405 W Executive Center Dr #208 · West Palm Beach, FL 33401

$189,000

2 bd · 2.0 ba · 925 sqft · Condo public records · 363 Days on market

Built 1971 $467/mo HOA · 13% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special 2/2 condo Tile throughout. Property close to outlets restaurants and 95

Key facts

• Laundry facilities
• Great amenities
• Second floor condo

Tags

• SECOND FLOOR CONDO
• WALK-IN CLOSET
• NEW A/C
• LAUNDRY FACILITIES
• GREAT AMENITIES
• NO RENTAL RESTRICTIONS

Property features AI

Finance

• Other: Pets allowed (restrictions possible)
• Financial info: Condominium resale
• HOA & community: Monthly association fee (amount provided separately); Association amenities include laundry, management, picnic area, pool, tennis courts, and on-site manager; Association fee covers grounds maintenance, trash, and water

Exterior

• Parking: Parking details not provided
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Sewer available; Water available
• Home design: Condominium; Two-story building; Faces north
• Construction: CBS construction
• Exterior features: Not waterfront; No waterfront features

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: One bedroom on the main level
• Flooring: Ceramic tile
• Bathrooms: Two bathrooms (one full bath on the main level)
• Heating & cooling: Central electric heating; Central electric air conditioning
• Interior features: No built-in interior features listed; Unfurnished
• Laundry & utility: On-site laundry available (community amenity)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $189k.

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 ($4k rent vs $189k).
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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: Westward Elementary School (math 30% / reading 29%, grade F, #1,896 of 2,144 statewide, top 90%, 500 students, 81% FRL); Bear Lakes Middle School (math 19% / reading 33%, grade F, #506 of 571 statewide, top 89%, 842 students, 74% 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 75% FRL vs 52% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 50% district-wide (-24 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 fast (+5.2%/yr); 506 active listings in the ZIP; 37 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 5.2% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 363 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask is 10034% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $94k; list at $189k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 363 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 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.95% ✓
• Cap rate: 13.17%
• Cash-on-cash: 24.57%
• DSCR: 2.09
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 21.0%
• Equity multiple: 1.89×
• Total profit: $46,908
• Equity at exit: $28,181

10-year hold

• IRR: 30.9%
• Equity multiple: 4.14×
• Total profit: $166,156
• Equity at exit: $16,341

Cash invested: $52,920 (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 33401

• Rents YoY: 5.2%
• Active inventory: 506
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $3,685 high
• Mortgage (P&I): −$991
• Tax from tax record: −$290 /mo · $3,486/yr
• Insurance: −$79
• HOA: −$467
• Vacancy / Maint / Mgmt: −$774
• Net cashflow: $1,084

Break-even live

Break-even rent $2,313

Max offer price $189,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,191	-5% $1,137	+0% $1,084	+5% $1,030	+10% $977
Rent	-10% $793	-5% $938	+0% $1,084	+5% $1,229	+10% $1,375
Rate	-1.0pp $1,179	-0.5pp $1,132	base $1,084	+0.5pp $1,035	+1.0pp $985

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
290 Courtney Lakes Cir West Palm Beach, FL	1.0–3.0	1.0–2.0	1069	$2,705	$2.53	20d	19	0.40mi
300 S Australian Ave #328 West Palm Beach, FL	1.0	1.0	846	$4,050	$4.79	21d	1	0.93mi
300 S Australian Ave #1608 West Palm Beach, FL	2.0	2.0	1085	$6,000	$5.53	25d	1	0.93mi
201 Clearwater Dr West Palm Beach, FL	2.0	1.0–2.0	727	$4,653	$6.40	25d	19	0.96mi
201 Clearwater Dr West Palm Beach, FL	2.0	1.0–2.0	731	$6,632	$9.07	11d	16	0.96mi
616 Clearwater Park Rd West Palm Beach, FL	2.0	2.0	1090	$3,348	$3.07	14d	2	1.01mi
616 Clearwater Park Rd West Palm Beach, FL	2.0	2.0	1090	$3,248	$2.98	12d	3	1.01mi
616 Clearwater Park Rd West Palm Beach, FL	2.0	2.0	1112	$3,348	$3.01	6d	2	1.01mi
616 Clearwater Park Rd West Palm Beach, FL	2.0	2.0	1130	$3,245	$2.87	3d	3	1.01mi
616 Clearwater Park Rd Unit Lp01 West Palm Beach, FL	2.0	2.0	1112	$3,495	$3.14	25d	1	1.03mi
1500 Centrepark Blvd West Palm Beach, FL	2.0	1.0–2.0	862	$3,015	$3.50	0d	18	1.23mi
921 8th St West Palm Beach, FL	3.0	1.0	1000	$3,395	$3.40	25d	1	1.26mi
630 S Sapodilla Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	948	$3,950	$4.17	25d	2	1.28mi
630 S Sapodilla Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	948	$3,950	$4.17	18d	3	1.28mi
720 S Sapodilla Ave #502 West Palm Beach, FL	2.0	2.0	1120	$3,750	$3.35	25d	1	1.29mi
780 S Sapodilla Ave West Palm Beach, FL	2.0	2.0	1120	$5,125	$4.58	8d	2	1.30mi
1050 Blanche St West Palm Beach, FL	2.0	1.0–2.0	740	$3,374	$4.56	3d	8	1.32mi
609 2nd St West Palm Beach, FL	2.0	2.0	978	$3,015	$3.08	19d	1	1.34mi
609 2nd St West Palm Beach, FL	2.0	2.0	978	$3,325	$3.40	3d	1	1.34mi
609 2nd St West Palm Beach, FL	2.0	2.0	1063	$3,240	$3.05	25d	1	1.34mi
591 Evernia St West Palm Beach, FL	2.0	1.0–2.0	943	$6,321	$6.70	0d	25	1.35mi
651 Okeechobee Blvd West Palm Beach, FL	2.0	2.0–2.5	1050	$3,375	$3.21	25d	3	1.36mi
651 Okeechobee Blvd Unit 651 West Palm Beach, FL	2.0	2.0	1040	$3,000	$2.88	17d	1	1.36mi
651 Okeechobee Blvd West Palm Beach, FL	1.0–2.0	1.0–2.5	887	$5,000	$5.63	14d	5	1.36mi
651 Okeechobee Blvd West Palm Beach, FL	2.0	2.0–2.5	1050	$3,500	$3.33	22d	2	1.36mi
651 Okeechobee Blvd West Palm Beach, FL	2.0	2.0–2.5	1078	$3,998	$3.71	2d	6	1.36mi
651 Okeechobee Blvd West Palm Beach, FL	2.0	2.0–2.5	1050	$4,050	$3.86	2d	5	1.36mi
550 Okeechobee Blvd Unit Uph-03 West Palm Beach, FL	2.0	2.0	1120	$8,000	$7.14	25d	1	1.47mi
1991 Presidential Way West Palm Beach, FL	1.0	1.0	827	$3,427	$4.14	8d	1	1.48mi
550 Okeechobee Blvd #1409 West Palm Beach, FL	2.0	2.0	1120	$10,000	$8.93	25d	1	1.48mi
550 Okeechobee Blvd #1407 West Palm Beach, FL	2.0	2.0	1120	$4,250	$3.79	25d	1	1.48mi
550 Okeechobee Blvd #612 West Palm Beach, FL	1.0	1.0	755	$5,000	$6.62	25d	1	1.48mi
550 Okeechobee Blvd #504 West Palm Beach, FL	2.0	2.0	1120	$3,700	$3.30	25d	1	1.48mi
550 Okeechobee Blvd #1605 West Palm Beach, FL	2.0	2.0	1120	$4,000	$3.57	5d	1	1.48mi
550 Okeechobee Blvd Unit Mph-16 West Palm Beach, FL	1.0	1.0	755	$4,800	$6.36	8d	1	1.49mi
550 Okeechobee Blvd Unit Lph-06 West Palm Beach, FL	2.0	2.0	1120	$8,800	$7.86	25d	1	1.49mi
550 Okeechobee Blvd Unit Mph-16 West Palm Beach, FL	1.0	1.0	755	$4,800	$6.36	25d	1	1.49mi

HOA detail condo

• Monthly dues: $467 · $5,604/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-04
   days on market $189,000 Active 363 DOM
2. 2026-06-03
   days on market $189,000 Active 362 DOM
3. 2026-06-01
   days on market $189,000 Active 360 DOM
4. 2026-05-31
   days on market $189,000 Active 359 DOM
5. 2026-04-30
   listed $1,865
6. 2026-04-09
   price $189,000
7. 2025-06-06
   listed $198,000 Active
8. 2025-03-28
   historical $1,800
9. 2025-01-28
   price $1,800
10. 2025-01-10
    price $1,850
11. 2025-01-10
    price $1,875
12. 2025-01-09
    price $1,850
13. 2024-12-20
    historical
14. 2024-12-06
    listed $1,875
15. 2024-11-22
    listed $210,000 Active
16. 2019-12-27
    soldstatus $93,500
17. 2019-12-19
    soldstatus $93,500 Closed 90-char remark

    Show marketing remark (90 chars)

    Investor Special 2/2 condo Tile throughout. Property close to outlets restaurants and 95

18. 2019-11-27
    status Pending 90-char remark

    Show marketing remark (90 chars)

    Investor Special 2/2 condo Tile throughout. Property close to outlets restaurants and 95

19. 2019-11-21
    listed $93,500 Active 90-char remark

    Show marketing remark (90 chars)

    Investor Special 2/2 condo Tile throughout. Property close to outlets restaurants and 95

ⓘ 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: $3,486 · $290/mo
• Projected year-2 tax: $3,486 · $290/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 · 26 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: $44,217
• − Mortgage interest: −$10,587
• − Property taxes: −$3,486
• − Insurance: −$945
• − Repairs & maintenance: −$3,537
• − Management: −$3,537
• − HOA: −$5,604
• − Depreciation: −$5,498
• Taxable income: $11,023
• Est. tax owed @ 24.0%: −$2,645
• After-tax cash flow: $10,358/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): 33,698
• Household income: $67,967
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 2953.0

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 0.68)
• Race & ethnicity: White 43% Black 32% Hispanic / Latino 17% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 3%
• Common ancestry: Hispanic 6% Slovak 2% Romanian 2%
• Foreign-born: 26% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 13% French/Haitian/Cajun 7% Other Asian/Pacific 2%

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: ▼ -324.96%
• Current HPI: 367.0978
• Rent YoY: ▲ 5.15%
• 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

-98.0% since first listed

15 events — show timeline

• 2026-04-30 Listed for Rent $1,865 GFLMLS
• 2026-04-09 Price Changed $189,000 Beaches MLS
• 2025-06-06 Listed $198,000 Beaches MLS
• 2025-03-28 Rental Removed $1,800 RMLSFL
• 2025-01-28 Price Changed $1,800 RMLSFL
• 2025-01-10 Price Changed $1,850 RMLSFL
• 2025-01-10 Price Changed $1,875 RMLSFL
• 2025-01-09 Price Changed $1,850 RMLSFL
• 2024-12-20 Listing Removed — Beaches MLS
• 2024-12-06 Listed for Rent $1,875 RMLSFL
• 2024-11-22 Listed $210,000 Beaches MLS
• 2019-12-27 Sold (Public Records) $93,500 Public Records
• 2019-12-19 Sold (MLS) $93,500 Beaches MLS
• 2019-11-27 Pending — Beaches MLS
• 2019-11-21 Listed $93,500 Beaches MLS

Property tax history

+12.8%/yr

Latest (2025): $3,486 · +14.6% YoY. Source: county tax records.