5152 51st Way · West Palm Beach, FL 33409

$235,000

2 bd · 2.5 ba · 1,236 sqft · Townhouse public records · 167 Days on market

Built 1985 1,346 sqft lot Est $230k · at est. $450/mo HOA · 15% of rent ↓ 2% since listing

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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 +17.1/30.0
• 1% rule +7.6/10.0
• ARV discount +6.5/15.0
• DSCR +5.3/10.0
• 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

Great investment opportunity at 5152 51st Way! This 2BR, 2.5BA townhouse offers a spacious layout with open living/dining, in-unit laundry, and a private fenced patio. Upstairs bedrooms feature en-suite baths and are ready for your choice of flooring—perfect for adding your personal style. The kitchen and other areas offer renovation potential to build instant equity. Full metal accordion hurricane shutters provide excellent storm protection. Located in a well-maintained community with pools, tennis, basketball, and walking trails. Just minutes from shopping, dining, I-95, and downtown West Palm Beach. Showings begin Monday, January 5th.

Key facts

• $450 HOA
• Community pool
• Built 1985

Property features AI

Finance

• Other: Resale condition; Living area recorded as 1,236 (public records)
• HOA & community: Monthly HOA fee of $450; HOA includes maintenance of grounds, trash, water, and common areas; Community amenities: pool, tennis courts, basketball court, playground, picnic area

Exterior

• Parking: Assigned parking
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Townhouse; Multi/split levels; Southeast-facing; 2 stories
• Construction: Concrete construction
• Exterior features: Patio; Fenced yard; Not waterfront

Interior

• Bedrooms: No main-level bedrooms
• Flooring: Concrete flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom (3 total)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Built-in features; Walk-in closets; Electric water heater; Unfurnished
• Laundry & utility: Washer hookup inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath townhouse listed at $235k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $2,961/mo this rent would consume 53% 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 167 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 7.13%
• Cash-on-cash: 3.00%
• DSCR: 1.13
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $229,896
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6606 66th Way	0.43mi	2/2.5	1,236 (0%)	9mo	$230,000	$186	73

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.45×
• Total profit: $-35,911
• Equity at exit: $35,039

10-year hold

• IRR: -16.6%
• Equity multiple: 0.24×
• Total profit: $-49,774
• Equity at exit: $20,319

Cash invested: $65,800 (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 33409

• Home prices YoY: -25.6%
• Rents YoY: -0.1%
• Active inventory: 189
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,961 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$394 /mo · $4,732/yr
• Insurance: −$98
• HOA: −$450
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $164

Break-even live

Break-even rent $2,753

Max offer price $235,000

Occupancy floor 89%

Sensitivity live

Price	-10% $297	-5% $231	+0% $164	+5% $98	+10% $31
Rent	-10% $-70	-5% $47	+0% $164	+5% $281	+10% $398
Rate	-1.0pp $283	-0.5pp $224	base $164	+0.5pp $103	+1.0pp $41

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3590 Village Blvd West Palm Beach, FL	1.0–3.0	1.0–2.0	1074	$2,798	$2.60	2d	29	0.39mi
195 River Grove Way West Palm Beach, FL	2.0	1.0–2.0	828	$3,002	$3.63	2d	18	0.51mi
5649 Mentmore Dr Riviera Beach, FL	3.0	2.5	1450	$2,900	$2.00	24d	1	1.02mi
4400 Portofino Way West Palm Beach, FL	1.0–3.0	1.0–2.0	1222	$2,528	$2.07	18d	60	1.02mi
2400 Presidential Way #1906 West Palm Beach, FL	1.0	2.0	1294	$3,000	$2.32	24d	1	1.04mi
2425 Presidential Way West Palm Beach, FL	2.0	2.0	1294	$4,500	$3.48	24d	1	1.08mi
1991 Presidential Way West Palm Beach, FL	1.0	1.0	827	$3,427	$4.14	8d	1	1.14mi
1991 Presidential Way West Palm Beach, FL	3.0	2.0	1485	$4,905	$3.30	16d	1	1.14mi
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	24d	1	1.26mi
1714 Consulate Pl #101 West Palm Beach, FL	3.0	3.0	1377	$3,000	$2.18	24d	1	1.36mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	22d	1	1.42mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	24d	1	1.43mi

HOA detail

• Monthly dues: $450 · $5,400/yr
• Likely covers: pool

Listing history 14 events

1. 2026-06-18
   days on market $235,000 Active 167 DOM
2. 2026-06-17
   days on market $235,000 Active 166 DOM
3. 2026-06-16
   days on market $235,000 Active 165 DOM
4. 2026-06-15
   days on market $235,000 Active 164 DOM
5. 2026-06-13
   days on market $235,000 Active 162 DOM
6. 2026-06-09
   days on market $235,000 Active 158 DOM
7. 2026-06-07
   days on market $235,000 Active 156 DOM
8. 2026-06-04
   days on market $235,000 Active 153 DOM
9. 2026-06-03
   days on market $235,000 Active 152 DOM
10. 2026-06-01
    days on market $235,000 Active 150 DOM
11. 2026-05-31
    days on market $235,000 Active 149 DOM
12. 2026-01-02
    listed $235,000 Active
13. 2025-08-07
    historical
14. 2025-06-14
    listed $239,000 Active

ⓘ 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: $4,732 · $394/mo
• Projected year-2 tax: $4,732 · $394/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 5 d/yr ≥105°F today · 18 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: $35,528
• − Mortgage interest: −$13,164
• − Property taxes: −$4,732
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,842
• − Management: −$2,842
• − HOA: −$5,400
• − Depreciation: −$6,836
• Taxable loss: −$1,464
• Est. tax savings @ 24.0%: +$351
• After-tax cash flow: $2,323/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

-1.7% since first listed

3 events — show timeline

• 2026-01-02 Listed $235,000 Beaches MLS
• 2025-08-07 Listing Removed — Beaches MLS
• 2025-06-14 Listed $239,000 Beaches MLS

Property tax history

+7.8%/yr

Latest (2025): $4,732 · +4.0% YoY. Source: county tax records.