4041 San Marino Blvd #308 · West Palm Beach, FL 33409

$229,000

3 bd · 2.0 ba · 1,300 sqft · Condo public records · 163 Days on market

Built 2002 $699/mo HOA · 22% 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 +17.9/30.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 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

large 3 bedroom 2 bath condo with balcony in resort style gated comm. w/ pool, gym, tennis, billiards & more. Hot West Palm Beach locale. Maint. includes internet, cable, alarm system, water, sewer and trash. To submit offers see brokers remarks. Bank of Americ a, N. A. employees, employee's household members and HTS buisness partners of the Bank are prohibited from purchasing this property, whether directly or indirectly.

Key facts

• Gated community
• Hot tub
• State of the art gym

Tags

• GATED COMMUNITY
• RESORT-STYLE AMENITIES
• POOL
• HOT TUB
• STATE OF THE ART GYM
• BASKETBALL COURT

Property features AI

Finance

• Financial info: Lease considered; Pets not allowed
• HOA & community: Monthly association fee of $699; Association covers amenities, grounds maintenance, sewer, security, trash and water; Community amenities include clubhouse, fitness center, playground, basketball court, pickleball, tennis courts, pool and spa/hot tub

Exterior

• Parking: Assigned parking; Guest parking
• Security: Fenced complex
• Utilities: Public water; Public sewer; Electric service
• Home design: Condominium (attached property); 3 total stories; Entry on third floor
• Construction: Block construction; Resale property
• Exterior features: Balcony; Open balcony/patio; Tennis court(s); Association pool; Complex is fenced

Interior

• Kitchen: Dishwasher; Electric range; Disposal; Refrigerator
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Split bedroom layout; Third-floor entry; Unfurnished
• Laundry & utility: Washer and Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $229k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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; 16 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 $3,197/mo this rent would consume 57% 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 $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

• It's been on market 163 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y 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 $60k; list at $229k implies a 281% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% 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 $201,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 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. 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: 1.40% ✓
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• 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: -15.3%
• Equity multiple: 0.48×
• Total profit: $-33,599
• Equity at exit: $34,145

10-year hold

• IRR: -16.6%
• Equity multiple: 0.26×
• Total profit: $-47,474
• Equity at exit: $19,800

Cash invested: $64,120 (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: $3,197 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$336 /mo · $4,036/yr
• Insurance: −$95
• HOA: −$699
• Vacancy / Maint / Mgmt: −$671
• Net cashflow: $194

Break-even live

Break-even rent $2,951

Max offer price $229,000

Occupancy floor 89%

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	24d	1	0.17mi
4567 Brook Dr West Palm Beach, FL	3.0	2.0	1528	$3,000	$1.96	24d	1	0.24mi
4400 Portofino Way West Palm Beach, FL	1.0–3.0	1.0–2.0	1222	$3,108	$2.54	17d	60	0.34mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	22d	1	0.41mi
1211 Pine Sage Cir West Palm Beach, FL	3.0	2.0	1367	$3,200	$2.34	5d	1	0.68mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,150	$2.09	14d	1	1.11mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,000	$1.99	8d	1	1.11mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	24d	1	1.13mi
2480 Presidential Way #902 West Palm Beach, FL	2.0	2.0	1855	$4,650	$2.51	5d	1	1.21mi
2480 Presidential Way #1903 West Palm Beach, FL	2.0	2.0	1855	$4,650	$2.51	24d	1	1.21mi
2450 Presidential Way #7 West Palm Beach, FL	2.0	2.0	1855	$4,700	$2.53	2d	1	1.24mi
2450 Presidential Way #7 West Palm Beach, FL	2.0	2.0	1855	$4,700	$2.53	24d	1	1.24mi
2425 Presidential Way West Palm Beach, FL	2.0	2.0	1294	$4,500	$3.48	24d	1	1.33mi
2820 Tennis Club Dr #408 West Palm Beach, FL	3.0	2.0	1610	$3,800	$2.36	24d	1	1.37mi
1991 Presidential Way West Palm Beach, FL	3.0	2.0	1485	$4,905	$3.30	16d	1	1.43mi
3590 Village Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1074	$3,385	$3.15	2d	29	1.47mi

HOA detail condo

• Monthly dues: $699 · $8,388/yr
• Likely covers: watersewertrashinternetcablepoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $229,000 Active 163 DOM
2. 2026-06-17
   days on market $229,000 Active 162 DOM
3. 2026-06-16
   days on market $229,000 Active 161 DOM
4. 2026-06-15
   days on market $229,000 Active 160 DOM
5. 2026-06-13
   days on market $229,000 Active 158 DOM
6. 2026-06-09
   days on market $229,000 Active 154 DOM
7. 2026-06-07
   days on market $229,000 Active 152 DOM
8. 2026-06-04
   days on market $229,000 Active 149 DOM
9. 2026-06-03
   days on market $229,000 Active 148 DOM
10. 2026-06-01
    days on market $229,000 Active 146 DOM
11. 2026-05-31
    days on market $229,000 Active 145 DOM
12. 2026-01-14
    historical $2,000
13. 2026-01-06
    listed $229,000 Active
14. 2025-11-19
    price $2,000
15. 2025-11-08
    price $2,100
16. 2025-10-21
    price $1,900
17. 2025-10-09
    price $2,075
18. 2025-09-26
    listed $2,100
19. 2025-09-10
    historical $2,100
20. 2025-08-12
    price $2,100
21. 2025-08-02
    listed $2,400
22. 2013-07-11
    soldstatus $60,100 Sold 432-char remark

    Show marketing remark (432 chars)

    large 3 bedroom 2 bath condo with balcony in resort style gated comm. w/ pool, gym, tennis, billiards & more. Hot West Palm Beach locale. Maint. includes internet, cable, alarm system, water, sewer and trash. To submit offers see brokers remarks. Bank of Americ a, N. A. employees, employee's household members and HTS buisness partners of the Bank are prohibited from purchasing this property, whether directly or indirectly.

23. 2012-11-09
    soldstatus $111,000
24. 2012-10-24
    soldstatus $90,000
25. 2012-10-17
    soldstatus $90,000 130-char remark

    Show marketing remark (130 chars)

    condo association includes cable, high speed internet, and water. The unit has just been painted and new carpet will be installed.

26. 2012-09-24
    historical 130-char remark

    Show marketing remark (130 chars)

    condo association includes cable, high speed internet, and water. The unit has just been painted and new carpet will be installed.

27. 2012-09-06
    listed $92,500 130-char remark

    Show marketing remark (130 chars)

    condo association includes cable, high speed internet, and water. The unit has just been painted and new carpet will be installed.

28. 2011-03-11
    historical
29. 2011-01-28
    listed $54,900

ⓘ 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: $4,036 · $336/mo
• Projected year-2 tax: $4,036 · $336/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: $38,368
• − Mortgage interest: −$12,828
• − Property taxes: −$4,036
• − Insurance: −$1,145
• − Repairs & maintenance: −$3,069
• − Management: −$3,069
• − HOA: −$8,388
• − Depreciation: −$6,662
• Taxable loss: −$829
• Est. tax savings @ 24.0%: +$199
• After-tax cash flow: $2,530/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

-96.4% since first listed

18 events — show timeline

• 2026-01-14 Rental Removed $2,000 MARMLS
• 2026-01-06 Listed $229,000 MARMLS
• 2025-11-19 Price Changed $2,000 MARMLS
• 2025-11-08 Price Changed $2,100 MARMLS
• 2025-10-21 Price Changed $1,900 MARMLS
• 2025-10-09 Price Changed $2,075 MARMLS
• 2025-09-26 Listed for Rent $2,100 MARMLS
• 2025-09-10 Rental Removed $2,100 MARMLS
• 2025-08-12 Price Changed $2,100 MARMLS
• 2025-08-02 Listed for Rent $2,400 MARMLS
• 2013-07-11 Sold (MLS) $60,100 MARMLS
• 2012-11-09 Sold (Public Records) $111,000 Public Records
• 2012-10-24 Sold (Public Records) $90,000 Public Records
• 2012-10-17 Sold (MLS) $90,000 Beaches MLS
• 2012-09-24 Listing Removed — Beaches MLS
• 2012-09-06 Listed $92,500 Beaches MLS
• 2011-03-11 Listing Removed — Beaches MLS
• 2011-01-28 Listed $54,900 Beaches MLS

Property tax history

+8.8%/yr

Latest (2025): $4,036 · +12.3% YoY. Source: county tax records.