1809 Middleton Way · West Palm Beach, FL 33409

$299,000

2 bd · 2.0 ba · 1,350 sqft · Townhouse public records · 5 Days on market

Built 1989 Est $290k · at est. · waterfront $443/mo HOA · 14% 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).

• Cash flow +16.5/30.0
• ARV discount +6.1/15.0
• 1% rule +5.3/10.0
• DSCR +5.1/10.0
• 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

Welcome to this lovingly cared for waterfront townhome centrally located in West Palm Beach. This unit is situated perfectly in the community with wonderful lake and fountain views from your living room and screened in patio with perfect northwest exposure for relaxing in the courtyard. Original owner has maintained this unit wonderfully over the years, But now its time for someone new to make it theirs. Partially updated kitchen with newer stainless steel appliances. The main living area is tiled throughout. A large living room is perfect for entertaining or relaxing. The first floor also offers a formal dining area, half bathroom, and laundry room with washer and dryer. The second floor y

Key facts

• Waterfront townhome
• Tiled throughout
• Formal dining area

Tags

• WATERFRONT TOWNHOME
• LAKE AND FOUNTAIN VIEWS
• SCREENED IN PATIO
• PARTIALLY UPDATED KITCHEN
• TILED THROUGHOUT
• FORMAL DINING AREA

Property features AI

Finance

• Financial info: Pets allowed with no restrictions
• HOA & community: Association: Stamford at the Villages; Monthly HOA fee; Association amenities include basketball court, tennis courts, pool, park, picnic area, maintained community, and recreation facilities; HOA covers insurance, grounds maintenance, sewer, trash, water, common areas, common real estate tax, reserve funds, roof repairs, recreation facility, and pool service

Exterior

• Parking: Assigned parking on concrete; 2 open parking spaces (2 total parking)
• Security: Security system
• Utilities: Public water; Public sewer; Cable available; Electricity connected; Water connected; Sewer connected
• Home design: Townhouse; Two stories; Resale property; Faces northwest
• Construction: CBS construction; Barrel roof; Slab foundation; Built on two stories
• Exterior features: Screened patio; Patio; Corner lot; Concrete road surface; Waterfront: Yes (no additional waterfront features listed)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: No main-level bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms and 1 half bathroom (3 total)
• Heating & cooling: Central heating (electric); Central air conditioning; Ceiling fans
• Interior features: Walk-in closets; Plantation shutters; Unfurnished
• Laundry & utility: Laundry room (lower level) with hookups; Bathroom laundry access

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $299k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• Cap rate 7.0% 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; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $3,085/mo this rent would consume 55% 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 $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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $86k; list at $299k implies a 248% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $299,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 1.03% ✓
• Cap rate: 7.00%
• Cash-on-cash: 2.52%
• DSCR: 1.11
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $289,778
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
596 Green Springs Pl	0.13mi	2/2.5	1,288 (-5%)	2mo	$195,000	$151	83
1022 Green Pine Blvd Unit E	0.39mi	2/2.0	1,370 (+2%)	8mo	$218,000	$159	72
4041 San Marino Blvd #102	0.25mi	3/2.0 (+1)	1,300 (-4%)	12mo	$251,000	$193	67

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.45×
• Total profit: $-46,133
• Equity at exit: $44,582

10-year hold

• IRR: -14.7%
• Equity multiple: 0.28×
• Total profit: $-60,022
• Equity at exit: $25,852

Cash invested: $83,720 (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: 8.1×

Monthly cashflow live

• Estimated rent: $3,085 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$126 /mo · $1,507/yr
• Insurance: −$125
• HOA: −$443
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $176

Break-even live

Break-even rent $2,862

Max offer price $299,000

Occupancy floor 89%

Sensitivity live

Price	-10% $345	-5% $260	+0% $176	+5% $91	+10% $6
Rent	-10% $-68	-5% $54	+0% $176	+5% $298	+10% $419
Rate	-1.0pp $326	-0.5pp $252	base $176	+0.5pp $98	+1.0pp $19

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	26d	1	0.13mi
4543 Tara Cove Way West Palm Beach, FL	3.0	2.5	1807	$3,000	$1.66	0d	1	0.44mi
1211 Pine Sage Cir West Palm Beach, FL	3.0	2.0	1367	$3,200	$2.34	7d	1	0.47mi
4567 Brook Dr West Palm Beach, FL	3.0	2.0	1528	$3,000	$1.96	26d	1	0.49mi
4400 Portofino Way West Palm Beach, FL	1.0–3.0	1.0–2.0	1222	$2,528	$2.07	19d	60	0.63mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	24d	1	0.67mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	26d	1	0.87mi
2480 Presidential Way #1903 West Palm Beach, FL	2.0	2.0	1855	$4,650	$2.51	26d	1	1.09mi
2480 Presidential Way #902 West Palm Beach, FL	2.0	2.0	1855	$4,650	$2.51	7d	1	1.09mi
2450 Presidential Way #7 West Palm Beach, FL	2.0	2.0	1855	$4,700	$2.53	4d	1	1.12mi
2450 Presidential Way #7 West Palm Beach, FL	2.0	2.0	1855	$4,700	$2.53	26d	1	1.12mi
2425 Presidential Way West Palm Beach, FL	2.0	2.0	1294	$4,500	$3.48	26d	1	1.18mi
2820 Tennis Club Dr #408 West Palm Beach, FL	3.0	2.0	1610	$3,800	$2.36	26d	1	1.20mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,150	$2.09	15d	1	1.20mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,000	$1.99	9d	1	1.20mi
2400 Presidential Way #1906 West Palm Beach, FL	1.0	2.0	1294	$3,000	$2.32	26d	1	1.24mi
1991 Presidential Way West Palm Beach, FL	3.0	2.0	1485	$4,905	$3.30	18d	1	1.28mi
1714 Consulate Pl #101 West Palm Beach, FL	3.0	3.0	1377	$3,000	$2.18	26d	1	1.36mi
1900 Consulate Pl #1005 West Palm Beach, FL	2.0	2.0	1557	$4,900	$3.15	16d	1	1.47mi

HOA detail

• Monthly dues: $443 · $5,316/yr
• Likely covers: water

Listing history 4 events

1. 2026-06-21
   days on market $299,000 Active 5 DOM
2. 2026-06-18
   days on market $299,000 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $299,000 Active 1 DOM

ⓘ 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: $1,507 · $126/mo
• Projected year-2 tax: $2,482 · $207/mo
• Expected delta: +$974/yr (+$81/mo · 64.6%)

ⓘ 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 ≥105°F today · 19 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: $37,016
• − Mortgage interest: −$16,749
• − Property taxes: −$1,507
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,961
• − Management: −$2,961
• − HOA: −$5,316
• − Depreciation: −$8,698
• Taxable loss: −$2,672
• Est. tax savings @ 24.0%: +$641
• After-tax cash flow: $2,750/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

+248.1% since first listed

2 events — show timeline

• 2026-06-16 Listed $299,000 Beaches MLS
• 1989-10-25 Sold (Public Records) $85,900 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,507 · +4.4% YoY. Source: county tax records.