927 S Pine St · Lake Worth Beach, FL 33460

$1,700,000

32 bd · 32.0 ba · 5,724 sqft · MultiFamily · 89 Days on market

Built 1974

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 32 units. estimate disagrees with records

Listing remarks

THIS DEAL IS PART OF A 32-UNIT Portfolio comprising of 927 S Pine St, 714 S F, and 805-809-817-821 S H. AGGRESSIVE VALUE-ADD PLAY – 8-UNIT CASH FLOW MACHINE IN LAKE WORTH! Attention value hunters — 927 South Pine Street delivers the kind of construction, strong in-place income, and rent-growth upside that’s getting harder to find in today’s market. This two-story concrete block (CBS) apartment building features a brand-new roof and a highly desirable unit mix, positioning the next owner for both immediate returns and future rent expansion. Property snapshot: 8 market rate apartments individually metered for water & electric Four 1BR/1BA units averaging

Key facts

• 12 parking spots
• Built 1974
• Listed 89 days

Property features AI

Finance

• Financial info: Total actual rent reported: $161,280; Sample unit rents: 2-bed units $1,800; 1-bed units $1,600; Rent includes gardener, trash collection, and water

Exterior

• Parking: Total of 12 parking spaces; Open parking for units
• Utilities: Cable available; Public sewer
• Home design: Two-story building; Effective year built
• Construction: Block construction; Shingle roof
• Exterior features: Lot smaller than a quarter acre; Zoned SF-TF-14; Open parking (per unit descriptions)

Interior

• Kitchen: No specific appliances listed
• Bedrooms: Four 2-bedroom units; Four 1-bedroom units
• Flooring: Concrete; Ceramic tile; Laminate
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Concrete, ceramic tile, and laminate flooring
• Laundry & utility: No specific laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 32 × 1.0-bed/1.0-bath units multifamily listed at $1.70M.

Deal economics

• At list price, monthly cash flow is $31k ($376k/yr) — positive. Per door: $978/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($54k rent vs $1.70M).
• Recommended offer: $1.60M (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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: Barton Elementary School (math 25% / reading 20%, grade F, #2,073 of 2,144 statewide, top 97%, 1,064 students, 80% FRL); Lake Worth Community Middle (math 17% / reading 23%, grade F, #558 of 571 statewide, top 98%, 1,249 students, 75% FRL); Lake Worth High School (math 16% / reading 27%, grade F, #546 of 667 statewide, top 82%, 2,683 students, 71% FRL) — zoned schools average 75% FRL vs 52% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 21% at this address vs 50% district-wide (-28 pts) — the specific schools serving this property underperform the Palm Beach average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.5%/yr); 250 active listings in the ZIP; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $54,496/mo this rent would consume 1053% of the median local household income ($62k/yr) (locally 2429% 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 $12k of loan paydown is wiped out by about $51k 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.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $476k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($1.60M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $1,598,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 3.21% ✓
• Cap rate: 28.39%
• Cash-on-cash: 78.92%
• DSCR: 4.51
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 79.6%
• Equity multiple: 4.67×
• Total profit: $1,748,300
• Equity at exit: $253,476

10-year hold

• IRR: 83.2%
• Equity multiple: 9.85×
• Total profit: $4,214,161
• Equity at exit: $146,985

Cash invested: $476,000 (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 33460

• Rents YoY: 3.5%
• Active inventory: 250
• Price-to-rent: 83.2×

Monthly cashflow live

• Estimated rent: $54,496 high
• Mortgage (P&I): −$8,915
• Tax est. 1.5%: −$2,125 /mo · $25,500/yr
• Insurance: −$708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$11,444
• Net cashflow: $31,304

Break-even live

Break-even rent $14,871

Max offer price $1,700,000

Occupancy floor 38%

Sensitivity live

Price	-10% $32,478	-5% $31,891	+0% $31,304	+5% $30,716	+10% $30,129
Rent	-10% $26,998	-5% $29,151	+0% $31,304	+5% $33,456	+10% $35,609
Rate	-1.0pp $32,160	-0.5pp $31,736	base $31,304	+0.5pp $30,863	+1.0pp $30,415

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

Units	Beds	Baths	Est. rent
▸ 32× units	1.0	1	$54,496
Total (32 units)			$54,496

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: $425,000
• Closing costs: $51,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-20
   status Pending
2. 2026-02-20
   listed $1,700,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $653,952
• − Mortgage interest: −$95,226
• − Property taxes: −$25,500
• − Insurance: −$8,500
• − Repairs & maintenance: −$52,316
• − Management: −$52,316
• − Depreciation: −$49,455
• Taxable income: $370,639
• Est. tax owed @ 24.0%: −$88,953
• After-tax cash flow: $286,689/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 Worth Beach

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lake Worth Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 129,577
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 37,795
• Household income: $62,090
• Rent vs Own: 55.6% rent · 44.4% own
• Severe rent burden: 2429.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 49% White 30% Two or more races 21% Black 17%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5% Cuban 5% Dominican 2%
• Common ancestry: Hispanic 8% Lithuanian 2% Slovak 1%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 44% English-only · Spanish 42% French/Haitian/Cajun 9% 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: ▼ -345.65%
• Current HPI: 484.2793
• Rent YoY: ▲ 3.53%
• 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

2 events — show timeline

• 2026-05-20 Pending — MARMLS
• 2026-02-20 Listed $1,700,000 MARMLS