224 Lake Constance Dr #224 · West Palm Beach, FL 33411

$176,999

2 bd · 2.0 ba · 857 sqft · Condo · 102 Days on market

Built 1980 $677/mo HOA · 36% of rent

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• Cash flow +5.1/30.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

2/2 VILLA LAKE VIEW, LARGE SCREEN PATIO, NEW APPLIANCES, NEW A/C AND HOT WATER TANK, HURRICANESHUTTERS, FRESHLY PAINTED MOVE IN CONDITION. SATELITE POOL, 24HR SECURITY, CLUB HOUSE ACCESS.

Key facts

• $677 HOA
• Community pool
• Built 1980

Property features AI

Finance

• Other: Faces north
• Financial info: No land lease; Senior community
• HOA & community: Monthly HOA fee; Association amenities include clubhouse, fitness center, parking, pool, and security; HOA fee covers insurance, pest control, trash, common areas, roof repairs, and pool service

Exterior

• Parking: Assigned parking
• Security: Security guard; Security patrol; Key card entry; Smoke detectors
• Utilities: Cable available
• Home design: Condominium; Single-story
• Construction: Block/CBS construction
• Exterior features: Patio; Waterfront: Yes (no specific waterfront amenity listed)

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central electric heating; Central air conditioning; Ceiling fans
• Interior features: Walk-in closets
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $177k.

Deal economics

• At list price, monthly cash flow is $-406 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (33.2% below list).
• Meets the 1% rule at list price ($2k rent vs $177k).
• Recommended offer: $118k (33.2% below list) — sets the bar for cash-flow.

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: Benoist Farms Elementary School (math 22% / reading 28%, grade F, #2,030 of 2,144 statewide, top 95%, 421 students, 80% FRL); Jeaga Middle School (math 18% / reading 30%, grade F, #532 of 571 statewide, top 94%, 941 students, 78% FRL); Royal Palm Beach High School (math 22% / reading 38%, grade F, #441 of 667 statewide, top 67%, 2,343 students, 57% 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 flat; 583 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).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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 $75k; list at $177k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.
• Climate carrying-cost: 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 $118,197 (33.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.07% ✓
• Cap rate: 3.54%
• Cash-on-cash: -9.84%
• DSCR: 0.56
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.85% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 2.35×
• Total profit: $66,956
• Equity at exit: $159,455

10-year hold

• IRR: 15.3%
• Equity multiple: 5.26×
• Total profit: $210,979
• Equity at exit: $343,870

Cash invested: $49,560 (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 33411

• Home prices YoY: 1.9%
• Rents YoY: 0.8%
• Active inventory: 583
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,891 high
• Mortgage (P&I): −$928
• Tax est. 1.5%: −$221 /mo · $2,655/yr
• Insurance: −$74
• HOA: −$677
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-406

Break-even live

Break-even rent $2,405

Max offer price $118,197

Occupancy floor —

Sensitivity live

Price	-10% $-284	-5% $-345	+0% $-406	+5% $-468	+10% $-529
Rent	-10% $-556	-5% $-481	+0% $-406	+5% $-332	+10% $-257
Rate	-1.0pp $-317	-0.5pp $-361	base $-406	+0.5pp $-452	+1.0pp $-499

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: $44,250
• Closing costs: $5,310
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
221 Lake Meryl Dr West Palm Beach, FL	2.0	2.0	1000	$1,550	$1.55	26d	1	0.33mi
138 Lake Frances Dr West Palm Beach, FL	2.0	2.0	812	$1,845	$2.27	26d	1	0.33mi
161 Lake Frances Dr Unit 161 West Palm Beach, FL	1.0	1.5	704	$1,430	$2.03	9d	1	0.34mi
230 Lake Dora Dr #230 West Palm Beach, FL	2.0	2.0	888	$1,700	$1.91	9d	1	0.38mi
108 Lake Nancy Dr West Palm Beach, FL	2.0	2.0	967	$1,600	$1.65	0d	1	0.41mi
7130 Okeechobee Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1086	$2,490	$2.29	0d	8	0.47mi
1133 Golden Lakes Blvd #813 West Palm Beach, FL	3.0	2.0	999	$2,050	$2.05	4d	1	0.57mi
1133 Golden Lakes Blvd #813 West Palm Beach, FL	3.0	2.0	999	$2,050	$2.05	26d	1	0.57mi
1133 Golden Lakes Blvd #813 West Palm Beach, FL	3.0	2.0	1054	$2,000	$1.90	1d	1	0.57mi
1103 Golden Lakes Blvd #1013 West Palm Beach, FL	3.0	2.0	999	$2,000	$2.00	4d	1	0.59mi
1103 Golden Lakes Blvd #1011 West Palm Beach, FL	3.0	2.0	999	$2,100	$2.10	26d	1	0.59mi
155 Lake Carol Dr Unit 155 West Palm Beach, FL	2.0	2.0	812	$1,950	$2.40	26d	1	0.60mi
1542 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	24d	1	0.63mi
1542 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	26d	1	0.63mi
228 Lake Dora Dr West Palm Beach, FL	1.0	1.5	704	$1,500	$2.13	26d	1	0.65mi
106 Lake Dora Dr West Palm Beach, FL	2.0	2.0	812	$1,600	$1.97	26d	1	0.65mi
314 Lake Dora Dr West Palm Beach, FL	2.0	2.0	888	$1,650	$1.86	22d	1	0.65mi
235 Lake Dora Dr West Palm Beach, FL	2.0	2.0	812	$1,860	$2.29	26d	1	0.65mi
129 Lake Carol Dr #129 West Palm Beach, FL	1.0	1.0	600	$1,500	$2.50	26d	1	0.65mi
173 Lake Dora Dr #173 West Palm Beach, FL	1.0	1.5	704	$1,400	$1.99	26d	1	0.65mi
175 Lake Carol Dr #175 West Palm Beach, FL	1.0	1.0	600	$1,300	$2.17	26d	1	0.65mi
200 Lake Carol Dr West Palm Beach, FL	2.0	2.0	888	$1,750	$1.97	26d	1	0.65mi
321 Lake Evelyn Dr West Palm Beach, FL	2.0	2.0	888	$1,600	$1.80	26d	1	0.65mi
228 Lake Dora Dr West Palm Beach, FL	1.0	1.5	704	$1,500	$2.13	24d	1	0.65mi
1564 Lake Crystal Dr Unit F West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	18d	1	0.66mi
1545 Lake Crystal Dr Unit D West Palm Beach, FL	1.0	1.0	700	$1,675	$2.39	15d	1	0.66mi
1477 Lake Crystal Dr Unit D West Palm Beach, FL	2.0	2.0	928	$1,975	$2.13	18d	1	0.66mi
203 Lake Carol Dr West Palm Beach, FL	1.0	1.0	600	$1,500	$2.50	26d	1	0.66mi
1139 Lake Terry Dr Unit A West Palm Beach, FL	3.0	2.0	918	$2,300	$2.51	22d	1	0.67mi
1547 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	900	$1,900	$2.11	15d	1	0.67mi
1547 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	900	$1,950	$2.17	26d	1	0.67mi
1063 Golden Lakes Blvd #322 West Palm Beach, FL	3.0	2.0	999	$2,000	$2.00	15d	1	0.68mi
1525 Lake Crystal Dr Unit C West Palm Beach, FL	2.0	2.0	904	$1,800	$1.99	9d	1	0.68mi
1465 Lake Crystal Dr Unit A West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	3d	1	0.70mi
7080 Banyan Leaf Rd West Palm Beach, FL	1.0–2.0	1.0–2.0	742	$2,323	$3.13	0d	18	0.71mi
1455 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	16d	1	0.73mi
1455 Lake Crystal Dr Unit H West Palm Beach, FL	2.0	2.0	904	$1,850	$2.05	15d	1	0.73mi
1453 Lake Crystal Dr Unit D West Palm Beach, FL	2.0	2.0	904	$1,900	$2.10	15d	1	0.74mi
1153 Lake Victoria Dr Royal Palm Beach, FL	2.0	1.0	708	$1,725	$2.44	26d	1	0.74mi
1760 Windorah Way Unit H West Palm Beach, FL	2.0	1.0	904	$1,850	$2.05	26d	1	0.77mi

HOA detail condo

• Monthly dues: $677 · $8,124/yr
• Likely covers: waterpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $176,999 Active 102 DOM
2. 2026-06-18
   days on market $176,999 Active 99 DOM
3. 2026-06-17
   days on market $176,999 Active 98 DOM
4. 2026-06-16
   days on market $176,999 Active 97 DOM
5. 2026-06-15
   days on market $176,999 Active 96 DOM
6. 2026-06-13
   days on market $176,999 Active 94 DOM
7. 2026-06-09
   days on market $176,999 Active 90 DOM
8. 2026-06-08
   days on market $176,999 Active 89 DOM
9. 2026-06-07
   days on market $176,999 Active 88 DOM
10. 2026-06-04
    days on market $176,999 Active 85 DOM
11. 2026-06-03
    days on market $176,999 Active 84 DOM
12. 2026-06-02
    days on market $176,999 Active 83 DOM
13. 2026-06-01
    days on market $176,999 Active 82 DOM
14. 2026-05-31
    days on market $176,999 Active 81 DOM
15. 2025-08-21
    listed $176,999 Active
16. 2014-10-17
    historical 187-char remark

    Show marketing remark (187 chars)

    2/2 VILLA LAKE VIEW, LARGE SCREEN PATIO, NEW APPLIANCES, NEW A/C AND HOT WATER TANK, HURRICANESHUTTERS, FRESHLY PAINTED MOVE IN CONDITION. SATELITE POOL, 24HR SECURITY, CLUB HOUSE ACCESS.

17. 2012-03-23
    historical
18. 2012-01-20
    listed $39,900
19. 2006-03-13
    listed $165,900 187-char remark

    Show marketing remark (187 chars)

    2/2 VILLA LAKE VIEW, LARGE SCREEN PATIO, NEW APPLIANCES, NEW A/C AND HOT WATER TANK, HURRICANESHUTTERS, FRESHLY PAINTED MOVE IN CONDITION. SATELITE POOL, 24HR SECURITY, CLUB HOUSE ACCESS.

20. 2004-03-17
    soldstatus $75,000
21. 2004-02-17
    historical
22. 2004-01-30
    listed $84,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $22,691
• − Mortgage interest: −$9,915
• − Property taxes: −$2,655
• − Insurance: −$885
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − HOA: −$8,124
• − Depreciation: −$5,149
• Taxable loss: −$7,667
• Est. tax savings @ 24.0%: +$1,840
• After-tax cash flow: $-3,036/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

• County: Palm Beach County · 1,438,312 people
• City population: 222,012
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 76,863
• Household income: $92,591
• Rent vs Own: 20.5% rent · 79.5% own
• Severe rent burden: 1870.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 44% Hispanic / Latino 24% Black 23% Two or more races 16% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 5% Cuban 4% Dominican 2%
• Common ancestry: Hispanic 6% Romanian 2% Italian 1%
• Foreign-born: 26% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 17% French/Haitian/Cajun 4% 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: ▲ 17.04%
• Current HPI: 903.78
• Rent YoY: ▲ 0.85%
• 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

+108.5% since first listed

8 events — show timeline

• 2025-08-21 Listed $176,999 Beaches MLS
• 2014-10-17 Listing Removed — Beaches MLS
• 2012-03-23 Listing Removed — Beaches MLS
• 2012-01-20 Listed $39,900 Beaches MLS
• 2006-03-13 Listed $165,900 Beaches MLS
• 2004-03-17 Sold (MLS) $75,000 Beaches MLS
• 2004-02-17 Listing Removed — Beaches MLS
• 2004-01-30 Listed $84,900 Beaches MLS