4180 San Marino Blvd #106 · West Palm Beach, FL 33409

$208,000

2 bd · 2.0 ba · 1,060 sqft · Condo public records · 125 Days on market

Built 2002 $569/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 +17.7/30.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 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

This beautifully maintained 2-bedroom, 2-bath split-plan condo is located in the sought-after gated community of Emerald Isles. Featuring an upgraded kitchen with stainless steel appliances, and laminate/tile floors throughout, this home is in pristine condition. Enjoy peaceful, wrap-around lakefront views right outside your door, along with resort-style amenities including a designer pool and clubhouse. The central location provides easy access to schools, shopping, dining, and is just minutes from I-95 and the Turnpike. Ideal for both comfortable living or as an investment property. Don’t miss this opportunity!----------UNIT RENTED TILL 12/31/2026, PAYS $1,900.00 PER MONTH - TENANT

Key facts

• Gated community
• Upgraded kitchen
• Designer pool

Tags

• GATED COMMUNITY
• UPGRADED KITCHEN
• STAINLESS STEEL APPLIANCES
• WRAP-AROUND LAKEFRONT VIEWS
• RESORT-STYLE AMENITIES
• DESIGNER POOL

Property features AI

Finance

• Financial info: Pets allowed with size limit (maximum 20 lbs)
• HOA & community: Monthly association fee; Association fee covers sewer, security, trash and water

Exterior

• Parking: One parking space
• Home design: Attached property; 3-story building; Entry on level 1
• Construction: Block construction; Resale property
• Exterior features: Lakefront property; Waterfront

Interior

• Kitchen: Dishwasher; Refrigerator
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Unfurnished; Other interior features

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $208k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $208k).
• Recommended offer: $183k (12.0% 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; 10 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 $2,846/mo this rent would consume 51% 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 125 days — a 12% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y 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 $140k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $183,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.37% ✓
• Cap rate: 7.25%
• Cash-on-cash: 3.42%
• DSCR: 1.15
• GRM: 6.1

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: $-31,033
• Equity at exit: $31,013

10-year hold

• IRR: -16.9%
• Equity multiple: 0.25×
• Total profit: $-43,860
• Equity at exit: $17,984

Cash invested: $58,240 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,846 high
• Mortgage (P&I): −$1,091
• Tax from tax record: −$336 /mo · $4,035/yr
• Insurance: −$87
• HOA: −$569
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $166

Break-even live

Break-even rent $2,636

Max offer price $208,000

Occupancy floor 89%

Sensitivity live

Price	-10% $284	-5% $225	+0% $166	+5% $107	+10% $48
Rent	-10% $-59	-5% $54	+0% $166	+5% $278	+10% $391
Rate	-1.0pp $271	-0.5pp $219	base $166	+0.5pp $112	+1.0pp $57

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: $52,000
• Closing costs: $6,240
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4400 Portofino Way West Palm Beach, FL	1.0–3.0	1.0–2.0	1222	$2,528	$2.07	18d	60	0.22mi
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	25d	1	0.29mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	23d	1	0.43mi
1211 Pine Sage Cir West Palm Beach, FL	3.0	2.0	1367	$3,200	$2.34	6d	1	0.83mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	25d	1	1.17mi
2425 Presidential Way West Palm Beach, FL	2.0	2.0	1294	$4,500	$3.48	25d	1	1.30mi
3590 Village Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1074	$2,785	$2.59	0d	30	1.32mi
2400 Presidential Way #1906 West Palm Beach, FL	1.0	2.0	1294	$3,000	$2.32	25d	1	1.34mi
1991 Presidential Way West Palm Beach, FL	3.0	2.0	1485	$4,905	$3.30	17d	1	1.41mi
1991 Presidential Way West Palm Beach, FL	1.0	1.0	827	$3,427	$4.14	9d	1	1.41mi

HOA detail condo

• Monthly dues: $569 · $6,828/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 36 events

1. 2026-06-21
   days on market $208,000 Active 125 DOM
2. 2026-06-18
   days on market $208,000 Active 122 DOM
3. 2026-06-17
   days on market $208,000 Active 121 DOM
4. 2026-06-16
   days on market $208,000 Active 120 DOM
5. 2026-06-15
   days on market $208,000 Active 119 DOM
6. 2026-06-13
   days on market $208,000 Active 117 DOM
7. 2026-06-09
   days on market $208,000 Active 113 DOM
8. 2026-06-07
   days on market $208,000 Active 111 DOM
9. 2026-06-04
   days on market $208,000 Active 108 DOM
10. 2026-06-03
    days on market $208,000 Active 107 DOM
11. 2026-06-01
    days on market $208,000 Active 105 DOM
12. 2026-05-31
    days on market $208,000 Active 104 DOM
13. 2026-02-16
    listed $208,000 Active
14. 2026-02-16
    historical
15. 2025-09-18
    price $208,000
16. 2025-07-31
    listed $220,000 Active
17. 2025-07-28
    historical
18. 2025-01-30
    price $220,000
19. 2025-01-30
    price $216,000
20. 2025-01-28
    listed $230,000 Active
21. 2024-12-06
    historical $1,900
22. 2024-11-26
    listed $1,900
23. 2024-11-26
    historical $1,900
24. 2024-11-26
    listed $1,900
25. 2022-03-14
    price $2,100
26. 2021-01-15
    soldstatus $140,000 Closed
27. 2020-12-11
    status Pending
28. 2020-11-19
    listed $143,000 Active
29. 2014-06-18
    soldstatus $121,000
30. 2014-01-30
    soldstatus $77,629 Closed
31. 2013-11-29
    status Pending
32. 2013-11-20
    listed $76,000 Active
33. 2008-06-13
    historical
34. 2007-12-13
    listed $142,000
35. 2007-02-08
    historical
36. 2007-01-10
    listed $205,000

ⓘ 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: $4,035 · $336/mo
• Projected year-2 tax: $4,035 · $336/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: $34,158
• − Mortgage interest: −$11,651
• − Property taxes: −$4,035
• − Insurance: −$1,040
• − Repairs & maintenance: −$2,733
• − Management: −$2,733
• − HOA: −$6,828
• − Depreciation: −$6,051
• Taxable loss: −$913
• Est. tax savings @ 24.0%: +$219
• After-tax cash flow: $2,211/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

+1.5% since first listed

24 events — show timeline

• 2026-02-16 Listing Removed — MARMLS
• 2026-02-16 Listed $208,000 MARMLS
• 2025-09-18 Price Changed $208,000 MARMLS
• 2025-07-31 Listed $220,000 MARMLS
• 2025-07-28 Listing Removed — MARMLS
• 2025-01-30 Price Changed $220,000 MARMLS
• 2025-01-30 Price Changed $216,000 MARMLS
• 2025-01-28 Listed $230,000 MARMLS
• 2024-12-06 Rental Removed $1,900 BUILDIUM
• 2024-11-26 Listed for Rent $1,900 BUILDIUM
• 2024-11-26 Rental Removed $1,900 GFLMLS
• 2024-11-26 Listed for Rent $1,900 GFLMLS
• 2022-03-14 Price Changed $2,100 RENT.
• 2021-01-15 Sold (MLS) $140,000 Beaches MLS
• 2020-12-11 Pending — Beaches MLS
• 2020-11-19 Listed $143,000 Beaches MLS
• 2014-06-18 Sold (Public Records) $121,000 Public Records
• 2014-01-30 Sold (MLS) $77,629 Beaches MLS
• 2013-11-29 Pending — Beaches MLS
• 2013-11-20 Listed $76,000 Beaches MLS
• 2008-06-13 Listing Removed — Beaches MLS
• 2007-12-13 Listed $142,000 Beaches MLS
• 2007-02-08 Listing Removed — Beaches MLS
• 2007-01-10 Listed $205,000 Beaches MLS

Property tax history

+9.6%/yr

Latest (2025): $4,035 · +1.3% YoY. Source: county tax records.