4200 San Marino Blvd #107 · West Palm Beach, FL 33409

$165,750

2 bd · 2.0 ba · 1,060 sqft · Condo public records · 2 Days on market

Built 2002

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Why this score? — see what drove the B- 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 +26.9/30.0
• 1% rule +10.0/10.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 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

Are you a first-time buyer or investor? This first-floor 2BR/2BA condo is waiting for you! Features include accordion shutters, a newer roof (2023), HVAC condenser (2021), water heater (2018) and washer & dryer. Located in the heart of West Palm Beach, in the gated community of Emerald Isle at Laguna Lakes, residents enjoy resort-style amenities including a pool & hot tub, fitness center, game room, tot-lot, pickleball courts, & indoor basketball court. The amenities, cable, internet, water, sewer, trash, bldg. insurance, & roof maintenance are included in the monthly fees. Pet-friendly with one pet allowed (no aggressive breeds; no weight restriction). Close to school

Key facts

• Gated community
• Newer roof
• Washer and dryer

Tags

• NEWER ROOF
• HVAC CONDENSER
• WATER HEATER
• WASHER AND DRYER
• GATED COMMUNITY
• RESORT STYLE AMENITIES

Property features AI

Finance

• Other: Building total area listed from public records; Directions available to property
• Financial info: Pets allowed with number limits; Community contains 355 units
• HOA & community: Community association with on-site manager; Monthly HOA fee; Association amenities include pool, spa/hot tub, fitness center, clubhouse, business center, community room, game room, billiard room, basketball court, pickleball courts, playground, jogging path, sidewalks, street lights, internet included; HOA covers cable TV, insurance, grounds maintenance, sewer, trash, water, common real estate tax, and recreation facility

Exterior

• Parking: Open parking
• Security: Smoke detectors; Gated community (no guard)
• Utilities: Public water; Public sewer; Three-phase electric; Sewer and water available
• Home design: Condominium; Resale property; North-facing; 3-story building; Entry in building named 4200
• Construction: Block, concrete and stucco construction
• Exterior features: Open porch; Sidewalks; Paved roads; Not waterfront

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Ceramic tile
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Entrance foyer; Split bedroom layout
• Laundry & utility: Laundry closet inside with washer hookup and dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $166k.

Deal economics

• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $166k).
• Cap rate 9.6% 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; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• At $2,836/mo this rent would consume 51% 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 $5k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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

• Watch-outs: HOA is 20% 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 $165,750

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.71% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.87%
• DSCR: 1.53
• GRM: 4.9

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: -3.3%
• Equity multiple: 0.88×
• Total profit: $-5,492
• Equity at exit: $24,714

10-year hold

• IRR: 1.0%
• Equity multiple: 1.05×
• Total profit: $2,519
• Equity at exit: $14,331

Cash invested: $46,410 (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: 4.9×

Monthly cashflow live

• Estimated rent: $2,836 high
• Mortgage (P&I): −$869
• Tax from tax record: −$274 /mo · $3,284/yr
• Insurance: −$69
• HOA est. from 4 same-building comps: −$569
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $459

Break-even live

Break-even rent $2,254

Max offer price $165,750

Occupancy floor 79%

Sensitivity live

Price	-10% $553	-5% $506	+0% $459	+5% $412	+10% $365
Rent	-10% $235	-5% $347	+0% $459	+5% $571	+10% $683
Rate	-1.0pp $543	-0.5pp $501	base $459	+0.5pp $416	+1.0pp $373

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: $41,438
• Closing costs: $4,972
• Reserves months: —
• Total cash needed: —

Rent comps 11 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	19d	60	0.21mi
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	26d	1	0.30mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	24d	1	0.37mi
1211 Pine Sage Cir West Palm Beach, FL	3.0	2.0	1367	$3,200	$2.34	7d	1	0.82mi
2439 24th Way #2439 West Palm Beach, FL	2.0	2.5	1236	$3,000	$2.43	0d	1	0.87mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	26d	1	1.21mi
3590 Village Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1074	$2,785	$2.59	1d	30	1.36mi
2425 Presidential Way West Palm Beach, FL	2.0	2.0	1294	$4,500	$3.48	26d	1	1.36mi
2400 Presidential Way #1906 West Palm Beach, FL	1.0	2.0	1294	$3,000	$2.32	26d	1	1.40mi
1991 Presidential Way West Palm Beach, FL	3.0	2.0	1485	$4,905	$3.30	18d	1	1.47mi
1991 Presidential Way West Palm Beach, FL	1.0	1.0	827	$3,427	$4.14	9d	1	1.47mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrashinternetcableroofpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-21
   pricestatusdays on marketlisting id $165,750 Coming Soon 2 DOM
2. 2026-06-13
   days on market $167,555 Active 48 DOM
3. 2026-06-09
   days on market $167,555 Active 44 DOM
4. 2026-06-08
   days on market $167,555 Active 43 DOM
5. 2026-06-07
   days on market $167,555 Active 42 DOM
6. 2026-06-04
   days on market $167,555 Active 39 DOM
7. 2026-06-03
   days on market $167,555 Active 38 DOM
8. 2026-06-02
   days on market $167,555 Active 37 DOM
9. 2026-06-01
   days on market $167,555 Active 36 DOM
10. 2026-05-31
    days on market $167,555 Active 35 DOM
11. 2026-05-19
    status Active
12. 2026-03-25
    historical
13. 2026-03-12
    historical Active Under Contract
14. 2026-03-02
    listed $167,555 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: $3,284 · $274/mo
• Projected year-2 tax: $3,284 · $274/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: $34,027
• − Mortgage interest: −$9,285
• − Property taxes: −$3,284
• − Insurance: −$829
• − Repairs & maintenance: −$2,722
• − Management: −$2,722
• − HOA: −$6,828
• − Depreciation: −$4,822
• Taxable income: $3,535
• Est. tax owed @ 24.0%: −$848
• After-tax cash flow: $4,661/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

4 events — show timeline

• 2026-05-19 Relisted — Beaches MLS
• 2026-03-25 Listing Removed — Beaches MLS
• 2026-03-12 Contingent — Beaches MLS
• 2026-03-02 Listed $167,555 Beaches MLS

Property tax history

+8.2%/yr

Latest (2025): $3,284 · +3.8% YoY. Source: county tax records.