401 Lake Frances Dr #401 · West Palm Beach, FL 33411

$139,999

2 bd · 2.0 ba · 888 sqft · Condo · 99 Days on market

Built 1978 $530/mo HOA · 29% of rent ↓ 20% since listing

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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 +11.9/30.0
• Appreciation +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• DSCR +3.5/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

BACK ON MARKET!! REDUCED for Quick Sale! Serene Lakefront Living! Welcome to this charming & private FIRST FLOOR, CORNER LAKEFRONT CONDO featuring 2 Bedrooms/2 baths. Ideal for year-round living or a sunny winter retreat, this move-in ready residence offers a desirable split-bedroom floor plan, IMPACT windows and a private entry that enhances both comfort and privacy. Take in wonderful waterfront views from your living room, bedrooms or your serene private patio-an ideal setting for morning coffee, alfresco dining or enjoying sunsets over the lake. Located within Golden Lakes, a premier 55+ resort-style gated community, residents enjoy a refined lifestyle just minutes from Airport, Ci

Key facts

• Gated community
• Waterfront views
• Private patio

Tags

• LAKEFRONT CONDO
• IMPACT WINDOWS
• PRIVATE ENTRY
• WATERFRONT VIEWS
• PRIVATE PATIO
• GATED COMMUNITY

Property features AI

Finance

• HOA & community: Monthly HOA fee of $530; Association amenities include clubhouse, pool, shuffleboard court, community room, library, pickleball courts, and internet included; HOA covers insurance, grounds and structure maintenance, water, common areas, reserve funds, roof repairs, recreation facility, and pool service; Senior community

Exterior

• Parking: Assigned parking
• Security: Security guard; Key card entry
• Utilities: Water included in association; Electric service (electric heating and cooling)
• Home design: Condominium; Resale unit; 2-story building; First-floor entry
• Construction: Block construction
• Exterior features: Patio; Waterfront property (no specific waterfront features listed)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms (main level)
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Split bedroom layout
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-36 ($-437/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (3.8% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.

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.
• Zoned schools: Benoist Farms Elementary School (math 22% / reading 28%, grade F, #2,030 of 2,144 statewide, top 95%, 421 students, 80% FRL); Jeaga Middle School (math 18% / reading 30%, grade F, #532 of 571 statewide, top 94%, 941 students, 78% FRL); Royal Palm Beach High School (math 22% / reading 38%, grade F, #441 of 667 statewide, top 67%, 2,343 students, 57% FRL) — zoned schools average 72% FRL vs 52% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 50% district-wide (-23 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; 574 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).

Forward outlook

• In year one you build about $15k of equity ($968 loan paydown + $14k appreciation (10.0% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.8% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,399 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.32% ✓
• Cap rate: 5.98%
• Cash-on-cash: -1.12%
• DSCR: 0.95
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.85% rent growth · sell at horizon

5-year hold

• IRR: 22.5%
• Equity multiple: 2.80×
• Total profit: $70,364
• Equity at exit: $126,122

10-year hold

• IRR: 19.5%
• Equity multiple: 6.16×
• Total profit: $202,467
• Equity at exit: $271,987

Cash invested: $39,200 (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 33411

• Home prices YoY: 1.9%
• Rents YoY: 0.8%
• Active inventory: 574
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,849 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$530
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-36

Break-even live

Break-even rent $1,896

Max offer price $134,728

Occupancy floor 97%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
230 Lake Dora Dr #230 West Palm Beach, FL	2.0	2.0	888	$1,700	$1.91	7d	1	0.07mi
161 Lake Frances Dr Unit 161 West Palm Beach, FL	1.0	1.5	704	$1,430	$2.03	7d	1	0.09mi
138 Lake Frances Dr West Palm Beach, FL	2.0	2.0	812	$1,845	$2.27	24d	1	0.12mi
155 Lake Carol Dr Unit 155 West Palm Beach, FL	2.0	2.0	812	$1,950	$2.40	24d	1	0.28mi
314 Lake Dora Dr West Palm Beach, FL	2.0	2.0	888	$1,650	$1.86	20d	1	0.33mi
129 Lake Carol Dr #129 West Palm Beach, FL	1.0	1.0	600	$1,500	$2.50	24d	1	0.33mi
228 Lake Dora Dr West Palm Beach, FL	1.0	1.5	704	$1,500	$2.13	24d	1	0.33mi
228 Lake Dora Dr West Palm Beach, FL	1.0	1.5	704	$1,500	$2.13	22d	1	0.33mi
173 Lake Dora Dr #173 West Palm Beach, FL	1.0	1.5	704	$1,400	$1.99	24d	1	0.33mi
106 Lake Dora Dr West Palm Beach, FL	2.0	2.0	812	$1,600	$1.97	24d	1	0.33mi
200 Lake Carol Dr West Palm Beach, FL	2.0	2.0	888	$1,750	$1.97	24d	1	0.33mi
321 Lake Evelyn Dr West Palm Beach, FL	2.0	2.0	888	$1,600	$1.80	24d	1	0.33mi
175 Lake Carol Dr #175 West Palm Beach, FL	1.0	1.0	600	$1,300	$2.17	24d	1	0.33mi
235 Lake Dora Dr West Palm Beach, FL	2.0	2.0	812	$1,860	$2.29	24d	1	0.33mi
108 Lake Nancy Dr West Palm Beach, FL	2.0	2.0	967	$1,800	$1.86	24d	1	0.34mi
203 Lake Carol Dr West Palm Beach, FL	1.0	1.0	600	$1,500	$2.50	24d	1	0.35mi
221 Lake Meryl Dr West Palm Beach, FL	2.0	2.0	1000	$1,550	$1.55	24d	1	0.35mi
1542 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	22d	1	0.36mi
1542 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	24d	1	0.36mi
1564 Lake Crystal Dr Unit F West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	17d	1	0.37mi
7130 Okeechobee Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1086	$2,488	$2.29	3d	9	0.39mi
1547 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	900	$1,950	$2.17	24d	1	0.40mi
1547 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	14d	1	0.40mi
1545 Lake Crystal Dr Unit D West Palm Beach, FL	1.0	1.0	700	$1,675	$2.39	14d	1	0.40mi
1525 Lake Crystal Dr Unit C West Palm Beach, FL	2.0	2.0	904	$1,800	$1.99	7d	1	0.44mi
1477 Lake Crystal Dr Unit D West Palm Beach, FL	2.0	2.0	928	$1,975	$2.13	17d	1	0.46mi
1760 Windorah Way Unit H West Palm Beach, FL	2.0	1.0	904	$1,850	$2.05	24d	1	0.48mi
1465 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	2d	1	0.49mi
1455 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	14d	1	0.50mi
1455 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	15d	1	0.50mi
1453 Lake Crystal Dr Unit D West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	14d	1	0.51mi
1700 Windorah Way Unit A West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	14d	1	0.53mi
1660 Windorah Way Unit H West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	5d	1	0.54mi
1500 Windorah Way Unit D West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	7d	1	0.55mi
1500 Windorah Way Unit D West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	24d	1	0.55mi
1540 Windorah Way Unit D West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	19d	1	0.56mi
1139 Lake Terry Dr Unit A West Palm Beach, FL	3.0	2.0	918	$2,300	$2.51	20d	1	0.58mi
1440 Windorah Way Unit D West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	4d	1	0.60mi
1701 Balfour Point Dr Unit G West Palm Beach, FL	2.0	2.0	916	$1,900	$2.07	14d	1	0.60mi
1581 Windorah Way Unit A West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	11d	1	0.61mi

HOA detail condo

• Monthly dues: $530 · $6,360/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $139,999 Active 99 DOM
2. 2026-06-17
   days on market $139,999 Active 98 DOM
3. 2026-06-16
   days on market $139,999 Active 97 DOM
4. 2026-06-15
   days on market $139,999 Active 96 DOM
5. 2026-06-13
   days on market $139,999 Active 94 DOM
6. 2026-06-09
   days on market $139,999 Active 90 DOM
7. 2026-06-08
   days on market $139,999 Active 89 DOM
8. 2026-06-07
   days on market $139,999 Active 88 DOM
9. 2026-06-04
   days on market $139,999 Active 85 DOM
10. 2026-06-03
    days on market $139,999 Active 84 DOM
11. 2026-06-02
    days on market $139,999 Active 83 DOM
12. 2026-06-01
    days on market $139,999 Active 82 DOM
13. 2026-05-31
    days on market $139,999 Active 81 DOM
14. 2026-05-02
    status Active
15. 2026-05-02
    price $139,999
16. 2026-04-06
    historical Active Under Contract
17. 2026-03-26
    price $144,999
18. 2026-02-02
    listed $174,999 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°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: $22,194
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − HOA: −$6,360
• − Depreciation: −$4,073
• Taxable loss: −$2,432
• Est. tax savings @ 24.0%: +$584
• After-tax cash flow: $147/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

• County: Palm Beach County · 1,438,312 people
• City population: 222,012
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 76,863
• Household income: $92,591
• Rent vs Own: 20.5% rent · 79.5% own
• Severe rent burden: 1870.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 44% Hispanic / Latino 24% Black 23% Two or more races 16% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 5% Cuban 4% Dominican 2%
• Common ancestry: Hispanic 6% Romanian 2% Italian 1%
• Foreign-born: 26% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 17% French/Haitian/Cajun 4% 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: ▲ 17.04%
• Current HPI: 903.78
• Rent YoY: ▲ 0.85%
• 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

-20.0% since first listed

5 events — show timeline

• 2026-05-02 Relisted — Beaches MLS
• 2026-05-02 Price Changed $139,999 Beaches MLS
• 2026-04-06 Contingent — Beaches MLS
• 2026-03-26 Price Changed $144,999 Beaches MLS
• 2026-02-02 Listed $174,999 Beaches MLS