117 Lehane Ter #201 · North Palm Beach, FL 33408

$298,000

2 bd · 2.0 ba · 1,014 sqft · Condo public records · 398 Days on market

Built 1971 $900/mo HOA · 22% 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 +19.6/30.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 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

This is a rare opportunity to acquire a two-bedroom, two-bathroom corner unit on the second floor with picturesque views. The primary bedroom offers ample closet space and generous proportions. Situated in a desirable location, the property is convenient to numerous restaurants, upscale shops, beaches, and parks including John D. MacArthur Beach State Park, Peanut Island Park, and Munyon Island. Though some updates are needed, this home provides an excellent chance for customization according to personal preferences. The building features a newly installed roof. Suitable for both homebuyers and This building is also investor-friendly. Leasing - Max Times Per Year: 1; Leasing - Minimum Numb

Key facts

• Brand new roof
• Waterfront oasis
• Close to beaches

Tags

• WATERFRONT OASIS
• INTERCOASTAL WATERWAY
• BRAND NEW ROOF
• CLOSE TO BEACHES

Property features AI

Finance

• Financial info: Pets allowed with number and size limits
• HOA & community: Community amenities include boating, laundry facilities, parking, pool (heated), storage, bike storage and fishing pier; Monthly HOA fee of $900; HOA fees cover insurance, grounds maintenance, pest control, sewer and trash

Exterior

• Parking: Deeded parking; Guest parking; 2 total parking spaces
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; 2 story building; Faces south; Resale property
• Construction: CBS construction; Concrete and tile roof
• Exterior features: Screened patio; Patio; Ocean access and intracoastal waterfront

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closet(s); Unfurnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $298k.

Deal economics

• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $298k).
• Recommended offer: $262k (12.0% 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.
• Market conditions: Rents flat; 400 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $4,184/mo this rent would consume 54% 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 $9k 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 398 days — a 12% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $27k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; list at $298k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 22% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $262,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 398 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.40% ✓
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• GRM: 5.9

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: -14.3%
• Equity multiple: 0.51×
• Total profit: $-41,187
• Equity at exit: $44,433

10-year hold

• IRR: -13.4%
• Equity multiple: 0.35×
• Total profit: $-53,956
• Equity at exit: $25,766

Cash invested: $83,440 (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: 400
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $4,184 high
• Mortgage (P&I): −$1,563
• Tax from tax record: −$376 /mo · $4,506/yr
• Insurance: −$124
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$900
• Vacancy / Maint / Mgmt: −$879
• Net cashflow: $277

Break-even live

Break-even rent $3,834

Max offer price $298,000

Occupancy floor 88%

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: $74,500
• Closing costs: $8,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1155 Lake Shore Dr #202 West Palm Beach, FL	2.0	2.0	1206	$4,750	$3.94	24d	1	0.14mi
1060 Lake Shore Dr #201 West Palm Beach, FL	2.0	2.0	1206	$3,850	$3.19	18d	1	0.19mi
913 Lake Shore Dr Lake Park, FL	1.0–2.0	1.0–2.0	1066	$3,731	$3.50	2d	9	0.26mi
301 Hawthorne Dr West Palm Beach, FL	3.0	2.0	1402	$3,200	$2.28	24d	1	0.47mi
522 Eastwind Dr North Palm Beach, FL	2.0	2.0	948	$3,995	$4.21	24d	1	0.57mi
524 Eastwind Dr Unit 524 North Palm Beach, FL	2.0	1.0	774	$3,995	$5.16	24d	1	0.57mi
526 Eastwind Dr Unit 526 North Palm Beach, FL	2.0	1.0	840	$3,995	$4.76	24d	1	0.58mi
301 Lake Shore Dr #802 West Palm Beach, FL	2.0	2.0	1316	$3,000	$2.28	24d	1	0.65mi
549 Fairwind Dr North Palm Beach, FL	3.0	2.0	1498	$5,000	$3.34	24d	1	0.75mi
220 Lake Shore Dr Lake Park, FL	1.0–3.0	1.5–3.5	1575	$14,498	$9.20	4d	18	0.75mi
308 Southwind Ct Unit 8 North Palm Beach, FL	2.0	2.0	1100	$2,900	$2.64	24d	1	0.84mi
429 Inlet Rd North Palm Beach, FL	3.0	2.5	1452	$6,500	$4.48	24d	1	0.92mi
624 Southwind Cir Apt 4 North Palm Beach, FL	3.0	2.0	1134	$4,750	$4.19	24d	1	0.95mi
624 Southwind Cir #2 North Palm Beach, FL	2.0	2.0	718	$3,750	$5.22	24d	1	0.95mi
624 Southwind Cir Unit 3 North Palm Beach, FL	3.0	3.0	1316	$5,500	$4.18	24d	1	0.95mi
5400 N Ocean Dr Riviera Beach, FL	1.0–2.0	1.0–2.0	1300	$6,500	$5.00	21d	3	1.17mi
5400 N Ocean Dr Riviera Beach, FL	2.0	2.0	1375	$5,450	$3.96	5d	3	1.17mi
5440 N Ocean Dr Riviera Beach, FL	2.0	2.0	1400	$5,325	$3.80	20d	6	1.18mi
5440 N Ocean Dr Riviera Beach, FL	2.0	2.0	1400	$5,675	$4.05	1d	7	1.18mi
5480 N Ocean Dr Unit B2A Riviera Beach, FL	2.0	2.0	1330	$4,750	$3.57	24d	1	1.18mi
5480 N Ocean Dr Unit A10C Riviera Beach, FL	2.0	2.0	1330	$5,500	$4.14	24d	1	1.18mi
5420 N Ocean Dr Riviera Beach, FL	2.0	2.0	1371	$4,725	$3.45	14d	5	1.18mi
5420 N Ocean Dr Riviera Beach, FL	2.0	2.0	1371	$5,000	$3.65	7d	4	1.18mi
5550 N Ocean Dr Riviera Beach, FL	2.0	2.0	1435	$9,000	$6.27	24d	1	1.19mi
5510 N Ocean Dr Unit 2C Riviera Beach, FL	2.0	2.0	1435	$7,995	$5.57	24d	1	1.20mi
5540 N Ocean Dr Unit 7B Riviera Beach, FL	2.0	2.0	1435	$5,000	$3.48	24d	1	1.22mi
5540 N Ocean Dr Unit 7A Riviera Beach, FL	2.0	2.0	1435	$7,000	$4.88	24d	1	1.22mi
855 Date Palm Dr West Palm Beach, FL	3.0	3.0	1216	$3,150	$2.59	24d	1	1.23mi
1030 Sugar Sands Blvd #171 Riviera Beach, FL	2.0	2.0	1143	$5,000	$4.37	24d	1	1.24mi
1025 Sugar Sands Blvd #159 Riviera Beach, FL	1.0	1.0	987	$4,200	$4.26	24d	1	1.27mi
1050 Sugar Sands Blvd #174 Riviera Beach, FL	3.0	2.0	1490	$5,500	$3.69	24d	1	1.28mi
410 Wilma Cir #103 Riviera Beach, FL	2.0	2.0	1056	$4,000	$3.79	14d	1	1.28mi
400 Wilma Cir #309 Riviera Beach, FL	1.0	1.0	818	$4,000	$4.89	5d	1	1.29mi
901 W 37th St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	24d	1	1.30mi
4200 N Ocean Dr Unit 2-101 Riviera Beach, FL	2.0	2.0	1400	$3,000	$2.14	14d	1	1.36mi
1260 Manor Dr Riviera Beach, FL	2.0	2.0	1230	$4,500	$3.66	20d	1	1.38mi
4200 N Ocean Dr Unit 2-1101 Riviera Beach, FL	2.0	2.0	1432	$3,500	$2.44	7d	1	1.39mi
4200 N Ocean Dr Unit 1-203 1 Riviera Beach, FL	2.0	2.0	1400	$3,425	$2.45	5d	1	1.39mi
4200 N Ocean Dr Unit 2-306 Riviera Beach, FL	2.0	2.0	1210	$3,300	$2.73	7d	1	1.39mi
4200 N Ocean Dr Unit 2-405 Riviera Beach, FL	2.0	2.0	1432	$5,850	$4.09	24d	1	1.39mi

HOA detail condo

• Monthly dues: $900 · $10,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $298,000 Active 398 DOM
2. 2026-06-17
   days on market $298,000 Active 397 DOM
3. 2026-06-16
   days on market $298,000 Active 396 DOM
4. 2026-06-15
   days on market $298,000 Active 395 DOM
5. 2026-06-13
   days on market $298,000 Active 393 DOM
6. 2026-06-09
   days on market $298,000 Active 389 DOM
7. 2026-06-07
   days on market $298,000 Active 387 DOM
8. 2026-06-04
   days on market $298,000 Active 384 DOM
9. 2026-06-03
   days on market $298,000 Active 383 DOM
10. 2026-06-01
    days on market $298,000 Active 381 DOM
11. 2026-05-31
    days on market $298,000 Active 380 DOM
12. 2025-10-14
    price $298,000
13. 2025-07-21
    price $310,000
14. 2025-05-16
    listed $325,000 Active
15. 2019-05-01
    soldstatus $190,000
16. 2016-04-11
    historical
17. 2016-02-05
    listed $165,000 Active
18. 2013-03-05
    historical
19. 2013-01-19
    listed $159,000
20. 2012-01-12
    soldstatus $110,000
21. 2012-01-05
    soldstatus $110,000
22. 2011-09-28
    historical
23. 2009-03-23
    listed $129,000
24. 1988-12-05
    soldstatus $65,000

ⓘ 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: $4,506 · $376/mo
• Projected year-2 tax: $4,506 · $376/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 8/10 Severe FEMA zone X (shaded) · 98% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 26 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: $50,214
• − Mortgage interest: −$16,693
• − Property taxes: −$4,506
• − Insurance: −$2,288
• − Repairs & maintenance: −$4,017
• − Management: −$4,017
• − HOA: −$10,800
• − Depreciation: −$8,669
• Taxable loss: −$776
• Est. tax savings @ 24.0%: +$186
• After-tax cash flow: $3,508/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

+358.5% since first listed

13 events — show timeline

• 2025-10-14 Price Changed $298,000 Beaches MLS
• 2025-07-21 Price Changed $310,000 Beaches MLS
• 2025-05-16 Listed $325,000 Beaches MLS
• 2019-05-01 Sold (Public Records) $190,000 Public Records
• 2016-04-11 Listing Removed — Beaches MLS
• 2016-02-05 Listed $165,000 Beaches MLS
• 2013-03-05 Listing Removed — Beaches MLS
• 2013-01-19 Listed $159,000 Beaches MLS
• 2012-01-12 Sold (Public Records) $110,000 Public Records
• 2012-01-05 Sold (MLS) $110,000 Beaches MLS
• 2011-09-28 Listing Removed — Beaches MLS
• 2009-03-23 Listed $129,000 Beaches MLS
• 1988-12-05 Sold (Public Records) $65,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $4,506 · +6.3% YoY. Source: county tax records.