646 Bayberry Dr · Lake Park, FL 33403

$430,000

None bd · 2.0 ba · 1,430 sqft · MultiFamily public records · 59 Days on market

Built 1958 10,477 sqft lot

---

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 +23.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.1/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-maintained duplex featuring two spacious 2-bedroom, 1-bath units, each offering comfortable living and great functionality. The property boasts ample parking and a large backyard—perfect for outdoor enjoyment or added value potential. A brand-new roof (2026) provides peace of mind for years to come. One unit is currently tenant-occupied through January 2027, making this an excellent opportunity for investors seeking immediate rental income while maintaining flexibility for future use.

Key facts

• Brand new roof
• Ample parking
• Large backyard

Tags

• AMPLE PARKING
• LARGE BACKYARD
• BRAND NEW ROOF

Property features AI

Finance

• Financial info: Two total units; Tenants pay electricity and water; Pets allowed with no restrictions

Exterior

• Utilities: Public water; Public sewer; Cable available; Two separate electric meters; Two separate water meters
• Home design: Duplex; One-story; Resale property
• Construction: Stucco/CBS construction; Other roof type; Building area approximately 1,594 total; living area approximately 1,430; Built as a single-story structure
• Exterior features: Open patio and open porch

Interior

• Bedrooms: Duplex with two units (total 2 units)
• Flooring: Ceramic tile and tile
• Heating & cooling: Electric heating with separate meters; Ceiling fans; Wall/window air conditioning units
• Interior features: Satellite dish; Ceramic tile and tile flooring

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $776 ($9k/yr) — positive. Per door: $388/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $430k).
• Recommended offer: $417k (3.0% 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; 34 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 $4,776/mo this rent would consume 81% 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 $3k of loan paydown is wiped out by about $13k 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 $120k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($417k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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 $330k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1958 — 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 $417,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% 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 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.11% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.73%
• DSCR: 1.34
• GRM: 7.5

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-5,496
• Equity at exit: $64,114

10-year hold

• IRR: 11.5%
• Equity multiple: 2.02×
• Total profit: $123,280
• Equity at exit: $37,179

Cash invested: $120,400 (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 33403

• Home prices YoY: -19.6%
• Rents YoY: 6.0%
• Active inventory: 134
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $4,776 medium
• Mortgage (P&I): −$2,255
• Tax from tax record: −$563 /mo · $6,760/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,003
• Net cashflow: $776

Break-even live

Break-even rent $3,794

Max offer price $430,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,776
Total (2 units)			$4,776

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Rent comps 34 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	24d	1	0.20mi
855 Date Palm Dr West Palm Beach, FL	3.0	3.0	1216	$3,150	$2.59	24d	1	0.32mi
520 W 28th St Riviera Beach, FL	3.0	1.0	1296	$6,000	$4.63	2d	1	0.63mi
301 Hawthorne Dr West Palm Beach, FL	3.0	2.0	1402	$3,200	$2.28	24d	1	0.64mi
220 Lake Shore Dr Lake Park, FL	1.0–3.0	1.5–3.5	1575	$14,498	$9.20	4d	18	0.78mi
301 Lake Shore Dr #802 West Palm Beach, FL	2.0	2.0	1316	$3,000	$2.28	24d	1	0.84mi
913 Lake Shore Dr Lake Park, FL	1.0–2.0	1.0–2.0	1066	$3,731	$3.50	2d	9	0.91mi
308 Southwind Ct Unit 8 North Palm Beach, FL	2.0	2.0	1100	$2,900	$2.64	24d	1	0.99mi
1060 Lake Shore Dr #201 West Palm Beach, FL	2.0	2.0	1206	$3,850	$3.19	18d	1	1.06mi
410 Wilma Cir #103 Riviera Beach, FL	2.0	2.0	1056	$4,000	$3.79	14d	1	1.08mi
1155 Lake Shore Dr #202 West Palm Beach, FL	2.0	2.0	1206	$4,750	$3.94	24d	1	1.10mi
620 Southwind Cir Unit A North Palm Beach, FL	3.0	2.0	1697	$4,200	$2.47	24d	1	1.14mi
624 Southwind Cir Apt 4 North Palm Beach, FL	3.0	2.0	1134	$4,750	$4.19	24d	1	1.15mi
624 Southwind Cir Unit 3 North Palm Beach, FL	3.0	3.0	1316	$5,500	$4.18	24d	1	1.15mi
360 Wilma Cir #7 Riviera Beach, FL	3.0	2.0	1590	$4,500	$2.83	24d	1	1.20mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	21d	1	1.20mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	24d	1	1.20mi
2650 Lake Shore Dr #804 Riviera Beach, FL	3.0	3.5	1704	$4,500	$2.64	24d	1	1.27mi
2650 Lake Shore Dr #1203 Riviera Beach, FL	3.0	3.0	1803	$4,250	$2.36	24d	1	1.27mi
2650 Lake Shore Dr #803 Riviera Beach, FL	3.0	3.0	1800	$5,000	$2.78	24d	1	1.27mi
2650 Lake Shore Dr #1003 Riviera Beach, FL	3.0	3.0	1788	$4,200	$2.35	24d	1	1.27mi
2650 Lake Shore Dr #1001 Riviera Beach, FL	2.0	2.0	1742	$3,800	$2.18	24d	1	1.27mi
2650 Lake Shore Dr #2403 Riviera Beach, FL	3.0	3.0	1788	$6,000	$3.36	24d	1	1.27mi
2650 Lake Shore Dr #2303 Riviera Beach, FL	3.0	3.0	1537	$4,950	$3.22	24d	1	1.27mi
2640 Lake Shore Dr #1716 Riviera Beach, FL	3.0	3.0	1538	$9,500	$6.18	24d	1	1.27mi
2640 Lake Shore Dr #711 Riviera Beach, FL	3.0	3.0	1848	$5,500	$2.98	24d	1	1.27mi
2640 Lake Shore Dr #2312 Riviera Beach, FL	2.0	2.0	1818	$6,500	$3.58	24d	1	1.27mi
2640 Lake Shore Dr Riviera Beach, FL	3.0	3.0	1715	$5,500	$3.21	24d	1	1.28mi
549 Fairwind Dr North Palm Beach, FL	3.0	2.0	1498	$5,000	$3.34	24d	1	1.30mi
2545 Conroy Dr West Palm Beach, FL	3.0	2.0	1066	$3,295	$3.09	24d	1	1.31mi
522 Eastwind Dr North Palm Beach, FL	2.0	2.0	948	$3,995	$4.21	24d	1	1.32mi
517 Gulf Rd North Palm Beach, FL	3.0	2.0	1657	$5,500	$3.32	24d	1	1.39mi
1025 Sugar Sands Blvd #159 Riviera Beach, FL	1.0	1.0	987	$4,200	$4.26	24d	1	1.49mi
1030 Sugar Sands Blvd #171 Riviera Beach, FL	2.0	2.0	1143	$5,000	$4.37	24d	1	1.49mi

Listing history 17 events

1. 2026-03-28
   listed $430,000 Active
2. 2025-11-17
   listed $419,999 Active
3. 2025-11-17
   historical
4. 2025-11-16
   listed $419,999 Active
5. 2023-06-01
   soldstatus $330,000
6. 2013-08-16
   soldstatus $79,000
7. 2013-08-08
   soldstatus $79,000 Closed
8. 2013-06-22
   status Pending
9. 2013-05-17
   status Pending
10. 2013-05-03
    status Back On Market
11. 2013-04-19
    status Pending
12. 2013-03-04
    listed $79,500 Active
13. 2008-12-05
    historical
14. 2007-07-02
    soldstatus $205,000
15. 2007-05-21
    listed $210,000
16. 1993-07-07
    soldstatus $50,000
17. 1982-06-01
    soldstatus $62,000

ⓘ 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: $6,760 · $563/mo
• Projected year-2 tax: $6,760 · $563/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: $57,312
• − Mortgage interest: −$24,087
• − Property taxes: −$6,760
• − Insurance: −$2,150
• − Repairs & maintenance: −$4,585
• − Management: −$4,585
• − Depreciation: −$12,509
• Taxable income: $2,637
• Est. tax owed @ 24.0%: −$633
• After-tax cash flow: $8,674/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

+593.5% since first listed

17 events — show timeline

• 2026-03-28 Listed $430,000 Beaches MLS
• 2025-11-17 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-11-17 Listed $419,999 Stellar MLS as Distributed by MLS Grid
• 2025-11-16 Listed $419,999 Stellar MLS as Distributed by MLS Grid
• 2023-06-01 Sold (Public Records) $330,000 Public Records
• 2013-08-16 Sold (Public Records) $79,000 Public Records
• 2013-08-08 Sold (MLS) $79,000 Beaches MLS
• 2013-06-22 Pending — Beaches MLS
• 2013-05-17 Pending — Beaches MLS
• 2013-05-03 Relisted — Beaches MLS
• 2013-04-19 Pending — Beaches MLS
• 2013-03-04 Listed $79,500 Beaches MLS
• 2008-12-05 Listing Removed — Beaches MLS
• 2007-07-02 Sold (Public Records) $205,000 Public Records
• 2007-05-21 Listed $210,000 Beaches MLS
• 1993-07-07 Sold (Public Records) $50,000 Public Records
• 1982-06-01 Sold (Public Records) $62,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $6,760 · +4.1% YoY. Source: county tax records.