536 22nd St · West Palm Beach, FL 33407

$350,000

None bd · 1.0 ba · 864 sqft · MultiFamily public records · 45 Days on market

Built 1936 8,231 sqft lot ↓ 11% since listing

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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 +19.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.4/10.0
• 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 (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

Rare redevelopment opportunity in the rapidly evolving Pleasant City/Northwood corridor. Property includes a rear CBS structure 2BR/ 1BA , front wood frame house. Ideal for investors or developers seeking new construction project. No income, structures require renovation. Development potential. Buyer to verify density, setbacks, and allowable unit count with the City of West Palm Beach Planning Division. Surrounded by ongoing redevelopment and growth with easy access to US-1, the intracoastal and downtown West Palm Beach. Sold AS-IS Cash buyers preferred.

Key facts

• Easy access to us-1
• Rear cbs structure
• 8,231 sq ft lot

Tags

• REDEVELOPMENT OPPORTUNITY
• REAR CBS STRUCTURE
• FRONT WOOD FRAME HOUSE
• DEVELOPMENT POTENTIAL
• EASY ACCESS TO US-1

Property features AI

Finance

• Other: Resale condition
• Financial info: No land lease

Exterior

• Parking: Driveway with space for 1 vehicle
• Utilities: Public water; Public sewer; Electricity available; Water available; Sewer available
• Home design: Single family residence; One story; North-facing
• Construction: Wood frame construction; Other roof type; No foundation details specified; Built area approximately 960 total, living area approximately 864
• Exterior features: Fruit trees on the property; Other detached or additional structures present; Paved public-maintained road frontage; Not waterfront

Interior

• Bedrooms: No main-level bedrooms reported
• Flooring: Other flooring
• Bathrooms: No main-level bathrooms reported
• Interior features: No notable interior features specified; Unfurnished

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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: Pleasant City Elementary School (math 27% / reading 27%, grade F, #1,969 of 2,144 statewide, top 94%, 330 students, 94% 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 82% FRL vs 52% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 50% district-wide (-25 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); 305 active listings in the ZIP; 36 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 $3,625/mo this rent would consume 73% 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 $2k of loan paydown is wiped out by about $10k 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 45 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1936 — 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 $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.19%
• DSCR: 1.23
• GRM: 8.0

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: -8.1%
• Equity multiple: 0.70×
• Total profit: $-29,338
• Equity at exit: $52,186

10-year hold

• IRR: 1.5%
• Equity multiple: 1.11×
• Total profit: $10,717
• Equity at exit: $30,262

Cash invested: $98,000 (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 33407

• Rents YoY: 3.1%
• Active inventory: 305
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,625 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$459 /mo · $5,503/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $424

Break-even live

Break-even rent $3,088

Max offer price $350,000

Occupancy floor 83%

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 36 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	0.18mi
1104 State St Unit C West Palm Beach, FL	3.0	1.0	875	$3,000	$3.43	24d	1	0.44mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	998	$4,250	$4.26	24d	3	0.51mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	1125	$4,500	$4.00	1d	7	0.51mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	998	$4,250	$4.26	18d	4	0.51mi
1803 N Flagler Dr #310 West Palm Beach, FL	2.0	1.0	995	$3,000	$3.02	18d	1	0.53mi
823 14th St West Palm Beach, FL	3.0	1.0	1000	$3,495	$3.50	24d	1	0.53mi
415 32nd St Unit 1 West Palm Beach, FL	1.0	1.0	700	$3,600	$5.14	24d	1	0.64mi
933 30th Ct West Palm Beach, FL	3.0	1.5	1085	$3,100	$2.86	24d	1	0.66mi
932 31st St West Palm Beach, FL	3.0	2.0	850	$3,000	$3.53	24d	1	0.68mi
921 8th St West Palm Beach, FL	3.0	1.0	1000	$3,395	$3.40	24d	1	0.93mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	3d	1	0.95mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	4d	1	0.95mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$4,950	$4.59	24d	1	0.95mi
917 N Flagler Dr #311 West Palm Beach, FL	2.0	2.0	968	$3,000	$3.10	24d	1	0.99mi
740 N Dixie Hwy West Palm Beach, FL	1.0	1.0	679	$3,187	$4.69	1d	5	1.02mi
805 N Olive Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	852	$3,704	$4.35	3d	15	1.07mi
401 42nd St West Palm Beach, FL	3.0	1.0	1100	$4,950	$4.50	24d	1	1.18mi
250 Bradley Pl Palm Beach, FL	1.0–3.0	1.0–2.5	1265	$17,550	$13.87	18d	3	1.19mi
4444 N Flagler Dr Unit 4334-2008 West Palm Beach, FL	1.0	1.0	885	$4,150	$4.69	24d	1	1.25mi
4444 N Flagler Dr Unit 4444-306 West Palm Beach, FL	1.0	1.0	925	$3,395	$3.67	24d	1	1.25mi
609 2nd St West Palm Beach, FL	2.0	2.0	978	$3,325	$3.40	2d	1	1.25mi
609 2nd St West Palm Beach, FL	2.0	2.0	1063	$3,240	$3.05	24d	1	1.25mi
609 2nd St West Palm Beach, FL	2.0	2.0	978	$3,015	$3.08	18d	1	1.25mi
4444 N Flagler Dr West Palm Beach, FL	1.0	1.0	765	$5,263	$6.88	16d	1	1.26mi
4444 N Flagler Dr West Palm Beach, FL	1.0	1.0	765	$4,613	$6.03	2d	1	1.26mi
223 Atlantic Ave Unit 4e Palm Beach, FL	2.0	2.0	804	$6,900	$8.58	24d	1	1.32mi
345 Banyan Blvd West Palm Beach, FL	3.0	1.0–2.0	1023	$5,437	$5.31	1d	19	1.35mi
251 Oleander Ave #1 Palm Beach, FL	1.0	1.5	664	$4,250	$6.40	3d	1	1.37mi
251 Oleander Ave #1 Palm Beach, FL	1.0	1.5	664	$4,250	$6.40	24d	1	1.37mi
290 N Olive Ave West Palm Beach, FL	2.0	1.0–2.0	870	$5,061	$5.81	1d	20	1.37mi
253 Park Ave Unit 2 Palm Beach, FL	2.0	1.0	1058	$6,900	$6.52	24d	1	1.39mi
101 N Clematis St West Palm Beach, FL	1.0–4.0	1.5–4.5	1906	$12,400	$6.50	24d	2	1.43mi
235 Sunrise Ave Palm Beach, FL	2.0	1.0–2.0	835	$8,500	$10.17	22d	4	1.44mi
235 Sunrise Ave Palm Beach, FL	2.0	1.0–2.0	835	$8,500	$10.17	7d	5	1.44mi
235 Sunrise Ave Palm Beach, FL	1.0–2.0	1.0–2.0	980	$8,500	$8.67	24d	3	1.44mi

Listing history 15 events

1. 2026-06-18
   days on market $350,000 Active 45 DOM
2. 2026-06-17
   days on market $350,000 Active 44 DOM
3. 2026-06-16
   days on market $350,000 Active 43 DOM
4. 2026-06-15
   days on market $350,000 Active 42 DOM
5. 2026-06-13
   days on market $350,000 Active 40 DOM
6. 2026-06-09
   days on market $350,000 Active 36 DOM
7. 2026-06-08
   days on market $350,000 Active 35 DOM
8. 2026-06-07
   statusdays on market $350,000 Active 34 DOM
9. 2026-06-04
   days on market $350,000 Active Under Contract 31 DOM
10. 2026-06-03
    days on market $350,000 Active Under Contract 30 DOM
11. 2026-06-02
    days on market $350,000 Active Under Contract 29 DOM
12. 2026-06-01
    days on market $350,000 Active Under Contract 28 DOM
13. 2026-05-31
    statusdays on market $350,000 Active Under Contract 27 DOM
14. 2026-05-18
    price $350,000
15. 2026-05-04
    listed $395,000 Active

ⓘ 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: $5,503 · $459/mo
• Projected year-2 tax: $5,503 · $459/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: $43,505
• − Mortgage interest: −$19,605
• − Property taxes: −$5,503
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,480
• − Management: −$3,480
• − Depreciation: −$10,182
• Taxable loss: −$496
• Est. tax savings @ 24.0%: +$119
• After-tax cash flow: $5,209/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

-11.4% since first listed

2 events — show timeline

• 2026-05-18 Price Changed $350,000 Beaches MLS
• 2026-05-04 Listed $395,000 Beaches MLS

Property tax history

+7.2%/yr

Latest (2025): $5,503 · +9.3% YoY. Source: county tax records.