115 Inlet Way · Palm Beach Shores, FL 33404

$5,150,000

None bd · None ba · 4,592 sqft · MultiFamily public records · 97 Days on market

Built 1953 0.50 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Cash flow +3.8/30.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 1% rule +0.2/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

LAND DEVELOPMENT OPPORTUNITY - Huge upside through the New Development up to 10 VILLAS or T-Homes Development Options Based on Permitted Lot Coverage Site total square footage: 21,426 SF. Dwelling unit density. 10 units. “ Dwelling unit density is “twenty-one (21) units per acre. ” Options 1. Six Luxurious exclusive 3,200 SF. townhouses, each featuring a private pool, basement parking, and dedicated storage, plus roof top with summer kitchen. 2. Eight luxury each 2,400 SF. condominiums in an elegant two-story building, featuring secure basement parking, private gardens or rooftop terraces, and a community pool. 3. Ten luxury each 1,900 +/- SF. condominiums in an el

Key facts

• Private pool
• Dedicated storage
• Private gardens

Tags

• PRIVATE POOL
• BASEMENT PARKING
• DEDICATED STORAGE
• ROOFTOP WITH SUMMER KITCHEN
• SECURE BASEMENT PARKING
• PRIVATE GARDENS

Property features AI

Finance

• Other: Property consists of 2 lots; Virtual tour available
• Financial info: Annual tax amount listed (2025)

Exterior

• Home design: Multi-family residential zoning; Property faces north
• Construction: Half-acre parcel (approximately 0.5 acre)
• Exterior features: Grassed vegetation; Oversized lot; Publicly maintained paved road

Interior

• Interior features: Raw land (undeveloped)

What this means for you Summary

Snapshot

• This is a multifamily listed at $5.15M.

Deal economics

• At list price, monthly cash flow is $-15k ($-179k/yr) — negative.
• To cash-flow at today's rent, offer at most $2.51M (51.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.70M (47.6% below list).
• Recommended offer: $2.51M (51.3% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 72/100 on livability (#326 in FL) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A-; Watch: amenities F, 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: Lincoln Elementary School (math 31% / reading 29%, grade F, #1,882 of 2,144 statewide, top 88%, 358 students, 84% FRL); John F. Kennedy Middle School (math 28% / reading 29%, grade F, #482 of 571 statewide, top 85%, 826 students, 78% FRL); William T. Dwyer High School (math 36% / reading 58%, grade D-, #207 of 667 statewide, top 32%, 2,206 students, 37% FRL).
• Zoned-school proficiency averages 35% at this address vs 50% district-wide (-14 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 soft (-0.7%/yr); 506 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $26,993/mo this rent would consume 498% of the median local household income ($65k/yr) (locally 1838% 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 $36k of loan paydown is wiped out by about $154k 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 97 days — a 9% lower offer ($4.69M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,509,788 (51.3% 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 97 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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: 0.52% ✗
• Cap rate: 2.81%
• Cash-on-cash: -12.44%
• DSCR: 0.45
• GRM: 15.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -42.7%
• Equity multiple: -0.29×
• Total profit: $-1,864,698
• Equity at exit: $767,882

10-year hold

• IRR: -95.1%
• Equity multiple: -1.19×
• Total profit: $-3,151,827
• Equity at exit: $445,278

Cash invested: $1,442,000 (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 33404

• Home prices YoY: -31.1%
• Rents YoY: -0.7%
• Active inventory: 506
• Price-to-rent: 159.0×

Monthly cashflow live

• Estimated rent: $26,993 medium
• Mortgage (P&I): −$27,007
• Tax from tax record: −$7,117 /mo · $85,406/yr
• Insurance: −$2,146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,669
• Net cashflow: $-14,946

Break-even live

Break-even rent $45,912

Max offer price $2,509,788

Occupancy floor —

Sensitivity live

Price	-10% $-12,030	-5% $-13,488	+0% $-14,946	+5% $-16,403	+10% $-17,861
Rent	-10% $-17,078	-5% $-16,012	+0% $-14,946	+5% $-13,879	+10% $-12,813
Rate	-1.0pp $-12,352	-0.5pp $-13,636	base $-14,946	+0.5pp $-16,280	+1.0pp $-17,638

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

Units	Beds	Baths	Est. rent
▸ 10× units	3	2	$26,990
Total (10 units)			$26,993

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: $1,287,500
• Closing costs: $154,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2700 N Ocean Dr Unit 804A Riviera Beach, FL	3.0	3.5	3605	$30,000	$8.32	26d	1	0.70mi
2700 N Ocean Dr Unit 501A Riviera Beach, FL	3.0	3.5	3605	$22,000	$6.10	20d	1	0.71mi
3100 N Ocean Dr Unit P-1802 Riviera Beach, FL	2.0	3.0	3390	$26,000	$7.67	5d	1	0.90mi
3100 N Ocean Dr Unit H-Ph 6 Riviera Beach, FL	2.0	3.0	3390	$38,000	$11.21	26d	1	0.90mi
3100 N Ocean Dr Unit P1903 Riviera Beach, FL	2.0	3.0	3390	$26,000	$7.67	0d	1	0.91mi
3100 N Ocean Dr Unit H-Ph3 Riviera Beach, FL	3.0	3.0	3390	$50,000	$14.75	26d	1	0.91mi
56 W 12th St Unit D West Palm Beach, FL	3.0	2.0	4760	$3,000	$0.63	5d	1	1.37mi

Listing history 27 events

1. 2026-06-21
   days on market $5,150,000 Active 97 DOM
2. 2026-06-18
   days on market $5,150,000 Active 94 DOM
3. 2026-06-17
   days on market $5,150,000 Active 93 DOM
4. 2026-06-16
   days on market $5,150,000 Active 92 DOM
5. 2026-06-15
   days on market $5,150,000 Active 91 DOM
6. 2026-06-13
   days on market $5,150,000 Active 89 DOM
7. 2026-06-09
   days on market $5,150,000 Active 85 DOM
8. 2026-06-08
   days on market $5,150,000 Active 84 DOM
9. 2026-06-07
   days on market $5,150,000 Active 83 DOM
10. 2026-06-04
    days on market $5,150,000 Active 80 DOM
11. 2026-06-03
    days on market $5,150,000 Active 79 DOM
12. 2026-06-02
    days on market $5,150,000 Active 78 DOM
13. 2026-06-01
    days on market $5,150,000 Active 77 DOM
14. 2026-05-31
    days on market $5,150,000 Active 76 DOM
15. 2026-05-12
    price $5,150,000
16. 2026-03-16
    listed $5,000,000 Active
17. 2026-02-28
    historical
18. 2026-02-06
    status Active
19. 2025-03-17
    price $6,800,000
20. 2024-10-21
    price $6,500,000
21. 2024-07-09
    price $6,750,000
22. 2024-07-09
    listed $675,000 Active
23. 2024-02-21
    soldstatus $5,150,000
24. 2022-11-10
    historical
25. 2020-02-11
    soldstatus $3,000,000
26. 1996-08-16
    soldstatus $625,000
27. 1988-11-04
    soldstatus $850,000

ⓘ 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: $85,406 · $7,117/mo
• Projected year-2 tax: $85,406 · $7,117/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 6/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 22 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: $323,916
• − Mortgage interest: −$288,480
• − Property taxes: −$85,406
• − Insurance: −$25,750
• − Repairs & maintenance: −$25,913
• − Management: −$25,913
• − Depreciation: −$149,818
• Taxable loss: −$277,364
• Est. tax savings @ 24.0%: +$66,567
• After-tax cash flow: $-112,780/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 — Palm Beach Shores

• Score: 72/100
• State rank: #326
• US rank: #5738

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Beach Shores, FL
• County: Palm Beach County · 1,438,312 people
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 30,912
• Household income: $65,063
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1838.0

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: Majority Black (64%)
• Race & ethnicity: Black 64% White 22% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Hispanic 8% Romanian 1% Italian 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 82% English-only · Spanish 8% French/Haitian/Cajun 7% 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: ▼ -153.74%
• Current HPI: 341.1761
• Rent YoY: ▼ -0.72%
• 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

+505.9% since first listed

13 events — show timeline

• 2026-05-12 Price Changed $5,150,000 MARMLS
• 2026-03-16 Listed $5,000,000 MARMLS
• 2026-02-28 Listing Removed — MARMLS
• 2026-02-06 Relisted — MARMLS
• 2025-03-17 Price Changed $6,800,000 MARMLS
• 2024-10-21 Price Changed $6,500,000 MARMLS
• 2024-07-09 Price Changed $6,750,000 MARMLS
• 2024-07-09 Listed $675,000 MARMLS
• 2024-02-21 Sold (Public Records) $5,150,000 Public Records
• 2022-11-10 Rental Removed — RMLSFL
• 2020-02-11 Sold (Public Records) $3,000,000 Public Records
• 1996-08-16 Sold (Public Records) $625,000 Public Records
• 1988-11-04 Sold (Public Records) $850,000 Public Records

Property tax history

+9.8%/yr

Latest (2025): $85,406 · +11.6% YoY. Source: county tax records.