5600 N Flagler Dr #1001 · West Palm Beach, FL 33407

$259,000

2 bd · 2.0 ba · 1,170 sqft · Condo public records · 105 Days on market

Built 1978 $1355/mo HOA · 36% of rent

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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).

• 1% rule +9.7/10.0
• Cash flow +9.3/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.3/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two bedroom two bath condo, view of Ocean & Intracoastal. Property needs TLC. Awesome building, close to West Palm Beach.

Key facts

• Fishing dock
• Saltwater pool
• Private balcony

Tags

• WATERFRONT CONDO
• UPGRADED KITCHEN
• PRIVATE BALCONY
• PRIVATE BEACH ACCESS
• SALTWATER POOL
• FISHING DOCK

Property features AI

Finance

• Other: Living area reported as 1,170 (public records)
• Financial info: Pets not allowed; 281 units in the community
• HOA & community: Association with monthly fee; Association amenities: Fitness center, game room, pool, shuffleboard court, tennis courts, on-site manager, trash chute, community room, library, lobby; Association fee includes insurance, pest control, security, sewer, water, common areas, common real estate tax, elevator

Exterior

• Parking: Assigned parking; Guest parking; On-street parking; 1 open parking space
• Security: Closed-circuit cameras; Gated community with guard; Smoke detectors; Security system; Entry phone/intercom; Attended lobby
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Resale condition; Faces north; Accessible elevator installed; 30-story building; Building name: 5600
• Construction: Concrete/CBS construction
• Exterior features: Patio; Intracoastal waterfront

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on main level
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating (central individual); Central electric cooling (individual)
• Interior features: Walk-in closets; Split bedroom layout; French doors
• Laundry & utility: Laundry inside in a laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $259k.

Deal economics

• At list price, monthly cash flow is $-260 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (17.7% below list).
• Meets the 1% rule at list price ($4k rent vs $259k).
• Recommended offer: $213k (17.7% below list) — sets the bar for cash-flow.
• Cap rate 5.4% 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); 306 active listings in the ZIP; 38 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 105 days — a 9% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y 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 $77k; list at $259k implies a 236% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $68/mo; HOA is 36% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,105 (17.7% 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 105 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.47% ✓
• Cap rate: 5.41%
• Cash-on-cash: -3.17%
• DSCR: 0.86
• GRM: 5.7

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: -22.8%
• Equity multiple: 0.21×
• Total profit: $-57,250
• Equity at exit: $38,618

10-year hold

• IRR: -15.8%
• Equity multiple: 0.09×
• Total profit: $-66,004
• Equity at exit: $22,394

Cash invested: $72,520 (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: 306
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,796 high
• Mortgage (P&I): −$1,358
• Tax from tax record: −$369 /mo · $4,426/yr
• Insurance: −$108
• Flood insurance flood zone: −$68 /mo · $821/yr
• HOA: −$1,355
• Vacancy / Maint / Mgmt: −$797
• Net cashflow: $-260

Break-even live

Break-even rent $4,125

Max offer price $213,105

Occupancy floor —

Sensitivity live

Price	-10% $-113	-5% $-186	+0% $-260	+5% $-333	+10% $-406
Rent	-10% $-560	-5% $-410	+0% $-260	+5% $-110	+10% $40
Rate	-1.0pp $-129	-0.5pp $-194	base $-260	+0.5pp $-327	+1.0pp $-395

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5600 N Flagler Dr West Palm Beach, FL	1.0–3.0	2.0	1192	$4,500	$3.77	22d	8	0.04mi
5600 N Flagler Dr West Palm Beach, FL	1.0–3.0	2.0	1192	$4,600	$3.86	0d	7	0.04mi
5200 N Flagler Dr #2004 West Palm Beach, FL	2.0	2.0	1235	$3,800	$3.08	9d	1	0.20mi
5200 N Flagler Dr West Palm Beach, FL	2.0	2.0	1233	$3,375	$2.74	26d	2	0.20mi
5203 N Flagler Dr West Palm Beach, FL	3.0	1.5	1458	$6,000	$4.12	26d	1	0.21mi
510 56th St West Palm Beach, FL	2.0	1.0	1152	$3,800	$3.30	23d	1	0.23mi
517 55th St West Palm Beach, FL	2.0	2.0	1238	$4,550	$3.68	26d	1	0.23mi
424 51st St Unit 426 West Palm Beach, FL	3.0	2.0	1230	$3,500	$2.85	12d	1	0.26mi
436 51st St West Palm Beach, FL	2.0	1.0	968	$3,750	$3.87	26d	1	0.27mi
5101 Spruce Ave West Palm Beach, FL	3.0	3.0	1151	$3,100	$2.69	26d	1	0.30mi
4444 N Flagler Dr West Palm Beach, FL	2.0	2.0	1300	$4,579	$3.52	26d	1	0.57mi
4444 N Flagler Dr West Palm Beach, FL	1.0	1.0	765	$4,613	$6.03	4d	1	0.57mi
4444 N Flagler Dr West Palm Beach, FL	1.0	1.0	765	$5,263	$6.88	18d	1	0.57mi
4444 N Flagler Dr Unit 4444-306 West Palm Beach, FL	1.0	1.0	925	$3,395	$3.67	26d	1	0.58mi
4444 N Flagler Dr Unit 4334-2008 West Palm Beach, FL	1.0	1.0	885	$4,150	$4.69	26d	1	0.58mi
401 42nd St West Palm Beach, FL	3.0	1.0	1400	$4,950	$3.54	16d	1	0.65mi
401 42nd St West Palm Beach, FL	3.0	1.0	1100	$4,950	$4.50	26d	1	0.65mi
522 W 2nd St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	26d	1	0.70mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	6d	1	0.89mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	5d	1	0.89mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$4,950	$4.59	26d	1	0.89mi
230 Colonial Ln Palm Beach, FL	2.0	2.0	1436	$20,000	$13.93	26d	1	0.93mi
619 37th St West Palm Beach, FL	3.0	2.0	1414	$3,350	$2.37	26d	1	0.98mi
701 37th St West Palm Beach, FL	3.0	2.0	1426	$3,600	$2.52	26d	1	1.01mi
306 34th St West Palm Beach, FL	2.0	1.0	1443	$4,650	$3.22	26d	1	1.09mi
3415 N Flagler Dr West Palm Beach, FL	2.0	2.0	1174	$9,950	$8.48	9d	1	1.10mi
3410 Poinsettia Ave West Palm Beach, FL	2.0	1.0	1257	$3,350	$2.67	13d	1	1.12mi
636 35th St West Palm Beach, FL	3.0	2.0	1133	$3,500	$3.09	26d	1	1.13mi
415 32nd St Unit 1 West Palm Beach, FL	1.0	1.0	700	$3,600	$5.14	26d	1	1.20mi
517 31st St West Palm Beach, FL	2.0	1.5	1406	$3,150	$2.24	26d	1	1.28mi
300 Inlet Way #2 Palm Beach Shores, FL	1.0	1.0	729	$4,000	$5.49	26d	1	1.29mi
245 30th St West Palm Beach, FL	2.0	2.0	1271	$9,000	$7.08	26d	1	1.31mi
120 Inlet Way #204 Palm Beach Shores, FL	2.0	2.0	1345	$10,000	$7.43	26d	1	1.43mi
932 31st St West Palm Beach, FL	3.0	2.0	850	$3,000	$3.53	26d	1	1.43mi
933 30th Ct West Palm Beach, FL	3.0	1.5	1085	$3,100	$2.86	26d	1	1.45mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	23d	1	1.49mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	26d	1	1.49mi
106 Linda Ln #4 Palm Beach Shores, FL	2.0	2.5	1118	$3,500	$3.13	26d	1	1.49mi

HOA detail condo

• Monthly dues: $1,355 · $16,260/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-21
   days on market $259,000 Active 105 DOM
2. 2026-06-18
   days on market $259,000 Active 102 DOM
3. 2026-06-17
   days on market $259,000 Active 101 DOM
4. 2026-06-16
   days on market $259,000 Active 100 DOM
5. 2026-06-15
   days on market $259,000 Active 99 DOM
6. 2026-06-13
   days on market $259,000 Active 97 DOM
7. 2026-06-09
   days on market $259,000 Active 93 DOM
8. 2026-06-08
   days on market $259,000 Active 92 DOM
9. 2026-06-07
   days on market $259,000 Active 91 DOM
10. 2026-06-04
    days on market $259,000 Active 88 DOM
11. 2026-06-03
    days on market $259,000 Active 87 DOM
12. 2026-06-02
    days on market $259,000 Active 86 DOM
13. 2026-06-01
    days on market $259,000 Active 85 DOM
14. 2026-05-31
    days on market $259,000 Active 84 DOM
15. 2026-04-30
    price $259,000
16. 2026-03-18
    status Active
17. 2026-03-15
    historical Active Under Contract
18. 2026-03-08
    listed $265,000 Active
19. 2024-07-09
    historical $2,175
20. 2024-06-28
    listed $2,175
21. 2024-06-05
    historical $2,000
22. 2024-05-14
    listed $2,000
23. 2018-10-27
    historical
24. 2018-04-26
    listed $179,000 Active
25. 2010-05-28
    soldstatus $77,000
26. 2010-05-27
    soldstatus $77,000 127-char remark

    Show marketing remark (127 chars)

    Two bedroom two bath condo, view of Ocean & Intracoastal. Property needs TLC. Awesome building, close to West Palm Beach.

27. 2010-04-22
    historical 127-char remark

    Show marketing remark (127 chars)

    Two bedroom two bath condo, view of Ocean & Intracoastal. Property needs TLC. Awesome building, close to West Palm Beach.

28. 2009-11-13
    listed $85,000 127-char remark

    Show marketing remark (127 chars)

    Two bedroom two bath condo, view of Ocean & Intracoastal. Property needs TLC. Awesome building, close to West Palm Beach.

29. 2008-12-31
    soldstatus $121,000
30. 2008-12-03
    historical
31. 2008-06-09
    listed $126,350
32. 2003-05-02
    soldstatus $160,000
33. 2003-04-24
    soldstatus $160,000
34. 2003-03-17
    historical
35. 2003-01-30
    listed $169,000
36. 1995-05-04
    soldstatus $48,000
37. 1979-01-01
    soldstatus $52,200

ⓘ 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: $4,426 · $369/mo
• Projected year-2 tax: $4,426 · $369/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 9/10 Extreme FEMA zone C · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 5 d/yr ≥105°F today · 17 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: $45,548
• − Mortgage interest: −$14,508
• − Property taxes: −$4,426
• − Insurance: −$2,116
• − Repairs & maintenance: −$3,644
• − Management: −$3,644
• − HOA: −$16,260
• − Depreciation: −$7,535
• Taxable loss: −$6,584
• Est. tax savings @ 24.0%: +$1,580
• After-tax cash flow: $-1,537/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

+396.2% since first listed

23 events — show timeline

• 2026-04-30 Price Changed $259,000 Beaches MLS
• 2026-03-18 Relisted — Beaches MLS
• 2026-03-15 Contingent — Beaches MLS
• 2026-03-08 Listed $265,000 Beaches MLS
• 2024-07-09 Rental Removed $2,175 GFLMLS
• 2024-06-28 Listed for Rent $2,175 GFLMLS
• 2024-06-05 Rental Removed $2,000 Avail
• 2024-05-14 Listed for Rent $2,000 Avail
• 2018-10-27 Listing Removed — Beaches MLS
• 2018-04-26 Listed $179,000 Beaches MLS
• 2010-05-28 Sold (Public Records) $77,000 Public Records
• 2010-05-27 Sold (MLS) $77,000 Beaches MLS
• 2010-04-22 Listing Removed — Beaches MLS
• 2009-11-13 Listed $85,000 Beaches MLS
• 2008-12-31 Sold (MLS) $121,000 Beaches MLS
• 2008-12-03 Listing Removed — Beaches MLS
• 2008-06-09 Listed $126,350 Beaches MLS
• 2003-05-02 Sold (Public Records) $160,000 Public Records
• 2003-04-24 Sold (MLS) $160,000 Beaches MLS
• 2003-03-17 Listing Removed — Beaches MLS
• 2003-01-30 Listed $169,000 Beaches MLS
• 1995-05-04 Sold (Public Records) $48,000 Public Records
• 1979-01-01 Sold (Public Records) $52,200 Public Records

Property tax history

+7.5%/yr

Latest (2025): $4,426 · -0.6% YoY. Source: county tax records.