470 Executive Center Dr Unit 2D · West Palm Beach, FL 33401

$140,000

1 bd · 1.0 ba · 704 sqft · Condo public records · 51 Days on market

Built 1979 $651/mo HOA · 20% of rent

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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
• Livability +4.1/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained 1-bedroom, 1-bath condo in a gated community in West Palm Beach. This bright unit features tile flooring throughout, an open living/dining area, and a private balcony with lake views. Kitchen offers ample cabinet space and overlooks the living area. Community amenities include a pool, tennis courts, fitness center, clubhouse, and walking paths. Conveniently located near I-95, shopping, dining, downtown West Palm Beach, PBI Airport, and beaches. Tenants in place unti 04/16/2027.

Key facts

• Gated community
• Lake views
• Private balcony

Tags

• GATED COMMUNITY
• PRIVATE BALCONY
• LAKE VIEWS
• AMPLE CABINET SPACE
• COMMUNITY AMENITIES
• POOL

Property features AI

Finance

• Other: Annual tax amount listed (excluded from features summary)
• Financial info: Pets are not allowed
• HOA & community: Monthly association fee of $651; Association includes common areas, water, sewer and trash; Community amenities include elevator(s) and fitness center

Exterior

• Parking: Assigned parking; Guest parking; One assigned space
• Security: Complex fenced; Smoke detector(s)
• Utilities: Water included in association; Sewer included in association; Trash included in association; Electric service (central systems)
• Home design: Condo/Apartment with property attached; 5-story building; Entry on level 2; Faces southwest
• Construction: Block construction; Resale property
• Exterior features: Balcony; Open balcony/patio; Complex is fenced; Smoke detectors; Lakefront waterfront; Has view (southwest)

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Unfurnished; Bedroom on main level; Living/dining room
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $902 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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 rising fast (+5.2%/yr); 506 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $3,207/mo this rent would consume 57% of the median local household income ($68k/yr) (locally 2953% 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 $968 of loan paydown is wiped out by about $4k 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 + 5.2% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 12y 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 $99k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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. 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: 2.29% ✓
• Cap rate: 14.02%
• Cash-on-cash: 27.61%
• DSCR: 2.23
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 25.1%
• Equity multiple: 2.08×
• Total profit: $42,300
• Equity at exit: $20,874

10-year hold

• IRR: 34.7%
• Equity multiple: 4.65×
• Total profit: $143,042
• Equity at exit: $12,105

Cash invested: $39,200 (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 33401

• Rents YoY: 5.2%
• Active inventory: 506
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $3,207 high
• Mortgage (P&I): −$734
• Tax from tax record: −$188 /mo · $2,258/yr
• Insurance: −$58
• HOA: −$651
• Vacancy / Maint / Mgmt: −$673
• Net cashflow: $902

Break-even live

Break-even rent $2,065

Max offer price $140,000

Occupancy floor 67%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Clearwater Dr West Palm Beach, FL	2.0	1.0–2.0	727	$3,414	$4.70	24d	19	0.85mi
201 Clearwater Dr West Palm Beach, FL	2.0	1.0–2.0	731	$4,365	$5.97	11d	16	0.85mi
591 Evernia St West Palm Beach, FL	2.0	1.0–2.0	943	$4,270	$4.53	3d	26	1.24mi
651 Okeechobee Blvd West Palm Beach, FL	1.0–2.0	1.0–2.5	887	$3,000	$3.38	14d	5	1.29mi
1500 Centrepark Blvd West Palm Beach, FL	2.0	1.0–2.0	862	$2,624	$3.04	1d	18	1.35mi
1050 Blanche St West Palm Beach, FL	2.0	1.0–2.0	740	$2,838	$3.83	2d	8	1.36mi
499 Evernia St West Palm Beach, FL	2.0	1.0–2.0	827	$3,198	$3.87	2d	26	1.43mi
480 Hibiscus St West Palm Beach, FL	1.0–2.0	1.5–2.0	885	$3,495	$3.95	24d	3	1.44mi
480 Hibiscus St West Palm Beach, FL	1.0–2.0	1.0–2.0	867	$3,600	$4.15	3d	4	1.44mi
333 Fern St West Palm Beach, FL	2.0	1.0–2.0	1121	$3,974	$3.54	2d	1	1.49mi
1710 N Congress Ave West Palm Beach, FL	1.0–3.0	1.0–2.0	1210	$2,495	$2.06	24d	4	1.50mi

HOA detail condo

• Monthly dues: $651 · $7,812/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 44 events

1. 2026-06-18
   days on market $140,000 Active 51 DOM
2. 2026-06-17
   days on market $140,000 Active 50 DOM
3. 2026-06-16
   days on market $140,000 Active 49 DOM
4. 2026-06-15
   days on market $140,000 Active 48 DOM
5. 2026-06-13
   days on market $140,000 Active 46 DOM
6. 2026-06-09
   days on market $140,000 Active 42 DOM
7. 2026-06-08
   days on market $140,000 Active 41 DOM
8. 2026-06-07
   days on market $140,000 Active 40 DOM
9. 2026-06-04
   days on market $140,000 Active 37 DOM
10. 2026-06-03
    days on market $140,000 Active 36 DOM
11. 2026-06-02
    days on market $140,000 Active 35 DOM
12. 2026-06-01
    days on market $140,000 Active 34 DOM
13. 2026-05-31
    days on market $140,000 Active 33 DOM
14. 2026-04-28
    listed $140,000 Active
15. 2026-04-08
    historical $1,495
16. 2026-01-14
    price $1,495
17. 2025-12-20
    listed $1,500
18. 2024-12-17
    historical
19. 2024-08-29
    historical $1,600
20. 2024-08-23
    listed $1,600
21. 2024-08-23
    historical $1,600
22. 2024-08-13
    listed $1,600
23. 2024-08-13
    historical $1,600
24. 2024-07-18
    listed $1,600
25. 2023-10-25
    historical $1,600
26. 2023-10-22
    listed $1,600
27. 2023-07-24
    historical
28. 2023-07-10
    listed $175,000 Active
29. 2023-03-15
    status Pending
30. 2023-03-15
    historical
31. 2022-08-22
    listed $155,000 Active
32. 2021-12-14
    status Active
33. 2021-12-13
    historical
34. 2021-11-01
    status Pending
35. 2021-10-28
    status Active
36. 2021-10-28
    historical
37. 2020-12-14
    listed $135,000 Active
38. 2014-12-12
    soldstatus $99,000
39. 2014-05-30
    soldstatus $48,500 Closed
40. 2014-03-19
    status Pending
41. 2014-02-19
    listed $48,500 Active
42. 2003-05-29
    soldstatus $44,500
43. 1994-01-04
    soldstatus $22,300
44. 1989-03-03
    soldstatus $29,800

ⓘ 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: $2,258 · $188/mo
• Projected year-2 tax: $2,258 · $188/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 · 25 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: $38,484
• − Mortgage interest: −$7,842
• − Property taxes: −$2,258
• − Insurance: −$700
• − Repairs & maintenance: −$3,079
• − Management: −$3,079
• − HOA: −$7,812
• − Depreciation: −$4,073
• Taxable income: $9,642
• Est. tax owed @ 24.0%: −$2,314
• After-tax cash flow: $8,509/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): 33,698
• Household income: $67,967
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 2953.0

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 0.68)
• Race & ethnicity: White 43% Black 32% Hispanic / Latino 17% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 3%
• Common ancestry: Hispanic 6% Slovak 2% Romanian 2%
• Foreign-born: 26% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 13% French/Haitian/Cajun 7% Other Asian/Pacific 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: ▼ -324.96%
• Current HPI: 367.0978
• Rent YoY: ▲ 5.15%
• 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

+369.8% since first listed

31 events — show timeline

• 2026-04-28 Listed $140,000 MARMLS
• 2026-04-08 Rental Removed $1,495 MARMLS
• 2026-01-14 Price Changed $1,495 MARMLS
• 2025-12-20 Listed for Rent $1,500 MARMLS
• 2024-12-17 Listing Removed — MARMLS
• 2024-08-29 Rental Removed $1,600 RENTEC
• 2024-08-23 Listed for Rent $1,600 RENTEC
• 2024-08-23 Rental Removed $1,600 MARMLS
• 2024-08-13 Listed for Rent $1,600 MARMLS
• 2024-08-13 Rental Removed $1,600 RENTEC
• 2024-07-18 Listed for Rent $1,600 RENTEC
• 2023-10-25 Rental Removed $1,600 LISTANZA
• 2023-10-22 Listed for Rent $1,600 LISTANZA
• 2023-07-24 Rental Removed — MARMLS
• 2023-07-10 Listed $175,000 MARMLS
• 2023-03-15 Pending — MARMLS
• 2023-03-15 Listing Removed — MARMLS
• 2022-08-22 Listed $155,000 MARMLS
• 2021-12-14 Relisted — MARMLS
• 2021-12-13 Listing Removed — MARMLS
• 2021-11-01 Pending — MARMLS
• 2021-10-28 Relisted — MARMLS
• 2021-10-28 Listing Removed — MARMLS
• 2020-12-14 Listed $135,000 MARMLS
• 2014-12-12 Sold (Public Records) $99,000 Public Records
• 2014-05-30 Sold (MLS) $48,500 Beaches MLS
• 2014-03-19 Pending — Beaches MLS
• 2014-02-19 Listed $48,500 Beaches MLS
• 2003-05-29 Sold (Public Records) $44,500 Public Records
• 1994-01-04 Sold (Public Records) $22,300 Public Records
• 1989-03-03 Sold (Public Records) $29,800 Public Records

Property tax history

+23.0%/yr

Latest (2025): $2,258 · +3.6% YoY. Source: county tax records.