120 Lehane Ter #202 · North Palm Beach, FL 33408

$280,000

2 bd · 2.0 ba · 997 sqft · Condo public records · 19 Days on market

Built 1967 $992/mo HOA · 24% 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 +18.8/30.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 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 MLS

This Inter-Coastal Oasis of Sandpiper is gently situated in North Palm Beach on one of the desired southern Erman River canals. The sparkling clean waterfront 2 bedroom 2 bathroom home offers granite countertops, stainless steel appliances, newer cabinets, and new carpets. Just one unit from the corner, there are stunning inter-coastal views from the living areas, master bedroom, and screened-in patio. The community of Sandpiper offers boat slips up to 33ft, a community pool with entertainment and grilling areas, and can be rented first year of ownership.

Key facts

• $992 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Pets allowed (cats and dogs; limits may apply)
• HOA & community: Part of Sandapiper Condo association; Quarterly association fee; Association amenities include boating, elevators, pool, and sidewalks; HOA covers cable TV, insurance, grounds and structure maintenance, pest control, security, trash, common areas, common real estate tax, and elevator

Exterior

• Parking: Assigned parking (1 space)
• Security: Association provides security
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium; Multi/split levels; Entry-level living area; Faces south
• Construction: Block/Concrete/CBS construction; Shingle roof; 3-story building (total)
• Exterior features: Covered patio; Screened patio; Screened porch; Patio; Porch; Located on a cul-de-sac; Sidewalks; Paved road frontage; Ocean access and Intracoastal with no fixed bridge

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Bedroom layout is split; Unfurnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $280k.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $280k).
• Recommended offer: $276k (1.5% 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: Lake Park Elementary School (math 57% / reading 62%, grade B-, #690 of 2,144 statewide, top 34%, 389 students, 83% FRL); 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 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 404 active listings in the ZIP; 13 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 $4,092/mo this rent would consume 53% 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 $2k of loan paydown is wiped out by about $8k 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 19 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $210k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 24% 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 $275,800 (1.5% below list)

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.46% ✓
• Cap rate: 7.49%
• Cash-on-cash: 4.29%
• DSCR: 1.19
• GRM: 5.7

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: -15.6%
• Equity multiple: 0.46×
• Total profit: $-41,956
• Equity at exit: $41,749

10-year hold

• IRR: -16.5%
• Equity multiple: 0.25×
• Total profit: $-58,541
• Equity at exit: $24,209

Cash invested: $78,400 (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: 404
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $4,092 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$375 /mo · $4,503/yr
• Insurance: −$117
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$992
• Vacancy / Maint / Mgmt: −$859
• Net cashflow: $214

Break-even live

Break-even rent $3,821

Max offer price $280,000

Occupancy floor 90%

Sensitivity live

Price	-10% $373	-5% $293	+0% $214	+5% $135	+10% $55
Rent	-10% $-109	-5% $52	+0% $214	+5% $376	+10% $537
Rate	-1.0pp $355	-0.5pp $285	base $214	+0.5pp $141	+1.0pp $68

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 Lake Shore Dr Lake Park, FL	1.0–2.0	1.0–2.0	1066	$3,731	$3.50	1d	10	0.20mi
522 Eastwind Dr North Palm Beach, FL	2.0	2.0	948	$3,995	$4.21	26d	1	0.63mi
524 Eastwind Dr Unit 524 North Palm Beach, FL	2.0	1.0	774	$3,995	$5.16	26d	1	0.63mi
526 Eastwind Dr Unit 526 North Palm Beach, FL	2.0	1.0	840	$3,995	$4.76	26d	1	0.64mi
220 Lake Shore Dr Lake Park, FL	1.0–3.0	1.5–3.5	2134	$14,498	$6.79	0d	19	0.68mi
308 Southwind Ct Unit 8 North Palm Beach, FL	2.0	2.0	1100	$2,900	$2.64	26d	1	0.86mi
624 Southwind Cir #2 North Palm Beach, FL	2.0	2.0	718	$3,750	$5.22	26d	1	0.98mi
5400 N Ocean Dr Riviera Beach, FL	1.0–2.0	1.0–2.0	1300	$6,500	$5.00	24d	3	1.19mi
1025 Sugar Sands Blvd #159 Riviera Beach, FL	1.0	1.0	987	$4,200	$4.26	26d	1	1.21mi
410 Wilma Cir #103 Riviera Beach, FL	2.0	2.0	1056	$4,000	$3.79	16d	1	1.22mi
400 Wilma Cir #309 Riviera Beach, FL	1.0	1.0	818	$4,000	$4.89	7d	1	1.23mi
901 W 37th St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	26d	1	1.25mi
2545 Conroy Dr West Palm Beach, FL	3.0	2.0	1066	$3,295	$3.09	26d	1	1.42mi

HOA detail condo

• Monthly dues: $992 · $11,904/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-21
   days on market $280,000 Active 19 DOM
2. 2026-06-18
   days on market $280,000 Active 16 DOM
3. 2026-06-17
   days on market $280,000 Active 15 DOM
4. 2026-06-16
   days on market $280,000 Active 14 DOM
5. 2026-06-15
   days on market $280,000 Active 13 DOM
6. 2026-06-13
   remarks 626-char remark
7. 2026-06-13
   days on market $280,000 Active 11 DOM
8. 2026-06-09
   days on market $280,000 Active 7 DOM
9. 2026-06-08
   days on market $280,000 Active 6 DOM
10. 2026-06-07
    days on market $280,000 Active 5 DOM
11. 2026-06-04
    days on market $280,000 Active 2 DOM
12. 2026-06-02
    listed $280,000 Active 1 DOM

ⓘ 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: $4,503 · $375/mo
• Projected year-2 tax: $4,503 · $375/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 7/10 Severe FEMA zone X (shaded) · 96% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°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: $49,105
• − Mortgage interest: −$15,684
• − Property taxes: −$4,503
• − Insurance: −$2,198
• − Repairs & maintenance: −$3,928
• − Management: −$3,928
• − HOA: −$11,904
• − Depreciation: −$8,145
• Taxable loss: −$1,186
• Est. tax savings @ 24.0%: +$285
• After-tax cash flow: $2,853/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

+300.0% since first listed

10 events — show timeline

• 2026-06-02 Listed $280,000 Beaches MLS
• 2021-07-21 Sold (Public Records) $210,000 Public Records
• 2021-07-13 Sold (MLS) $210,000 Beaches MLS
• 2021-06-09 Contingent — Beaches MLS
• 2021-06-03 Listed $200,000 Beaches MLS
• 2015-04-30 Sold (Public Records) $145,000 Public Records
• 2015-04-27 Sold (MLS) $145,000 Beaches MLS
• 2015-03-09 Contingent — Beaches MLS
• 2015-02-08 Listed $159,900 Beaches MLS
• 1994-03-28 Sold (Public Records) $70,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $4,503 · +7.8% YoY. Source: county tax records.