3804 Miller Ave · West Palm Beach, FL 33405

$655,000

2 bd · 1.0 ba · 948 sqft · MultiFamily public records · 75 Days on market

Built 1930 8,712 sqft lot

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Why this score? — see what drove the F 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 +7.6/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.7/10.0
• 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

Built in 1930, the property totals 1,578 gross square feet and is situated on a 0.20-acre lot. The building is of wood frame construction and features window unit air conditioning throughout. The unit mix consists of two one-bedroom/one-bathroom units and one three-bedroom/two-bathroom unit, providing a balanced combination of smaller and larger floorplans that appeal to a diverse tenant base. The low-density layout and larger lot size offer a more residential setting with potential for outdoor space enhancements. The property is ideally located in central West Palm Beach, with convenient access to Downtown West Palm Beach, I-95, and Palm Beach International Airport, as well as nearby emplo

Key facts

• Larger lot size
• 8,712 sq ft lot
• Built 1930

Tags

• WOOD FRAME CONSTRUCTION
• WINDOW UNIT AIR CONDITIONING
• LARGER LOT SIZE
• CONVENIENT ACCESS TO DOWNTOWN
• PROXIMITY TO LOCAL RETAIL

Property features AI

Finance

• Financial info: Three-unit building; Tenants pay cable TV and electricity; Pets allowed (restrictions possible)

Exterior

• Utilities: Public water; Public sewer; Cable available; Electricity available; Three separate electric meters
• Home design: Triplex; Single-story
• Construction: Frame construction; Built as owner-listed (building area source indicated by owner)
• Exterior features: Not waterfront; Shingle roof

Interior

• Flooring: Tile
• Heating & cooling: Window/wall heating; Wall/window cooling units
• Interior features: Tile flooring; Single-hung metal windows

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $655k.

Deal economics

• At list price, monthly cash flow is $-780 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $517k (21.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $460k (29.8% below list).
• Recommended offer: $460k (29.8% below list) — sets the bar for 1% rule.
• Cap rate 4.9% vs local median 3.8% in West Palm Beach — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Palmetto Elementary School (math 34% / reading 40%, grade F, #1,609 of 2,144 statewide, top 77%, 537 students, 82% FRL); Forest Hill Community High School (math 20% / reading 41%, grade F, #434 of 667 statewide, top 66%, 2,407 students, 66% 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 34% at this address vs 50% district-wide (-16 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 (+3.4%/yr); 212 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $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 75 days — a 6% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $236k; list at $655k implies a 178% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• 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 $459,800 (29.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 0.70% ✗
• Cap rate: 4.86%
• Cash-on-cash: -5.11%
• DSCR: 0.77
• GRM: 11.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.44% rent growth · sell at horizon

5-year hold

• IRR: -24.5%
• Equity multiple: 0.16×
• Total profit: $-153,797
• Equity at exit: $97,663

10-year hold

• IRR: -18.9%
• Equity multiple: -0.03×
• Total profit: $-189,461
• Equity at exit: $56,632

Cash invested: $183,400 (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 33405

• Rents YoY: 3.4%
• Active inventory: 212
• Price-to-rent: 28.2×

Monthly cashflow live

• Estimated rent: $4,598 medium
• Mortgage (P&I): −$3,435
• Tax from tax record: −$705 /mo · $8,460/yr
• Insurance: −$273
• HOA: −$0
• Vacancy / Maint / Mgmt: −$966
• Net cashflow: $-780

Break-even live

Break-even rent $5,586

Max offer price $517,142

Occupancy floor —

Sensitivity live

Price	-10% $-410	-5% $-595	+0% $-780	+5% $-966	+10% $-1,151
Rent	-10% $-1,144	-5% $-962	+0% $-780	+5% $-599	+10% $-417
Rate	-1.0pp $-451	-0.5pp $-614	base $-780	+0.5pp $-950	+1.0pp $-1,123

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,936
1× unit	3	2	$2,662
Total (2 units)			$4,598

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: $163,750
• Closing costs: $19,650
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3331 Lake Ave West Palm Beach, FL	2.0	1.0	775	$3,500	$4.52	24d	1	0.40mi
3111 S Dixie Hwy West Palm Beach, FL	3.0	1.0–2.0	1024	$4,197	$4.10	5d	17	0.59mi
733 Green St West Palm Beach, FL	2.0	1.0	1116	$3,400	$3.05	3d	1	0.61mi
240 Almeria Rd West Palm Beach, FL	3.0	3.0	1092	$9,000	$8.24	4d	1	0.86mi
727 Bunker Rd West Palm Beach, FL	3.0	1.0	875	$3,200	$3.66	21d	1	0.86mi
904 Ortega Rd West Palm Beach, FL	3.0	1.0	910	$3,500	$3.85	5d	1	0.94mi
1801 S Flagler Dr #1104 West Palm Beach, FL	2.0	2.0	1086	$3,850	$3.55	24d	1	1.46mi
1801 S Flagler Dr #11 West Palm Beach, FL	1.0	1.5	1075	$6,500	$6.05	24d	1	1.46mi
1713 Florida Ave Unit A2 West Palm Beach, FL	2.0	1.0	888	$3,500	$3.94	24d	1	1.46mi
1050 Blanche St West Palm Beach, FL	2.0	1.0–2.0	740	$3,374	$4.56	3d	8	1.48mi
802 Lytle St West Palm Beach, FL	2.0	2.0	832	$4,000	$4.81	3d	1	1.49mi

Listing history 32 events

1. 2026-06-18
   days on market $655,000 Active 75 DOM
2. 2026-06-17
   days on market $655,000 Active 74 DOM
3. 2026-06-16
   days on market $655,000 Active 73 DOM
4. 2026-06-15
   days on market $655,000 Active 72 DOM
5. 2026-06-13
   days on market $655,000 Active 70 DOM
6. 2026-06-09
   days on market $655,000 Active 66 DOM
7. 2026-06-08
   days on market $655,000 Active 65 DOM
8. 2026-06-07
   days on market $655,000 Active 64 DOM
9. 2026-06-04
   days on market $655,000 Active 61 DOM
10. 2026-06-03
    days on market $655,000 Active 60 DOM
11. 2026-06-02
    days on market $655,000 Active 59 DOM
12. 2026-06-01
    days on market $655,000 Active 58 DOM
13. 2026-05-31
    days on market $655,000 Active 57 DOM
14. 2026-04-03
    listed $655,000 Active
15. 2024-03-19
    historical $1,450
16. 2024-03-12
    price $1,450
17. 2024-02-21
    listed $1,475
18. 2023-08-22
    historical $1,550
19. 2023-08-03
    listed $1,550
20. 2019-12-16
    soldstatus $236,000
21. 2013-07-18
    historical
22. 2013-05-14
    soldstatus $60,000
23. 2013-01-17
    listed Contingent
24. 2007-05-10
    soldstatus $349,000
25. 2005-04-14
    soldstatus $235,000
26. 2004-05-12
    soldstatus $165,000
27. 2000-11-29
    soldstatus $69,000
28. 2000-11-29
    soldstatus $110,000
29. 1997-09-24
    soldstatus $40,000
30. 1992-05-05
    soldstatus $18,666
31. 1991-11-15
    soldstatus $46,000
32. 1991-07-18
    soldstatus $44,000

ⓘ 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: $8,460 · $705/mo
• Projected year-2 tax: $8,460 · $705/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: $55,176
• − Mortgage interest: −$36,690
• − Property taxes: −$8,460
• − Insurance: −$3,275
• − Repairs & maintenance: −$4,414
• − Management: −$4,414
• − Depreciation: −$19,055
• Taxable loss: −$21,132
• Est. tax savings @ 24.0%: +$5,072
• After-tax cash flow: $-4,293/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): 19,780
• Household income: $87,341
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 1055.0

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: Majority Hispanic (51%)
• Race & ethnicity: Hispanic / Latino 51% White 44% Two or more races 24% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 5% Cuban 17% Dominican 2%
• Common ancestry: Scotch-Irish 2% Slovak 2% Romanian 2%
• Foreign-born: 37% · Canada, Guatemala, Jamaica
• Languages at home: 50% English-only · Spanish 44% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -662.68%
• Current HPI: 509.781
• Rent YoY: ▲ 3.44%
• 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

+1388.6% since first listed

19 events — show timeline

• 2026-04-03 Listed $655,000 Beaches MLS
• 2024-03-19 Rental Removed $1,450 RMLSFL
• 2024-03-12 Price Changed $1,450 RMLSFL
• 2024-02-21 Listed for Rent $1,475 RMLSFL
• 2023-08-22 Rental Removed $1,550 RMLSFL
• 2023-08-03 Listed for Rent $1,550 RMLSFL
• 2019-12-16 Sold (Public Records) $236,000 Public Records
• 2013-07-18 Listing Removed — Beaches MLS
• 2013-05-14 Sold (Public Records) $60,000 Public Records
• 2013-01-17 Listed — Beaches MLS
• 2007-05-10 Sold (Public Records) $349,000 Public Records
• 2005-04-14 Sold (Public Records) $235,000 Public Records
• 2004-05-12 Sold (Public Records) $165,000 Public Records
• 2000-11-29 Sold (Public Records) $110,000 Public Records
• 2000-11-29 Sold (Public Records) $69,000 Public Records
• 1997-09-24 Sold (Public Records) $40,000 Public Records
• 1992-05-05 Sold (Public Records) $18,666 Public Records
• 1991-11-15 Sold (Public Records) $46,000 Public Records
• 1991-07-18 Sold (Public Records) $44,000 Public Records

Property tax history

+10.5%/yr

Latest (2025): $8,460 · +10.1% YoY. Source: county tax records.