1208 Marine Way #108 · North Palm Beach, FL 33408

$209,000

2 bd · 2.0 ba · 1,028 sqft · Condo public records · 54 Days on market

Built 1971 $999/mo HOA · 26% of rent

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Why this score? — see what drove the B- 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 +25.8/30.0
• 1% rule +10.0/10.0
• DSCR +8.6/10.0
• 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

Enjoy the Best of Florida Living in this 2 bedroom 2 bath condo perfectly situated along the Intracoastal in North Palm Beach. This unit offers a rare chance to own waterfront property at an exceptional value! This condo is in original condition providing a blank canvas for buyers to renovate, customize or invest. This unit offers incredible potential in a highly desirable location.

Key facts

• Original condition
• Waterfront property
• $999 HOA

Tags

• WATERFRONT PROPERTY
• ORIGINAL CONDITION
• HIGHLY DESIRABLE LOCATION

Property features AI

Finance

• HOA & community: Association with on-site management; Pool; Elevator; Parking managed by association; Quarterly HOA fees; HOA covers cable TV, grounds maintenance, security, sewer, trash, water, elevator service, and pool service; Pets allowed (with size limit)

Exterior

• Parking: One parking space; No carport
• Security: Gated community; On-site manager; Security provided by association
• Utilities: Public water; Public sewer; Cable available; Electricity available; Phone available
• Home design: Condominium; One level; Faces south
• Construction: Concrete construction; Flat roof; Building with 12 total stories; Resale condition
• Exterior features: Waterfront property

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: One main-level bedroom
• Flooring: Ceramic tile
• Bathrooms: Two full bathrooms (one on the main level)
• Heating & cooling: Individual central heating; Central air conditioning
• Interior features: Bedroom layout with stacked beds
• Laundry & utility: Laundry in common area; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $209k.

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 $209k).
• Recommended offer: $203k (3.0% 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: 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 69% FRL vs 52% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 50% district-wide (-22 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 403 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $3,872/mo this rent would consume 50% 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 $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 54 days — a 3% lower offer ($203k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $209k implies a 179% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — 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 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?
7. 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.
8. 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.
9. 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: 1.85% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 4.5

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: -5.4%
• Equity multiple: 0.81×
• Total profit: $-11,285
• Equity at exit: $31,163

10-year hold

• IRR: -1.7%
• Equity multiple: 0.90×
• Total profit: $-5,592
• Equity at exit: $18,071

Cash invested: $58,520 (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: 403
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $3,872 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$372 /mo · $4,459/yr
• Insurance: −$87
• HOA: −$999
• Vacancy / Maint / Mgmt: −$813
• Net cashflow: $506

Break-even live

Break-even rent $3,233

Max offer price $209,000

Occupancy floor 82%

Sensitivity live

Price	-10% $624	-5% $565	+0% $506	+5% $446	+10% $387
Rent	-10% $200	-5% $353	+0% $506	+5% $658	+10% $811
Rate	-1.0pp $611	-0.5pp $559	base $506	+0.5pp $451	+1.0pp $396

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
134 Lakeshore Dr Unit T13 North Palm Beach, FL	2.0	2.0	1244	$3,250	$2.61	25d	1	0.10mi
136 Lakeshore Dr North Palm Beach, FL	2.0	2.0	1244	$4,000	$3.22	5d	1	0.15mi
130 Lakeshore Dr #923 North Palm Beach, FL	2.0	2.0	1244	$3,300	$2.65	25d	1	0.15mi
132 Lakeshore Dr #1118 North Palm Beach, FL	3.0	2.5	1498	$6,450	$4.31	25d	1	0.15mi
124 Lakeshore Dr #4280 North Palm Beach, FL	2.0	2.0	1422	$3,750	$2.64	21d	1	0.27mi
126 Lakeshore Dr Unit 927 North Palm Beach, FL	2.0	2.0	1422	$3,250	$2.29	25d	1	0.27mi
1660 Twelve Oaks Way #203 North Palm Beach, FL	2.0	2.0	1492	$7,500	$5.03	20d	1	0.34mi
20 Yacht Club Dr #405 North Palm Beach, FL	2.0	2.0	1010	$3,000	$2.97	25d	1	0.48mi
29 Yacht Club Dr #306 North Palm Beach, FL	2.0	2.0	1200	$3,000	$2.50	3d	1	0.51mi
2100 PGA Blvd Palm Beach Gardens, FL	1.0–2.0	1.0–2.0	983	$3,113	$3.17	0d	9	0.55mi
11521 Landing Pl Unit E1 North Palm Beach, FL	2.0	2.0	1130	$7,000	$6.19	25d	1	0.58mi
52 Yacht Club Dr #308 North Palm Beach, FL	2.0	2.0	1130	$3,800	$3.36	13d	1	0.60mi
52 Yacht Club Dr North Palm Beach, FL	2.0	2.0	1130	$3,375	$2.99	18d	2	0.60mi
60 Yacht Club Dr #405 North Palm Beach, FL	2.0	2.0	1423	$3,100	$2.18	19d	1	0.65mi
700 Sanctuary Cove Dr West Palm Beach, FL	1.0–3.0	1.0–2.0	1120	$2,584	$2.31	0d	55	0.76mi
2396 Easy St Unit A Palm Beach Gardens, FL	2.0	1.0	948	$3,500	$3.69	25d	1	0.83mi
1718 Ridge Rd North Palm Beach, FL	2.0	2.0	900	$2,950	$3.28	25d	1	1.08mi
2395 Idlewild Rd Palm Beach Gardens, FL	3.0	2.0	1476	$4,500	$3.05	23d	1	1.11mi
2539 Wabash Dr West Palm Beach, FL	3.0	2.5	1468	$5,500	$3.75	25d	1	1.24mi
2388 S Wallen Dr West Palm Beach, FL	3.0	2.0	1296	$4,500	$3.47	25d	1	1.26mi
12155 US Highway 1 North Palm Beach, FL	1.0–3.0	1.0–2.0	1297	$3,568	$2.75	2d	23	1.28mi
1869 Circle Dr North Palm Beach, FL	2.0	2.0	1216	$3,400	$2.80	13d	1	1.34mi
429 Inlet Rd North Palm Beach, FL	3.0	2.5	1452	$6,500	$4.48	25d	1	1.38mi
49 Uno Lago Dr Juno Beach, FL	2.0	2.5	1494	$5,500	$3.68	25d	1	1.42mi

HOA detail condo

• Monthly dues: $999 · $11,988/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $209,000 Active 54 DOM
2. 2026-06-18
   days on market $209,000 Active 51 DOM
3. 2026-06-17
   days on market $209,000 Active 50 DOM
4. 2026-06-16
   days on market $209,000 Active 49 DOM
5. 2026-06-15
   days on market $209,000 Active 48 DOM
6. 2026-06-13
   days on market $209,000 Active 46 DOM
7. 2026-06-10
   price $209,000 Active 42 DOM
8. 2026-06-09
   days on market $219,000 Active 42 DOM
9. 2026-06-08
   days on market $219,000 Active 41 DOM
10. 2026-06-07
    days on market $219,000 Active 40 DOM
11. 2026-06-04
    days on market $219,000 Active 37 DOM
12. 2026-06-03
    days on market $219,000 Active 36 DOM
13. 2026-06-02
    days on market $219,000 Active 35 DOM
14. 2026-06-02
    price $219,000 Active 34 DOM
15. 2026-06-01
    days on market $229,000 Active 34 DOM
16. 2026-05-31
    days on market $229,000 Active 33 DOM
17. 2026-05-22
    price $229,000
18. 2026-04-26
    listed $239,000 Active
19. 1993-10-01
    soldstatus $75,000
20. 1986-05-01
    soldstatus $80,000

ⓘ 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: $4,459 · $372/mo
• Projected year-2 tax: $4,459 · $372/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 6/10 Major FEMA zone X (shaded) · 67% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 25 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: $46,469
• − Mortgage interest: −$11,707
• − Property taxes: −$4,459
• − Insurance: −$1,045
• − Repairs & maintenance: −$3,718
• − Management: −$3,718
• − HOA: −$11,988
• − Depreciation: −$6,080
• Taxable income: $3,755
• Est. tax owed @ 24.0%: −$901
• After-tax cash flow: $5,165/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

+186.2% since first listed

4 events — show timeline

• 2026-05-22 Price Changed $229,000 Beaches MLS
• 2026-04-26 Listed $239,000 Beaches MLS
• 1993-10-01 Sold (Public Records) $75,000 Public Records
• 1986-05-01 Sold (Public Records) $80,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $4,459 · -12.8% YoY. Source: county tax records.