1140 Lake Shore Dr #206 · Lake Park, FL 33403

$245,000

1 bd · 1.0 ba · 746 sqft · Condo public records · 14 Days on market

Built 1989 $500/mo HOA · 16% 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 +17.2/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +4.3/10.0
• Rent growth +4.0/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 1/1 with detached garage in Bay Reach. This second floor unit has been beautifully updated with granite counter tops, new dishwasher, newer appliances, and A/C. The main living area boasts ceramic tile with carpet in the bedroom. Delightful view from the balcony. Located in Bay Reach, a resort style community on the Intracoastal. Enjoy the amenities, fabulous pool, fitness center, and grill area with spectacular water views. Don't miss out on this move-in ready unit!

Key facts

• Boat dock available
• Heated infinity pool
• Renovated gym

Tags

• HEATED INFINITY POOL
• RENOVATED GYM
• BOAT DOCK AVAILABLE

Property features AI

Finance

• Financial info: Pets allowed with size limitations
• HOA & community: Association: BAY REACH; Monthly HOA fee (approx.): $500; HOA amenities include fitness center, pool, parking, maintenance; HOA covers cable TV, grounds maintenance, sewer, trash, water, and pool service

Exterior

• Parking: Assigned parking for 2 vehicles; Attached 1-car garage with garage door opener; 1 covered parking space; Driveway; Shared driveway
• Security: Building security; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; Sewer available
• Home design: Condominium; Two-story building; Second-floor entry; North-facing
• Construction: Stucco and CBS construction; Tile roof; 2 total stories
• Exterior features: Fenced yard with gate; Sidewalks; City street frontage; Intracoastal waterfront

Interior

• Kitchen: Disposal; Dishwasher; Electric range; Microwave; Refrigerator; Trash compactor; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile; Parquet; Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning; Ceiling fans
• Interior features: Walk-in closets; Closet cabinetry; French doors; Unfurnished
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).

Location & tenants

• Location reads 67/100 on livability (#542 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime F, amenities F, commute 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: Lake Park Elementary School (math 57% / reading 62%, grade B-, #690 of 2,144 statewide, top 34%, 389 students, 83% FRL); Howell L. Watkins Middle School (math 18% / reading 33%, grade F, #512 of 571 statewide, top 90%, 794 students, 76% FRL); Palm Beach Gardens High School (math 19% / reading 40%, grade F, #447 of 667 statewide, top 68%, 2,570 students, 61% FRL) — zoned schools average 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 134 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $3,059/mo this rent would consume 52% of the median local household income ($71k/yr) (locally 903% 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 $7k 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.
• 4 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 $137k; list at $245k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $245,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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. 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: 1.25% ✓
• Cap rate: 7.16%
• Cash-on-cash: 3.08%
• DSCR: 1.14
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.97% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.67×
• Total profit: $-22,873
• Equity at exit: $36,530

10-year hold

• IRR: 5.3%
• Equity multiple: 1.46×
• Total profit: $31,860
• Equity at exit: $21,183

Cash invested: $68,600 (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 33403

• Home prices YoY: -19.6%
• Rents YoY: 6.0%
• Active inventory: 134
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,059 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$354 /mo · $4,243/yr
• Insurance: −$102
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$500
• Vacancy / Maint / Mgmt: −$642
• Net cashflow: $110

Break-even live

Break-even rent $2,920

Max offer price $245,000

Occupancy floor 91%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 Lake Shore Dr Lake Park, FL	1.0–2.0	1.0–2.0	1066	$2,263	$2.12	2d	9	0.13mi
220 Lake Shore Dr Lake Park, FL	1.0–3.0	1.5–3.5	1575	$3,995	$2.54	4d	18	0.61mi
624 Southwind Cir #2 North Palm Beach, FL	2.0	2.0	718	$3,750	$5.22	24d	1	1.01mi
256 E 24th St Riviera Beach, FL	2.0	1.0	660	$3,500	$5.30	20d	1	1.45mi
300 E 24th St Riviera Beach, FL	1.0	1.0	672	$3,000	$4.46	24d	1	1.45mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Likely covers: waterpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-18
   days on market $245,000 Active 14 DOM
2. 2026-06-17
   days on market $245,000 Active 13 DOM
3. 2026-06-16
   days on market $245,000 Active 12 DOM
4. 2026-06-15
   days on market $245,000 Active 11 DOM
5. 2026-06-13
   days on market $245,000 Active 9 DOM
6. 2026-06-09
   days on market $245,000 Active 5 DOM
7. 2026-06-08
   days on market $245,000 Active 4 DOM
8. 2026-06-07
   remarks 575-char remark
9. 2026-06-07
   listed $245,000 Active 3 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: $4,243 · $354/mo
• Projected year-2 tax: $4,243 · $354/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 9/10 Extreme FEMA zone X (unshaded) · 99% 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: $36,709
• − Mortgage interest: −$13,724
• − Property taxes: −$4,243
• − Insurance: −$2,022
• − Repairs & maintenance: −$2,937
• − Management: −$2,937
• − HOA: −$6,000
• − Depreciation: −$7,127
• Taxable loss: −$2,281
• Est. tax savings @ 24.0%: +$547
• After-tax cash flow: $1,865/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 — Lake Park

• Score: 67/100
• State rank: #542
• US rank: #10167

Category grades

Amenities F Commute F Cost of living A- 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: Lake Park, FL
• County: Palm Beach County · 1,438,312 people
• City population: 14,370
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 14,370
• Household income: $70,646
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 903.0

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 0.67)
• Race & ethnicity: Black 46% White 31% Hispanic / Latino 17% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 5%
• Common ancestry: Hispanic 15% Italian 2% Romanian 1%
• Foreign-born: 26% · Canada, China, Jamaica
• Languages at home: 69% English-only · French/Haitian/Cajun 17% Spanish 12% Chinese 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: ▼ -112.30%
• Current HPI: 461.4045
• Rent YoY: ▲ 5.97%
• 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

+63.3% since first listed

8 events — show timeline

• 2026-06-04 Listed $245,000 Beaches MLS
• 2026-06-03 Listed for Rent $2,100 GFLMLS
• 2025-05-16 Rental Removed $2,100 GFLMLS
• 2025-02-27 Listed for Rent $2,100 GFLMLS
• 2014-09-24 Sold (Public Records) $137,000 Public Records
• 2014-09-22 Sold (MLS) $137,000 Beaches MLS
• 2014-08-29 Contingent — Beaches MLS
• 2014-06-09 Listed $150,000 Beaches MLS

Property tax history

+8.9%/yr

Latest (2025): $4,243 · -2.5% YoY. Source: county tax records.