505 Foresteria Dr · Lake Park, FL 33403

$750,000

None bd · 1.0 ba · 865 sqft · MultiFamily public records · 73 Days on market

Built 1945 6,256 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Rent growth +4.0/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great investment opportunity. Live in historic front house and rent 3 efficiencies behind. This property needs work and is sold AS IS.

Key facts

• Immediate cash flow
• Strong upside
• Multifamily zoning

Tags

• FULLY LEASED QUADPLEX
• MULTIFAMILY ZONING
• HIGH GROWTH LOCATION
• IMMEDIATE CASH FLOW
• STRONG UPSIDE
• PRIME LOCATION

Property features AI

Finance

• Financial info: Four rental units; Gross income approximately $78,900; Net operating income approximately $64,933; Tenants responsible for cable TV and electricity; Pets allowed with no restrictions

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected; Four separate electric meters
• Home design: Quadruplex; One story; Resale property; West of US-1 road frontage
• Construction: Block construction; Stucco exterior; Wood siding; Composition/shingle roof; Concrete perimeter, raised, and slab foundations; Built area approximately 2,325 total; living area approximately 1,732
• Exterior features: Interior lot; Paved road

Interior

• Flooring: Clay flooring; Tile flooring
• Heating & cooling: Window/wall heating; Ceiling fans; Wall/window cooling units
• Interior features: Satellite dish
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located inside; Laundry in garage

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $7k ($86k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $750k).
• Recommended offer: $705k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#542 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime F, 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: Lake Park Elementary School (math 57% / reading 62%, grade B-, #690 of 2,144 statewide, top 34%, 389 students, 83% FRL); Howell L. Watkins Middle School (math 18% / reading 33%, grade F, #512 of 571 statewide, top 90%, 794 students, 76% FRL); Palm Beach Gardens High School (math 19% / reading 40%, grade F, #447 of 667 statewide, top 68%, 2,570 students, 61% FRL) — zoned schools average 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 134 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $15,632/mo this rent would consume 266% of the median local household income ($71k/yr) (locally 903% 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 $5k of loan paydown is wiped out by about $22k 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.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $210k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($705k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $750k implies a 733% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $705,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 B-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. 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?
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: 2.08% ✓
• Cap rate: 17.74%
• Cash-on-cash: 40.87%
• DSCR: 2.82
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.97% rent growth · sell at horizon

5-year hold

• IRR: 40.7%
• Equity multiple: 2.82×
• Total profit: $382,368
• Equity at exit: $111,827

10-year hold

• IRR: 48.4%
• Equity multiple: 6.38×
• Total profit: $1,130,349
• Equity at exit: $64,846

Cash invested: $210,000 (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 33403

• Home prices YoY: -19.6%
• Rents YoY: 6.0%
• Active inventory: 134
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $15,632 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$951 /mo · $11,413/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,283
• Net cashflow: $7,153

Break-even live

Break-even rent $6,578

Max offer price $750,000

Occupancy floor 49%

Sensitivity live

Price	-10% $7,577	-5% $7,365	+0% $7,153	+5% $6,940	+10% $6,728
Rent	-10% $5,918	-5% $6,535	+0% $7,153	+5% $7,770	+10% $8,388
Rate	-1.0pp $7,530	-0.5pp $7,343	base $7,153	+0.5pp $6,958	+1.0pp $6,761

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$15,632
Total (4 units)			$15,632

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
901 W 37th St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	25d	1	0.53mi
913 Lake Shore Dr Lake Park, FL	1.0–2.0	1.0–2.0	1066	$3,731	$3.50	0d	10	0.62mi
220 Lake Shore Dr Lake Park, FL	1.0–3.0	1.5–3.5	2134	$14,498	$6.79	0d	19	0.65mi
308 Southwind Ct Unit 8 North Palm Beach, FL	2.0	2.0	1100	$2,900	$2.64	25d	1	0.74mi
624 Southwind Cir #2 North Palm Beach, FL	2.0	2.0	718	$3,750	$5.22	25d	1	0.90mi
526 Eastwind Dr Unit 526 North Palm Beach, FL	2.0	1.0	840	$3,995	$4.76	25d	1	1.00mi
522 Eastwind Dr North Palm Beach, FL	2.0	2.0	948	$3,995	$4.21	25d	1	1.00mi
524 Eastwind Dr Unit 524 North Palm Beach, FL	2.0	1.0	774	$3,995	$5.16	25d	1	1.00mi
410 Wilma Cir #103 Riviera Beach, FL	2.0	2.0	1056	$4,000	$3.79	16d	1	1.10mi
400 Wilma Cir #309 Riviera Beach, FL	1.0	1.0	818	$4,000	$4.89	6d	1	1.14mi
2545 Conroy Dr West Palm Beach, FL	3.0	2.0	1066	$3,295	$3.09	25d	1	1.16mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	25d	1	1.31mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	23d	1	1.31mi
256 E 24th St Riviera Beach, FL	2.0	1.0	660	$3,500	$5.30	22d	1	1.34mi
300 E 24th St Riviera Beach, FL	1.0	1.0	672	$3,000	$4.46	25d	1	1.36mi
1025 Sugar Sands Blvd #159 Riviera Beach, FL	1.0	1.0	987	$4,200	$4.26	25d	1	1.40mi

Listing history 24 events

1. 2026-06-21
   days on market $750,000 Active 73 DOM
2. 2026-06-18
   days on market $750,000 Active 70 DOM
3. 2026-06-17
   days on market $750,000 Active 69 DOM
4. 2026-06-16
   days on market $750,000 Active 68 DOM
5. 2026-06-15
   days on market $750,000 Active 67 DOM
6. 2026-06-13
   days on market $750,000 Active 65 DOM
7. 2026-06-09
   days on market $750,000 Active 61 DOM
8. 2026-06-08
   days on market $750,000 Active 60 DOM
9. 2026-06-07
   days on market $750,000 Active 59 DOM
10. 2026-06-04
    days on market $750,000 Active 56 DOM
11. 2026-06-03
    days on market $750,000 Active 55 DOM
12. 2026-06-02
    days on market $750,000 Active 54 DOM
13. 2026-06-01
    days on market $750,000 Active 53 DOM
14. 2026-05-31
    days on market $750,000 Active 52 DOM
15. 2026-04-09
    listed $750,000 Active
16. 2025-10-11
    price $2,500
17. 2025-08-03
    price $2,550
18. 2025-06-15
    listed $2,750
19. 2013-10-08
    soldstatus $90,000
20. 2013-10-04
    soldstatus $90,000 Closed 134-char remark

    Show marketing remark (134 chars)

    Great investment opportunity. Live in historic front house and rent 3 efficiencies behind. This property needs work and is sold AS IS.

21. 2013-08-20
    status Pending 134-char remark

    Show marketing remark (134 chars)

    Great investment opportunity. Live in historic front house and rent 3 efficiencies behind. This property needs work and is sold AS IS.

22. 2013-07-08
    historical Contingent 134-char remark

    Show marketing remark (134 chars)

    Great investment opportunity. Live in historic front house and rent 3 efficiencies behind. This property needs work and is sold AS IS.

23. 2013-06-24
    listed $110,000 Active 134-char remark

    Show marketing remark (134 chars)

    Great investment opportunity. Live in historic front house and rent 3 efficiencies behind. This property needs work and is sold AS IS.

24. 1995-01-12
    soldstatus $50,000

ⓘ 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: $11,413 · $951/mo
• Projected year-2 tax: $11,413 · $951/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 10/10 Extreme 7 d/yr ≥106°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: $187,584
• − Mortgage interest: −$42,012
• − Property taxes: −$11,413
• − Insurance: −$3,750
• − Repairs & maintenance: −$15,007
• − Management: −$15,007
• − Depreciation: −$21,818
• Taxable income: $78,578
• Est. tax owed @ 24.0%: −$18,859
• After-tax cash flow: $66,973/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 — Lake Park

• Score: 67/100
• State rank: #542
• US rank: #10167

Category grades

Amenities F Commute F Cost of living A- 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: Lake Park, FL
• County: Palm Beach County · 1,438,312 people
• City population: 14,370
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 14,370
• Household income: $70,646
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 903.0

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 0.67)
• Race & ethnicity: Black 46% White 31% Hispanic / Latino 17% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Cuban 5%
• Common ancestry: Hispanic 15% Italian 2% Romanian 1%
• Foreign-born: 26% · Canada, China, Jamaica
• Languages at home: 69% English-only · French/Haitian/Cajun 17% Spanish 12% Chinese 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: ▼ -112.30%
• Current HPI: 461.4045
• Rent YoY: ▲ 5.97%
• 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

+1400.0% since first listed

10 events — show timeline

• 2026-04-09 Listed $750,000 Beaches MLS
• 2025-10-11 Price Changed $2,500 REDFIN
• 2025-08-03 Price Changed $2,550 REDFIN
• 2025-06-15 Listed for Rent $2,750 REDFIN
• 2013-10-08 Sold (Public Records) $90,000 Public Records
• 2013-10-04 Sold (MLS) $90,000 Beaches MLS
• 2013-08-20 Pending — Beaches MLS
• 2013-07-08 Contingent — Beaches MLS
• 2013-06-24 Listed $110,000 Beaches MLS
• 1995-01-12 Sold (Public Records) $50,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $11,413 · +3.3% YoY. Source: county tax records.