832 Windermere Way · Palm Beach Gardens, FL 33418

$575,000

3 bd · 2.5 ba · 1,869 sqft · Townhouse public records · 41 Days on market

Built 1985 2,100 sqft lot $378/mo HOA · 8% of rent ↓ 5% 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 +13.8/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• DSCR +4.2/10.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Palmer golf course and lake views set the stage for this inviting 2-story townhome offering 3 bedrooms, 2.5 bathrooms, and 1,869 living square feet in the Windermere community of PGA National. The thoughtfully designed layout features spacious living and dining areas connected to the kitchen by a pass-thru with countertop seating, creating an open yet functional flow for everyday living and entertaining. The kitchen is finished with custom honey-toned wood cabinetry, granite countertops, flagstone subway tile backsplash, and breakfast area. All bedrooms are privately situated upstairs, including a vaulted primary suite with balcony access, walk-in closet, and en-suite bath. Multiple sliding

Key facts

• Custom cabinetry
• Lake views
• Screened lanai

Tags

• GOLF COURSE VIEWS
• LAKE VIEWS
• SCREENED LANAI
• CUSTOM CABINETRY
• GRANITE COUNTERTOPS
• BREAKFAST AREA

Property features AI

Finance

• Financial info: Pets allowed (restrictions may apply)
• HOA & community: HOA with monthly fee; Community amenities include pool, clubhouse, tennis courts, basketball court, jogging path, park, and street lights; Association covers maintenance of grounds, security, and common areas

Exterior

• Parking: Attached garage (1 space); Driveway; 1 covered parking space
• Security: Gated community with guard; Security patrol
• Utilities: Public water; Public sewer; Electricity available; Cable available
• Home design: Townhouse; Two stories; Resale condition; Faces west
• Construction: Stucco and CBS construction; Barrel roof
• Exterior features: Screened patio; Patio; On a golf course; Waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: No main-level bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Vaulted ceilings; Custom mirrors; Blinds and drapes; Sliding windows
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $575k.

Deal economics

• At list price, monthly cash flow is $52 ($624/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $497k (13.5% below list).
• Recommended offer: $497k (13.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#464 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living 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: Timber Trace Elementary School (math 76% / reading 79%, grade A, #163 of 2,144 statewide, top 8%, 825 students, 34% FRL); Watson B. Duncan Middle School (math 54% / reading 59%, grade B, #171 of 571 statewide, top 30%, 1,157 students, 41% FRL); Palm Beach Gardens High School (math 19% / reading 40%, grade F, #447 of 667 statewide, top 68%, 2,570 students, 61% FRL).
• Market conditions: Rents rising (+2.0%/yr); 541 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $4,972/mo this rent would consume 48% of the median local household income ($125k/yr) (locally 1339% 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 $4k of loan paydown is wiped out by about $17k 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 41 days — a 3% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $497,213 (13.5% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 14% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.39%
• DSCR: 1.02
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.41×
• Total profit: $-94,799
• Equity at exit: $85,734

10-year hold

• IRR: -10.5%
• Equity multiple: 0.39×
• Total profit: $-98,142
• Equity at exit: $49,715

Cash invested: $161,000 (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 33418

• Home prices YoY: -32.4%
• Rents YoY: 2.0%
• Active inventory: 541
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $4,972 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$243 /mo · $2,916/yr
• Insurance: −$240
• HOA: −$378
• Vacancy / Maint / Mgmt: −$1,044
• Net cashflow: $52

Break-even live

Break-even rent $4,906

Max offer price $575,000

Occupancy floor 94%

Sensitivity live

Price	-10% $378	-5% $215	+0% $52	+5% $-111	+10% $-273
Rent	-10% $-341	-5% $-144	+0% $52	+5% $248	+10% $445
Rate	-1.0pp $342	-0.5pp $198	base $52	+0.5pp $-97	+1.0pp $-249

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
858 Windermere Way Palm Beach Gardens, FL	3.0	2.5	1909	$5,200	$2.72	25d	1	0.09mi
717 Windermere Way Palm Beach Gardens, FL	3.0	2.5	1869	$3,100	$1.66	4d	1	0.10mi
17 Selby Ln Palm Beach Gardens, FL	3.0	2.5	2145	$5,500	$2.56	25d	1	0.16mi
886 Windermere Way Palm Beach Gardens, FL	3.0	2.5	1909	$3,500	$1.83	25d	1	0.19mi
7 Wyndham Ln Palm Beach Gardens, FL	3.0	2.0	1571	$7,500	$4.77	25d	1	0.21mi
27 Via del Corso Palm Beach Gardens, FL	3.0	2.5	2093	$4,000	$1.91	25d	1	0.22mi
39 Dorchester Cir Palm Beach Gardens, FL	3.0	2.0	1571	$11,500	$7.32	25d	1	0.24mi
77 Spyglass Way Palm Beach Gardens, FL	3.0	2.5	1471	$3,500	$2.38	25d	1	0.29mi
36 Ironwood Way N Unit 36 Palm Beach Gardens, FL	3.0	2.0	1480	$6,500	$4.39	25d	1	0.29mi
36 Monterey Pointe Dr Palm Beach Gardens, FL	4.0	3.5	2403	$4,500	$1.87	25d	1	0.30mi
4 Ironwood Way N Palm Beach Gardens, FL	3.0	2.0	1480	$3,500	$2.36	25d	1	0.32mi
251 Isle Way Palm Beach Gardens, FL	3.0	3.0	2384	$14,000	$5.87	25d	1	0.33mi
11 Ironwood Way N Palm Beach Gardens, FL	3.0	2.0	1573	$4,800	$3.05	25d	1	0.36mi
202 Cypress Point Dr #202 Palm Beach Gardens, FL	2.0	2.0	1250	$3,200	$2.56	25d	1	0.36mi
23 Lexington Ln W Unit C Palm Beach Gardens, FL	2.0	2.0	1275	$2,895	$2.27	25d	1	0.37mi
26 Via Aurelia Palm Beach Gardens, FL	3.0	2.5	1830	$8,500	$4.64	25d	1	0.38mi
6 Lexington Ln E Unit D Palm Beach Gardens, FL	2.0	2.0	1400	$4,200	$3.00	25d	1	0.40mi
4 Lexington Ln E Unit E Palm Beach Gardens, FL	2.0	2.0	1275	$2,700	$2.12	4d	1	0.40mi
605 Masters Way Palm Beach Gardens, FL	3.0	3.0	1738	$17,500	$10.07	25d	1	0.41mi
927 Augusta Pointe Dr Palm Beach Gardens, FL	4.0	3.5	2525	$7,000	$2.77	25d	1	0.43mi
7 Lexington Ln E Palm Beach Gardens, FL	2.0	2.0	1275	$5,200	$4.08	25d	1	0.44mi
265 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1491	$3,400	$2.28	25d	1	0.50mi
32 Admirals Ct Palm Beach Gardens, FL	3.0	2.0	1438	$4,500	$3.13	12d	1	0.50mi
32 Admirals Ct Palm Beach Gardens, FL	3.0	2.0	1438	$3,590	$2.50	12d	1	0.50mi
919 Augusta Pointe Dr Palm Beach Gardens, FL	3.0	3.0	2335	$8,200	$3.51	25d	1	0.50mi
293 Old Meadow Way Palm Beach Gardens, FL	3.0	3.0	1694	$6,000	$3.54	25d	1	0.50mi
218 Old Meadow Way Palm Beach Gardens, FL	3.0	3.0	1974	$5,000	$2.53	25d	1	0.52mi
204 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1491	$4,100	$2.75	25d	1	0.52mi
714 Pinehurst Way Palm Beach Gardens, FL	3.0	3.0	2285	$5,800	$2.54	25d	1	0.52mi
150 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1418	$6,999	$4.94	21d	1	0.57mi
135 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1418	$6,000	$4.23	25d	1	0.57mi
229 Old Meadow Way Palm Beach Gardens, FL	3.0	3.0	1694	$4,500	$2.66	25d	1	0.57mi
103 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1491	$3,600	$2.41	15d	1	0.59mi
137 Eagleton Ct Palm Beach Gardens, FL	3.0	2.5	2344	$12,000	$5.12	25d	1	0.61mi
127 Sunset Cove Ln Palm Beach Gardens, FL	2.0	2.0	1677	$17,000	$10.14	21d	1	0.67mi
324 Sunset Bay Ln Palm Beach Gardens, FL	4.0	3.0	2613	$20,000	$7.65	25d	1	0.68mi
3 Old Fence Rd Palm Beach Gardens, FL	3.0	2.5	2068	$8,000	$3.87	25d	1	0.70mi
401 Resort Ln Palm Beach Gardens, FL	3.0	2.5	1710	$9,600	$5.61	25d	1	0.79mi
108 Eagleton Ln Palm Beach Gardens, FL	3.0	2.0	2003	$6,500	$3.25	21d	1	0.80mi
533 Prestwick Cir Palm Beach Gardens, FL	2.0	2.0	1514	$4,000	$2.64	25d	1	0.82mi

HOA detail

• Monthly dues: $378 · $4,536/yr

Listing history 18 events

1. 2026-06-21
   pricedays on market $575,000 Active 41 DOM
2. 2026-06-18
   days on market $599,000 Active 38 DOM
3. 2026-06-17
   days on market $599,000 Active 37 DOM
4. 2026-06-16
   days on market $599,000 Active 36 DOM
5. 2026-06-15
   days on market $599,000 Active 35 DOM
6. 2026-06-13
   days on market $599,000 Active 33 DOM
7. 2026-06-09
   days on market $599,000 Active 29 DOM
8. 2026-06-08
   days on market $599,000 Active 28 DOM
9. 2026-06-07
   days on market $599,000 Active 27 DOM
10. 2026-06-04
    days on market $599,000 Active 24 DOM
11. 2026-06-03
    days on market $599,000 Active 23 DOM
12. 2026-06-02
    days on market $599,000 Active 22 DOM
13. 2026-06-01
    days on market $599,000 Active 21 DOM
14. 2026-05-31
    days on market $599,000 Active 20 DOM
15. 2026-05-11
    listed $599,000 Active
16. 2026-04-16
    historical
17. 2026-04-03
    price $625,000
18. 2025-10-16
    listed $630,000 Active

ⓘ 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: $2,916 · $243/mo
• Projected year-2 tax: $4,772 · $398/mo
• Expected delta: +$1,857/yr (+$155/mo · 63.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 24 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: $59,666
• − Mortgage interest: −$32,209
• − Property taxes: −$2,916
• − Insurance: −$2,875
• − Repairs & maintenance: −$4,773
• − Management: −$4,773
• − HOA: −$4,536
• − Depreciation: −$16,727
• Taxable loss: −$9,144
• Est. tax savings @ 24.0%: +$2,195
• After-tax cash flow: $2,819/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 — Palm Beach Gardens

• Score: 69/100
• State rank: #464
• US rank: #8366

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Beach Gardens, FL
• County: Palm Beach County · 1,438,312 people
• City population: 96,294
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 43,676
• Household income: $125,497
• Rent vs Own: 23.3% rent · 76.7% own
• Severe rent burden: 1339.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 9% Black 5% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 4% Scotch-Irish 4%
• Foreign-born: 15% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 8% German/W. Germanic 2% 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: ▼ -172.79%
• Current HPI: 361.1997
• Rent YoY: ▲ 2.00%
• 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

-4.9% since first listed

4 events — show timeline

• 2026-05-11 Listed $599,000 Beaches MLS
• 2026-04-16 Listing Removed — Beaches MLS
• 2026-04-03 Price Changed $625,000 Beaches MLS
• 2025-10-16 Listed $630,000 Beaches MLS

Property tax history

+1.8%/yr

Latest (2025): $2,916 · +3.2% YoY. Source: county tax records.