4081 San Marino Blvd #206 · West Palm Beach, FL 33409

$190,000

2 bd · 1.0 ba · 926 sqft · Condo public records · 107 Days on market

Built 2002 $497/mo HOA · 20% 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 +16.2/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• 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

SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! PERFECT LOCATION IN WEST PALM BEACH. 2 BED 1 BATH UNIT COMES WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTER TOPS, LAMINATE/TILE FLOORING IN MAIN LIVING AREA AND CARPET IN BEDROOMS. COVERED PATIO WITH VIEWS LOOKING OVER THE TENNIS COURTS. COMMUNITY OFFERS CLUBHOUSE, COMMUINITY POOL/SPA, TENNIS COURTS, BASKETBALL COURTS, FITNESS CENTER AND MORE. TENANT OCCUPIED UNTIL 02/28/2022 PAYING $1,300/MONTH. INVSTORS ONLY! UNIT SOLD AS-IS.

Key facts

• Nice balcony
• Fitness center
• Open to living room

Tags

• WOODEN LAMINATED FLOORING
• VAULTED CEILINGS
• FULL-SIZE WASHER AND DRYER
• OPEN TO LIVING ROOM
• NICE BALCONY
• FITNESS CENTER

Property features AI

Finance

• Financial info: Pets allowed with restrictions or possible restrictions
• HOA & community: Monthly association fee; Association amenities include billiard room, fitness center, playground, pool, spa/hot tub, and tennis courts; Association fee covers management, amenities, common areas, hot water, insurance, grounds maintenance, structure maintenance, sewer, security, trash, and water

Exterior

• Parking: Open parking
• Security: Complex fenced; Key card entry; Phone entry; Smoke detector(s)
• Utilities: Cable available
• Home design: 3-story building; Second-floor entry; Attached property
• Construction: Block construction; Resale property
• Exterior features: Balcony; Open balcony/patio; Association pool

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Unfurnished; Walk-in closet(s); Other interior features
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $99 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $173k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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.
• Market conditions: Rents soft (-0.1%/yr); 193 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $2,516/mo this rent would consume 45% of the median local household income ($67k/yr) (locally 1333% 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 $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 107 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 16y ago; this cycle's ask is 10170% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $152k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $172,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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. 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.
8. 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.
9. 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: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• GRM: 6.3

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: -17.4%
• Equity multiple: 0.41×
• Total profit: $-31,445
• Equity at exit: $28,330

10-year hold

• IRR: -20.6%
• Equity multiple: 0.13×
• Total profit: $-46,144
• Equity at exit: $16,428

Cash invested: $53,200 (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: 193
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,516 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$316 /mo · $3,792/yr
• Insurance: −$79
• HOA: −$497
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $99

Break-even live

Break-even rent $2,391

Max offer price $190,000

Occupancy floor 91%

Sensitivity live

Price	-10% $207	-5% $153	+0% $99	+5% $46	+10% $-8
Rent	-10% $-99	-5% $0	+0% $99	+5% $199	+10% $298
Rate	-1.0pp $195	-0.5pp $148	base $99	+0.5pp $50	+1.0pp $0

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4400 Portofino Way West Palm Beach, FL	1.0–3.0	1.0–2.0	1222	$2,528	$2.07	18d	60	0.34mi
1991 Presidential Way West Palm Beach, FL	1.0	1.0	827	$3,427	$4.14	8d	1	1.43mi
3590 Village Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1074	$2,785	$2.59	0d	30	1.47mi

HOA detail condo

• Monthly dues: $497 · $5,964/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 47 events

1. 2026-06-21
   days on market $190,000 Active 107 DOM
2. 2026-06-18
   days on market $190,000 Active 104 DOM
3. 2026-06-17
   days on market $190,000 Active 103 DOM
4. 2026-06-16
   days on market $190,000 Active 102 DOM
5. 2026-06-15
   days on market $190,000 Active 101 DOM
6. 2026-06-13
   days on market $190,000 Active 99 DOM
7. 2026-06-09
   days on market $190,000 Active 95 DOM
8. 2026-06-08
   days on market $190,000 Active 94 DOM
9. 2026-06-07
   days on market $190,000 Active 93 DOM
10. 2026-06-04
    pricedays on market $190,000 Active 90 DOM
11. 2026-06-03
    days on market $195,000 Active 89 DOM
12. 2026-06-02
    days on market $195,000 Active 88 DOM
13. 2026-06-01
    days on market $195,000 Active 87 DOM
14. 2026-05-31
    days on market $195,000 Active 86 DOM
15. 2026-05-20
    historical $1,850
16. 2026-05-20
    price $195,000
17. 2026-05-20
    listed $1,850
18. 2026-03-03
    listed $200,000 Active
19. 2024-05-20
    historical $1,900
20. 2024-05-15
    listed $1,900
21. 2024-05-15
    historical $1,900
22. 2024-04-13
    price $1,900
23. 2024-04-02
    listed $1,950
24. 2024-04-02
    historical $1,950
25. 2024-03-08
    price $1,950
26. 2024-02-13
    listed $2,000
27. 2022-01-14
    soldstatus $152,000
28. 2021-11-05
    soldstatus $152,000 Closed 489-char remark

    Show marketing remark (489 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! PERFECT LOCATION IN WEST PALM BEACH. 2 BED 1 BATH UNIT COMES WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTER TOPS, LAMINATE/TILE FLOORING IN MAIN LIVING AREA AND CARPET IN BEDROOMS. COVERED PATIO WITH VIEWS LOOKING OVER THE TENNIS COURTS. COMMUNITY OFFERS CLUBHOUSE, COMMUINITY POOL/SPA, TENNIS COURTS, BASKETBALL COURTS, FITNESS CENTER AND MORE. TENANT OCCUPIED UNTIL 02/28/2022 PAYING $1,300/MONTH. INVSTORS ONLY! UNIT SOLD AS-IS.

29. 2021-09-28
    status Pending 489-char remark

    Show marketing remark (489 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! PERFECT LOCATION IN WEST PALM BEACH. 2 BED 1 BATH UNIT COMES WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTER TOPS, LAMINATE/TILE FLOORING IN MAIN LIVING AREA AND CARPET IN BEDROOMS. COVERED PATIO WITH VIEWS LOOKING OVER THE TENNIS COURTS. COMMUNITY OFFERS CLUBHOUSE, COMMUINITY POOL/SPA, TENNIS COURTS, BASKETBALL COURTS, FITNESS CENTER AND MORE. TENANT OCCUPIED UNTIL 02/28/2022 PAYING $1,300/MONTH. INVSTORS ONLY! UNIT SOLD AS-IS.

30. 2021-09-23
    price $152,000 489-char remark

    Show marketing remark (489 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! PERFECT LOCATION IN WEST PALM BEACH. 2 BED 1 BATH UNIT COMES WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTER TOPS, LAMINATE/TILE FLOORING IN MAIN LIVING AREA AND CARPET IN BEDROOMS. COVERED PATIO WITH VIEWS LOOKING OVER THE TENNIS COURTS. COMMUNITY OFFERS CLUBHOUSE, COMMUINITY POOL/SPA, TENNIS COURTS, BASKETBALL COURTS, FITNESS CENTER AND MORE. TENANT OCCUPIED UNTIL 02/28/2022 PAYING $1,300/MONTH. INVSTORS ONLY! UNIT SOLD AS-IS.

31. 2021-09-23
    status Active 489-char remark

    Show marketing remark (489 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! PERFECT LOCATION IN WEST PALM BEACH. 2 BED 1 BATH UNIT COMES WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTER TOPS, LAMINATE/TILE FLOORING IN MAIN LIVING AREA AND CARPET IN BEDROOMS. COVERED PATIO WITH VIEWS LOOKING OVER THE TENNIS COURTS. COMMUNITY OFFERS CLUBHOUSE, COMMUINITY POOL/SPA, TENNIS COURTS, BASKETBALL COURTS, FITNESS CENTER AND MORE. TENANT OCCUPIED UNTIL 02/28/2022 PAYING $1,300/MONTH. INVSTORS ONLY! UNIT SOLD AS-IS.

32. 2021-02-15
    historical 489-char remark

    Show marketing remark (489 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! PERFECT LOCATION IN WEST PALM BEACH. 2 BED 1 BATH UNIT COMES WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTER TOPS, LAMINATE/TILE FLOORING IN MAIN LIVING AREA AND CARPET IN BEDROOMS. COVERED PATIO WITH VIEWS LOOKING OVER THE TENNIS COURTS. COMMUNITY OFFERS CLUBHOUSE, COMMUINITY POOL/SPA, TENNIS COURTS, BASKETBALL COURTS, FITNESS CENTER AND MORE. TENANT OCCUPIED UNTIL 02/28/2022 PAYING $1,300/MONTH. INVSTORS ONLY! UNIT SOLD AS-IS.

33. 2021-02-15
    listed $142,000 489-char remark

    Show marketing remark (489 chars)

    SEE BROKER REMARKS FOR SHOWING INSTRUCTIONS. MUST SEE! PERFECT LOCATION IN WEST PALM BEACH. 2 BED 1 BATH UNIT COMES WITH STAINLESS STEEL APPLIANCES, GRANITE COUNTER TOPS, LAMINATE/TILE FLOORING IN MAIN LIVING AREA AND CARPET IN BEDROOMS. COVERED PATIO WITH VIEWS LOOKING OVER THE TENNIS COURTS. COMMUNITY OFFERS CLUBHOUSE, COMMUINITY POOL/SPA, TENNIS COURTS, BASKETBALL COURTS, FITNESS CENTER AND MORE. TENANT OCCUPIED UNTIL 02/28/2022 PAYING $1,300/MONTH. INVSTORS ONLY! UNIT SOLD AS-IS.

34. 2020-06-25
    historical
35. 2020-02-25
    price $142,000
36. 2019-06-24
    listed $145,000 Active
37. 2014-10-02
    soldstatus $121,000
38. 2014-09-10
    historical
39. 2014-09-08
    soldstatus $81,000
40. 2014-09-01
    soldstatus $81,000 Closed
41. 2014-09-01
    soldstatus $82,000 Closed
42. 2014-08-01
    status Pending
43. 2014-08-01
    status Pending
44. 2014-07-14
    listed $88,000 Active
45. 2014-07-14
    listed $88,000 Active
46. 2010-05-03
    historical
47. 2010-02-03
    listed $34,900

ⓘ 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: $3,792 · $316/mo
• Projected year-2 tax: $3,792 · $316/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: $30,195
• − Mortgage interest: −$10,643
• − Property taxes: −$3,792
• − Insurance: −$950
• − Repairs & maintenance: −$2,416
• − Management: −$2,416
• − HOA: −$5,964
• − Depreciation: −$5,527
• Taxable loss: −$1,512
• Est. tax savings @ 24.0%: +$363
• After-tax cash flow: $1,555/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

-94.7% since first listed

33 events — show timeline

• 2026-05-20 Rental Removed $1,850 MARMLS
• 2026-05-20 Price Changed $195,000 MARMLS
• 2026-05-20 Listed for Rent $1,850 MARMLS
• 2026-03-03 Listed $200,000 MARMLS
• 2024-05-20 Rental Removed $1,900 APPFOLIO
• 2024-05-15 Listed for Rent $1,900 APPFOLIO
• 2024-05-15 Rental Removed $1,900 GFLMLS
• 2024-04-13 Price Changed $1,900 GFLMLS
• 2024-04-02 Listed for Rent $1,950 GFLMLS
• 2024-04-02 Rental Removed $1,950 MARMLS
• 2024-03-08 Price Changed $1,950 MARMLS
• 2024-02-13 Listed for Rent $2,000 MARMLS
• 2022-01-14 Sold (Public Records) $152,000 Public Records
• 2021-11-05 Sold (MLS) $152,000 Beaches MLS
• 2021-09-28 Pending — Beaches MLS
• 2021-09-23 Price Changed $152,000 Beaches MLS
• 2021-09-23 Relisted — Beaches MLS
• 2021-02-15 Listed $142,000 Beaches MLS
• 2021-02-15 Listing Removed — Beaches MLS
• 2020-06-25 Listing Removed — Beaches MLS
• 2020-02-25 Price Changed $142,000 Beaches MLS
• 2019-06-24 Listed $145,000 Beaches MLS
• 2014-10-02 Sold (Public Records) $121,000 Public Records
• 2014-09-10 Listing Removed — Beaches MLS
• 2014-09-08 Sold (Public Records) $81,000 Public Records
• 2014-09-01 Sold (MLS) $82,000 Beaches MLS
• 2014-09-01 Sold (MLS) $81,000 Beaches MLS
• 2014-08-01 Pending — Beaches MLS
• 2014-08-01 Pending — Beaches MLS
• 2014-07-14 Listed $88,000 Beaches MLS
• 2014-07-14 Listed $88,000 Beaches MLS
• 2010-05-03 Listing Removed — Beaches MLS
• 2010-02-03 Listed $34,900 Beaches MLS

Property tax history

+9.7%/yr

Latest (2025): $3,792 · +0.4% YoY. Source: county tax records.