424 59th St · West Palm Beach, FL 33407

$470,000

3 bd · 2.0 ba · 1,092 sqft · SingleFamily public records · 149 Days on market

Built 1955 5,500 sqft lot

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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 +17.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• 1% rule +3.3/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Excellent opportunity for first-time homebuyers and investors alike! This well-maintained single-family residence features 4 spacious bedrooms and 2 full bathrooms, offering comfort and versatility for families of all sizes. The roof is old but it's in good shape, central A/C system installed in 2022., accordion shutters The bright, open floor plan is filled with natural light, creating a warm and inviting atmosphere throughout the home. Step outside to your private backyard oasis, complete with a variety of mature fruit trees—avocado, mango, coconut, guava, and more, perfect for relaxation or entertaining. Ideally located near schools, shopping, dining, and major highways, this ho

Key facts

• Open floor plan
• Mature fruit trees
• Central a/c system

Tags

• PRIVATE BACKYARD OASIS
• MATURE FRUIT TREES
• CENTRAL A/C SYSTEM
• OPEN FLOOR PLAN
• MINUTES FROM LOCAL BEACHES

Property features AI

Finance

• Financial info: Pets not allowed (per listing details)
• HOA & community: Community amenities: Park, Cafe/Restaurant

Exterior

• Parking: 2 open parking spaces
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Three-phase electric; Sewer and water available
• Home design: Single-family residence; Multi/split levels; Entry level living area; Faces north
• Construction: Concrete / CBS construction; Composition shingle roof; Built on a foundation with entry-level living area
• Exterior features: Porch; Shed(s); Fenced yard; Fruit trees on the lot; Not waterfront

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 4 bedrooms on the main level
• Flooring: Ceramic tile
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Electric heating; Central air conditioning; Ceiling fans
• Interior features: Split bedroom layout; Blinds and sliding windows; Unfurnished
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $470k.

Deal economics

• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $389k (17.1% below list).
• Recommended offer: $389k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: Northmore Elementary School (math 34% / reading 29%, grade F, #1,841 of 2,144 statewide, top 86%, 628 students, 73% FRL); John F. Kennedy Middle School (math 28% / reading 29%, grade F, #482 of 571 statewide, top 85%, 826 students, 78% 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 74% FRL vs 52% district-wide (22 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 (+3.1%/yr); 305 active listings in the ZIP; 29 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 $3k of loan paydown is wiped out by about $14k 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 149 days — a 12% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $30k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $470k implies a 1206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $389,447 (17.1% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.83% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.06%
• DSCR: 1.14
• GRM: 10.1

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: -11.5%
• Equity multiple: 0.58×
• Total profit: $-54,723
• Equity at exit: $70,079

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-19,864
• Equity at exit: $40,637

Cash invested: $131,600 (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: 10.1×

Monthly cashflow live

• Estimated rent: $3,894 high
• Mortgage (P&I): −$2,465
• Tax from tax record: −$80 /mo · $965/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$818
• Net cashflow: $336

Break-even live

Break-even rent $3,470

Max offer price $470,000

Occupancy floor 86%

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: $117,500
• Closing costs: $14,100
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 56th St West Palm Beach, FL	2.0	1.0	1152	$3,800	$3.30	22d	1	0.18mi
517 55th St West Palm Beach, FL	2.0	2.0	1238	$4,550	$3.68	24d	1	0.21mi
5600 N Flagler Dr West Palm Beach, FL	1.0–3.0	2.0	1192	$6,000	$5.03	20d	8	0.21mi
5203 N Flagler Dr West Palm Beach, FL	3.0	1.5	1458	$6,000	$4.12	24d	1	0.38mi
424 51st St Unit 426 West Palm Beach, FL	3.0	2.0	1230	$3,500	$2.85	11d	1	0.41mi
436 51st St West Palm Beach, FL	2.0	1.0	968	$3,750	$3.87	24d	1	0.41mi
5200 N Flagler Dr #2004 West Palm Beach, FL	2.0	2.0	1235	$3,800	$3.08	7d	1	0.41mi
5200 N Flagler Dr West Palm Beach, FL	2.0	2.0	1233	$3,375	$2.74	24d	2	0.42mi
5101 Spruce Ave West Palm Beach, FL	3.0	3.0	1151	$3,100	$2.69	24d	1	0.43mi
522 W 2nd St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	24d	1	0.51mi
4444 N Flagler Dr West Palm Beach, FL	2.0	2.0	1300	$4,579	$3.52	24d	1	0.78mi
401 42nd St West Palm Beach, FL	3.0	1.0	1100	$4,950	$4.50	24d	1	0.85mi
401 42nd St West Palm Beach, FL	3.0	1.0	1400	$4,950	$3.54	15d	1	0.85mi
65 W 16th St Apt 1 Riviera Beach, FL	4.0	2.0	1232	$3,500	$2.84	16d	1	0.92mi
65 W 16th St Apt 1 Riviera Beach, FL	4.0	2.0	1200	$3,500	$2.92	7d	1	0.92mi
436 38th St West Palm Beach, FL	4.0	3.0	1479	$6,500	$4.39	24d	1	1.08mi
619 37th St West Palm Beach, FL	3.0	2.0	1414	$3,350	$2.37	24d	1	1.14mi
230 Colonial Ln Palm Beach, FL	2.0	2.0	1436	$20,000	$13.93	24d	1	1.15mi
701 37th St West Palm Beach, FL	3.0	2.0	1426	$3,600	$2.52	24d	1	1.16mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	24d	1	1.28mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	22d	1	1.28mi
636 35th St West Palm Beach, FL	3.0	2.0	1133	$3,500	$3.09	24d	1	1.29mi
306 34th St West Palm Beach, FL	2.0	1.0	1443	$4,650	$3.22	24d	1	1.30mi
3415 N Flagler Dr West Palm Beach, FL	2.0	2.0	1174	$9,950	$8.48	7d	1	1.32mi
3410 Poinsettia Ave West Palm Beach, FL	2.0	1.0	1257	$3,350	$2.67	11d	1	1.33mi
120 Inlet Way #204 Palm Beach Shores, FL	2.0	2.0	1345	$10,000	$7.43	24d	1	1.40mi
1401 W 9th St Riviera Beach, FL	3.0	2.0	1304	$3,200	$2.45	24d	1	1.42mi
106 Linda Ln #4 Palm Beach Shores, FL	2.0	2.5	1118	$3,500	$3.13	24d	1	1.45mi
517 31st St West Palm Beach, FL	2.0	1.5	1406	$3,150	$2.24	24d	1	1.47mi

Listing history 18 events

1. 2026-06-18
   days on market $470,000 Active 149 DOM
2. 2026-06-17
   days on market $470,000 Active 148 DOM
3. 2026-06-16
   days on market $470,000 Active 147 DOM
4. 2026-06-15
   days on market $470,000 Active 146 DOM
5. 2026-06-13
   days on market $470,000 Active 144 DOM
6. 2026-06-09
   days on market $470,000 Active 140 DOM
7. 2026-06-07
   days on market $470,000 Active 138 DOM
8. 2026-06-04
   days on market $470,000 Active 135 DOM
9. 2026-06-03
   days on market $470,000 Active 134 DOM
10. 2026-06-01
    days on market $470,000 Active 132 DOM
11. 2026-05-31
    days on market $470,000 Active 131 DOM
12. 2026-05-12
    price $470,000
13. 2026-01-20
    listed $500,000 Active
14. 2008-12-13
    historical
15. 2007-12-13
    listed $265,000
16. 1991-05-08
    soldstatus $36,000
17. 1990-11-01
    soldstatus $33,649
18. 1985-08-01
    soldstatus $44,900

ⓘ 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: $965 · $80/mo
• Projected year-2 tax: $3,901 · $325/mo
• Expected delta: +$2,936/yr (+$245/mo · 304.1%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 24 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,734
• − Mortgage interest: −$26,327
• − Property taxes: −$965
• − Insurance: −$2,350
• − Repairs & maintenance: −$3,739
• − Management: −$3,739
• − Depreciation: −$13,673
• Taxable loss: −$4,059
• Est. tax savings @ 24.0%: +$974
• After-tax cash flow: $5,002/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

+946.8% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $470,000 Beaches MLS
• 2026-01-20 Listed $500,000 Beaches MLS
• 2008-12-13 Listing Removed — Beaches MLS
• 2007-12-13 Listed $265,000 Beaches MLS
• 1991-05-08 Sold (Public Records) $36,000 Public Records
• 1990-11-01 Sold (Public Records) $33,649 Public Records
• 1985-08-01 Sold (Public Records) $44,900 Public Records

Property tax history

+0.1%/yr

Latest (2025): $965 · +2.6% YoY. Source: county tax records.