521 48th St · West Palm Beach, FL 33407

$669,000

None bd · None ba · 1,513 sqft · MultiFamily · 35 Days on market

Built 1926 Good condition 6,826 sqft lot

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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 +23.9/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Condition / age +4.0/5.0
• Rent growth +3.3/5.0
• 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

Turnkey triplex just one block from the Intracoastal offering an incredible investment opportunity in a prime South Florida location. Freshly painted inside and out with new flooring throughout, updated kitchens and bathrooms, and hurricane impact windows for added value and peace of mind. New A/C units. Clean modern interiors with spacious layouts make this property truly move in ready and ideal for immediate rental income. Perfect for investors looking for a low maintenance property with strong income potential or an owner occupant seeking a house hack opportunity. Conveniently located near downtown, beaches, shopping, dining, and waterfront activities. Front duplex can be made into 2/1s.

Key facts

• Spacious layouts
• New a/c units
• Updated kitchens

Tags

• UPDATED KITCHENS
• HURRICANE IMPACT WINDOWS
• NEW A/C UNITS
• CLEAN MODERN INTERIORS
• SPACIOUS LAYOUTS
• LOW MAINTENANCE PROPERTY

Property features AI

Finance

• Other: Asphalt road surface; Publicly maintained road; Not waterfront
• Financial info: 3 total units; Tenants pay cable TV, electricity, sewer and water; Pets allowed (cats and dogs); 3 units in the community

Exterior

• Utilities: Public water; Public sewer; Three-phase electric; Sewer available; Water available; Three separate electric meters
• Home design: Triplex; One story; Resale property; City street frontage
• Construction: Frame construction; Stucco exterior; Concrete block (CBS) construction; Composition roof
• Exterior features: Open patio; Open porch; Patio; Porch; Back yard fencing with gate; Fenced yard

Interior

• Flooring: Tile flooring; Wood flooring; Other flooring
• Heating & cooling: Central heating; Heat pump heating; Window/wall heating; Central air conditioning; Ceiling fans; Ductless cooling; Heat pump cooling; Wall/window units
• Interior features: Satellite dish; Storm windows

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $669k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $649/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $669k).
• Recommended offer: $649k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: Northmore Elementary School (math 34% / reading 29%, grade F, #1,841 of 2,144 statewide, top 86%, 628 students, 73% FRL); John F. Kennedy Middle School (math 28% / reading 29%, grade F, #482 of 571 statewide, top 85%, 826 students, 78% 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 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-22 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; 35 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 $7,496/mo this rent would consume 150% 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 $5k of loan paydown is wiped out by about $20k 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 35 days — a 3% lower offer ($649k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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 $648,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1926 — 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. 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?
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: 1.12% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.32%
• DSCR: 1.37
• GRM: 7.4

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: -3.6%
• Equity multiple: 0.87×
• Total profit: $-24,986
• Equity at exit: $99,750

10-year hold

• IRR: 6.2%
• Equity multiple: 1.47×
• Total profit: $87,679
• Equity at exit: $57,843

Cash invested: $187,320 (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: 14.9×

Monthly cashflow live

• Estimated rent: $7,496 high
• Mortgage (P&I): −$3,508
• Tax est. 1.5%: −$836 /mo · $10,035/yr
• Insurance: −$279
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,574
• Net cashflow: $1,299

Break-even live

Break-even rent $5,852

Max offer price $669,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$7,496
Total (2 units)			$7,496

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: $167,250
• Closing costs: $20,070
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5101 Spruce Ave West Palm Beach, FL	3.0	3.0	1151	$3,100	$2.69	24d	1	0.14mi
424 51st St Unit 426 West Palm Beach, FL	3.0	2.0	1230	$3,500	$2.85	11d	1	0.16mi
5203 N Flagler Dr West Palm Beach, FL	3.0	1.5	1458	$6,000	$4.12	24d	1	0.22mi
5200 N Flagler Dr West Palm Beach, FL	2.0	2.0	1233	$3,375	$2.74	24d	2	0.26mi
5200 N Flagler Dr #2004 West Palm Beach, FL	2.0	2.0	1235	$3,800	$3.08	7d	1	0.27mi
4444 N Flagler Dr West Palm Beach, FL	2.0	2.0	1300	$4,579	$3.52	24d	1	0.29mi
401 42nd St West Palm Beach, FL	3.0	1.0	1100	$4,950	$4.50	24d	1	0.32mi
401 42nd St West Palm Beach, FL	3.0	1.0	1400	$4,950	$3.54	15d	1	0.32mi
517 55th St West Palm Beach, FL	2.0	2.0	1238	$4,550	$3.68	24d	1	0.38mi
510 56th St West Palm Beach, FL	2.0	1.0	1152	$3,800	$3.30	22d	1	0.40mi
5600 N Flagler Dr West Palm Beach, FL	1.0–3.0	2.0	1192	$4,500	$3.77	20d	8	0.42mi
5820 N Flagler Dr West Palm Beach, FL	2.0	2.0	2100	$4,750	$2.26	24d	1	0.52mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	4d	1	0.57mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	4d	1	0.57mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$4,950	$4.59	24d	1	0.57mi
619 37th St West Palm Beach, FL	3.0	2.0	1414	$3,350	$2.37	24d	1	0.57mi
701 37th St West Palm Beach, FL	3.0	2.0	1426	$3,600	$2.52	24d	1	0.60mi
406 35th St West Palm Beach, FL	3.0	2.0	1835	$8,000	$4.36	24d	1	0.72mi
636 35th St West Palm Beach, FL	3.0	2.0	1133	$3,500	$3.09	24d	1	0.73mi
306 34th St West Palm Beach, FL	2.0	1.0	1443	$4,650	$3.22	24d	1	0.78mi
3410 Poinsettia Ave West Palm Beach, FL	2.0	1.0	1257	$3,350	$2.67	11d	1	0.79mi
3415 N Flagler Dr West Palm Beach, FL	2.0	2.0	1174	$9,950	$8.48	7d	1	0.82mi
517 31st St West Palm Beach, FL	2.0	1.5	1406	$3,150	$2.24	24d	1	0.91mi
216 32nd St West Palm Beach, FL	3.0	3.0	1846	$6,200	$3.36	24d	1	0.94mi
202 32nd St West Palm Beach, FL	3.0	2.0	1636	$5,995	$3.66	24d	1	0.95mi
419 30th St West Palm Beach, FL	3.0	2.5	2104	$7,700	$3.66	24d	1	0.97mi
266 Colonial Ln Palm Beach, FL	3.0	2.5	2012	$45,000	$22.37	24d	1	0.97mi
245 30th St West Palm Beach, FL	2.0	2.0	1271	$9,000	$7.08	24d	1	0.99mi
933 30th Ct West Palm Beach, FL	3.0	1.5	1085	$3,100	$2.86	24d	1	1.03mi
230 Osceola Way Palm Beach, FL	3.0	3.0	2225	$30,000	$13.48	22d	1	1.04mi
230 Colonial Ln Palm Beach, FL	2.0	2.0	1436	$20,000	$13.93	24d	1	1.06mi
119 Seagate Rd Palm Beach, FL	3.0	3.0	1513	$45,000	$29.74	24d	1	1.16mi
411 26th St West Palm Beach, FL	3.0	3.5	1847	$6,900	$3.74	7d	1	1.22mi
2800 N Flagler Dr #404 West Palm Beach, FL	3.0	3.0	2063	$7,200	$3.49	24d	1	1.24mi
2585 Spruce Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	841	$3,225	$3.83	1d	122	1.32mi

Listing history 14 events

1. 2026-06-18
   days on market $669,000 Active 35 DOM
2. 2026-06-17
   days on market $669,000 Active 34 DOM
3. 2026-06-16
   days on market $669,000 Active 33 DOM
4. 2026-06-15
   days on market $669,000 Active 32 DOM
5. 2026-06-13
   days on market $669,000 Active 30 DOM
6. 2026-06-09
   days on market $669,000 Active 26 DOM
7. 2026-06-08
   days on market $669,000 Active 25 DOM
8. 2026-06-07
   days on market $669,000 Active 24 DOM
9. 2026-06-04
   days on market $669,000 Active 21 DOM
10. 2026-06-03
    days on market $669,000 Active 20 DOM
11. 2026-06-02
    days on market $669,000 Active 19 DOM
12. 2026-06-01
    days on market $669,000 Active 18 DOM
13. 2026-05-31
    days on market $669,000 Active 17 DOM
14. 2026-05-14
    listed $669,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 23% 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $89,952
• − Mortgage interest: −$37,474
• − Property taxes: −$10,035
• − Insurance: −$3,345
• − Repairs & maintenance: −$7,196
• − Management: −$7,196
• − Depreciation: −$19,462
• Taxable income: $5,243
• Est. tax owed @ 24.0%: −$1,258
• After-tax cash flow: $14,324/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This turnkey triplex is move-in ready with fresh paint, new flooring, and hurricane impact windows, making it ideal for immediate rental income or owner occupancy.

Value-add opportunities

• Both Landscaping and curb appeal — Enhances curb appeal and property value
• Both New flooring — Improves aesthetics and functionality
• Both New paint — Freshens the interior and exterior
• Both New A/C units — Improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal — Enhances curb appeal and property value ↑
• Both New flooring — Improves aesthetics and functionality ↑
• Both New paint — Freshens the interior and exterior ↑
• Both New A/C units — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-05-14 Listed $669,000 Beaches MLS