428 Malverne Rd · West Palm Beach, FL 33405

$535,000

2 bd · 2.0 ba · 1,125 sqft · MultiFamily public records · 4 Days on market

Built 1953 5,000 sqft lot

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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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

GREAT BUY RARE FIND TRIPLEX 2 BUILDING S, ONE WITH 2/1,1/1,OTHER BUILDING HAS 1/1.EXCELLENT INCOME OPPORTUNITY IN EAST WEST PALM BEACH,FAIRLY NEW ROOF IN FRONT BUILDING, PLUS HURRICANE ACCORDIAN SHUTTERS THRU OUT , ETC....

Key facts

• Triplex
• Income opportunity
• New roof

Tags

• TRIPLEX
• INCOME OPPORTUNITY
• NEW ROOF
• HURRICANE ACCORDIAN SHUTTERS

Property features AI

Finance

• Other: Building area reported from public records
• Financial info: Four total units; Three separate electric meters; Tenants pay cable TV and electricity; Pets allowed with no restrictions; Three units in the community

Exterior

• Utilities: Public water; Public sewer; Three-phase electric; Electricity connected; Water connected; Sewer available; Three separate electric meters
• Home design: Triplex; One-story building; West of US-1 road frontage
• Construction: CBS construction; Composition and tar/gravel roof; Built as resale (existing property)
• Exterior features: Back yard fencing; Sidewalks; Paved road frontage; Publicly maintained road; Not waterfront

Interior

• Flooring: Ceramic tile; Terrazzo
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceramic tile and terrazzo flooring; Single-hung metal windows

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $535k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $338/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $535k).
• Cap rate 8.6% 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.
• Zoned schools: South Olive Elementary School (math 64% / reading 65%, grade B, #525 of 2,144 statewide, top 26%, 485 students, 55% FRL); Forest Hill Community High School (math 20% / reading 41%, grade F, #434 of 667 statewide, top 66%, 2,407 students, 66% FRL).
• Market conditions: Rents rising (+3.4%/yr); 212 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $6,063/mo this rent would consume 83% of the median local household income ($87k/yr) (locally 1055% 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 $4k of loan paydown is wiped out by about $16k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 27y 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 $400k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $535,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.11%
• DSCR: 1.36
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.44% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-19,350
• Equity at exit: $79,770

10-year hold

• IRR: 6.8%
• Equity multiple: 1.52×
• Total profit: $77,946
• Equity at exit: $46,257

Cash invested: $149,800 (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 33405

• Rents YoY: 3.4%
• Active inventory: 212
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $6,063 medium
• Mortgage (P&I): −$2,806
• Tax from tax record: −$748 /mo · $8,981/yr
• Insurance: −$223
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,273
• Net cashflow: $1,013

Break-even live

Break-even rent $4,781

Max offer price $535,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,316	-5% $1,164	+0% $1,013	+5% $861	+10% $710
Rent	-10% $534	-5% $773	+0% $1,013	+5% $1,252	+10% $1,492
Rate	-1.0pp $1,282	-0.5pp $1,149	base $1,013	+0.5pp $874	+1.0pp $733

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,238
▸ 2× units	1	1	$3,824
Total (3 units)			$6,063

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: $133,750
• Closing costs: $16,050
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
719 Briggs St West Palm Beach, FL	3.0	2.0	1328	$3,500	$2.64	22d	1	0.32mi
353 E Lakewood Rd West Palm Beach, FL	3.0	2.0	1440	$5,650	$3.92	25d	1	0.41mi
3901 S Flagler Dr West Palm Beach, FL	2.0–5.0	2.0–5.0	2266	$3,000	$1.32	4d	6	0.43mi
3901 S Flagler Dr West Palm Beach, FL	2.0–5.0	2.0–5.0	2266	$3,500	$1.54	23d	6	0.43mi
3800 Washington Rd West Palm Beach, FL	2.0–3.0	2.0	1318	$3,975	$3.02	22d	4	0.44mi
3800 Washington Rd West Palm Beach, FL	2.0–3.0	2.0	1318	$3,500	$2.66	9d	5	0.44mi
3800 Washington Rd West Palm Beach, FL	2.0–3.0	2.0	1318	$3,500	$2.66	3d	6	0.44mi
3701 S Flagler Dr Unit B303 West Palm Beach, FL	2.0	2.0	1290	$3,850	$2.98	5d	1	0.49mi
733 Green St West Palm Beach, FL	2.0	1.0	1116	$3,400	$3.05	4d	1	0.52mi
3331 Lake Ave West Palm Beach, FL	2.0	1.0	775	$3,500	$4.52	25d	1	0.55mi
5008 Parker Ave West Palm Beach, FL	3.0	2.0	1318	$4,000	$3.03	25d	1	0.63mi
521 Hampton Rd West Palm Beach, FL	2.0	1.0	1188	$4,000	$3.37	25d	1	0.63mi
3111 S Dixie Hwy West Palm Beach, FL	3.0	1.0–2.0	1024	$4,199	$4.10	0d	15	0.72mi
727 Bunker Rd West Palm Beach, FL	3.0	1.0	875	$3,200	$3.66	22d	1	0.76mi
240 Almeria Rd West Palm Beach, FL	3.0	3.0	1092	$9,000	$8.24	5d	1	0.98mi
360 Palmetto St West Palm Beach, FL	2.0	2.0	1318	$3,600	$2.73	4d	1	0.98mi
110 Wilson Rd West Palm Beach, FL	3.0	1.0	1433	$8,000	$5.58	25d	1	1.01mi
904 Ortega Rd West Palm Beach, FL	3.0	1.0	910	$3,500	$3.85	6d	1	1.09mi
605 Sunset Rd West Palm Beach, FL	3.0	2.0	1434	$4,000	$2.79	25d	1	1.17mi
616 Upland Rd West Palm Beach, FL	3.0	2.0	1456	$4,500	$3.09	25d	1	1.24mi
616 Upland Rd West Palm Beach, FL	3.0	2.0	1456	$4,500	$3.09	22d	1	1.24mi
833 Ardmore Rd West Palm Beach, FL	3.0	2.5	1132	$4,500	$3.98	18d	1	1.36mi
833 Ardmore Rd West Palm Beach, FL	3.0	2.5	1132	$4,500	$3.98	16d	1	1.36mi
621 Forest Hill Blvd West Palm Beach, FL	2.0	2.0	1400	$3,000	$2.14	20d	1	1.37mi
802 Lytle St West Palm Beach, FL	2.0	2.0	832	$4,000	$4.81	4d	1	1.38mi
350 Forest Hill Blvd West Palm Beach, FL	3.0	1.0	1295	$6,500	$5.02	0d	1	1.40mi
824 Winters St West Palm Beach, FL	3.0	2.0	1370	$3,000	$2.19	25d	1	1.49mi
374 Maddock St West Palm Beach, FL	3.0	2.0	1466	$6,500	$4.43	25d	1	1.49mi

Listing history 4 events

1. 2026-06-13
   statusdays on market $535,000 Pending 4 DOM
2. 2026-06-09
   days on market $535,000 Active 2 DOM
3. 2026-06-08
   remarks 291-char remark
4. 2026-06-08
   listed $535,000 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: $8,981 · $748/mo
• Projected year-2 tax: $8,981 · $748/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 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,756
• − Mortgage interest: −$29,968
• − Property taxes: −$8,981
• − Insurance: −$2,675
• − Repairs & maintenance: −$5,820
• − Management: −$5,820
• − Depreciation: −$15,564
• Taxable income: $3,927
• Est. tax owed @ 24.0%: −$942
• After-tax cash flow: $11,211/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): 19,780
• Household income: $87,341
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 1055.0

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: Majority Hispanic (51%)
• Race & ethnicity: Hispanic / Latino 51% White 44% Two or more races 24% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 5% Cuban 17% Dominican 2%
• Common ancestry: Scotch-Irish 2% Slovak 2% Romanian 2%
• Foreign-born: 37% · Canada, Guatemala, Jamaica
• Languages at home: 50% English-only · Spanish 44% Other Indo-European 2% 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: ▼ -662.68%
• Current HPI: 509.781
• Rent YoY: ▲ 3.44%
• 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

+919.0% since first listed

16 events — show timeline

• 2026-06-07 Listed $535,000 Beaches MLS
• 2023-11-23 Rental Removed $1,350 RMLSFL
• 2023-11-15 Price Changed $1,350 RMLSFL
• 2023-10-24 Listed for Rent $1,400 RMLSFL
• 2021-10-27 Sold (MLS) $400,000 Beaches MLS
• 2021-10-11 Pending — Beaches MLS
• 2021-10-05 Contingent — Beaches MLS
• 2021-09-21 Listed $430,000 Beaches MLS
• 2018-06-26 Listing Removed — Beaches MLS
• 2015-06-26 Sold (Public Records) $180,000 Public Records
• 2007-05-25 Listed $279,000 Beaches MLS
• 2000-03-27 Sold (Public Records) $89,000 Public Records
• 2000-03-13 Sold (MLS) $89,000 Beaches MLS
• 2000-02-07 Listing Removed — Beaches MLS
• 1999-10-29 Listed $105,000 Beaches MLS
• 1983-07-01 Sold (Public Records) $52,500 Public Records

Property tax history

+10.0%/yr

Latest (2025): $8,981 · +2.2% YoY. Source: county tax records.