926 33rd St · West Palm Beach, FL 33407

$380,000

3 bd · 2.0 ba · 735 sqft · MultiFamily public records · 137 Days on market

Built 1954 5,067 sqft lot

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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).

• Cash flow +16.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• 1% rule +4.4/10.0
• 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

Listing remarks MLS

2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

Key facts

• 5,067 sq ft lot
• Built 1954
• Listed 136 days

Property features AI

Finance

• Financial info: 2 total units; Gross income: $37,200; Net operating income: $27,000; Tenants pay cable TV, electricity, gas, and water; 2 units in the community
• HOA & community: No association amenities

Exterior

• Utilities: Public water; Public sewer; Three-phase electric; Cable available; Sewer available; Water available
• Home design: Duplex; Resale property
• Construction: Mixed construction materials
• Exterior features: Composition roof; Not waterfront

Interior

• Flooring: Laminate; Tile
• Bathrooms: 2 bathrooms total
• Heating & cooling: Central electric heating; Central air conditioning (electric)
• Interior features: Laminate flooring; Tile flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $380k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $357k (6.0% below list).
• Recommended offer: $334k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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.
• Market conditions: Rents rising (+3.1%/yr); 305 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $3,571/mo this rent would consume 71% 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 $3k of loan paydown is wiped out by about $11k 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 137 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y ago; this cycle's ask is 15% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $310k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• 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 $334,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 7.04%
• Cash-on-cash: 2.66%
• DSCR: 1.12
• GRM: 8.9

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: -12.0%
• Equity multiple: 0.57×
• Total profit: $-46,240
• Equity at exit: $56,659

10-year hold

• IRR: -2.7%
• Equity multiple: 0.82×
• Total profit: $-19,625
• Equity at exit: $32,855

Cash invested: $106,400 (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: 8.9×

Monthly cashflow live

• Estimated rent: $3,571 medium
• Mortgage (P&I): −$1,993
• Tax from tax record: −$434 /mo · $5,210/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$750
• Net cashflow: $236

Break-even live

Break-even rent $3,273

Max offer price $380,000

Occupancy floor 88%

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2585 Spruce Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	841	$3,225	$3.83	1d	122	0.75mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	998	$4,250	$4.26	24d	3	1.27mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	998	$4,250	$4.26	18d	4	1.27mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	1125	$4,500	$4.00	2d	7	1.27mi

Listing history 39 events

1. 2026-06-18
   days on market $380,000 Active 137 DOM
2. 2026-06-17
   days on market $380,000 Active 136 DOM
3. 2026-06-16
   days on market $380,000 Active 135 DOM
4. 2026-06-15
   days on market $380,000 Active 134 DOM
5. 2026-06-13
   days on market $380,000 Active 132 DOM
6. 2026-06-09
   days on market $380,000 Active 128 DOM
7. 2026-06-07
   days on market $380,000 Active 126 DOM
8. 2026-06-04
   days on market $380,000 Active 123 DOM
9. 2026-06-03
   days on market $380,000 Active 122 DOM
10. 2026-06-01
    days on market $380,000 Active 120 DOM
11. 2026-05-31
    days on market $380,000 Active 119 DOM
12. 2026-02-01
    listed $380,000 Active
13. 2026-02-01
    listed $330,000 Active
14. 2026-02-01
    historical
15. 2022-11-18
    soldstatus $310,000
16. 2022-11-14
    soldstatus $310,000 Closed 341-char remark

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

17. 2022-11-14
    soldstatus $310,000 Closed

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

18. 2022-08-31
    historical Active Under Contract 341-char remark

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

19. 2022-08-31
    historical Active Under Contract

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

20. 2022-06-23
    status Active 341-char remark

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

21. 2022-06-23
    status Active

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

22. 2022-06-06
    status Pending 341-char remark

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

23. 2022-06-06
    status Pending

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

24. 2022-01-21
    price $330,000 341-char remark

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

25. 2022-01-21
    price $330,000

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

26. 2021-12-26
    listed $362,500 Active 341-char remark

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

27. 2021-12-26
    listed $362,500 Active

    Show marketing remark (341 chars)

    2 great units in West Palm Beach. Located in the Northwood area, this property is ready for its new owners. The front house is a 2/1, rear unit is a 1/1. 2/1 has a lease starting June 1st for $1800. Rear is rented for $1075 and can be given 45 day notice. All measurements and details are approximate and should be independently verified.

28. 2014-01-10
    soldstatus $70,000
29. 2013-10-02
    soldstatus $31,000
30. 2013-09-27
    soldstatus $31,000 Closed
31. 2013-06-24
    status Pending
32. 2013-06-03
    price $35,000 Price Change
33. 2013-04-29
    listed $47,000 New
34. 2013-04-29
    historical
35. 2013-04-06
    listed $55,900 New
36. 2003-11-06
    soldstatus $114,000
37. 2000-04-14
    soldstatus $37,000
38. 2000-04-06
    historical
39. 2000-03-01
    listed $40,000

ⓘ 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: $5,210 · $434/mo
• Projected year-2 tax: $5,210 · $434/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 ≥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: $42,852
• − Mortgage interest: −$21,286
• − Property taxes: −$5,210
• − Insurance: −$1,900
• − Repairs & maintenance: −$3,428
• − Management: −$3,428
• − Depreciation: −$11,055
• Taxable loss: −$3,455
• Est. tax savings @ 24.0%: +$829
• After-tax cash flow: $3,659/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

+725.0% since first listed

28 events — show timeline

• 2026-02-01 Listing Removed — Beaches MLS
• 2026-02-01 Listed $330,000 Beaches MLS
• 2026-02-01 Listed $380,000 Beaches MLS
• 2022-11-18 Sold (Public Records) $310,000 Public Records
• 2022-11-14 Sold (MLS) $310,000 Beaches MLS
• 2022-11-14 Sold (MLS) $310,000 Beaches MLS
• 2022-08-31 Contingent — Beaches MLS
• 2022-08-31 Contingent — Beaches MLS
• 2022-06-23 Relisted — Beaches MLS
• 2022-06-23 Relisted — Beaches MLS
• 2022-06-06 Pending — Beaches MLS
• 2022-06-06 Pending — Beaches MLS
• 2022-01-21 Price Changed $330,000 Beaches MLS
• 2022-01-21 Price Changed $330,000 Beaches MLS
• 2021-12-26 Listed $362,500 Beaches MLS
• 2021-12-26 Listed $362,500 Beaches MLS
• 2014-01-10 Sold (Public Records) $70,000 Public Records
• 2013-10-02 Sold (Public Records) $31,000 Public Records
• 2013-09-27 Sold (MLS) $31,000 Beaches MLS
• 2013-06-24 Pending — Beaches MLS
• 2013-06-03 Price Changed $35,000 Beaches MLS
• 2013-04-29 Listed $47,000 Beaches MLS
• 2013-04-29 Listing Removed — Beaches MLS
• 2013-04-06 Listed $55,900 Beaches MLS
• 2003-11-06 Sold (Public Records) $114,000 Public Records
• 2000-04-14 Sold (MLS) $37,000 Beaches MLS
• 2000-04-06 Listing Removed — Beaches MLS
• 2000-03-01 Listed $40,000 Beaches MLS

Property tax history

+13.1%/yr

Latest (2025): $5,210 · -1.5% YoY. Source: county tax records.