4021 San Marino Blvd #102 · West Palm Beach, FL 33409

$215,000

3 bd · 2.0 ba · 1,300 sqft · Condo public records · 261 Days on market

Built 2002 $824/mo HOA · 26% of rent ↓ 10% since listing

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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).

• Cash flow +14.9/30.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• 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 MLS

3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

Key facts

• Screened patio
• Walk-in closet
• Manicured gardens

Tags

• GROUND-FLOOR CONDO
• GRANITE KITCHEN
• SCREENED PATIO
• MANICURED GARDENS
• WALK-IN CLOSET
• DUAL SINK BATH

Property features AI

Finance

• Other: Association pool
• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association fee covers common areas, cable TV, structure maintenance, parking, sewer, security, trash and water; Community amenities include clubhouse, fitness center, pool, spa/hot tub, tennis courts, basketball court, business center, barbecue/picnic areas and trails

Exterior

• Parking: Detached parking; Guest parking
• Security: Key card entry; Phone entry; Smoke detectors
• Utilities: Municipal water; Municipal sewer; Electric service
• Home design: Attached property; 3 stories; Entry on level 1; Resale
• Construction: Block construction
• Exterior features: Enclosed porch; Porch; Open patio; Screened porch/patio

Interior

• Kitchen: Dishwasher; Disposal; Refrigerator
• Bedrooms: Primary bedroom on main level
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: First-floor entry; Main-level primary bedroom; Bedroom on main level; Pantry; Split bedroom layout; Walk-in closet(s)
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $61 ($735/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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.
• Zoned schools: Seminole Trails Elementary School (math 26% / reading 36%, grade F, #1,854 of 2,144 statewide, top 87%, 650 students, 73% FRL); Bear Lakes Middle School (math 19% / reading 33%, grade F, #506 of 571 statewide, top 89%, 842 students, 74% FRL); Palm Beach Lakes High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 2,688 students, 70% 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 soft (-0.1%/yr); 194 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

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 261 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 21y ago; this cycle's ask is 9785% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $169k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• 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 $189,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 261 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. 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. 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.
9. 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.
10. 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: 1.47% ✓
• Cap rate: 6.63%
• Cash-on-cash: 1.22%
• DSCR: 1.05
• GRM: 5.7

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: -19.6%
• Equity multiple: 0.34×
• Total profit: $-39,549
• Equity at exit: $32,057

10-year hold

• IRR: -29.5%
• Equity multiple: -0.04×
• Total profit: $-62,575
• Equity at exit: $18,589

Cash invested: $60,200 (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 33409

• Home prices YoY: -25.6%
• Rents YoY: -0.1%
• Active inventory: 194
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,153 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$389 /mo · $4,664/yr
• Insurance: −$90
• HOA: −$824
• Vacancy / Maint / Mgmt: −$662
• Net cashflow: $61

Break-even live

Break-even rent $3,076

Max offer price $215,000

Occupancy floor 93%

Sensitivity live

Price	-10% $183	-5% $122	+0% $61	+5% $0	+10% $-60
Rent	-10% $-188	-5% $-63	+0% $61	+5% $186	+10% $310
Rate	-1.0pp $170	-0.5pp $116	base $61	+0.5pp $6	+1.0pp $-51

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	26d	1	0.11mi
4567 Brook Dr West Palm Beach, FL	3.0	2.0	1528	$3,000	$1.96	26d	1	0.27mi
4400 Portofino Way West Palm Beach, FL	1.0–3.0	1.0–2.0	1222	$3,108	$2.54	19d	60	0.41mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	23d	1	0.45mi
4543 Tara Cove Way West Palm Beach, FL	3.0	2.5	1807	$3,000	$1.66	0d	1	0.49mi
1211 Pine Sage Cir West Palm Beach, FL	3.0	2.0	1367	$3,200	$2.34	7d	1	0.61mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	26d	1	1.09mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,150	$2.09	15d	1	1.09mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,000	$1.99	9d	1	1.09mi
2480 Presidential Way #1903 West Palm Beach, FL	2.0	2.0	1855	$4,650	$2.51	26d	1	1.20mi
2480 Presidential Way #902 West Palm Beach, FL	2.0	2.0	1855	$4,650	$2.51	7d	1	1.20mi
2450 Presidential Way #7 West Palm Beach, FL	2.0	2.0	1855	$4,700	$2.53	26d	1	1.24mi
2450 Presidential Way #7 West Palm Beach, FL	2.0	2.0	1855	$4,700	$2.53	4d	1	1.24mi
2820 Tennis Club Dr #408 West Palm Beach, FL	3.0	2.0	1610	$3,800	$2.36	26d	1	1.31mi
2425 Presidential Way West Palm Beach, FL	2.0	2.0	1294	$4,500	$3.48	26d	1	1.32mi
1991 Presidential Way West Palm Beach, FL	3.0	2.0	1485	$4,905	$3.30	17d	1	1.42mi

HOA detail condo

• Monthly dues: $824 · $9,888/yr
• Likely covers: watertrashinternetcablepoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-09
   days on market $215,000 Active 261 DOM
2. 2026-06-07
   days on market $215,000 Active 259 DOM
3. 2026-06-04
   days on market $215,000 Active 256 DOM
4. 2026-06-03
   days on market $215,000 Active 255 DOM
5. 2026-06-01
   days on market $215,000 Active 253 DOM
6. 2026-05-31
   days on market $215,000 Active 252 DOM
7. 2026-04-02
   status Active
8. 2026-04-02
   price $215,000
9. 2026-03-01
   price $200,000
10. 2026-02-17
    status Active
11. 2025-11-26
    historical
12. 2025-10-24
    price $215,000
13. 2025-10-02
    price $219,000
14. 2025-10-02
    price $229,000
15. 2025-09-17
    price $235,000
16. 2025-08-28
    price $228,900
17. 2025-08-22
    historical $2,175
18. 2025-07-20
    listed $2,175
19. 2025-07-08
    price $229,000
20. 2025-06-25
    listed $235,000 Active
21. 2021-10-15
    soldstatus $169,000
22. 2021-10-07
    soldstatus $169,000 Closed 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

23. 2021-09-05
    status Pending 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

24. 2021-08-30
    price $169,000 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

25. 2021-08-30
    price $165,000 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

26. 2021-08-30
    status Active 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

27. 2021-06-12
    historical 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

28. 2021-06-12
    status Active 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

29. 2021-06-03
    status Pending 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

30. 2021-05-20
    listed $160,000 Active 302-char remark

    Show marketing remark (302 chars)

    3/2 ground floor unit in desirable Emerald Isle. Included in the amenities are: two pools w/ deck, spa/hot tub, indoor basketball, racquet ball courts, tennis court, clubhouse, business center, fitness center and playground. HOA includes water, internet, trash removal and cable. Investors are welcome!

31. 2013-09-21
    historical
32. 2006-10-20
    soldstatus $210,000
33. 2006-10-16
    soldstatus $210,000
34. 2006-10-01
    historical
35. 2006-08-01
    listed $221,000
36. 2006-04-17
    listed $229,000
37. 2005-12-23
    historical
38. 2005-05-17
    listed $239,800

ⓘ 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: $4,664 · $389/mo
• Projected year-2 tax: $4,664 · $389/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: $37,839
• − Mortgage interest: −$12,043
• − Property taxes: −$4,664
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,027
• − Management: −$3,027
• − HOA: −$9,888
• − Depreciation: −$6,255
• Taxable loss: −$2,141
• Est. tax savings @ 24.0%: +$514
• After-tax cash flow: $1,249/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

-10.3% since first listed

32 events — show timeline

• 2026-04-02 Relisted — MARMLS
• 2026-04-02 Price Changed $215,000 MARMLS
• 2026-03-01 Price Changed $200,000 MARMLS
• 2026-02-17 Relisted — MARMLS
• 2025-11-26 Listing Removed — MARMLS
• 2025-10-24 Price Changed $215,000 MARMLS
• 2025-10-02 Price Changed $219,000 MARMLS
• 2025-10-02 Price Changed $229,000 MARMLS
• 2025-09-17 Price Changed $235,000 MARMLS
• 2025-08-28 Price Changed $228,900 MARMLS
• 2025-08-22 Rental Removed $2,175 MARMLS
• 2025-07-20 Listed for Rent $2,175 MARMLS
• 2025-07-08 Price Changed $229,000 MARMLS
• 2025-06-25 Listed $235,000 MARMLS
• 2021-10-15 Sold (Public Records) $169,000 Public Records
• 2021-10-07 Sold (MLS) $169,000 Beaches MLS
• 2021-09-05 Pending — Beaches MLS
• 2021-08-30 Price Changed $169,000 Beaches MLS
• 2021-08-30 Price Changed $165,000 Beaches MLS
• 2021-08-30 Relisted — Beaches MLS
• 2021-06-12 Listing Removed — Beaches MLS
• 2021-06-12 Relisted — Beaches MLS
• 2021-06-03 Pending — Beaches MLS
• 2021-05-20 Listed $160,000 Beaches MLS
• 2013-09-21 Listing Removed — Beaches MLS
• 2006-10-20 Sold (Public Records) $210,000 Public Records
• 2006-10-16 Sold (MLS) $210,000 Beaches MLS
• 2006-10-01 Listing Removed — Beaches MLS
• 2006-08-01 Listed $221,000 Beaches MLS
• 2006-04-17 Listed $229,000 Beaches MLS
• 2005-12-23 Listing Removed — Beaches MLS
• 2005-05-17 Listed $239,800 Beaches MLS

Property tax history

+15.3%/yr

Latest (2025): $4,664 · +12.0% YoY. Source: county tax records.