22 Lexington Ln W Unit D · Palm Beach Gardens, FL 33418

$400,000

2 bd · 2.0 ba · 1,400 sqft · Condo public records · 14 Days on market

Built 1988 $560/mo HOA · 14% of rent

---

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 +12.8/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• Schools +4.3/10.0
• DSCR +3.8/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Single-story, 1st floor townhouse with gorgeous lake views from most rooms. Nice, open, split floor plan with screened patio and lots of natural light. Great security. Close to pool. Easy parking for guests and lots of storage. Truly the best location/v iews in Lexington Green.

Key facts

• $560 HOA
• Garage
• Community pool

Property features AI

Finance

• HOA & community: Association present (Reef Property Services; PGA NATIONAL Property Owners Association); Monthly HOA fee (reported); Community amenities include pool and park; HOA covers cable TV, insurance, grounds and structure maintenance, security, sewer, trash, water, common areas, roof repairs, and pool service; 128 units in the community; Pets allowed (pet restrictions possible)

Exterior

• Parking: Attached 1-car garage with garage door opener; One additional covered/guest parking space; One open parking space (total 2 parking spaces)
• Security: Security guard; Security patrol
• Utilities: Public water; Public sewer; Cable available; Electricity available; Sewer connected; Water connected
• Home design: Condominium; One story; Entry on side; Entry level 1; Faces east
• Construction: Built with stucco, CBS, and wood frame construction; Barrel tile roof; Combination foundation
• Exterior features: Screened porch; Porch; Cul-de-sac lot; Private road frontage (west of US-1); Asphalt road surface; Private maintained road; Waterfront: Yes (no waterfront features listed)

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central electric heat; Central air; Electric cooling; Ceiling paddle fan(s)
• Interior features: High ceilings; Walk-in closets; Split bedroom layout; Closet cabinetry; Roman tub
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $400k.

Deal economics

• At list price, monthly cash flow is $-34 ($-411/yr) — negative.
• To cash-flow at today's rent, offer at most $394k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $388k (3.1% below list).
• Recommended offer: $388k (3.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#464 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living 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: Timber Trace Elementary School (math 76% / reading 79%, grade A, #163 of 2,144 statewide, top 8%, 825 students, 34% FRL); Watson B. Duncan Middle School (math 54% / reading 59%, grade B, #171 of 571 statewide, top 30%, 1,157 students, 41% FRL); Palm Beach Gardens High School (math 19% / reading 40%, grade F, #447 of 667 statewide, top 68%, 2,570 students, 61% FRL).
• Market conditions: Rents rising (+2.0%/yr); 542 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 37% of the median local income ($125k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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 $195k; list at $400k implies a 105% 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 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $387,761 (3.1% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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?
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: 0.97% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.37%
• DSCR: 0.98
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.0% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.37×
• Total profit: $-70,599
• Equity at exit: $59,641

10-year hold

• IRR: -12.5%
• Equity multiple: 0.30×
• Total profit: $-78,753
• Equity at exit: $34,585

Cash invested: $112,000 (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 33418

• Home prices YoY: -32.4%
• Rents YoY: 2.0%
• Active inventory: 542
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $3,878 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$273 /mo · $3,279/yr
• Insurance: −$167
• HOA: −$560
• Vacancy / Maint / Mgmt: −$814
• Net cashflow: $-34

Break-even live

Break-even rent $3,921

Max offer price $393,948

Occupancy floor 96%

Sensitivity live

Price	-10% $192	-5% $79	+0% $-34	+5% $-147	+10% $-261
Rent	-10% $-341	-5% $-187	+0% $-34	+5% $119	+10% $272
Rate	-1.0pp $167	-0.5pp $67	base $-34	+0.5pp $-138	+1.0pp $-243

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Lexington Ln W Unit C Palm Beach Gardens, FL	2.0	2.0	1275	$2,895	$2.27	26d	1	0.03mi
6 Lexington Ln E Unit D Palm Beach Gardens, FL	2.0	2.0	1400	$4,200	$3.00	26d	1	0.05mi
4 Lexington Ln E Unit E Palm Beach Gardens, FL	2.0	2.0	1275	$2,700	$2.12	4d	1	0.05mi
7 Lexington Ln E Palm Beach Gardens, FL	2.0	2.0	1275	$5,200	$4.08	26d	1	0.09mi
202 Cypress Point Dr #202 Palm Beach Gardens, FL	2.0	2.0	1250	$3,200	$2.56	26d	1	0.24mi
39 Dorchester Cir Palm Beach Gardens, FL	3.0	2.0	1571	$11,500	$7.32	26d	1	0.25mi
32 Admirals Ct Palm Beach Gardens, FL	3.0	2.0	1438	$3,590	$2.50	12d	1	0.29mi
32 Admirals Ct Palm Beach Gardens, FL	3.0	2.0	1438	$4,500	$3.13	13d	1	0.29mi
605 Masters Way Palm Beach Gardens, FL	3.0	3.0	1738	$17,500	$10.07	26d	1	0.39mi
717 Windermere Way Palm Beach Gardens, FL	3.0	2.5	1869	$3,100	$1.66	4d	1	0.40mi
7 Wyndham Ln Palm Beach Gardens, FL	3.0	2.0	1571	$7,500	$4.77	26d	1	0.43mi
77 Spyglass Way Palm Beach Gardens, FL	3.0	2.5	1471	$3,500	$2.38	26d	1	0.44mi
9016 Alister Blvd E Palm Beach Gardens, FL	1.0–3.0	1.0–2.0	1136	$2,450	$2.16	0d	47	0.52mi
36 Ironwood Way N Unit 36 Palm Beach Gardens, FL	3.0	2.0	1480	$6,500	$4.39	26d	1	0.65mi
4 Ironwood Way N Palm Beach Gardens, FL	3.0	2.0	1480	$3,500	$2.36	26d	1	0.67mi
127 Sunset Cove Ln Palm Beach Gardens, FL	2.0	2.0	1677	$17,000	$10.14	22d	1	0.68mi
8033 Murano Cir Palm Beach Gardens, FL	3.0	2.5	1728	$3,400	$1.97	19d	1	0.69mi
11 Ironwood Way N Palm Beach Gardens, FL	3.0	2.0	1573	$4,800	$3.05	26d	1	0.72mi
26 Via Aurelia Palm Beach Gardens, FL	3.0	2.5	1830	$8,500	$4.64	26d	1	0.72mi
8050 Murano Cir Palm Beach Gardens, FL	3.0	2.5	1728	$3,100	$1.79	26d	1	0.76mi
533 Prestwick Cir Palm Beach Gardens, FL	2.0	2.0	1514	$4,000	$2.64	26d	1	0.79mi
293 Old Meadow Way Palm Beach Gardens, FL	3.0	3.0	1694	$6,000	$3.54	26d	1	0.84mi
265 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1491	$3,400	$2.28	26d	1	0.85mi
364 Prestwick Cir #4 Palm Beach Gardens, FL	2.0	2.5	1466	$2,600	$1.77	26d	1	0.85mi
505 Prestwick Cir Palm Beach Gardens, FL	3.0	2.0	1850	$3,250	$1.76	4d	1	0.87mi
204 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1491	$4,100	$2.75	26d	1	0.87mi
150 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1418	$6,999	$4.94	22d	1	0.90mi
135 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1418	$6,000	$4.23	26d	1	0.91mi
229 Old Meadow Way Palm Beach Gardens, FL	3.0	3.0	1694	$4,500	$2.66	26d	1	0.93mi
103 Old Meadow Way Palm Beach Gardens, FL	2.0	2.0	1491	$3,600	$2.41	15d	1	0.94mi
479 Prestwick Cir Palm Beach Gardens, FL	3.0	2.0	1818	$9,500	$5.23	26d	1	0.95mi
352 Prestwick Cir #1 Palm Beach Gardens, FL	2.0	3.0	1532	$2,700	$1.76	26d	1	0.99mi
359 Prestwick Cir #2 Palm Beach Gardens, FL	2.0	3.0	1532	$3,400	$2.22	26d	1	0.99mi
355 Prestwick Cir #4 Palm Beach Gardens, FL	2.0	3.0	1532	$3,500	$2.28	26d	1	1.03mi
1802 Rosewood Way Palm Beach Gardens, FL	2.0	2.0	1355	$3,550	$2.62	23d	1	1.05mi
1804 Rosewood Way Palm Beach Gardens, FL	3.0	2.0	1615	$8,000	$4.95	26d	1	1.05mi
1903 Rosewood Way Palm Beach Gardens, FL	2.0	2.0	1236	$3,750	$3.03	26d	1	1.08mi
401 Resort Ln Palm Beach Gardens, FL	3.0	2.5	1710	$9,600	$5.61	26d	1	1.10mi
802 Sabal Palm Ln Palm Beach Gardens, FL	3.0	2.0	1615	$9,995	$6.19	26d	1	1.11mi
438 Brackenwood Ln S Palm Beach Gardens, FL	2.0	2.0	1366	$3,000	$2.20	26d	1	1.11mi

HOA detail condo

• Monthly dues: $560 · $6,720/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-21
   days on market $400,000 Active 14 DOM
2. 2026-06-18
   days on market $400,000 Active 11 DOM
3. 2026-06-17
   remarks 693-char remark
4. 2026-06-17
   days on market $400,000 Active 10 DOM
5. 2026-06-16
   days on market $400,000 Active 9 DOM
6. 2026-06-15
   days on market $400,000 Active 8 DOM
7. 2026-06-13
   days on market $400,000 Active 6 DOM
8. 2026-06-09
   days on market $400,000 Active 2 DOM
9. 2026-06-08
   listed $400,000 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: $3,279 · $273/mo
• Projected year-2 tax: $3,320 · $277/mo
• Expected delta: +$41/yr (+$3/mo · 1.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 24 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: $46,531
• − Mortgage interest: −$22,406
• − Property taxes: −$3,279
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,723
• − Management: −$3,723
• − HOA: −$6,720
• − Depreciation: −$11,636
• Taxable loss: −$6,955
• Est. tax savings @ 24.0%: +$1,669
• After-tax cash flow: $1,258/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 — Palm Beach Gardens

• Score: 69/100
• State rank: #464
• US rank: #8366

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Beach Gardens, FL
• County: Palm Beach County · 1,438,312 people
• City population: 96,294
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 43,676
• Household income: $125,497
• Rent vs Own: 23.3% rent · 76.7% own
• Severe rent burden: 1339.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 9% Black 5% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 4% Scotch-Irish 4%
• Foreign-born: 15% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 8% German/W. Germanic 2% 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: ▼ -172.79%
• Current HPI: 361.1997
• Rent YoY: ▲ 2.00%
• 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

+225.5% since first listed

8 events — show timeline

• 2026-06-07 Listed $400,000 Beaches MLS
• 2015-01-09 Sold (Public Records) $195,000 Public Records
• 2014-12-19 Sold (MLS) $195,000 MARMLS
• 2014-10-24 Pending — MARMLS
• 2014-10-07 Listed $215,000 MARMLS
• 2001-11-15 Sold (Public Records) $124,800 Public Records
• 1996-04-30 Sold (Public Records) $112,000 Public Records
• 1988-04-01 Sold (Public Records) $122,900 Public Records

Property tax history

+3.3%/yr

Latest (2025): $3,279 · +3.0% YoY. Source: county tax records.