120 Lehane Ter #109 · North Palm Beach, FL 33408

$199,900

1 bd · 1.0 ba · 723 sqft · Condo public records · 5 Days on market

Built 1967 $665/mo HOA · 26% 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 +13.7/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• DSCR +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

1ST FLOOR, WATERFRONT! Relax at the pool overlooking the Intra-coastal waterway. Association offers rental boat slips for occupying owners at $3/ft up to 33'. Super clean 1 bedroom with A/C new (11/25) Water heater & appliances two years old. Step outside your covered, screened patio to seawall & boat to cruise thru intra-coastal to the ocean. Incredible location.

Key facts

• Seawall
• Rental boat slips
• $665 HOA

Tags

• RENTAL BOAT SLIPS
• COVERED SCREENED PATIO
• SEAWALL

Property features AI

Finance

• Other: Pets allowed with possible breed, number, and size restrictions; 56 units in the community
• Financial info: Not a land-lease property
• HOA & community: Association managed by Coastal Property Management; Monthly HOA fee (reported) of 665; Community amenities: pool, elevator(s), laundry, storage, community room, boating access, trash chute; HOA covers insurance, grounds and structure maintenance, pest control, trash, common areas, common real estate tax, elevator, reserves, roof repairs, pool service

Exterior

• Parking: Assigned parking; Guest parking; On-street parking; One open parking space (total 1)
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium (Sandpiper Condo); Resale property; Entry-level living area; North-facing; Three-story building
• Construction: CBS construction; Shingle roof; Built with public-records living area of 723
• Exterior features: Covered patio; Screened patio; Patio; Waterfront with ocean access and intracoastal access; East of US-1 road frontage

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: One bedroom on the main level
• Flooring: Ceramic tile
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central heating; Central air conditioning; Ceiling fan(s)
• Interior features: No notable built-in interior features listed; Blinds on windows
• Laundry & utility: Shared laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-53 ($-637/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (4.7% below list).
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $191k (4.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 77/100 on livability (#184 in FL, #2,894 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• 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 flat; 403 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• This rent runs 34% of the median local income ($92k/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 $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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y 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 $80k; list at $200k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $190,516 (4.7% 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. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.30% ✓
• Cap rate: 6.37%
• Cash-on-cash: 0.29%
• DSCR: 1.01
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.27% rent growth · sell at horizon

5-year hold

• IRR: -22.7%
• Equity multiple: 0.25×
• Total profit: $-42,242
• Equity at exit: $29,806

10-year hold

• IRR: -34.4%
• Equity multiple: -0.18×
• Total profit: $-66,178
• Equity at exit: $17,284

Cash invested: $55,972 (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 33408

• Rents YoY: 0.3%
• Active inventory: 403
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,600 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$244 /mo · $2,926/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$665
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $-53

Break-even live

Break-even rent $2,667

Max offer price $190,516

Occupancy floor 97%

Sensitivity live

Price	-10% $60	-5% $3	+0% $-53	+5% $-110	+10% $-166
Rent	-10% $-258	-5% $-156	+0% $-53	+5% $50	+10% $152
Rate	-1.0pp $48	-0.5pp $-2	base $-53	+0.5pp $-105	+1.0pp $-158

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	$2,283	$2.14	0d	10	0.20mi
624 Southwind Cir #2 North Palm Beach, FL	2.0	2.0	718	$3,750	$5.22	25d	1	0.98mi

HOA detail condo

• Monthly dues: $665 · $7,980/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-21
   days on market $199,900 Active 5 DOM
2. 2026-06-18
   days on market $199,900 Active 2 DOM
3. 2026-06-17
   remarks 373-char remark
4. 2026-06-17
   listed $199,900 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: $2,926 · $244/mo
• Projected year-2 tax: $2,926 · $244/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 7/10 Severe FEMA zone X (shaded) · 96% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 25 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: $31,197
• − Mortgage interest: −$11,198
• − Property taxes: −$2,926
• − Insurance: −$1,797
• − Repairs & maintenance: −$2,496
• − Management: −$2,496
• − HOA: −$7,980
• − Depreciation: −$5,815
• Taxable loss: −$3,511
• Est. tax savings @ 24.0%: +$843
• After-tax cash flow: $205/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 — North Palm Beach

• Score: 77/100
• State rank: #184
• US rank: #2894

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 18,817
• Household income: $92,216
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 835.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 7% Black 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 4% Slovak 3% Romanian 3%
• Foreign-born: 11% · Canada, Jamaica, Guatemala
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -223.14%
• Current HPI: 365.2913
• Rent YoY: ▲ 0.27%
• 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

+316.5% since first listed

15 events — show timeline

• 2026-06-16 Listed $199,900 Beaches MLS
• 2026-02-21 Listing Removed — Beaches MLS
• 2026-02-10 Rental Removed $2,000 RMLSFL
• 2026-01-05 Listed for Rent $2,000 RMLSFL
• 2026-01-04 Listed $250,000 Beaches MLS
• 2025-08-29 Listing Removed — Beaches MLS
• 2025-02-28 Listed $250,000 Beaches MLS
• 2021-07-29 Contingent — Beaches MLS
• 2021-07-28 Listing Removed — Beaches MLS
• 2021-07-22 Listed $180,000 Beaches MLS
• 2009-09-10 Sold (MLS) $80,000 Beaches MLS
• 2009-08-24 Listing Removed — Beaches MLS
• 2008-04-02 Listed $104,900 Beaches MLS
• 1989-10-06 Sold (Public Records) $58,000 Public Records
• 1982-02-01 Sold (Public Records) $48,000 Public Records

Property tax history

+8.0%/yr

Latest (2025): $2,926 · +9.2% YoY. Source: county tax records.