4200 San Marino Blvd #308 · West Palm Beach, FL 33409

$205,000

2 bd · 2.0 ba · 1,060 sqft · Condo public records · 160 Days on market

Built 2002 $569/mo HOA · 20% 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 +18.8/30.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 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 MLS

Third fl unit facing northwest, incredible lake views, unit in beautiful condition, well maintained by original owner. No mold/water damage or other damage as commonly seen in these units. Measurements deemed reliable but buyer to confirm and verify.

Key facts

• Gated community
• Tennis court
• Pool

Tags

• GATED COMMUNITY
• RESORT-STYLE AMENITIES
• POOL
• JACUZZI
• TENNIS COURT
• PLAYGROUND

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee; Association fee covers management, amenities, common areas, cable TV, internet, grounds and structure maintenance, pools, recreation facilities, sewer, security, trash, and water; Community amenities include basketball court, billiard room, business center, clubhouse, fitness center, barbecue, picnic area, playground, pool, spa/hot tub, tennis courts, and vehicle wash area

Exterior

• Parking: Guest parking; One assigned space
• Security: Complex fenced; Phone entry
• Utilities: Cable available
• Home design: Attached property; 3 stories; Entry on third level
• Construction: Block construction; Year built: Unknown
• Exterior features: Balcony (open); Association pool; Lakefront waterfront; Has a view

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Unfurnished; Third floor entry
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $205k.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• Recommended offer: $180k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.
• Market conditions: Rents soft (-0.1%/yr); 189 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2,839/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 $6k 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 160 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 16y 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 $99k; list at $205k implies a 107% gain — meaningful room to come down on a strong offer.

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 $180,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.38% ✓
• Cap rate: 7.51%
• Cash-on-cash: 4.34%
• DSCR: 1.19
• GRM: 6.0

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: -14.1%
• Equity multiple: 0.51×
• Total profit: $-27,896
• Equity at exit: $30,566

10-year hold

• IRR: -14.0%
• Equity multiple: 0.34×
• Total profit: $-37,703
• Equity at exit: $17,725

Cash invested: $57,400 (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: 189
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,839 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$306 /mo · $3,667/yr
• Insurance: −$85
• HOA: −$569
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $208

Break-even live

Break-even rent $2,576

Max offer price $205,000

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 10 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	17d	60	0.21mi
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	24d	1	0.30mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	22d	1	0.37mi
1211 Pine Sage Cir West Palm Beach, FL	3.0	2.0	1367	$3,200	$2.34	5d	1	0.82mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	24d	1	1.21mi
3590 Village Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1074	$2,798	$2.60	1d	29	1.36mi
2425 Presidential Way West Palm Beach, FL	2.0	2.0	1294	$4,500	$3.48	24d	1	1.36mi
2400 Presidential Way #1906 West Palm Beach, FL	1.0	2.0	1294	$3,000	$2.32	24d	1	1.40mi
1991 Presidential Way West Palm Beach, FL	3.0	2.0	1485	$4,905	$3.30	16d	1	1.47mi
1991 Presidential Way West Palm Beach, FL	1.0	1.0	827	$3,427	$4.14	7d	1	1.47mi

HOA detail condo

• Monthly dues: $569 · $6,828/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $205,000 Active 160 DOM
2. 2026-06-17
   days on market $205,000 Active 159 DOM
3. 2026-06-16
   days on market $205,000 Active 158 DOM
4. 2026-06-15
   days on market $205,000 Active 157 DOM
5. 2026-06-13
   days on market $205,000 Active 155 DOM
6. 2026-06-09
   days on market $205,000 Active 151 DOM
7. 2026-06-07
   days on market $205,000 Active 149 DOM
8. 2026-06-04
   days on market $205,000 Active 146 DOM
9. 2026-06-03
   days on market $205,000 Active 145 DOM
10. 2026-06-01
    days on market $205,000 Active 143 DOM
11. 2026-05-31
    days on market $205,000 Active 142 DOM
12. 2026-02-25
    price $205,000
13. 2026-01-09
    listed $210,000 Active
14. 2024-12-15
    historical $1,800
15. 2024-12-14
    historical $1,800
16. 2024-12-10
    listed $1,800
17. 2024-11-19
    historical $1,900
18. 2024-11-16
    listed $1,900
19. 2024-11-16
    listed $1,850
20. 2023-12-20
    historical $1,750
21. 2023-11-30
    price $1,750
22. 2023-11-21
    listed $1,800
23. 2023-10-28
    historical $1,750
24. 2023-10-14
    listed $1,750
25. 2013-12-20
    soldstatus $99,000
26. 2013-11-27
    soldstatus $78,000
27. 2011-10-20
    soldstatus $49,000 250-char remark

    Show marketing remark (250 chars)

    Third fl unit facing northwest, incredible lake views, unit in beautiful condition, well maintained by original owner. No mold/water damage or other damage as commonly seen in these units. Measurements deemed reliable but buyer to confirm and verify.

28. 2011-10-05
    historical 250-char remark

    Show marketing remark (250 chars)

    Third fl unit facing northwest, incredible lake views, unit in beautiful condition, well maintained by original owner. No mold/water damage or other damage as commonly seen in these units. Measurements deemed reliable but buyer to confirm and verify.

29. 2011-04-24
    listed $49,500 250-char remark

    Show marketing remark (250 chars)

    Third fl unit facing northwest, incredible lake views, unit in beautiful condition, well maintained by original owner. No mold/water damage or other damage as commonly seen in these units. Measurements deemed reliable but buyer to confirm and verify.

30. 2010-12-29
    historical 221-char remark

    Show marketing remark (221 chars)

    Incredible lake views from this beautiful 2/2 in Emerald Isle! Not a fixer upper, in great condition! Super price for investment. Amenities: pool, jacuzzi, clubhouse, tennis cts, fitness center. Very central WPB location!

31. 2010-01-15
    listed $49,000 221-char remark

    Show marketing remark (221 chars)

    Incredible lake views from this beautiful 2/2 in Emerald Isle! Not a fixer upper, in great condition! Super price for investment. Amenities: pool, jacuzzi, clubhouse, tennis cts, fitness center. Very central WPB location!

ⓘ 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: $3,667 · $306/mo
• Projected year-2 tax: $3,667 · $306/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: $34,065
• − Mortgage interest: −$11,483
• − Property taxes: −$3,667
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,725
• − Management: −$2,725
• − HOA: −$6,828
• − Depreciation: −$5,964
• Taxable loss: −$352
• Est. tax savings @ 24.0%: +$85
• After-tax cash flow: $2,575/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

+318.4% since first listed

20 events — show timeline

• 2026-02-25 Price Changed $205,000 MARMLS
• 2026-01-09 Listed $210,000 MARMLS
• 2024-12-15 Rental Removed $1,800 MARMLS
• 2024-12-14 Rental Removed $1,800 BUILDIUM
• 2024-12-10 Listed for Rent $1,800 MARMLS
• 2024-11-19 Rental Removed $1,900 MARMLS
• 2024-11-16 Listed for Rent $1,900 MARMLS
• 2024-11-16 Listed for Rent $1,850 BUILDIUM
• 2023-12-20 Rental Removed $1,750 MARMLS
• 2023-11-30 Price Changed $1,750 MARMLS
• 2023-11-21 Listed for Rent $1,800 MARMLS
• 2023-10-28 Rental Removed $1,750 MARMLS
• 2023-10-14 Listed for Rent $1,750 MARMLS
• 2013-12-20 Sold (Public Records) $99,000 Public Records
• 2013-11-27 Sold (Public Records) $78,000 Public Records
• 2011-10-20 Sold (MLS) $49,000 Beaches MLS
• 2011-10-05 Listing Removed — Beaches MLS
• 2011-04-24 Listed $49,500 Beaches MLS
• 2010-12-29 Listing Removed — Beaches MLS
• 2010-01-15 Listed $49,000 Beaches MLS

Property tax history

+14.6%/yr

Latest (2025): $3,667 · +4.2% YoY. Source: county tax records.