3589 S Ocean Blvd #506 · South Palm Beach, FL 33480

$399,000

2 bd · 2.0 ba · 1,541 sqft · Condo public records · 81 Days on market

Built 1974 $1777/mo HOA · 30% 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 +19.2/30.0
• 1% rule +9.8/10.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks

CORNER UNIT WITH PANORAMIC VIEWS OF THE OCEAN, CITY & INTRACOASTAL ARE ALL EXTREMELY TRANQUIL MILESTONE INSPECTION COMPLETED, BOTH EAST & WEST LAGOONS REFRESHED, BRAND NEW ELEVATORS. IMPACT WINDOWS TO PROVIDE ULTIMATE OUTDOOR LIVING EXPERIENCE. WASHER/DRYER LOCATED INSIDE UNIT. BEAUTIFUL KITCHEN W/ UPSCALE APPLIANCES, WALL OVEN PRIVATE BEACH ACCESS, CLOSE TO PB SHOPPING & AIRPORT. FULL AMENITY BLDG W/ SHARED AMENITIES W/ OCEAN BLDG 24 HR DOOR PERSON, FOB ENTRY. PRICED TO SELL COME & ENJOY BEACH LIVING AT ITS FINEST.

Key facts

• Washer dryer
• Beautiful kitchen
• Panoramic views

Tags

• CORNER UNIT
• PANORAMIC VIEWS
• IMPACT WINDOWS
• WASHER DRYER
• BEAUTIFUL KITCHEN
• PRIVATE BEACH ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $399k.

Deal economics

• At list price, monthly cash flow is $4 ($48/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Recommended offer: $375k (6.0% below list) — sets the bar for market timing.

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: schools C-, 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.
• 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 25d 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).
• At $5,915/mo this rent would consume 47% of the median local household income ($151k/yr) (locally 213% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $23k of equity ($3k loan paydown + $20k 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.
• At projected returns (5.1% appreciation + 3.9% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $132k; list at $399k implies a 201% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 30% 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 $375,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.48% ✓
• Cap rate: 7.59%
• Cash-on-cash: 4.62%
• DSCR: 1.21
• GRM: 5.6

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: 14.1%
• Equity multiple: 1.91×
• Total profit: $101,633
• Equity at exit: $228,898

10-year hold

• IRR: 15.4%
• Equity multiple: 3.86×
• Total profit: $319,506
• Equity at exit: $397,373

Cash invested: $111,720 (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: 5.6×

Monthly cashflow live

• Estimated rent: $5,915 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$207 /mo · $2,482/yr
• Insurance: −$166
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,777
• Vacancy / Maint / Mgmt: −$1,242
• Net cashflow: $4

Break-even live

Break-even rent $5,910

Max offer price $399,000

Occupancy floor 95%

Sensitivity live

Price	-10% $230	-5% $117	+0% $4	+5% $-109	+10% $-222
Rent	-10% $-463	-5% $-230	+0% $4	+5% $238	+10% $471
Rate	-1.0pp $205	-0.5pp $106	base $4	+0.5pp $-99	+1.0pp $-205

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: $99,750
• Closing costs: $11,970
• 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	17d	1	0.02mi
3589 S Ocean Blvd #614 Palm Beach, FL	2.0	2.0	1541	$4,200	$2.73	25d	1	0.04mi
3589 S Ocean Blvd #614 Palm Beach, FL	2.0	2.0	1541	$4,200	$2.73	21d	1	0.04mi
3589 S Ocean Blvd #801 Palm Beach, FL	2.0	2.0	1541	$6,000	$3.89	12d	1	0.04mi
3589 S Ocean Blvd #314 Palm Beach, FL	2.0	2.5	1541	$3,000	$1.95	25d	1	0.04mi
3601 S Ocean Blvd Palm Beach, FL	2.0	2.5	1408	$2,900	$2.06	20d	2	0.07mi
3601 S Ocean Blvd #308 Palm Beach, FL	2.0	2.5	1408	$3,250	$2.31	19d	1	0.08mi
3605 S Ocean Blvd #319 Palm Beach, FL	2.0	2.0	1121	$4,000	$3.57	5d	1	0.12mi
3605 S Ocean Blvd Palm Beach, FL	2.0	2.0	1162	$3,350	$2.88	25d	2	0.13mi
3560 S Ocean Blvd #907 Palm Beach, FL	2.0	2.0	1340	$7,500	$5.60	12d	1	0.16mi
3560 S Ocean Blvd #706 Palm Beach, FL	2.0	2.0	1340	$12,000	$8.96	21d	1	0.16mi
3560 S Ocean Blvd #4 Palm Beach, FL	2.0	2.0	1340	$7,950	$5.93	25d	1	0.16mi
3560 S Ocean Blvd #306 Palm Beach, FL	2.0	2.0	1380	$7,000	$5.07	19d	1	0.16mi
3560 S Ocean Blvd #200 Palm Beach, FL	2.0	2.5	2007	$7,500	$3.74	25d	1	0.16mi
3560 S Ocean Blvd #301 Palm Beach, FL	3.0	2.5	2007	$13,500	$6.73	25d	1	0.16mi
3560 S Ocean Blvd #1 Palm Beach, FL	3.0	2.5	2007	$7,500	$3.74	25d	1	0.16mi
3560 S Ocean Blvd #502 Palm Beach, FL	2.0	2.0	1340	$9,500	$7.09	25d	1	0.16mi
3560 S Ocean Blvd #907 Palm Beach, FL	2.0	2.0	1340	$7,800	$5.82	12d	1	0.16mi
3610 S Ocean Blvd Palm Beach, FL	1.0–3.0	1.5–2.0	1490	$8,348	$5.60	25d	4	0.17mi
4200 S Ocean Blvd #503 Palm Beach, FL	2.0	2.5	1645	$4,800	$2.92	21d	1	0.22mi
3520 S Ocean Blvd Unit H404 Palm Beach, FL	2.0	2.0	1176	$5,900	$5.02	25d	1	0.25mi
3475 S Ocean Blvd #6150 Palm Beach, FL	2.0	2.0	1395	$8,750	$6.27	25d	1	0.36mi
3475 S Ocean Blvd #3020 Palm Beach, FL	2.0	2.0	1395	$5,000	$3.58	25d	1	0.36mi
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 Palm Beach, FL	2.0	2.0	1395	$5,850	$4.19	25d	3	0.37mi
3460 S Ocean Blvd #4150 Palm Beach, FL	2.0	2.0	1436	$10,500	$7.31	25d	1	0.42mi
3456 S Ocean Blvd Apt 705 Palm Beach, FL	2.0	2.0	1457	$3,500	$2.40	25d	1	0.43mi
3456 S Ocean Blvd #105 Palm Beach, FL	2.0	2.0	1482	$12,000	$8.10	25d	1	0.44mi
3456 S Ocean Blvd #6050 Palm Beach, FL	2.0	2.0	1482	$4,650	$3.14	25d	1	0.44mi
3450 S Ocean Blvd Palm Beach, FL	1.0–2.0	1.0–2.0	1236	$9,500	$7.69	8d	9	0.47mi
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 #6010 Palm Beach, FL	2.0	2.0	1548	$5,500	$3.55	15d	1	0.47mi
400 S Ocean Blvd Unit 103a Manalapan, FL	3.0	3.5	1399	$21,000	$15.01	25d	1	0.50mi
3440 S Ocean Blvd Unit 105S Palm Beach, FL	2.0	2.0	1885	$6,900	$3.66	25d	1	0.52mi
3440 S Ocean Blvd Unit 307N Palm Beach, FL	2.0	2.0	1457	$8,500	$5.83	25d	1	0.52mi
3400 S Ocean Blvd Unit 1 C I Palm Beach, FL	2.0	2.0	1740	$12,000	$6.90	25d	1	0.62mi
806 E Windward Way #323 Lantana, FL	2.0	2.0	1265	$5,000	$3.95	25d	1	0.64mi
806 E Windward Way #111 Lantana, FL	2.0	2.0	1265	$3,000	$2.37	25d	1	0.64mi
806 E Windward Way #301 Lantana, FL	3.0	2.0	1632	$3,500	$2.14	25d	1	0.64mi
806 E Windward Way #102 Lantana, FL	3.0	2.0	1632	$4,500	$2.76	6d	1	0.64mi

HOA detail condo

• Monthly dues: $1,777 · $21,324/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-03-11
   status Pending
2. 2026-02-11
   status Pending
3. 2025-11-22
   listed $399,000 Active
4. 1999-12-09
   soldstatus $132,500

ⓘ 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: $2,482 · $207/mo
• Projected year-2 tax: $3,312 · $276/mo
• Expected delta: +$830/yr (+$69/mo · 33.4%)

ⓘ 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: $70,983
• − Mortgage interest: −$22,350
• − Property taxes: −$2,482
• − Insurance: −$7,114
• − Repairs & maintenance: −$5,679
• − Management: −$5,679
• − HOA: −$21,324
• − Depreciation: −$11,607
• Taxable loss: −$5,251
• Est. tax savings @ 24.0%: +$1,260
• After-tax cash flow: $1,309/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

+201.1% since first listed

4 events — show timeline

• 2026-03-11 Pending — Beaches MLS
• 2026-02-11 Pending — Beaches MLS
• 2025-11-22 Listed $399,000 Beaches MLS
• 1999-12-09 Sold (Public Records) $132,500 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,482 · +3.6% YoY. Source: county tax records.