120 Wettaw Ln #210 · North Palm Beach, FL 33408

$275,000

2 bd · 2.0 ba · 962 sqft · Condo public records · 245 Days on market

Built 1968 $761/mo HOA · 20% 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 +24.7/30.0
• 1% rule +8.6/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Waterfront Condo - A Boater's Dream! Welcome to this beautifully located 2nd-floor condo in highly desirable North Palm Beach, just minutes from top restaurants and shopping, The Gardens Mall, Downtown at the Gardens, and much more. Enjoy direct ocean-access waterways right outside your door—perfect for boating enthusiasts. This spacious unit offers nearly 1,000 sq. ft. of comfortable living space, featuring: * A large, screened balcony with stunning waterway views * In-unit washer and dryer for convenience * Opportunity for boat dock space at $2 per foot per month exclusive to condo owners • All ages welcome community Live the coastal lifestyle you've always wanted boating,

Key facts

• Waterfront condo
• $761 HOA
• Community pool

Tags

• WATERFRONT CONDO
• DIRECT OCEAN-ACCESS WATERWAYS
• LARGE SCREENED BALCONY
• STUNNING WATERWAY VIEWS
• IN-UNIT WASHER AND DRYER

Property features AI

Finance

• Other: Pets allowed (restrictions and limits may apply)
• HOA & community: Monthly HOA covers cable TV, insurance, grounds maintenance, pest control, trash, and common areas; Association amenities include boating, parking, and a pool; HOA fee is paid monthly

Exterior

• Parking: Assigned parking; Guest parking; Open parking
• Security: Fire sprinkler system
• Utilities: Public water; Public sewer; Three-phase electric; Cable connected
• Home design: Condominium; 2-story building; Faces north; Resale condition
• Construction: Concrete/Stucco/CBS construction
• Exterior features: Ocean access and intracoastal waterfront

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heating; Central electric air conditioning
• Interior features: Built-in features; Walk-in closets
• Laundry & utility: Inside laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $506 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#184 in FL, #2,894 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• 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: Lake Park Elementary School (math 57% / reading 62%, grade B-, #690 of 2,144 statewide, top 34%, 389 students, 83% FRL); Howell L. Watkins Middle School (math 18% / reading 33%, grade F, #512 of 571 statewide, top 90%, 794 students, 76% FRL); Palm Beach Gardens High School (math 19% / reading 40%, grade F, #447 of 667 statewide, top 68%, 2,570 students, 61% FRL) — zoned schools average 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 400 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $3,727/mo this rent would consume 49% of the median local household income ($92k/yr) (locally 835% 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 $2k of loan paydown is wiped out by about $8k 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 245 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $66k; list at $275k implies a 317% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 20% of rent.
• Climate carrying-cost: major flood risk; 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 $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 245 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 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 8.79%
• Cash-on-cash: 8.92%
• DSCR: 1.40
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.27% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.72×
• Total profit: $-21,914
• Equity at exit: $41,003

10-year hold

• IRR: -3.4%
• Equity multiple: 0.81×
• Total profit: $-14,734
• Equity at exit: $23,777

Cash invested: $77,000 (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 33408

• Rents YoY: 0.3%
• Active inventory: 400
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,727 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$54 /mo · $652/yr
• Insurance: −$115
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$761
• Vacancy / Maint / Mgmt: −$783
• Net cashflow: $506

Break-even live

Break-even rent $3,087

Max offer price $275,000

Occupancy floor 81%

Sensitivity live

Price	-10% $662	-5% $584	+0% $506	+5% $428	+10% $350
Rent	-10% $212	-5% $359	+0% $506	+5% $653	+10% $800
Rate	-1.0pp $644	-0.5pp $576	base $506	+0.5pp $435	+1.0pp $362

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 Lake Shore Dr Lake Park, FL	1.0–2.0	1.0–2.0	1066	$3,731	$3.50	2d	9	0.26mi
522 Eastwind Dr North Palm Beach, FL	2.0	2.0	948	$3,995	$4.21	24d	1	0.57mi
524 Eastwind Dr Unit 524 North Palm Beach, FL	2.0	1.0	774	$3,995	$5.16	24d	1	0.57mi
526 Eastwind Dr Unit 526 North Palm Beach, FL	2.0	1.0	840	$3,995	$4.76	24d	1	0.58mi
220 Lake Shore Dr Lake Park, FL	1.0–3.0	1.5–3.5	1575	$14,498	$9.20	5d	18	0.75mi
308 Southwind Ct Unit 8 North Palm Beach, FL	2.0	2.0	1100	$2,900	$2.64	24d	1	0.84mi
624 Southwind Cir #2 North Palm Beach, FL	2.0	2.0	718	$3,750	$5.22	24d	1	0.95mi
5400 N Ocean Dr Riviera Beach, FL	1.0–2.0	1.0–2.0	1300	$6,500	$5.00	22d	3	1.17mi
1025 Sugar Sands Blvd #159 Riviera Beach, FL	1.0	1.0	987	$4,200	$4.26	24d	1	1.27mi
410 Wilma Cir #103 Riviera Beach, FL	2.0	2.0	1056	$4,000	$3.79	15d	1	1.28mi
400 Wilma Cir #309 Riviera Beach, FL	1.0	1.0	818	$4,000	$4.89	5d	1	1.29mi
901 W 37th St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	24d	1	1.30mi
2545 Conroy Dr West Palm Beach, FL	3.0	2.0	1066	$3,295	$3.09	24d	1	1.40mi

HOA detail condo

• Monthly dues: $761 · $9,132/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $275,000 Active 245 DOM
2. 2026-06-17
   days on market $275,000 Active 244 DOM
3. 2026-06-16
   days on market $275,000 Active 243 DOM
4. 2026-06-15
   days on market $275,000 Active 242 DOM
5. 2026-06-13
   pricedays on market $275,000 Active 240 DOM
6. 2026-06-09
   days on market $279,000 Active 236 DOM
7. 2026-06-07
   days on market $279,000 Active 234 DOM
8. 2026-06-04
   days on market $279,000 Active 231 DOM
9. 2026-06-03
   days on market $279,000 Active 230 DOM
10. 2026-06-01
    days on market $279,000 Active 228 DOM
11. 2026-05-31
    days on market $279,000 Active 227 DOM
12. 2026-05-12
    price $279,000
13. 2026-04-22
    price $289,999
14. 2026-03-19
    price $295,000
15. 2026-03-02
    price $299,000
16. 2025-10-16
    listed $300,000 Active
17. 1987-03-01
    soldstatus $66,000

ⓘ 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: $652 · $54/mo
• Projected year-2 tax: $2,282 · $190/mo
• Expected delta: +$1,631/yr (+$136/mo · 250.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 81% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,726
• − Mortgage interest: −$15,404
• − Property taxes: −$652
• − Insurance: −$2,172
• − Repairs & maintenance: −$3,578
• − Management: −$3,578
• − HOA: −$9,132
• − Depreciation: −$8,000
• Taxable income: $2,210
• Est. tax owed @ 24.0%: −$530
• After-tax cash flow: $5,542/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 — North Palm Beach

• Score: 77/100
• State rank: #184
• US rank: #2894

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 18,817
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 18,817
• Household income: $92,216
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 835.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 7% Black 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 4% Slovak 3% Romanian 3%
• Foreign-born: 11% · Canada, Jamaica, Guatemala
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 1% French/Haitian/Cajun 1%

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: ▼ -223.14%
• Current HPI: 365.2913
• Rent YoY: ▲ 0.27%
• 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

+322.7% since first listed

6 events — show timeline

• 2026-05-12 Price Changed $279,000 Beaches MLS
• 2026-04-22 Price Changed $289,999 Beaches MLS
• 2026-03-19 Price Changed $295,000 Beaches MLS
• 2026-03-02 Price Changed $299,000 Beaches MLS
• 2025-10-16 Listed $300,000 Beaches MLS
• 1987-03-01 Sold (Public Records) $66,000 Public Records

Property tax history

-1.7%/yr

Latest (2025): $652 · +7.8% YoY. Source: county tax records.