505 Spencer Dr #410 · West Palm Beach, FL 33409

$149,000

2 bd · 2.0 ba · 1,081 sqft · Condo public records · 31 Days on market

Built 1977 $771/mo HOA · 27% of rent

---

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 +26.2/30.0
• 1% rule +10.0/10.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 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

A lovely spacious unit 2 bedrooms with two full baths. With a balcony that gives you the view of the city. Located a short walk away from the Palm Beach Outlets Mall. The building has an elevator.

Key facts

• $771 HOA
• Garage
• Community pool

Property features AI

Finance

• Financial info: Pets allowed (cats OK; restrictions may apply); Community has 52 units
• HOA & community: Monthly association fee (includes insurance); Community amenities: elevator(s), parking, pool; Association management: GRS MNGT Property Mngt

Exterior

• Parking: Attached garage (1 space, covered, assigned); Open parking also available
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; One level (entry-level living area); North-facing; Resale unit; Building name: Spencer Place; 4-story building
• Construction: Built with concrete block (CBS); Concrete / pre-stressed roof
• Exterior features: Covered patio; Screened patio; Patio

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate; Tile; Wood
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Central electric heat; Central air conditioning; Ceiling fans
• Interior features: Walk-in closets; Bedroom layout is stacked
• Laundry & utility: Washer hookup in the kitchen; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $149k.

Deal economics

• At list price, monthly cash flow is $379 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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.
• Zoned schools: Westward Elementary School (math 30% / reading 29%, grade F, #1,896 of 2,144 statewide, top 90%, 500 students, 81% FRL); Bear Lakes Middle School (math 19% / reading 33%, grade F, #506 of 571 statewide, top 89%, 842 students, 74% FRL); Palm Beach Lakes High School (math 17% / reading 26%, grade F, #546 of 667 statewide, top 82%, 2,688 students, 70% 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 26% at this address vs 50% district-wide (-24 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 soft (-0.1%/yr); 189 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $86k; list at $149k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1977 — 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: 1.88% ✓
• Cap rate: 9.35%
• Cash-on-cash: 10.91%
• DSCR: 1.49
• GRM: 4.4

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: -5.2%
• Equity multiple: 0.82×
• Total profit: $-7,672
• Equity at exit: $22,216

10-year hold

• IRR: -2.3%
• Equity multiple: 0.88×
• Total profit: $-5,168
• Equity at exit: $12,883

Cash invested: $41,720 (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: 4.4×

Monthly cashflow live

• Estimated rent: $2,806 high
• Mortgage (P&I): −$781
• Tax from tax record: −$223 /mo · $2,677/yr
• Insurance: −$62
• HOA: −$771
• Vacancy / Maint / Mgmt: −$589
• Net cashflow: $379

Break-even live

Break-even rent $2,326

Max offer price $149,000

Occupancy floor 81%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2615 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$2,950	$2.31	3d	1	0.57mi
2665 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$3,005	$2.36	24d	1	0.57mi
2671 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$3,005	$2.36	24d	1	0.57mi
2677 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$3,005	$2.36	24d	1	0.57mi
2683 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$3,005	$2.36	24d	1	0.58mi
2689 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$2,950	$2.31	3d	1	0.58mi
290 Courtney Lakes Cir West Palm Beach, FL	1.0–3.0	1.0–2.0	1069	$2,705	$2.53	19d	19	0.78mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	24d	1	1.19mi
2018 Whitney Rd West Palm Beach, FL	3.0	2.0	1169	$3,200	$2.74	10d	1	1.35mi
4855 Elmhurst Rd West Palm Beach, FL	3.0	2.0	1427	$3,600	$2.52	24d	1	1.49mi

HOA detail condo

• Monthly dues: $771 · $9,252/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $149,000 Active 31 DOM
2. 2026-06-17
   days on market $149,000 Active 30 DOM
3. 2026-06-16
   days on market $149,000 Active 29 DOM
4. 2026-06-15
   days on market $149,000 Active 28 DOM
5. 2026-06-13
   pricedays on market $149,000 Active 26 DOM
6. 2026-06-09
   days on market $159,000 Active 22 DOM
7. 2026-06-08
   days on market $159,000 Active 21 DOM
8. 2026-06-07
   days on market $159,000 Active 20 DOM
9. 2026-06-04
   days on market $159,000 Active 17 DOM
10. 2026-06-03
    days on market $159,000 Active 16 DOM
11. 2026-06-02
    days on market $159,000 Active 15 DOM
12. 2026-06-01
    days on market $159,000 Active 14 DOM
13. 2026-05-31
    days on market $159,000 Active 13 DOM
14. 2026-05-18
    listed $159,000 Active
15. 2025-07-01
    historical
16. 2025-06-10
    historical $1,850
17. 2025-05-05
    price $1,850
18. 2025-05-04
    price $144,000
19. 2025-04-15
    listed $1,900
20. 2025-04-14
    price $145,000
21. 2025-03-06
    price $125,000
22. 2025-01-02
    price $169,900
23. 2024-12-05
    listed $174,900 Active
24. 2020-04-29
    soldstatus $86,000
25. 2020-03-20
    soldstatus $86,000 Closed 197-char remark

    Show marketing remark (197 chars)

    A lovely spacious unit 2 bedrooms with two full baths. With a balcony that gives you the view of the city. Located a short walk away from the Palm Beach Outlets Mall. The building has an elevator.

26. 2020-02-14
    historical Contingent 197-char remark

    Show marketing remark (197 chars)

    A lovely spacious unit 2 bedrooms with two full baths. With a balcony that gives you the view of the city. Located a short walk away from the Palm Beach Outlets Mall. The building has an elevator.

27. 2020-02-14
    historical 197-char remark

    Show marketing remark (197 chars)

    A lovely spacious unit 2 bedrooms with two full baths. With a balcony that gives you the view of the city. Located a short walk away from the Palm Beach Outlets Mall. The building has an elevator.

28. 2020-02-14
    historical Contingent 197-char remark

    Show marketing remark (197 chars)

    A lovely spacious unit 2 bedrooms with two full baths. With a balcony that gives you the view of the city. Located a short walk away from the Palm Beach Outlets Mall. The building has an elevator.

29. 2020-02-04
    price $84,999 197-char remark

    Show marketing remark (197 chars)

    A lovely spacious unit 2 bedrooms with two full baths. With a balcony that gives you the view of the city. Located a short walk away from the Palm Beach Outlets Mall. The building has an elevator.

30. 2019-12-09
    listed $110,000 Active 197-char remark

    Show marketing remark (197 chars)

    A lovely spacious unit 2 bedrooms with two full baths. With a balcony that gives you the view of the city. Located a short walk away from the Palm Beach Outlets Mall. The building has an elevator.

31. 2013-02-08
    soldstatus $50,000
32. 1999-09-22
    soldstatus $40,000
33. 1989-03-01
    soldstatus $55,000
34. 1982-12-01
    soldstatus $57,000

ⓘ 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: $2,677 · $223/mo
• Projected year-2 tax: $2,677 · $223/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 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 23 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: $33,673
• − Mortgage interest: −$8,346
• − Property taxes: −$2,677
• − Insurance: −$745
• − Repairs & maintenance: −$2,694
• − Management: −$2,694
• − HOA: −$9,252
• − Depreciation: −$4,335
• Taxable income: $2,931
• Est. tax owed @ 24.0%: −$703
• After-tax cash flow: $3,848/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

+178.9% since first listed

21 events — show timeline

• 2026-05-18 Listed $159,000 Beaches MLS
• 2025-07-01 Listing Removed — Beaches MLS
• 2025-06-10 Rental Removed $1,850 RMLSFL
• 2025-05-05 Price Changed $1,850 RMLSFL
• 2025-05-04 Price Changed $144,000 Beaches MLS
• 2025-04-15 Listed for Rent $1,900 RMLSFL
• 2025-04-14 Price Changed $145,000 Beaches MLS
• 2025-03-06 Price Changed $125,000 Beaches MLS
• 2025-01-02 Price Changed $169,900 Beaches MLS
• 2024-12-05 Listed $174,900 Beaches MLS
• 2020-04-29 Sold (Public Records) $86,000 Public Records
• 2020-03-20 Sold (MLS) $86,000 Beaches MLS
• 2020-02-14 Contingent — Beaches MLS
• 2020-02-14 Listing Removed — Beaches MLS
• 2020-02-14 Contingent — Beaches MLS
• 2020-02-04 Price Changed $84,999 Beaches MLS
• 2019-12-09 Listed $110,000 Beaches MLS
• 2013-02-08 Sold (Public Records) $50,000 Public Records
• 1999-09-22 Sold (Public Records) $40,000 Public Records
• 1989-03-01 Sold (Public Records) $55,000 Public Records
• 1982-12-01 Sold (Public Records) $57,000 Public Records

Property tax history

+16.5%/yr

Latest (2025): $2,677 · +3.8% YoY. Source: county tax records.