1022 State St · West Palm Beach, FL 33407

$399,000

4 bd · 2.0 ba · 1,824 sqft · SingleFamily public records · 20 Days on market

Built 1928 7,200 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 +20.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.5/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fully renovated 4BD/2BA historic home on a double lot, currently rented for $3570/month until December. Located just minutes from Downtown West Palm Beach, Rosemary Square, Brightline, and the beach. Features include a new roof, impact windows/doors, updated plumbing/electric, high ceilings, decorative fireplace, and a gourmet kitchen with granite counters and stainless-steel appliances. Fenced yard with room to add a pool or ADU to increase returns. Great income-producing property with long-term potential or just move in when the lease expires and enjoy!!

Key facts

• Decorative fireplace
• Updated electric
• Double lot

Tags

• DOUBLE LOT
• NEW ROOF
• IMPACT WINDOWS
• UPDATED PLUMBING
• UPDATED ELECTRIC
• DECORATIVE FIREPLACE

Property features AI

Exterior

• Parking: RV access/parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; One-story; Faces north; Resale property
• Construction: CBS construction; Composition/shingle roof
• Exterior features: Fenced yard; Room for a pool; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Disposal
• Bedrooms: Four main-level bedrooms
• Flooring: Tile flooring; Vinyl flooring
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Updated/remodeled interior; Disposal; Dishwasher; Microwave; Refrigerator; Electric water heater; Electric range
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% 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: Pleasant City Elementary School (math 27% / reading 27%, grade F, #1,969 of 2,144 statewide, top 94%, 330 students, 94% 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 82% FRL vs 52% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 50% district-wide (-25 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 (+3.1%/yr); 305 active listings in the ZIP; 33 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 20 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 5y 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 $340k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• 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 $393,015 (1.5% below list)

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.05% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.50%
• DSCR: 1.24
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.08% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-31,594
• Equity at exit: $59,492

10-year hold

• IRR: 2.0%
• Equity multiple: 1.15×
• Total profit: $16,267
• Equity at exit: $34,498

Cash invested: $111,720 (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 33407

• Rents YoY: 3.1%
• Active inventory: 305
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $4,197 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$545 /mo · $6,535/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$881
• Net cashflow: $512

Break-even live

Break-even rent $3,548

Max offer price $399,000

Occupancy floor 83%

Sensitivity live

Price	-10% $738	-5% $625	+0% $512	+5% $399	+10% $286
Rent	-10% $181	-5% $347	+0% $512	+5% $678	+10% $844
Rate	-1.0pp $713	-0.5pp $614	base $512	+0.5pp $409	+1.0pp $304

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1101 Grant St West Palm Beach, FL	4.0	2.0	1726	$2,995	$1.74	16d	1	0.08mi
735 20th St West Palm Beach, FL	4.0	3.0	1767	$3,800	$2.15	25d	1	0.21mi
735 20th St West Palm Beach, FL	4.0	3.0	1767	$3,600	$2.04	8d	1	0.21mi
716 21st St West Palm Beach, FL	4.0	2.0	1560	$3,800	$2.44	18d	1	0.25mi
716 21st St West Palm Beach, FL	4.0	2.0	1560	$3,800	$2.44	6d	1	0.25mi
565 Lilac Ct West Palm Beach, FL	3.0	2.0	1250	$3,000	$2.40	18d	1	0.36mi
1115 Windsor Ave West Palm Beach, FL	4.0	3.0	1377	$3,500	$2.54	19d	1	0.53mi
1805 N Flagler Dr #107 West Palm Beach, FL	3.0	2.0	1237	$2,995	$2.42	4d	1	0.58mi
411 26th St West Palm Beach, FL	3.0	3.5	1847	$6,900	$3.74	8d	1	0.68mi
411 26th St West Palm Beach, FL	4.0	3.5	1847	$6,900	$3.74	25d	1	0.68mi
419 30th St West Palm Beach, FL	3.0	2.5	2104	$7,700	$3.66	25d	1	0.86mi
2800 N Flagler Dr #404 West Palm Beach, FL	3.0	3.0	2063	$7,200	$3.49	25d	1	0.90mi
511 32nd St West Palm Beach, FL	4.0	3.5	2052	$18,500	$9.02	5d	1	0.91mi
904 4th St #2 West Palm Beach, FL	5.0	2.0	2500	$3,000	$1.20	18d	1	0.97mi
216 32nd St West Palm Beach, FL	3.0	3.0	1846	$6,200	$3.36	25d	1	1.06mi
202 32nd St West Palm Beach, FL	3.0	2.0	1636	$5,995	$3.66	25d	1	1.07mi
406 35th St West Palm Beach, FL	3.0	2.0	1835	$8,000	$4.36	25d	1	1.08mi
409 35th St West Palm Beach, FL	3.0	2.0	2496	$7,000	$2.80	19d	1	1.11mi
3808 Westview Ave West Palm Beach, FL	4.0	3.0	1617	$3,100	$1.92	25d	1	1.12mi
701 37th St West Palm Beach, FL	3.0	2.0	1426	$3,600	$2.52	25d	1	1.12mi
619 37th St West Palm Beach, FL	3.0	2.0	1414	$3,350	$2.37	25d	1	1.13mi
436 38th St West Palm Beach, FL	4.0	3.0	1479	$6,500	$4.39	25d	1	1.23mi
345 Banyan Blvd West Palm Beach, FL	3.0	1.0–2.0	1023	$6,857	$6.70	2d	19	1.26mi
1714 Consulate Pl #101 West Palm Beach, FL	3.0	3.0	1377	$3,000	$2.18	25d	1	1.32mi
300 S Australian Ave West Palm Beach, FL	3.0	2.0	1377	$6,000	$4.36	25d	1	1.33mi
250 Bradley Pl Palm Beach, FL	1.0–3.0	1.0–2.5	1265	$26,500	$20.94	19d	3	1.36mi
101 N Clematis St West Palm Beach, FL	1.0–4.0	1.5–4.5	1906	$27,400	$14.37	25d	2	1.37mi
1991 Presidential Way West Palm Beach, FL	3.0	2.0	1485	$4,905	$3.30	16d	1	1.38mi
610 Fern St West Palm Beach, FL	3.0	3.0	1890	$7,500	$3.97	25d	1	1.45mi
410 Evernia St West Palm Beach, FL	2.0–3.0	2.0–2.5	1664	$12,000	$7.21	14d	2	1.45mi
1537 39th St West Palm Beach, FL	5.0	3.0	2463	$4,800	$1.95	25d	1	1.45mi
410 Evernia St #801 West Palm Beach, FL	3.0	2.5	2007	$12,000	$5.98	25d	1	1.46mi
401 42nd St West Palm Beach, FL	3.0	1.0	1400	$4,950	$3.54	15d	1	1.46mi

Listing history 50 events

1. 2026-05-05
   status Pending
2. 2026-05-01
   historical
3. 2026-04-30
   price $399,000
4. 2026-04-30
   status Active
5. 2026-03-31
   status Pending
6. 2026-03-27
   historical Active Under Contract
7. 2026-02-25
   listed $389,000 Active
8. 2025-09-10
   historical
9. 2025-06-16
   listed $405,000 Active
10. 2025-06-05
    historical
11. 2025-03-19
    price $405,000
12. 2025-03-07
    status Active
13. 2025-03-05
    historical
14. 2025-02-03
    status Active
15. 2025-01-15
    status Pending
16. 2024-10-29
    price $420,000
17. 2024-09-27
    listed $430,000 Active
18. 2024-09-12
    historical
19. 2024-09-03
    historical
20. 2024-04-12
    price $440,000
21. 2024-02-24
    status Active
22. 2024-02-24
    historical
23. 2024-02-03
    historical $3,500
24. 2024-01-09
    listed $3,500
25. 2024-01-05
    historical $3,500
26. 2023-12-21
    listed $3,500
27. 2023-11-25
    price $599,000
28. 2023-10-25
    price $620,000
29. 2023-09-24
    listed $690,500 Active
30. 2023-03-08
    historical
31. 2023-01-16
    listed $579,000 Active
32. 2022-11-29
    soldstatus $340,000 Closed
33. 2022-11-27
    status Pending
34. 2022-10-07
    historical Active Under Contract
35. 2022-09-23
    price $355,000
36. 2022-09-19
    price $362,000
37. 2022-09-16
    price $367,000
38. 2022-09-08
    price $365,000
39. 2022-08-08
    status Active
40. 2022-07-29
    status Active
41. 2022-07-15
    price $360,000
42. 2022-07-06
    price $345,000
43. 2022-07-04
    status Active
44. 2022-06-26
    price $350,000
45. 2022-06-17
    price $359,000
46. 2022-06-16
    price $364,000
47. 2022-05-30
    price $369,000
48. 2022-05-22
    price $373,000
49. 2022-05-10
    price $374,000
50. 2022-05-05
    price $374,500

ⓘ 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: $6,535 · $545/mo
• Projected year-2 tax: $6,535 · $545/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: $50,363
• − Mortgage interest: −$22,350
• − Property taxes: −$6,535
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,029
• − Management: −$4,029
• − Depreciation: −$11,607
• Taxable loss: −$182
• Est. tax savings @ 24.0%: +$44
• After-tax cash flow: $6,192/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): 34,851
• Household income: $59,993
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 2157.0

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 0.62)
• Race & ethnicity: Black 54% White 21% Hispanic / Latino 20% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Hispanic 8% Lithuanian 1% Romanian 1%
• Foreign-born: 26% · Canada, Vietnam, Jamaica
• Languages at home: 72% English-only · Spanish 17% French/Haitian/Cajun 8% Other Indo-European 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: ▼ -299.26%
• Current HPI: 363.3995
• Rent YoY: ▲ 3.08%
• 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

+232.5% since first listed

61 events — show timeline

• 2026-05-05 Pending — Beaches MLS
• 2026-05-01 Listing Removed — Beaches MLS
• 2026-04-30 Price Changed $399,000 Beaches MLS
• 2026-04-30 Relisted — Beaches MLS
• 2026-03-31 Pending — Beaches MLS
• 2026-03-27 Contingent — Beaches MLS
• 2026-02-25 Listed $389,000 Beaches MLS
• 2025-09-10 Listing Removed — Beaches MLS
• 2025-06-16 Listed $405,000 Beaches MLS
• 2025-06-05 Listing Removed — Beaches MLS
• 2025-03-19 Price Changed $405,000 Beaches MLS
• 2025-03-07 Relisted — Beaches MLS
• 2025-03-05 Listing Removed — Beaches MLS
• 2025-02-03 Relisted — Beaches MLS
• 2025-01-15 Pending — Beaches MLS
• 2024-10-29 Price Changed $420,000 Beaches MLS
• 2024-09-27 Listed $430,000 Beaches MLS
• 2024-09-12 Coming Soon — Beaches MLS
• 2024-09-03 Listing Removed — Beaches MLS
• 2024-04-12 Price Changed $440,000 Beaches MLS
• 2024-02-24 Relisted — Beaches MLS
• 2024-02-24 Listing Removed — Beaches MLS
• 2024-02-03 Rental Removed $3,500 Avail
• 2024-01-09 Listed for Rent $3,500 Avail
• 2024-01-05 Rental Removed $3,500 GFLMLS
• 2023-12-21 Listed for Rent $3,500 GFLMLS
• 2023-11-25 Price Changed $599,000 Beaches MLS
• 2023-10-25 Price Changed $620,000 Beaches MLS
• 2023-09-24 Listed $690,500 Beaches MLS
• 2023-03-08 Listing Removed — Beaches MLS
• 2023-01-16 Listed $579,000 Beaches MLS
• 2022-11-29 Sold (MLS) $340,000 MARMLS
• 2022-11-27 Pending — MARMLS
• 2022-10-07 Contingent — MARMLS
• 2022-09-23 Price Changed $355,000 MARMLS
• 2022-09-19 Price Changed $362,000 MARMLS
• 2022-09-16 Price Changed $367,000 MARMLS
• 2022-09-08 Price Changed $365,000 MARMLS
• 2022-08-08 Relisted — MARMLS
• 2022-07-29 Relisted — MARMLS
• 2022-07-15 Price Changed $360,000 MARMLS
• 2022-07-06 Price Changed $345,000 MARMLS
• 2022-07-04 Relisted — MARMLS
• 2022-06-26 Price Changed $350,000 MARMLS
• 2022-06-17 Price Changed $359,000 MARMLS
• 2022-06-16 Price Changed $364,000 MARMLS
• 2022-05-30 Price Changed $369,000 MARMLS
• 2022-05-22 Price Changed $373,000 MARMLS
• 2022-05-10 Price Changed $374,000 MARMLS
• 2022-05-05 Price Changed $374,500 MARMLS
• 2022-04-26 Price Changed $374,750 MARMLS
• 2022-04-24 Price Changed $375,000 MARMLS
• 2022-04-20 Price Changed $375,100 MARMLS
• 2022-04-09 Listed $375,000 MARMLS
• 2022-02-08 Sold (Public Records) $200,000 Public Records
• 2022-01-10 Sold (MLS) $200,000 Beaches MLS
• 2021-12-15 Pending — Beaches MLS
• 2021-12-01 Relisted — Beaches MLS
• 2021-12-01 Contingent — Beaches MLS
• 2021-11-23 Listed $225,000 Beaches MLS
• 2018-03-14 Sold (Public Records) $120,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $6,535 · +7.4% YoY. Source: county tax records.