3589 S Ocean Blvd #404 · South Palm Beach, FL 33480

$407,000

2 bd · 2.0 ba · 1,498 sqft · Condo public records · 20 Days on market

Built 1974 $1728/mo HOA · 35% of rent

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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 +9.9/30.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0

Listing remarks

Beautiful 2-bedroom, 2-bath residence featuring a desirable split floor plan with dual primary suites, ideally situated on prestigious South Palm Beach Island directly across from the beach. Enjoy breathtaking ocean views from the expansive double balcony, perfect for relaxing or entertaining. Offered fully furnished or unfurnished at no additional cost. Residents of Mayfair House enjoy resort-style amenities including private beach access, two heated pools overlooking the ocean and Intracoastal, fitness center, saunas, clubhouse, BBQ area, beautifully landscaped grounds with Japanese gardens, bicycle storage, and covered parking. Conveniently located near fine dining, shopping, and everyth

Key facts

• $1,728 HOA
• Garage
• Community pool

Property features AI

Finance

• Financial info: Pets allowed with breed restrictions
• HOA & community: Community amenities include beach access, private beach pavilion, heated pool, cabana, clubhouse, fitness center, sauna, spa/hot tub, pool house, picnic areas and recreation facilities; Building amenities include elevator(s), laundry, management, storage, bike storage, business center, community room, lobby, maintained community, trash chute and parking; Additional community services: car wash area, manager on site, internet included, security, maintenance, street lights and sidewalks; Monthly association fee (amount provided to listing): association covers cable TV, insurance, internet, grounds and structure maintenance, pest control, security, sewer, trash, water, common areas, elevator, hot water, roof repairs, recreation facility and pool service

Exterior

• Parking: Assigned and open parking (includes driveway, guest parking, detached parking and loading space) — 1 listed parking space; Asphalt and concrete surfaces
• Security: Building security with security lights and patrol; Closed circuit cameras; Security system, gated entry and elevator secure; Attended lobby, entry phone/intercom; Fire sprinkler system, fire alarm, smoke and carbon monoxide detectors
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Cable available, underground utilities, water and sewer available
• Home design: Condominium, one level; Mayfair House Condo; 9-story building; Lobby entry; Faces east; Resale property; Accessible features including elevator and ramp; central living area
• Construction: Block/CONCRETE/CBS construction with stucco; Ducts professionally air-sealed and exterior duct-work insulated; Mixed roof; Foundation: block, brick/mortar, permanent, raised and slab
• Exterior features: Covered patio and open porch, terrace; Patio and porch areas; Cabana, pool house and storage structures; Landscaped grounds with sidewalks; Deeded beach access and ocean access

Interior

• Kitchen: Dishwasher; Disposal; Electric range / electric cooktop; Microwave; Refrigerator (ENERGY STAR qualified); Trash compactor; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric, central building); Central air conditioning (electric, central building); Exhaust fan
• Interior features: Split bedroom layout; Negotiable furnishing
• Laundry & utility: Laundry closet; Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $407k.

Deal economics

• At list price, monthly cash flow is $-680 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $287k (29.5% below list).
• Meets the 1% rule at list price ($5k rent vs $407k).
• Recommended offer: $287k (29.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 72/100 on livability (#340 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute 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: Lantana Elementary School (math 30% / reading 33%, grade F, #1,841 of 2,144 statewide, top 86%, 484 students, 79% FRL); Lantana Middle School (math 21% / reading 36%, grade F, #482 of 571 statewide, top 85%, 801 students, 78% 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 76% FRL vs 52% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-22 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 (+3.9%/yr); 447 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($3k loan paydown + $21k appreciation (5.1% local appreciation)).
• Palm Beach County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($401k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 27y 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 $295k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 35% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $286,885 (29.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.22% ✓
• Cap rate: 5.55%
• Cash-on-cash: -2.67%
• DSCR: 0.88
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.12% appreciation · 3.92% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.52×
• Total profit: $59,010
• Equity at exit: $233,488

10-year hold

• IRR: 10.4%
• Equity multiple: 2.99×
• Total profit: $226,368
• Equity at exit: $405,341

Cash invested: $113,960 (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 33480

• Home prices YoY: 1.1%
• Rents YoY: 3.9%
• Active inventory: 447
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $4,979 high
• Mortgage (P&I): −$2,134
• Tax from tax record: −$155 /mo · $1,863/yr
• Insurance: −$170
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,728
• Vacancy / Maint / Mgmt: −$1,046
• Net cashflow: $-680

Break-even live

Break-even rent $5,840

Max offer price $286,885

Occupancy floor —

Sensitivity live

Price	-10% $-450	-5% $-565	+0% $-680	+5% $-795	+10% $-910
Rent	-10% $-1,073	-5% $-877	+0% $-680	+5% $-483	+10% $-287
Rate	-1.0pp $-475	-0.5pp $-576	base $-680	+0.5pp $-785	+1.0pp $-893

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: $101,750
• Closing costs: $12,210
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3581 S Ocean Blvd Unit 9A Palm Beach, FL	2.0	2.0	1192	$2,600	$2.18	18d	1	0.02mi
3581 S Ocean Blvd Unit 2B Palm Beach, FL	1.0	1.5	940	$2,900	$3.09	18d	1	0.02mi
3589 S Ocean Blvd #314 Palm Beach, FL	2.0	2.5	1541	$3,000	$1.95	26d	1	0.04mi
3589 S Ocean Blvd #801 Palm Beach, FL	2.0	2.0	1541	$6,000	$3.89	13d	1	0.04mi
3589 S Ocean Blvd #614 Palm Beach, FL	2.0	2.0	1541	$4,200	$2.73	22d	1	0.04mi
3589 S Ocean Blvd #614 Palm Beach, FL	2.0	2.0	1541	$4,200	$2.73	26d	1	0.04mi
3601 S Ocean Blvd Palm Beach, FL	2.0	2.5	1408	$2,900	$2.06	21d	2	0.07mi
3601 S Ocean Blvd #308 Palm Beach, FL	2.0	2.5	1408	$3,250	$2.31	20d	1	0.08mi
3605 S Ocean Blvd #319 Palm Beach, FL	2.0	2.0	1121	$4,000	$3.57	6d	1	0.12mi
3605 S Ocean Blvd Palm Beach, FL	2.0	2.0	1162	$3,350	$2.88	26d	2	0.13mi
3580 S Ocean Blvd Unit 6B Palm Beach, FL	1.0	1.5	1013	$2,500	$2.47	16d	1	0.14mi
3560 S Ocean Blvd #502 Palm Beach, FL	2.0	2.0	1340	$9,500	$7.09	26d	1	0.16mi
3560 S Ocean Blvd #4 Palm Beach, FL	2.0	2.0	1340	$7,950	$5.93	26d	1	0.16mi
3560 S Ocean Blvd #306 Palm Beach, FL	2.0	2.0	1380	$7,000	$5.07	20d	1	0.16mi
3560 S Ocean Blvd #907 Palm Beach, FL	2.0	2.0	1340	$7,500	$5.60	13d	1	0.16mi
3560 S Ocean Blvd #706 Palm Beach, FL	2.0	2.0	1340	$12,000	$8.96	22d	1	0.16mi
3560 S Ocean Blvd #907 Palm Beach, FL	2.0	2.0	1340	$7,800	$5.82	13d	1	0.16mi
3610 S Ocean Blvd Palm Beach, FL	1.0–3.0	1.5–2.0	1490	$8,348	$5.60	26d	4	0.17mi
4200 S Ocean Blvd #503 Palm Beach, FL	2.0	2.5	1645	$4,800	$2.92	22d	1	0.22mi
3540 S Ocean Blvd #608 Palm Beach, FL	2.0	2.0	983	$2,950	$3.00	26d	1	0.23mi
3540 S Ocean Blvd #216 Palm Beach, FL	2.0	2.0	983	$2,550	$2.59	23d	1	0.23mi
3540 S Ocean Blvd Palm Beach, FL	1.0	2.0	983	$4,000	$4.07	26d	1	0.23mi
3540 S Ocean Blvd #612 Palm Beach, FL	2.0	2.0	983	$4,700	$4.78	9d	1	0.23mi
3540 S Ocean Blvd #208 Palm Beach, FL	2.0	2.0	983	$2,750	$2.80	5d	1	0.23mi
3520 S Ocean Blvd Unit H404 Palm Beach, FL	2.0	2.0	1176	$5,900	$5.02	26d	1	0.25mi
3475 S Ocean Blvd #1030 Palm Beach, FL	1.0	2.0	1395	$5,500	$3.94	4d	1	0.36mi
3475 S Ocean Blvd #3110 Palm Beach, FL	1.0	1.5	891	$2,600	$2.92	26d	1	0.36mi
3475 S Ocean Blvd #6110 Palm Beach, FL	1.0	1.5	891	$3,500	$3.93	26d	1	0.36mi
3475 S Ocean Blvd #6150 Palm Beach, FL	2.0	2.0	1395	$8,750	$6.27	26d	1	0.36mi
3475 S Ocean Blvd #3020 Palm Beach, FL	2.0	2.0	1395	$5,000	$3.58	26d	1	0.36mi
3475 S Ocean Blvd Palm Beach, FL	2.0	2.0	1395	$5,850	$4.19	26d	3	0.37mi
3460 S Ocean Blvd #4150 Palm Beach, FL	2.0	2.0	1436	$10,500	$7.31	26d	1	0.42mi
3456 S Ocean Blvd Apt 705 Palm Beach, FL	2.0	2.0	1457	$3,500	$2.40	26d	1	0.43mi
3456 S Ocean Blvd #105 Palm Beach, FL	2.0	2.0	1482	$12,000	$8.10	26d	1	0.44mi
3456 S Ocean Blvd #6050 Palm Beach, FL	2.0	2.0	1482	$4,650	$3.14	26d	1	0.44mi
3450 S Ocean Blvd Palm Beach, FL	1.0–2.0	1.0–2.0	1236	$9,500	$7.69	4d	10	0.47mi
3450 S Ocean Blvd Palm Beach, FL	1.0–2.0	1.0–2.0	1236	$9,500	$7.69	9d	9	0.47mi
3450 S Ocean Blvd #6010 Palm Beach, FL	2.0	2.0	1548	$5,500	$3.55	15d	1	0.47mi
3450 S Ocean Blvd #3280 Palm Beach, FL	1.0	1.0	952	$2,500	$2.63	26d	1	0.47mi
3450 S Ocean Blvd #8120 Palm Beach, FL	1.0	1.5	1008	$3,500	$3.47	26d	1	0.47mi

HOA detail condo

• Monthly dues: $1,728 · $20,736/yr
• Likely covers: landscapingpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-21
   days on market $407,000 Active 20 DOM
2. 2026-06-18
   days on market $407,000 Active 17 DOM
3. 2026-06-17
   days on market $407,000 Active 16 DOM
4. 2026-06-16
   days on market $407,000 Active 15 DOM
5. 2026-06-15
   days on market $407,000 Active 14 DOM
6. 2026-06-13
   days on market $407,000 Active 12 DOM
7. 2026-06-09
   days on market $407,000 Active 8 DOM
8. 2026-06-08
   days on market $407,000 Active 7 DOM
9. 2026-06-07
   days on market $407,000 Active 6 DOM
10. 2026-06-04
    days on market $407,000 Active 3 DOM
11. 2026-06-03
    days on market $407,000 Active 2 DOM
12. 2026-06-02
    price $407,000 Active 1 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $425,000 Active 1 DOM

ⓘ 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: $1,863 · $155/mo
• Projected year-2 tax: $3,378 · $282/mo
• Expected delta: +$1,515/yr (+$126/mo · 81.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,754
• − Mortgage interest: −$22,798
• − Property taxes: −$1,863
• − Insurance: −$7,154
• − Repairs & maintenance: −$4,780
• − Management: −$4,780
• − HOA: −$20,736
• − Depreciation: −$11,840
• Taxable loss: −$14,198
• Est. tax savings @ 24.0%: +$3,407
• After-tax cash flow: $-4,752/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 — South Palm Beach

• Score: 72/100
• State rank: #340
• US rank: #5907

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 10,924
• Household income: $150,633
• Rent vs Own: 15.8% rent · 84.2% own
• Severe rent burden: 213.0

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: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 1%
• Common ancestry: Scotch-Irish 7% Romanian 5% Italian 3%
• Foreign-born: 20% · Canada, Dominican Republic, China
• Languages at home: 84% English-only · Spanish 7% Other Indo-European 3% Russian/Polish/Slavic 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: ▲ 5.12%
• Current HPI: 464.2769
• Rent YoY: ▲ 3.92%
• 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

+189.1% since first listed

16 events — show timeline

• 2026-06-01 Listed $425,000 Beaches MLS
• 2013-09-22 Listing Removed — Beaches MLS
• 2013-09-22 Listing Removed — Beaches MLS
• 2013-09-21 Listing Removed — Beaches MLS
• 2008-11-01 Listing Removed — Beaches MLS
• 2008-06-02 Listed $265,900 Beaches MLS
• 2007-04-11 Listed $395,000 Beaches MLS
• 2004-11-22 Sold (Public Records) $295,000 Public Records
• 2004-11-18 Sold (MLS) $295,000 Beaches MLS
• 2004-10-12 Listing Removed — Beaches MLS
• 2004-07-20 Listed $349,000 Beaches MLS
• 2004-01-09 Listed $349,000 Beaches MLS
• 2000-01-31 Sold (Public Records) $92,500 Public Records
• 1999-06-14 Listed $119,500 Beaches MLS
• 1987-05-01 Sold (Public Records) $130,000 Public Records
• 1981-08-01 Sold (Public Records) $147,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $1,863 · +4.4% YoY. Source: county tax records.