-even live

Break-even rent $2,919

Max offer price $215,000

Occupancy floor 89%

Sensitivity live

Price	-10% $301	-5% $240	+0% $180	+5% $119	+10% $58
Rent	-10% $-69	-5% $55	+0% $180	+5% $304	+10% $428
Rate	-1.0pp $288	-0.5pp $234	base $180	+0.5pp $124	+1.0pp $67

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4567 Brook Dr West Palm Beach, FL	3.0	2.0	1528	$3,000	$1.96	25d	1	0.19mi
4400 Portofino Way West Palm Beach, FL	1.0–3.0	1.0–2.0	1222	$3,108	$2.54	18d	60	0.21mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	23d	1	0.31mi
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	25d	1	0.32mi
4543 Tara Cove Way West Palm Beach, FL	3.0	2.5	1807	$3,000	$1.66	0d	1	0.65mi
1211 Pine Sage Cir West Palm Beach, FL	3.0	2.0	1367	$3,200	$2.34	6d	1	0.81mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,000	$1.99	8d	1	1.09mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,150	$2.09	15d	1	1.09mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	25d	1	1.26mi
2480 Presidential Way #902 West Palm Beach, FL	2.0	2.0	1855	$4,650	$2.51	6d	1	1.29mi
2480 Presidential Way #1903 West Palm Beach, FL	2.0	2.0	1855	$4,650	$2.51	25d	1	1.29mi
2450 Presidential Way #7 West Palm Beach, FL	2.0	2.0	1855	$4,700	$2.53	3d	1	1.33mi
2450 Presidential Way #7 West Palm Beach, FL	2.0	2.0	1855	$4,700	$2.53	25d	1	1.33mi
3590 Village Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1074	$3,295	$3.07	0d	30	1.40mi
2425 Presidential Way West Palm Beach, FL	2.0	2.0	1294	$4,500	$3.48	25d	1	1.42mi
2820 Tennis Club Dr #408 West Palm Beach, FL	3.0	2.0	1610	$3,800	$2.36	25d	1	1.47mi

HOA detail condo

• Monthly dues: $698 · $8,376/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-21
   days on market $215,000 Active 25 DOM
2. 2026-06-18
   days on market $215,000 Active 22 DOM
3. 2026-06-17
   days on market $215,000 Active 21 DOM
4. 2026-06-16
   days on market $215,000 Active 20 DOM
5. 2026-06-15
   days on market $215,000 Active 19 DOM
6. 2026-06-13
   days on market $215,000 Active 17 DOM
7. 2026-06-09
   days on market $215,000 Active 13 DOM
8. 2026-06-08
   days on market $215,000 Active 12 DOM
9. 2026-06-07
   days on market $215,000 Active 11 DOM
10. 2026-06-04
    days on market $215,000 Active 8 DOM
11. 2026-06-03
    days on market $215,000 Active 7 DOM
12. 2026-06-02
    days on market $215,000 Active 6 DOM
13. 2026-06-01
    days on market $215,000 Active 5 DOM
14. 2026-05-31
    days on market $215,000 Active 4 DOM
15. 2026-05-24
    listed $215,000 Active
16. 2025-10-17
    historical $2,125
17. 2025-08-29
    price $2,125
18. 2025-05-21
    listed $2,150
19. 2024-12-17
    historical $2,150
20. 2024-11-27
    price $2,150
21. 2024-11-14
    price $2,200
22. 2024-10-07
    listed $2,300
23. 2024-04-30
    historical $2,200
24. 2024-04-15
    listed $2,200
25. 2021-03-15
    soldstatus $142,000 Closed 291-char remark

    Show marketing remark (291 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! BEAUTIFULLY RENOVATED 3 BED 2 BATH UNIT WITH STAINLESS STEEL KITCHEN APPLIANCES AND WASHER AND DRYER. VAULTED CEILINGS, OPEN BALCONY, VERY ROOMY! COMMUNITY OFFERS CLUBHOUSE, LARGE POOL, FITNESS GYM, PLAYGROUND AND MORE! UNIT SOLD AS-IS.

26. 2021-02-11
    status Pending 291-char remark

    Show marketing remark (291 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! BEAUTIFULLY RENOVATED 3 BED 2 BATH UNIT WITH STAINLESS STEEL KITCHEN APPLIANCES AND WASHER AND DRYER. VAULTED CEILINGS, OPEN BALCONY, VERY ROOMY! COMMUNITY OFFERS CLUBHOUSE, LARGE POOL, FITNESS GYM, PLAYGROUND AND MORE! UNIT SOLD AS-IS.

27. 2021-01-28
    listed $145,000 Active 291-char remark

    Show marketing remark (291 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! BEAUTIFULLY RENOVATED 3 BED 2 BATH UNIT WITH STAINLESS STEEL KITCHEN APPLIANCES AND WASHER AND DRYER. VAULTED CEILINGS, OPEN BALCONY, VERY ROOMY! COMMUNITY OFFERS CLUBHOUSE, LARGE POOL, FITNESS GYM, PLAYGROUND AND MORE! UNIT SOLD AS-IS.

28. 2014-06-25
    soldstatus $130,000
29. 2014-06-09
    soldstatus $90,000
30. 2013-09-21
    historical
31. 2011-06-20
    soldstatus $50,000
32. 2011-06-14
    soldstatus $50,000
33. 2011-05-25
    historical
34. 2010-09-09
    listed $48,000
35. 2006-05-05
    listed $225,000

ⓘ 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: $4,691 · $391/mo
• Projected year-2 tax: $4,691 · $391/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 ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,756
• − Mortgage interest: −$12,043
• − Property taxes: −$4,691
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,020
• − Management: −$3,020
• − HOA: −$8,376
• − Depreciation: −$6,255
• Taxable loss: −$725
• Est. tax savings @ 24.0%: +$174
• After-tax cash flow: $2,329/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 — West Palm Beach

• Score: 82/100
• State rank: #75
• US rank: #1255

Category grades

Amenities A- Commute A+ Cost of living B- Crime F Employment C- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 222,012
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,489
• Household income: $67,073
• Rent vs Own: 55.3% rent · 44.7% own
• Severe rent burden: 1333.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 36% Black 31% White 27% Two or more races 21% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 8% Dominican 1%
• Common ancestry: Hispanic 8% Romanian 1% Lithuanian 1%
• Foreign-born: 34% · Canada, Jamaica
• Languages at home: 55% English-only · Spanish 30% French/Haitian/Cajun 10% Other Indo-European 2%

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: ▼ -128.54%
• Current HPI: 374.2506
• Rent YoY: ▼ -0.15%
• 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

-4.4% since first listed

21 events — show timeline

• 2026-05-24 Listed $215,000 MARMLS
• 2025-10-17 Rental Removed $2,125 MARMLS
• 2025-08-29 Price Changed $2,125 MARMLS
• 2025-05-21 Listed for Rent $2,150 MARMLS
• 2024-12-17 Rental Removed $2,150 MARMLS
• 2024-11-27 Price Changed $2,150 MARMLS
• 2024-11-14 Price Changed $2,200 MARMLS
• 2024-10-07 Listed for Rent $2,300 MARMLS
• 2024-04-30 Rental Removed $2,200 MARMLS
• 2024-04-15 Listed for Rent $2,200 MARMLS
• 2021-03-15 Sold (MLS) $142,000 Beaches MLS
• 2021-02-11 Pending — Beaches MLS
• 2021-01-28 Listed $145,000 Beaches MLS
• 2014-06-25 Sold (Public Records) $130,000 Public Records
• 2014-06-09 Sold (Public Records) $90,000 Public Records
• 2013-09-21 Listing Removed — Beaches MLS
• 2011-06-20 Sold (Public Records) $50,000 Public Records
• 2011-06-14 Sold (MLS) $50,000 Beaches MLS
• 2011-05-25 Listing Removed — Beaches MLS
• 2010-09-09 Listed $48,000 Beaches MLS
• 2006-05-05 Listed $225,000 Beaches MLS

Property tax history

+11.0%/yr

Latest (2025): $4,691 · +12.0% YoY. Source: county tax records.