3618 Alder Dr Unit H2 · West Palm Beach, FL 33417

$235,000

3 bd · 2.0 ba · 1,462 sqft · Condo public records · 74 Days on market

Built 1985 $585/mo HOA · 20% of rent

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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 +16.5/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• 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 MLS

LARGE CORNER UNIT LOCATED IN THE QUIET GATED COMMUNITY OF PALM CLUB WEST. THIS HOME FEATURES A NICE OPEN FLOOR PLAN, EAT-IN KITCHEN, SCREENED PATIO, 3 BEDROOMS, 2 BATH, AND A LAUNDRY ROOM WITH WASHER AND DRYER. THE UNIT IS ON THE SECOND FLOOR, A CORNER UNIT WITH LAKE ADJACENT TO IT. WELL MAINTAINED UNIT, READY FOR YOU TO MOVE RIGHT IN. THE THRID BEDROOM HAS A MURPHY BED (WHICH CAN BE EASILY REMOVED). THE COMMUNITY OFFERS POOL, CLUB HOUSE, TENNIS COURT, BBQ'S WALKING PATHS, LAKE, ETC. IT IS WITHIN MINUTES TO DOWN TOWN PALM BEACH AND ALL THAT IT HAS TO OFFER....SHOPPING, RESTAURANTS, BEACHES, INT'L AIRPORT.

Key facts

• Wood flooring
• Newer ac unit
• Private balcony

Tags

• WOOD FLOORING
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• PRIVATE BALCONY
• NEWER AC UNIT

Property features AI

Finance

• Financial info: Pets allowed with possible restrictions; Community contains 395 units
• HOA & community: Monthly HOA includes cable TV, insurance, security, water and common areas; Community amenities include clubhouse, community room, sidewalks; Monthly HOA fee

Exterior

• Parking: Assigned parking; Guest parking; 1 parking space
• Security: Gated community (no guard)
• Utilities: Public water; Public sewer; Cable available; Water and sewer available
• Home design: Condominium; One level; East-facing; Resale
• Construction: Built with concrete block (CBS); Wood truss/rafter roof; 2-story building total
• Exterior features: Waterfront (no specified waterfront features)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 2 main-level bedrooms
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans; Electric cooling
• Interior features: Walk-in closets; Custom mirrors; Roman tub
• Laundry & utility: In-unit laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $235k.

Deal economics

• At list price, monthly cash flow is $137 ($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: $221k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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.
• Zoned schools: Seminole Trails Elementary School (math 26% / reading 36%, grade F, #1,854 of 2,144 statewide, top 87%, 650 students, 73% 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 72% FRL vs 52% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 50% district-wide (-23 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 flat; 473 active listings in the ZIP; 11 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).
• At $2,978/mo this rent would consume 69% of the median local household income ($52k/yr) (locally 2548% 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 74 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask is 8938% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $96k; list at $235k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.27% ✓
• Cap rate: 6.99%
• Cash-on-cash: 2.50%
• DSCR: 1.11
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.02% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.43×
• Total profit: $-37,618
• Equity at exit: $35,039

10-year hold

• IRR: -18.3%
• Equity multiple: 0.19×
• Total profit: $-53,386
• 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 33417

• Home prices YoY: -29.2%
• Rents YoY: 0.0%
• Active inventory: 473
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,978 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$300 /mo · $3,603/yr
• Insurance: −$98
• HOA: −$585
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $137

Break-even live

Break-even rent $2,804

Max offer price $235,000

Occupancy floor 90%

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 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1211 Pine Sage Cir West Palm Beach, FL	3.0	2.0	1367	$3,200	$2.34	5d	1	0.24mi
1912 Stratford Way West Palm Beach, FL	2.0	2.5	1350	$3,000	$2.22	24d	1	0.64mi
2820 Tennis Club Dr #408 West Palm Beach, FL	3.0	2.0	1610	$3,800	$2.36	24d	1	0.66mi
4567 Brook Dr West Palm Beach, FL	3.0	2.0	1528	$3,000	$1.96	24d	1	0.69mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,150	$2.09	13d	1	0.80mi
3810 Rowena Cir West Palm Beach, FL	2.0	2.0	1505	$3,000	$1.99	7d	1	0.80mi
4385 Willow Brook Cir West Palm Beach, FL	3.0	2.0	1468	$3,200	$2.18	21d	1	0.80mi
4400 Portofino Way West Palm Beach, FL	1.0–3.0	1.0–2.0	1222	$3,108	$2.54	17d	60	1.03mi
149 Stratford N West Palm Beach, FL	2.0	2.0	978	$1,650	$1.69	24d	1	1.07mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	24d	1	1.27mi
3760 N Jog Rd West Palm Beach, FL	3.0	2.0	1375	$2,500	$1.82	24d	1	1.45mi

HOA detail condo

• Monthly dues: $585 · $7,020/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $235,000 Active 74 DOM
2. 2026-06-17
   days on market $235,000 Active 73 DOM
3. 2026-06-16
   days on market $235,000 Active 72 DOM
4. 2026-06-15
   days on market $235,000 Active 71 DOM
5. 2026-06-13
   days on market $235,000 Active 69 DOM
6. 2026-06-09
   days on market $235,000 Active 65 DOM
7. 2026-06-08
   days on market $235,000 Active 64 DOM
8. 2026-06-07
   pricedays on market $235,000 Active 63 DOM
9. 2026-06-04
   days on market $240,000 Active 60 DOM
10. 2026-06-03
    days on market $240,000 Active 59 DOM
11. 2026-06-02
    days on market $240,000 Active 58 DOM
12. 2026-06-01
    days on market $240,000 Active 57 DOM
13. 2026-05-31
    days on market $240,000 Active 56 DOM
14. 2026-05-13
    listed $2,600
15. 2026-04-21
    price $240,000
16. 2026-04-05
    listed $250,000 Active
17. 2025-07-22
    historical $2,300
18. 2025-07-01
    price $2,300
19. 2025-06-07
    listed $2,400
20. 2024-05-10
    historical $2,300
21. 2024-05-04
    price $2,300
22. 2024-05-01
    listed $2,800
23. 2015-01-26
    soldstatus $96,000
24. 2015-01-15
    soldstatus $96,000 Closed 612-char remark

    Show marketing remark (612 chars)

    LARGE CORNER UNIT LOCATED IN THE QUIET GATED COMMUNITY OF PALM CLUB WEST. THIS HOME FEATURES A NICE OPEN FLOOR PLAN, EAT-IN KITCHEN, SCREENED PATIO, 3 BEDROOMS, 2 BATH, AND A LAUNDRY ROOM WITH WASHER AND DRYER. THE UNIT IS ON THE SECOND FLOOR, A CORNER UNIT WITH LAKE ADJACENT TO IT. WELL MAINTAINED UNIT, READY FOR YOU TO MOVE RIGHT IN. THE THRID BEDROOM HAS A MURPHY BED (WHICH CAN BE EASILY REMOVED). THE COMMUNITY OFFERS POOL, CLUB HOUSE, TENNIS COURT, BBQ'S WALKING PATHS, LAKE, ETC. IT IS WITHIN MINUTES TO DOWN TOWN PALM BEACH AND ALL THAT IT HAS TO OFFER....SHOPPING, RESTAURANTS, BEACHES, INT'L AIRPORT.

25. 2014-12-23
    status Pending 612-char remark

    Show marketing remark (612 chars)

    LARGE CORNER UNIT LOCATED IN THE QUIET GATED COMMUNITY OF PALM CLUB WEST. THIS HOME FEATURES A NICE OPEN FLOOR PLAN, EAT-IN KITCHEN, SCREENED PATIO, 3 BEDROOMS, 2 BATH, AND A LAUNDRY ROOM WITH WASHER AND DRYER. THE UNIT IS ON THE SECOND FLOOR, A CORNER UNIT WITH LAKE ADJACENT TO IT. WELL MAINTAINED UNIT, READY FOR YOU TO MOVE RIGHT IN. THE THRID BEDROOM HAS A MURPHY BED (WHICH CAN BE EASILY REMOVED). THE COMMUNITY OFFERS POOL, CLUB HOUSE, TENNIS COURT, BBQ'S WALKING PATHS, LAKE, ETC. IT IS WITHIN MINUTES TO DOWN TOWN PALM BEACH AND ALL THAT IT HAS TO OFFER....SHOPPING, RESTAURANTS, BEACHES, INT'L AIRPORT.

26. 2014-10-10
    price $97,900 612-char remark

    Show marketing remark (612 chars)

    LARGE CORNER UNIT LOCATED IN THE QUIET GATED COMMUNITY OF PALM CLUB WEST. THIS HOME FEATURES A NICE OPEN FLOOR PLAN, EAT-IN KITCHEN, SCREENED PATIO, 3 BEDROOMS, 2 BATH, AND A LAUNDRY ROOM WITH WASHER AND DRYER. THE UNIT IS ON THE SECOND FLOOR, A CORNER UNIT WITH LAKE ADJACENT TO IT. WELL MAINTAINED UNIT, READY FOR YOU TO MOVE RIGHT IN. THE THRID BEDROOM HAS A MURPHY BED (WHICH CAN BE EASILY REMOVED). THE COMMUNITY OFFERS POOL, CLUB HOUSE, TENNIS COURT, BBQ'S WALKING PATHS, LAKE, ETC. IT IS WITHIN MINUTES TO DOWN TOWN PALM BEACH AND ALL THAT IT HAS TO OFFER....SHOPPING, RESTAURANTS, BEACHES, INT'L AIRPORT.

27. 2014-08-13
    listed $100,000 Active 612-char remark

    Show marketing remark (612 chars)

    LARGE CORNER UNIT LOCATED IN THE QUIET GATED COMMUNITY OF PALM CLUB WEST. THIS HOME FEATURES A NICE OPEN FLOOR PLAN, EAT-IN KITCHEN, SCREENED PATIO, 3 BEDROOMS, 2 BATH, AND A LAUNDRY ROOM WITH WASHER AND DRYER. THE UNIT IS ON THE SECOND FLOOR, A CORNER UNIT WITH LAKE ADJACENT TO IT. WELL MAINTAINED UNIT, READY FOR YOU TO MOVE RIGHT IN. THE THRID BEDROOM HAS A MURPHY BED (WHICH CAN BE EASILY REMOVED). THE COMMUNITY OFFERS POOL, CLUB HOUSE, TENNIS COURT, BBQ'S WALKING PATHS, LAKE, ETC. IT IS WITHIN MINUTES TO DOWN TOWN PALM BEACH AND ALL THAT IT HAS TO OFFER....SHOPPING, RESTAURANTS, BEACHES, INT'L AIRPORT.

28. 1999-04-02
    soldstatus $63,000
29. 1992-12-31
    soldstatus $63,000
30. 1986-08-01
    soldstatus $64,000

ⓘ 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: $3,603 · $300/mo
• Projected year-2 tax: $3,603 · $300/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 6 d/yr ≥105°F today · 20 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: $35,734
• − Mortgage interest: −$13,164
• − Property taxes: −$3,603
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,859
• − Management: −$2,859
• − HOA: −$7,020
• − Depreciation: −$6,836
• Taxable loss: −$1,781
• Est. tax savings @ 24.0%: +$428
• After-tax cash flow: $2,071/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

• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 38,079
• Household income: $51,605
• Rent vs Own: 40.9% rent · 59.1% own
• Severe rent burden: 2548.0

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 0.72)
• Race & ethnicity: White 34% Black 30% Hispanic / Latino 27% Two or more races 16% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Cuban 5% Dominican 2%
• Common ancestry: Hispanic 10% Romanian 3% Scotch-Irish 1%
• Foreign-born: 34% · Canada, Jamaica
• Languages at home: 58% English-only · Spanish 24% French/Haitian/Cajun 11% Other Indo-European 3%

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: ▼ -138.62%
• Current HPI: 335.8396
• Rent YoY: ▬ 0.02%
• 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

-95.9% since first listed

17 events — show timeline

• 2026-05-13 Listed for Rent $2,600 RMLSFL
• 2026-04-21 Price Changed $240,000 Beaches MLS
• 2026-04-05 Listed $250,000 Beaches MLS
• 2025-07-22 Rental Removed $2,300 GFLMLS
• 2025-07-01 Price Changed $2,300 GFLMLS
• 2025-06-07 Listed for Rent $2,400 GFLMLS
• 2024-05-10 Rental Removed $2,300 GFLMLS
• 2024-05-04 Price Changed $2,300 GFLMLS
• 2024-05-01 Listed for Rent $2,800 GFLMLS
• 2015-01-26 Sold (Public Records) $96,000 Public Records
• 2015-01-15 Sold (MLS) $96,000 Beaches MLS
• 2014-12-23 Pending — Beaches MLS
• 2014-10-10 Price Changed $97,900 Beaches MLS
• 2014-08-13 Listed $100,000 Beaches MLS
• 1999-04-02 Sold (Public Records) $63,000 Public Records
• 1992-12-31 Sold (Public Records) $63,000 Public Records
• 1986-08-01 Sold (Public Records) $64,000 Public Records

Property tax history

+14.3%/yr

Latest (2025): $3,603 · +4.5% YoY. Source: county tax records.