3605 S Ocean Blvd #123 · South Palm Beach, FL 33480

$287,000

2 bd · 2.0 ba · 1,121 sqft · Condo public records · 140 Days on market

Built 1974 $1462/mo HOA · 33% 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 +14.3/30.0
• 1% rule +10.0/10.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Fabulous renovation in this spacious 2/2 includes granite kitchen & baths w/ designer touches. LR & Master look out to a beautiful tropical botanical paradise which would give Mizner a run for the money! Nothing left to do! Deeded beach access.

Key facts

• Lush garden views
• Granite countertops
• $1,462 HOA

Tags

• LUSH GARDEN VIEWS
• BRIGHT AND AIRY INTERIOR
• STYLISH TILE FLOORING
• WELL-APPOINTED KITCHEN
• GRANITE COUNTERTOPS
• PRIVATE SCREENED-IN PATIO

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Association with monthly fee; Association amenities include beach access, elevator(s), pool, sauna, on-site manager, management, and bike storage; Association fee covers cable TV, insurance, grounds maintenance, sewer, water, common areas, and elevator

Exterior

• Parking: Assigned parking and guest parking; 1 open parking space
• Security: Security system; Attended lobby
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Multi/split levels; Entry-level living area; Faces northeast; 3 total stories
• Construction: Stucco and CBS construction; Pre-stressed roof; Built/recorded as resale
• Exterior features: Screened patio; Patio; Sidewalks; Paved road access; Not waterfront

Interior

• Kitchen: Dishwasher; Disposal; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Entrance foyer; Walk-in closet(s); Split bedroom layout; Blinds and drapes
• Laundry & utility: Washer/dryer connections not specified

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $287k.

Deal economics

• At list price, monthly cash flow is $-372 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (22.9% below list).
• Meets the 1% rule at list price ($4k rent vs $287k).
• Recommended offer: $221k (22.9% 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); Lake Worth High School (math 16% / reading 27%, grade F, #546 of 667 statewide, top 82%, 2,683 students, 71% 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 (-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 rising (+3.9%/yr); 447 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $17k of equity ($2k loan paydown + $15k 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 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $152k; list at $287k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 33% 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 $221,341 (22.9% 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. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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.
10. 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.
11. 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: 1.54% ✓
• Cap rate: 6.52%
• Cash-on-cash: 0.82%
• DSCR: 1.04
• GRM: 5.4

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: 9.5%
• Equity multiple: 1.62×
• Total profit: $49,718
• Equity at exit: $164,646

10-year hold

• IRR: 11.8%
• Equity multiple: 3.25×
• Total profit: $180,665
• Equity at exit: $285,830

Cash invested: $80,360 (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: 5.4×

Monthly cashflow live

• Estimated rent: $4,422 high
• Mortgage (P&I): −$1,505
• Tax from tax record: −$352 /mo · $4,224/yr
• Insurance: −$120
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,462
• Vacancy / Maint / Mgmt: −$929
• Net cashflow: $-372

Break-even live

Break-even rent $4,893

Max offer price $221,341

Occupancy floor —

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: $71,750
• Closing costs: $8,610
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3605 S Ocean Blvd #319 Palm Beach, FL	2.0	2.0	1121	$4,000	$3.57	4d	1	0.02mi
4201 S Ocean Blvd Unit K2 Palm Beach, FL	1.0	1.5	714	$2,299	$3.22	7d	1	0.04mi
3605 S Ocean Blvd Palm Beach, FL	2.0	2.0	1162	$3,350	$2.88	24d	2	0.06mi
3601 S Ocean Blvd #308 Palm Beach, FL	2.0	2.5	1408	$3,250	$2.31	18d	1	0.06mi
3601 S Ocean Blvd Palm Beach, FL	2.0	2.5	1408	$2,900	$2.06	19d	2	0.07mi
3610 S Ocean Blvd Palm Beach, FL	1.0–3.0	1.5–2.0	1490	$8,348	$5.60	24d	4	0.12mi
3581 S Ocean Blvd Unit 9A Palm Beach, FL	2.0	2.0	1192	$2,600	$2.18	16d	1	0.14mi
3581 S Ocean Blvd Unit 2B Palm Beach, FL	1.0	1.5	940	$2,900	$3.09	16d	1	0.14mi
3580 S Ocean Blvd Unit 6B Palm Beach, FL	1.0	1.5	1013	$2,500	$2.47	14d	1	0.20mi
3560 S Ocean Blvd #907 Palm Beach, FL	2.0	2.0	1340	$7,500	$5.60	11d	1	0.26mi
3560 S Ocean Blvd #502 Palm Beach, FL	2.0	2.0	1340	$9,500	$7.09	24d	1	0.26mi
3560 S Ocean Blvd #306 Palm Beach, FL	2.0	2.0	1380	$7,000	$5.07	18d	1	0.26mi
3560 S Ocean Blvd #907 Palm Beach, FL	2.0	2.0	1340	$7,800	$5.82	11d	1	0.26mi
3560 S Ocean Blvd #706 Palm Beach, FL	2.0	2.0	1340	$12,000	$8.96	20d	1	0.26mi
3560 S Ocean Blvd #4 Palm Beach, FL	2.0	2.0	1340	$7,950	$5.93	24d	1	0.26mi
3540 S Ocean Blvd #208 Palm Beach, FL	2.0	2.0	983	$2,750	$2.80	3d	1	0.36mi
3540 S Ocean Blvd #309 Palm Beach, FL	1.0	1.5	785	$2,300	$2.93	5d	1	0.36mi
3540 S Ocean Blvd #310 Palm Beach, FL	1.0	1.5	785	$2,100	$2.68	7d	1	0.36mi
3540 S Ocean Blvd Palm Beach, FL	1.0	2.0	983	$4,000	$4.07	24d	1	0.36mi
3540 S Ocean Blvd #216 Palm Beach, FL	2.0	2.0	983	$2,550	$2.59	21d	1	0.36mi
3540 S Ocean Blvd #309 Palm Beach, FL	1.0	1.5	785	$2,400	$3.06	5d	1	0.36mi
3540 S Ocean Blvd #608 Palm Beach, FL	2.0	2.0	983	$2,950	$3.00	24d	1	0.36mi
3540 S Ocean Blvd #612 Palm Beach, FL	2.0	2.0	983	$4,700	$4.78	7d	1	0.36mi
400 S Ocean Blvd Unit 103a Manalapan, FL	3.0	3.5	1399	$21,000	$15.01	24d	1	0.37mi
3520 S Ocean Blvd Unit H404 Palm Beach, FL	2.0	2.0	1176	$5,900	$5.02	24d	1	0.39mi
3500 S Ocean Blvd Palm Beach, FL	1.0	1.0	580	$1,950	$3.36	1d	3	0.44mi
3475 S Ocean Blvd #1030 Palm Beach, FL	1.0	2.0	1395	$5,500	$3.94	2d	1	0.49mi
3475 S Ocean Blvd #3020 Palm Beach, FL	2.0	2.0	1395	$5,000	$3.58	24d	1	0.49mi
3475 S Ocean Blvd #3110 Palm Beach, FL	1.0	1.5	891	$2,600	$2.92	24d	1	0.49mi
3475 S Ocean Blvd #6150 Palm Beach, FL	2.0	2.0	1395	$8,750	$6.27	24d	1	0.49mi
3475 S Ocean Blvd #6110 Palm Beach, FL	1.0	1.5	891	$3,500	$3.93	24d	1	0.49mi
3475 S Ocean Blvd Palm Beach, FL	2.0	2.0	1395	$5,850	$4.19	24d	3	0.50mi
3460 S Ocean Blvd #4150 Palm Beach, FL	2.0	2.0	1436	$10,500	$7.31	24d	1	0.55mi
3456 S Ocean Blvd Apt 705 Palm Beach, FL	2.0	2.0	1457	$3,500	$2.40	24d	1	0.56mi
3456 S Ocean Blvd #105 Palm Beach, FL	2.0	2.0	1482	$12,000	$8.10	24d	1	0.56mi
3456 S Ocean Blvd #6050 Palm Beach, FL	2.0	2.0	1482	$4,650	$3.14	24d	1	0.57mi
300 Croton Ave Lantana, FL	2.0	2.0	1039	$3,000	$2.89	24d	1	0.58mi
300 Croton Ave #102 Lantana, FL	2.0	2.0	1039	$3,250	$3.13	24d	1	0.58mi
301 Croton Ave #302 Lantana, FL	1.0	1.0	702	$1,900	$2.71	24d	1	0.59mi
231 E Lantana Rd #203 Lantana, FL	2.0	2.0	950	$2,400	$2.53	3d	1	0.60mi

HOA detail condo

• Monthly dues: $1,462 · $17,544/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $287,000 Active 140 DOM
2. 2026-06-17
   days on market $287,000 Active 139 DOM
3. 2026-06-16
   days on market $287,000 Active 138 DOM
4. 2026-06-15
   days on market $287,000 Active 137 DOM
5. 2026-06-13
   days on market $287,000 Active 135 DOM
6. 2026-06-09
   days on market $287,000 Active 131 DOM
7. 2026-06-07
   days on market $287,000 Active 129 DOM
8. 2026-06-04
   days on market $287,000 Active 126 DOM
9. 2026-06-03
   days on market $287,000 Active 125 DOM
10. 2026-06-01
    days on market $287,000 Active 123 DOM
11. 2026-05-31
    days on market $287,000 Active 122 DOM
12. 2026-05-19
    price $287,000
13. 2026-01-29
    listed $275,000 Active
14. 2024-06-21
    historical
15. 2024-03-01
    price $385,000
16. 2024-01-25
    listed $400,000 Active
17. 2010-07-09
    soldstatus $152,500
18. 2010-06-22
    soldstatus $152,500 256-char remark

    Show marketing remark (256 chars)

    Fabulous renovation in this spacious 2/2 includes granite kitchen & baths w/ designer touches. LR & Master look out to a beautiful tropical botanical paradise which would give Mizner a run for the money! Nothing left to do! Deeded beach access.

19. 2010-06-11
    historical 256-char remark

    Show marketing remark (256 chars)

    Fabulous renovation in this spacious 2/2 includes granite kitchen & baths w/ designer touches. LR & Master look out to a beautiful tropical botanical paradise which would give Mizner a run for the money! Nothing left to do! Deeded beach access.

20. 2010-03-10
    listed $164,500 256-char remark

    Show marketing remark (256 chars)

    Fabulous renovation in this spacious 2/2 includes granite kitchen & baths w/ designer touches. LR & Master look out to a beautiful tropical botanical paradise which would give Mizner a run for the money! Nothing left to do! Deeded beach access.

21. 2001-04-05
    soldstatus $85,000
22. 2001-04-04
    soldstatus $85,000
23. 2001-03-14
    historical
24. 2001-02-05
    listed $89,000

ⓘ 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: $4,224 · $352/mo
• Projected year-2 tax: $4,224 · $352/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 8/10 Severe 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: $53,066
• − Mortgage interest: −$16,076
• − Property taxes: −$4,224
• − Insurance: −$6,554
• − Repairs & maintenance: −$4,245
• − Management: −$4,245
• − HOA: −$17,544
• − Depreciation: −$8,349
• Taxable loss: −$8,172
• Est. tax savings @ 24.0%: +$1,961
• After-tax cash flow: $-2,499/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

+222.5% since first listed

13 events — show timeline

• 2026-05-19 Price Changed $287,000 Beaches MLS
• 2026-01-29 Listed $275,000 Beaches MLS
• 2024-06-21 Listing Removed — Beaches MLS
• 2024-03-01 Price Changed $385,000 Beaches MLS
• 2024-01-25 Listed $400,000 Beaches MLS
• 2010-07-09 Sold (Public Records) $152,500 Public Records
• 2010-06-22 Sold (MLS) $152,500 Beaches MLS
• 2010-06-11 Listing Removed — Beaches MLS
• 2010-03-10 Listed $164,500 Beaches MLS
• 2001-04-05 Sold (Public Records) $85,000 Public Records
• 2001-04-04 Sold (MLS) $85,000 Beaches MLS
• 2001-03-14 Listing Removed — Beaches MLS
• 2001-02-05 Listed $89,000 Beaches MLS

Property tax history

+2.6%/yr

Latest (2025): $4,224 · -14.9% YoY. Source: county tax records.