1515 Lake Crystal Dr Unit B · West Palm Beach, FL 33411

$194,500

2 bd · 2.0 ba · 904 sqft · Condo public records · 39 Days on market

Built 1986 $486/mo HOA · 25% of rent

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.8/30.0
• 1% rule +5.0/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +1.0/10.0

Listing remarks MLS

GREAT LOCATION, CLOSE TO TRANSPORTATION, SCHOOLS, SHOPPING, FITNESS CENTER, POOLS, TENNIS CT.

Key facts

• First floor unit
• New kitchen cabinets
• Lakefront condo

Tags

• FIRST FLOOR UNIT
• LAKEFRONT CONDO
• NEW STAINLESS STEEL APPLIANCES
• NEW KITCHEN CABINETS
• NEW GRANITE COUNTERTOPS
• NEW BATHROOM CABINETS

Property features AI

Finance

• Financial info: Pets allowed (restrictions possible)
• HOA & community: Community of 304 units; Monthly HOA dues (common areas included); Community amenities: clubhouse, pool, tennis courts, on-site manager, management

Exterior

• Parking: 2 parking spaces; No carport
• Security: Security features present
• Utilities: Public water; Public sewer; Electricity connected (three-phase service available)
• Home design: Condominium; One level (entry level 1); Faces west; Resale
• Construction: Concrete block with stucco exterior; Other roof type; 2 total stories in building; Built using assessor-recorded building area
• Exterior features: Waterfront community (no direct waterfront on this unit)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closets; Split bedroom layout; Unfurnished
• Laundry & utility: Laundry inside unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $194k.

Deal economics

• At list price, monthly cash flow is $-306 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (27.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (0.3% below list).
• Recommended offer: $140k (27.8% below list) — sets the bar for cash-flow.

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; 583 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $21k of equity ($1k loan paydown + $19k 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.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $105k; list at $194k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $140,400 (27.8% 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 39 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.00% ✗
• Cap rate: 4.40%
• Cash-on-cash: -6.75%
• DSCR: 0.70
• GRM: 8.4

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: 18.8%
• Equity multiple: 2.52×
• Total profit: $82,649
• Equity at exit: $175,221

10-year hold

• IRR: 16.9%
• Equity multiple: 5.62×
• Total profit: $251,764
• Equity at exit: $377,871

Cash invested: $54,460 (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: 583
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,940 high
• Mortgage (P&I): −$1,020
• Tax from tax record: −$252 /mo · $3,022/yr
• Insurance: −$81
• HOA: −$486
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $-306

Break-even live

Break-even rent $2,328

Max offer price $140,400

Occupancy floor —

Sensitivity live

Price	-10% $-196	-5% $-251	+0% $-306	+5% $-361	+10% $-416
Rent	-10% $-460	-5% $-383	+0% $-306	+5% $-230	+10% $-153
Rate	-1.0pp $-208	-0.5pp $-257	base $-306	+0.5pp $-357	+1.0pp $-408

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: $48,625
• Closing costs: $5,835
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1525 Lake Crystal Dr Unit C West Palm Beach, FL	2.0	2.0	904	$1,800	$1.99	9d	1	0.04mi
1455 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	16d	1	0.05mi
1455 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	15d	1	0.05mi
1465 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	4d	1	0.06mi
1453 Lake Crystal Dr Unit D West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	15d	1	0.06mi
1477 Lake Crystal Dr Unit D West Palm Beach, FL	2.0	2.0	928	$1,975	$2.13	18d	1	0.06mi
1545 Lake Crystal Dr Unit D West Palm Beach, FL	1.0	1.0	700	$1,675	$2.39	15d	1	0.10mi
1500 Windorah Way Unit D West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	26d	1	0.11mi
1500 Windorah Way Unit D West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	9d	1	0.11mi
1440 Lake Crystal Dr Unit B West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	1d	1	0.12mi
1547 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	15d	1	0.12mi
1547 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	900	$1,950	$2.17	26d	1	0.12mi
1542 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	24d	1	0.13mi
1542 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	26d	1	0.13mi
1540 Windorah Way Unit D West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	20d	1	0.13mi
1440 Windorah Way Unit D West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	6d	1	0.14mi
1461 Windorah Way Unit E West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	9d	1	0.17mi
1564 Lake Crystal Dr Unit F West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	18d	1	0.17mi
1421 Windorah Way Unit E West Palm Beach, FL	2.0	2.0	904	$1,975	$2.18	16d	1	0.18mi
1421 Windorah Way Unit E West Palm Beach, FL	2.0	2.0	904	$1,975	$2.18	26d	1	0.18mi
1660 Windorah Way Unit H West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	7d	1	0.18mi
1760 Windorah Way Unit H West Palm Beach, FL	2.0	1.0	904	$1,850	$2.05	26d	1	0.18mi
1700 Windorah Way Unit A West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	15d	1	0.19mi
1561 Windorah Way Unit A West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	15d	1	0.20mi
1581 Windorah Way Unit A West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	12d	1	0.20mi
1581 Windorah Way Unit A West Palm Beach, FL	2.0	2.0	904	$1,800	$1.99	24d	1	0.20mi
1153 Lake Victoria Dr Royal Palm Beach, FL	2.0	1.0	708	$1,725	$2.44	26d	1	0.25mi
1641 Balfour Point Dr Unit A West Palm Beach, FL	2.0	2.0	950	$1,899	$2.00	9d	1	0.27mi
1661 Balfour Point Dr Unit E West Palm Beach, FL	2.0	2.0	904	$2,000	$2.21	19d	1	0.28mi
1661 Balfour Point Dr Unit H West Palm Beach, FL	2.0	1.0	904	$1,850	$2.05	4d	1	0.28mi
1661 Balfour Point Dr Unit B West Palm Beach, FL	2.0	2.0	916	$1,950	$2.13	7d	1	0.28mi
1215 N Benoist Farms Rd #203 West Palm Beach, FL	2.0	1.0	708	$1,750	$2.47	26d	1	0.28mi
1701 Balfour Point Dr Unit G West Palm Beach, FL	2.0	2.0	916	$1,900	$2.07	15d	1	0.30mi
1681 Balfour Point Dr Unit A West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	7d	1	0.30mi
1681 Balfour Point Dr Unit F West Palm Beach, FL	2.0	2.0	916	$1,950	$2.13	26d	1	0.30mi
1139 Lake Terry Dr Unit A West Palm Beach, FL	3.0	2.0	918	$2,300	$2.51	22d	1	0.30mi
1203 N Benoist Farms Rd #107 West Palm Beach, FL	1.0	1.0	530	$1,480	$2.79	20d	1	0.32mi
1203 N Benoist Farms Rd #107 West Palm Beach, FL	1.0	1.0	530	$1,480	$2.79	26d	1	0.32mi
108 Lake Nancy Dr West Palm Beach, FL	2.0	2.0	967	$1,600	$1.65	0d	1	0.32mi
203 Lake Carol Dr West Palm Beach, FL	1.0	1.0	600	$1,500	$2.50	26d	1	0.32mi

HOA detail condo

• Monthly dues: $486 · $5,832/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $194,500 Active 39 DOM
2. 2026-06-18
   days on market $194,500 Active 36 DOM
3. 2026-06-17
   days on market $194,500 Active 35 DOM
4. 2026-06-16
   days on market $194,500 Active 34 DOM
5. 2026-06-15
   days on market $194,500 Active 33 DOM
6. 2026-06-13
   days on market $194,500 Active 31 DOM
7. 2026-06-09
   days on market $194,500 Active 27 DOM
8. 2026-06-08
   days on market $194,500 Active 26 DOM
9. 2026-06-07
   days on market $194,500 Active 25 DOM
10. 2026-06-04
    days on market $194,500 Active 22 DOM
11. 2026-06-03
    days on market $194,500 Active 21 DOM
12. 2026-06-02
    days on market $194,500 Active 20 DOM
13. 2026-06-01
    days on market $194,500 Active 19 DOM
14. 2026-05-31
    days on market $194,500 Active 18 DOM
15. 2026-05-21
    status Pending
16. 2026-05-07
    listed $194,500 Active
17. 2017-12-19
    soldstatus $105,000
18. 2011-01-25
    soldstatus $40,000 93-char remark

    Show marketing remark (93 chars)

    GREAT LOCATION, CLOSE TO TRANSPORTATION, SCHOOLS, SHOPPING, FITNESS CENTER, POOLS, TENNIS CT.

19. 2011-01-04
    historical 93-char remark

    Show marketing remark (93 chars)

    GREAT LOCATION, CLOSE TO TRANSPORTATION, SCHOOLS, SHOPPING, FITNESS CENTER, POOLS, TENNIS CT.

20. 2010-06-01
    listed $50,000 93-char remark

    Show marketing remark (93 chars)

    GREAT LOCATION, CLOSE TO TRANSPORTATION, SCHOOLS, SHOPPING, FITNESS CENTER, POOLS, TENNIS CT.

ⓘ 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: $3,022 · $252/mo
• Projected year-2 tax: $3,022 · $252/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 6/10 Major
• 🌡 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: $23,280
• − Mortgage interest: −$10,895
• − Property taxes: −$3,022
• − Insurance: −$972
• − Repairs & maintenance: −$1,862
• − Management: −$1,862
• − HOA: −$5,832
• − Depreciation: −$5,658
• Taxable loss: −$6,824
• Est. tax savings @ 24.0%: +$1,638
• After-tax cash flow: $-2,037/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: 75,299
• 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

+289.0% since first listed

6 events — show timeline

• 2026-05-21 Pending — Beaches MLS
• 2026-05-07 Listed $194,500 Beaches MLS
• 2017-12-19 Sold (Public Records) $105,000 Public Records
• 2011-01-25 Sold (MLS) $40,000 Beaches MLS
• 2011-01-04 Listing Removed — Beaches MLS
• 2010-06-01 Listed $50,000 Beaches MLS

Property tax history

+8.7%/yr

Latest (2025): $3,022 · +5.2% YoY. Source: county tax records.