227 Castlewood Dr #207 · North Palm Beach, FL 33408

$264,900

2 bd · 2.0 ba · 943 sqft · Condo public records · 95 Days on market

Built 1977 $500/mo HOA · 13% 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 +26.0/30.0
• 1% rule +9.1/10.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful corner 2/2 condo unit. Recently painted, new fixtures, close proximity to shopping, restaurants and the beaches. Near Lakeside Park and Park at anchorage. Available for immediate occupancy. Sold AS-IS. Also Available for Rent.

Key facts

• Corner condo unit
• Near lakeside park
• $500 HOA

Tags

• CORNER CONDO UNIT
• CLOSE PROXIMITY TO SHOPPING
• CLOSE PROXIMITY TO RESTAURANTS
• CLOSE PROXIMITY TO BEACHES
• NEAR LAKESIDE PARK
• NEAR PARK AT ANCHORAGE

Property features AI

Finance

• HOA & community: HOA with monthly fee (includes insurance, grounds maintenance, sewer, trash, water, common areas); Association amenities: Other; Pets allowed (with number and size limits)

Exterior

• Parking: Assigned parking; Guest parking (total 1 space)
• Utilities: Public water; Public sewer; Cable available; Electricity available; Phone available
• Home design: Condominium; 2-story building; Resale property; Faces east
• Construction: Concrete and stucco construction; Other roof
• Exterior features: Split rail fencing; No waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Walk-in closets; Unfurnished
• Laundry & utility: Common area laundry; Outside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $663 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $265k).
• Recommended offer: $241k (9.0% below list) — sets the bar for market timing.

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; 400 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $3,726/mo this rent would consume 48% of the median local household income ($92k/yr) (locally 835% 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 $8k 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 95 days — a 9% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y ago; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; list at $265k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major 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 $241,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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 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: 1.41% ✓
• Cap rate: 9.30%
• Cash-on-cash: 10.73%
• DSCR: 1.48
• GRM: 5.9

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-10,305
• Equity at exit: $39,497

10-year hold

• IRR: 1.8%
• Equity multiple: 1.11×
• Total profit: $8,072
• Equity at exit: $22,904

Cash invested: $74,172 (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: 400
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $3,726 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$281 /mo · $3,368/yr
• Insurance: −$110
• HOA: −$500
• Vacancy / Maint / Mgmt: −$782
• Net cashflow: $663

Break-even live

Break-even rent $2,886

Max offer price $264,900

Occupancy floor 77%

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
522 Eastwind Dr North Palm Beach, FL	2.0	2.0	948	$3,995	$4.21	24d	1	0.39mi
524 Eastwind Dr Unit 524 North Palm Beach, FL	2.0	1.0	774	$3,995	$5.16	24d	1	0.39mi
526 Eastwind Dr Unit 526 North Palm Beach, FL	2.0	1.0	840	$3,995	$4.76	24d	1	0.39mi
913 Lake Shore Dr Lake Park, FL	1.0–2.0	1.0–2.0	1066	$3,731	$3.50	2d	9	0.41mi
308 Southwind Ct Unit 8 North Palm Beach, FL	2.0	2.0	1100	$2,900	$2.64	24d	1	0.68mi
624 Southwind Cir #2 North Palm Beach, FL	2.0	2.0	718	$3,750	$5.22	24d	1	0.79mi
220 Lake Shore Dr Lake Park, FL	1.0–3.0	1.5–3.5	1575	$14,498	$9.20	5d	18	0.89mi
2545 Conroy Dr West Palm Beach, FL	3.0	2.0	1066	$3,295	$3.09	24d	1	1.24mi
5400 N Ocean Dr Riviera Beach, FL	1.0–2.0	1.0–2.0	1300	$6,500	$5.00	22d	3	1.27mi
901 W 37th St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	24d	1	1.32mi
410 Wilma Cir #103 Riviera Beach, FL	2.0	2.0	1056	$4,000	$3.79	15d	1	1.44mi
400 Wilma Cir #309 Riviera Beach, FL	1.0	1.0	818	$4,000	$4.89	5d	1	1.45mi
1025 Sugar Sands Blvd #159 Riviera Beach, FL	1.0	1.0	987	$4,200	$4.26	24d	1	1.45mi

HOA detail condo

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

Listing history 46 events

1. 2026-06-18
   days on market $264,900 Active 95 DOM
2. 2026-06-17
   days on market $264,900 Active 94 DOM
3. 2026-06-16
   days on market $264,900 Active 93 DOM
4. 2026-06-15
   days on market $264,900 Active 92 DOM
5. 2026-06-13
   days on market $264,900 Active 90 DOM
6. 2026-06-09
   days on market $264,900 Active 86 DOM
7. 2026-06-08
   days on market $264,900 Active 85 DOM
8. 2026-06-07
   days on market $264,900 Active 84 DOM
9. 2026-06-04
   days on market $264,900 Active 81 DOM
10. 2026-06-03
    days on market $264,900 Active 80 DOM
11. 2026-06-02
    days on market $264,900 Active 79 DOM
12. 2026-06-01
    days on market $264,900 Active 78 DOM
13. 2026-05-31
    days on market $264,900 Active 77 DOM
14. 2026-05-20
    price $264,900
15. 2026-04-06
    price $265,000
16. 2026-03-25
    price $279,900
17. 2026-03-24
    price $295,000
18. 2026-03-15
    listed $299,900 Active
19. 2025-03-29
    historical $2,050
20. 2024-11-19
    price $2,050
21. 2024-11-02
    price $2,150
22. 2024-10-02
    listed $2,250
23. 2024-10-02
    historical $2,250
24. 2024-10-02
    listed $2,250
25. 2023-08-15
    historical $1,900
26. 2023-08-11
    price $1,900
27. 2023-07-25
    price $2,000
28. 2013-09-21
    historical
29. 2007-06-20
    historical
30. 2007-03-19
    listed $180,000
31. 2006-03-22
    listed $189,000
32. 2005-11-18
    soldstatus $160,000
33. 2005-10-24
    soldstatus $160,000
34. 2005-10-01
    historical
35. 2005-06-08
    listed $180,000
36. 2005-04-25
    historical
37. 2005-03-23
    listed $160,000
38. 2003-04-16
    soldstatus $80,000
39. 2003-04-08
    soldstatus $80,000
40. 2003-04-07
    historical
41. 2003-03-20
    listed $85,000
42. 2001-03-06
    soldstatus $48,500
43. 2001-02-28
    soldstatus $48,500
44. 2001-01-21
    historical
45. 2000-12-17
    listed $49,000
46. 1978-01-01
    soldstatus $33,500

ⓘ 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: $3,368 · $281/mo
• Projected year-2 tax: $3,368 · $281/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 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $44,713
• − Mortgage interest: −$14,839
• − Property taxes: −$3,368
• − Insurance: −$1,324
• − Repairs & maintenance: −$3,577
• − Management: −$3,577
• − HOA: −$6,000
• − Depreciation: −$7,706
• Taxable income: $4,321
• Est. tax owed @ 24.0%: −$1,037
• After-tax cash flow: $6,923/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
• City population: 18,817
• 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

+690.7% since first listed

33 events — show timeline

• 2026-05-20 Price Changed $264,900 Beaches MLS
• 2026-04-06 Price Changed $265,000 Beaches MLS
• 2026-03-25 Price Changed $279,900 Beaches MLS
• 2026-03-24 Price Changed $295,000 Beaches MLS
• 2026-03-15 Listed $299,900 Beaches MLS
• 2025-03-29 Rental Removed $2,050 GFLMLS
• 2024-11-19 Price Changed $2,050 GFLMLS
• 2024-11-02 Price Changed $2,150 GFLMLS
• 2024-10-02 Listed for Rent $2,250 GFLMLS
• 2024-10-02 Rental Removed $2,250 RMLSFL
• 2024-10-02 Listed for Rent $2,250 RMLSFL
• 2023-08-15 Rental Removed $1,900 MARMLS
• 2023-08-11 Price Changed $1,900 MARMLS
• 2023-07-25 Price Changed $2,000 MARMLS
• 2013-09-21 Listing Removed — Beaches MLS
• 2007-06-20 Listing Removed — Beaches MLS
• 2007-03-19 Listed $180,000 Beaches MLS
• 2006-03-22 Listed $189,000 Beaches MLS
• 2005-11-18 Sold (Public Records) $160,000 Public Records
• 2005-10-24 Sold (MLS) $160,000 Beaches MLS
• 2005-10-01 Listing Removed — Beaches MLS
• 2005-06-08 Listed $180,000 Beaches MLS
• 2005-04-25 Listing Removed — Beaches MLS
• 2005-03-23 Listed $160,000 Beaches MLS
• 2003-04-16 Sold (Public Records) $80,000 Public Records
• 2003-04-08 Sold (MLS) $80,000 Beaches MLS
• 2003-04-07 Listing Removed — Beaches MLS
• 2003-03-20 Listed $85,000 Beaches MLS
• 2001-03-06 Sold (Public Records) $48,500 Public Records
• 2001-02-28 Sold (MLS) $48,500 Beaches MLS
• 2001-01-21 Listing Removed — Beaches MLS
• 2000-12-17 Listed $49,000 Beaches MLS
• 1978-01-01 Sold (Public Records) $33,500 Public Records

Property tax history

+6.6%/yr

Latest (2025): $3,368 · +3.8% YoY. Source: county tax records.