620 Hastings St Unit 620 & 640 · Boca Raton, FL 33487

$1,495,000

None bd · None ba · 4,326 sqft · MultiFamily · 85 Days on market

Built 1986 Good condition 0.32 ac lot ↓ 9% since listing

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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 +13.1/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Condition / age +4.0/5.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Rent growth +3.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Prime investment opportunity just one block west of the Intracoastal, on the east side of US-1 in beautiful Boca Raton, Florida. Surrounded by multimillion-dollar homes and just a short bike ride from the beach, this ideally located duplex offers strong income potential. Both units have been fully remodeled. The right side features a vacant 4-bedroom, 2.5-bathroom layout with a 2-car garage and a private pool. The left side includes a tenant-occupied 3-bedroom, 2.5-bathroom unit with a 1-car garage, currently generating $4,000 per month in rental income. Additional highlights include separate electric meters, a new AC system, partial impact windows, and modern upgrades throughout. Live in o

Key facts

• 0.32 acre lot
• Pool
• Built 1986

Property features AI

Finance

• Other: Lot dimensions approximately 100 x 140 (asphalt public road frontage, public maintained road); Not waterfront
• Financial info: Four total units; Two units in the community; Tenants pay cable, electricity and water; Pets allowed with no restrictions

Exterior

• Utilities: Public water; Public sewer; 220-volt electric service; Cable available; Electricity available; Sewer available; Water available; Two separate electric meters
• Home design: Duplex; Two-story; Resale; City street frontage
• Construction: Stucco and concrete block (CBS) construction; Shingle roof; Slab foundation; Originally built as a 4-unit building (total building area approx. 5,039); Living area reported as approximately 4,326
• Exterior features: Open patio, covered patio and deck; Fenced backyard with gate; Private in-ground pool (fenced)

Interior

• Flooring: Carpet; Ceramic tile; Tile; Wood
• Heating & cooling: Central heating; Central air conditioning; Ceiling fans
• Interior features: Carpet, ceramic tile and wood flooring; Laundry room with sink and inside washer/dryer hookups
• Laundry & utility: Washer and dryer hookups (electric dryer hookup); Laundry room

What this means for you Summary

Snapshot

• This is a 1×4bd/2.5ba + 1×3bd/2.5ba units multifamily listed at $1.50M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-45 ($-540/yr) — negative. Per door: $-23/mo.
• To cash-flow at today's rent, offer at most $1.49M (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.30M (12.9% below list).
• Recommended offer: $1.30M (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.8% in Boca Raton — 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 77/100 on livability (#192 in FL, #3,070 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime B+; Watch: amenities D, cost of living 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: J. C. Mitchell Elementary School (math 54% / reading 60%, grade C+, #781 of 2,144 statewide, top 38%, 773 students, 50% FRL); Boca Raton Community Middle School (math 59% / reading 61%, grade B, #135 of 571 statewide, top 24%, 1,225 students, 41% FRL); West Boca Raton High School (math 55% / reading 70%, grade B-, #93 of 667 statewide, top 14%, 2,271 students, 28% FRL).
• Market conditions: Rents rising (+3.6%/yr); 330 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $13,021/mo this rent would consume 163% of the median local household income ($96k/yr) (locally 896% 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 $10k of loan paydown is wiped out by about $45k 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 85 days — a 6% lower offer ($1.41M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,302,100 (12.9% 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 85 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
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: 0.87% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.58% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.43×
• Total profit: $-237,283
• Equity at exit: $222,909

10-year hold

• IRR: -6.5%
• Equity multiple: 0.58×
• Total profit: $-177,783
• Equity at exit: $129,260

Cash invested: $418,600 (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 33487

• Rents YoY: 3.6%
• Active inventory: 330
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $13,021 high
• Mortgage (P&I): −$7,840
• Tax est. 1.5%: −$1,869 /mo · $22,425/yr
• Insurance: −$623
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,734
• Net cashflow: $-45

Break-even live

Break-even rent $13,078

Max offer price $1,488,486

Occupancy floor 95%

Sensitivity live

Price	-10% $988	-5% $472	+0% $-45	+5% $-562	+10% $-1,078
Rent	-10% $-1,074	-5% $-559	+0% $-45	+5% $469	+10% $984
Rate	-1.0pp $708	-0.5pp $335	base $-45	+0.5pp $-432	+1.0pp $-827

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4	2.5	$6,426
1× unit	3	2.5	$6,596
Total (2 units)			$13,021

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: $373,750
• Closing costs: $44,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
521 NE 45th St Boca Raton, FL	1.0	1.0	5460	$1,900	$0.35	25d	1	0.97mi
885 NE Mulberry Dr Boca Raton, FL	3.0	3.5	3012	$16,500	$5.48	25d	1	1.17mi
3115 S Ocean Blvd Highland Beach, FL	3.0	2.5–4.0	2570	$15,250	$5.93	17d	2	1.22mi
3115 S Ocean Blvd #1203 Highland Beach, FL	3.0	4.0	3288	$19,500	$5.93	25d	1	1.23mi

Listing history 13 events

1. 2026-06-13
   days on market $1,495,000 Active 85 DOM
2. 2026-06-09
   days on market $1,495,000 Active 81 DOM
3. 2026-06-08
   days on market $1,495,000 Active 80 DOM
4. 2026-06-07
   days on market $1,495,000 Active 79 DOM
5. 2026-06-04
   days on market $1,495,000 Active 76 DOM
6. 2026-06-03
   days on market $1,495,000 Active 75 DOM
7. 2026-06-02
   days on market $1,495,000 Active 74 DOM
8. 2026-06-01
   days on market $1,495,000 Active 73 DOM
9. 2026-05-31
   days on market $1,495,000 Active 72 DOM
10. 2026-05-02
    price $1,495,000
11. 2026-04-10
    price $1,550,000
12. 2026-04-01
    price $1,600,000
13. 2026-03-20
    listed $1,650,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $156,252
• − Mortgage interest: −$83,743
• − Property taxes: −$22,425
• − Insurance: −$7,475
• − Repairs & maintenance: −$12,500
• − Management: −$12,500
• − Depreciation: −$43,491
• Taxable loss: −$25,882
• Est. tax savings @ 24.0%: +$6,212
• After-tax cash flow: $5,672/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, fully remodeled multi-family property offers strong income potential and is ready for immediate occupancy.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental.
• Both Update flooring in bathrooms — Modernizes the space and improves aesthetics.
• Both Install smart home features — Enhances convenience and adds value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Update flooring in bathrooms — Modernizes the space and improves aesthetics. ↑
• Both Install smart home features — Enhances convenience and adds value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Boca Raton

• Score: 77/100
• State rank: #192
• US rank: #3070

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boca Raton, FL
• County: Palm Beach County · 1,438,312 people
• City population: 250,102
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,717
• Household income: $96,066
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 896.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 11% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Romanian 7% Scotch-Irish 5% Lithuanian 2%
• Foreign-born: 21% · Canada, Jamaica, China
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 4% Russian/Polish/Slavic 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: ▼ -331.59%
• Current HPI: 352.5852
• Rent YoY: ▲ 3.58%
• 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

-9.4% since first listed

4 events — show timeline

• 2026-05-02 Price Changed $1,495,000 Beaches MLS
• 2026-04-10 Price Changed $1,550,000 Beaches MLS
• 2026-04-01 Price Changed $1,600,000 Beaches MLS
• 2026-03-20 Listed $1,650,000 Beaches MLS