731 21st St Unit 1-2 · West Palm Beach, FL 33407

$625,000

None bd · 4.0 ba · 2,470 sqft · MultiFamily · 270 Days on market

Built 1983 5,756 sqft lot ↓ 4% since listing

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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 +22.4/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.9/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 5,756 sq ft lot
• Built 1983
• Listed 269 days

Property features AI

Finance

• Financial info: 2 total units; Gross income approximately $57,600; Net operating income approximately $45,880; Tenants pay electricity, sewer, and water
• HOA & community: No association amenities

Exterior

• Utilities: Public water; Public sewer; Three-phase electric; Sewer and water available
• Home design: Duplex; Resale property
• Construction: Block, stucco, and CBS construction; Other roof type
• Exterior features: No waterfront

Interior

• Flooring: Laminate; Tile; Wood
• Bathrooms: 4 total bathrooms
• Heating & cooling: Central electric heating (individual units); Central air conditioning (electric, individual units)
• Interior features: Laminate, tile, and wood flooring

What this means for you Summary

Snapshot

• This is a ?-bed/4.0-bath multifamily listed at $625k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $625k).
• Recommended offer: $550k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: Pleasant City Elementary School (math 27% / reading 27%, grade F, #1,969 of 2,144 statewide, top 94%, 330 students, 94% 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 82% FRL vs 52% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 50% district-wide (-25 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; 16 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).
• At $6,790/mo this rent would consume 136% of the median local household income ($60k/yr) (locally 2157% 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 $4k of loan paydown is wiped out by about $19k 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 270 days — a 12% lower offer ($550k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $550,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 270 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.16%
• DSCR: 1.32
• GRM: 7.7

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: -5.2%
• Equity multiple: 0.81×
• Total profit: $-34,079
• Equity at exit: $93,190

10-year hold

• IRR: 4.6%
• Equity multiple: 1.34×
• Total profit: $58,680
• Equity at exit: $54,039

Cash invested: $175,000 (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 33407

• Rents YoY: 3.1%
• Active inventory: 305
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $6,790 high
• Mortgage (P&I): −$3,278
• Tax est. 1.5%: −$781 /mo · $9,375/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,426
• Net cashflow: $1,045

Break-even live

Break-even rent $5,467

Max offer price $625,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$6,790
Total (2 units)			$6,790

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 26th St West Palm Beach, FL	3.0	3.5	1847	$6,900	$3.74	7d	1	0.41mi
419 30th St West Palm Beach, FL	3.0	2.5	2104	$7,700	$3.66	24d	1	0.58mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	1125	$4,500	$4.00	2d	7	0.61mi
2800 N Flagler Dr #404 West Palm Beach, FL	3.0	3.0	2063	$7,200	$3.49	24d	1	0.64mi
1617 N Flagler Dr Unit 9B West Palm Beach, FL	2.0	2.5	1817	$8,900	$4.90	14d	1	0.65mi
1551 N Flagler Dr Unit (Annual/Seasonal) Uph 11 West Palm Beach, FL	2.0	2.0	1625	$6,000	$3.69	15d	1	0.66mi
216 32nd St West Palm Beach, FL	3.0	3.0	1846	$6,200	$3.36	24d	1	0.78mi
202 32nd St West Palm Beach, FL	3.0	2.0	1636	$5,995	$3.66	24d	1	0.80mi
406 35th St West Palm Beach, FL	3.0	2.0	1835	$8,000	$4.36	24d	1	0.82mi
409 35th St West Palm Beach, FL	3.0	2.0	2496	$7,000	$2.80	18d	1	0.84mi
575 N Lake Way Palm Beach, FL	3.0	4.5	3038	$25,000	$8.23	24d	1	1.20mi
250 Bradley Pl Palm Beach, FL	1.0–3.0	1.0–2.5	1265	$17,550	$13.87	18d	3	1.29mi
400 N Flagler Dr #2004 West Palm Beach, FL	2.0	2.0	1797	$25,000	$13.91	2d	1	1.33mi
400 N Flagler Dr #2003 West Palm Beach, FL	2.0	2.0	1797	$25,000	$13.91	24d	1	1.33mi
264 Everglade Ave Palm Beach, FL	3.0	4.5	2903	$40,000	$13.78	24d	1	1.39mi
101 N Clematis St West Palm Beach, FL	1.0–4.0	1.5–4.5	1906	$12,400	$6.50	24d	2	1.47mi

Listing history 15 events

1. 2026-06-18
   days on market $625,000 Active 270 DOM
2. 2026-06-17
   days on market $625,000 Active 269 DOM
3. 2026-06-16
   days on market $625,000 Active 268 DOM
4. 2026-06-15
   days on market $625,000 Active 267 DOM
5. 2026-06-13
   days on market $625,000 Active 265 DOM
6. 2026-06-09
   days on market $625,000 Active 261 DOM
7. 2026-06-07
   days on market $625,000 Active 259 DOM
8. 2026-06-04
   days on market $625,000 Active 256 DOM
9. 2026-06-03
   days on market $625,000 Active 255 DOM
10. 2026-06-01
    days on market $625,000 Active 253 DOM
11. 2026-05-31
    days on market $625,000 Active 252 DOM
12. 2026-04-01
    status Active
13. 2026-03-31
    historical
14. 2026-01-02
    price $625,000
15. 2025-09-20
    listed $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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $81,480
• − Mortgage interest: −$35,010
• − Property taxes: −$9,375
• − Insurance: −$3,125
• − Repairs & maintenance: −$6,518
• − Management: −$6,518
• − Depreciation: −$18,182
• Taxable income: $2,752
• Est. tax owed @ 24.0%: −$660
• After-tax cash flow: $11,878/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

-3.8% since first listed

4 events — show timeline

• 2026-04-01 Relisted — Beaches MLS
• 2026-03-31 Listing Removed — Beaches MLS
• 2026-01-02 Price Changed $625,000 Beaches MLS
• 2025-09-20 Listed $650,000 Beaches MLS