620 46th St · West Palm Beach, FL 33407

$350,000

2 bd · 1.0 ba · 946 sqft · SingleFamily public records · 39 Days on market

Built 1925 5,275 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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.7/10.0
• 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

Listing remarks

Perfect opportunity to be in this great area in this Palm Beach home. Home with Guest house.

Key facts

• Guest house
• 5,275 sq ft lot
• Parking

Tags

• HISTORIC NORTHWOOD AREA
• GUEST HOUSE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $521 ($6k/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 8.1% 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.
• Market conditions: Rents rising (+3.1%/yr); 305 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3,732/mo this rent would consume 75% 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 39 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y 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 $20k; list at $350k implies a 1650% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1925 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.37%
• DSCR: 1.28
• GRM: 7.8

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: -6.4%
• Equity multiple: 0.76×
• Total profit: $-23,196
• Equity at exit: $52,186

10-year hold

• IRR: 3.4%
• Equity multiple: 1.24×
• Total profit: $23,982
• 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: 7.8×

Monthly cashflow live

• Estimated rent: $3,732 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$447 /mo · $5,359/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$784
• Net cashflow: $521

Break-even live

Break-even rent $3,073

Max offer price $350,000

Occupancy floor 81%

Sensitivity live

Price	-10% $719	-5% $620	+0% $521	+5% $422	+10% $322
Rent	-10% $226	-5% $373	+0% $521	+5% $668	+10% $815
Rate	-1.0pp $697	-0.5pp $610	base $521	+0.5pp $430	+1.0pp $338

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 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 42nd St West Palm Beach, FL	3.0	1.0	1100	$4,950	$4.50	25d	1	0.29mi
4444 N Flagler Dr West Palm Beach, FL	1.0	1.0	765	$4,613	$6.03	3d	1	0.31mi
4444 N Flagler Dr West Palm Beach, FL	1.0	1.0	765	$5,263	$6.88	17d	1	0.31mi
4444 N Flagler Dr Unit 4334-2008 West Palm Beach, FL	1.0	1.0	885	$4,150	$4.69	25d	1	0.32mi
4444 N Flagler Dr Unit 4444-306 West Palm Beach, FL	1.0	1.0	925	$3,395	$3.67	25d	1	0.32mi
436 51st St West Palm Beach, FL	2.0	1.0	968	$3,750	$3.87	25d	1	0.34mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	5d	1	0.50mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$4,950	$4.59	25d	1	0.50mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	4d	1	0.50mi
415 32nd St Unit 1 West Palm Beach, FL	1.0	1.0	700	$3,600	$5.14	25d	1	0.75mi
932 31st St West Palm Beach, FL	3.0	2.0	850	$3,000	$3.53	25d	1	0.83mi
933 30th Ct West Palm Beach, FL	3.0	1.5	1085	$3,100	$2.86	25d	1	0.85mi
522 W 2nd St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	25d	1	0.87mi
2585 Spruce Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	841	$3,225	$3.83	0d	116	1.19mi

Listing history 14 events

1. 2025-04-18
   status Pending
2. 2025-04-09
   historical Active Under Contract
3. 2025-03-10
   listed $350,000 Active
4. 2021-07-31
   historical
5. 2021-07-30
   status Active
6. 2021-02-13
   historical
7. 2021-02-02
   status Active
8. 2021-02-01
   historical
9. 2020-11-07
   status Active
10. 2020-11-06
    historical
11. 2020-04-27
    listed $245,000 Active
12. 2012-11-29
    historical
13. 2012-06-19
    listed $149,900
14. 1989-07-01
    soldstatus $20,000

ⓘ 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: $5,359 · $447/mo
• Projected year-2 tax: $5,359 · $447/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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,786
• − Mortgage interest: −$19,605
• − Property taxes: −$5,359
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,583
• − Management: −$3,583
• − Depreciation: −$10,182
• Taxable income: $724
• Est. tax owed @ 24.0%: −$174
• After-tax cash flow: $6,073/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

+1650.0% since first listed

14 events — show timeline

• 2025-04-18 Pending — MCRTC
• 2025-04-09 Contingent — MCRTC
• 2025-03-10 Listed $350,000 MCRTC
• 2021-07-31 Listing Removed — Beaches MLS
• 2021-07-30 Relisted — Beaches MLS
• 2021-02-13 Listing Removed — Beaches MLS
• 2021-02-02 Relisted — Beaches MLS
• 2021-02-01 Listing Removed — Beaches MLS
• 2020-11-07 Relisted — Beaches MLS
• 2020-11-06 Listing Removed — Beaches MLS
• 2020-04-27 Listed $245,000 Beaches MLS
• 2012-11-29 Listing Removed — Beaches MLS
• 2012-06-19 Listed $149,900 Beaches MLS
• 1989-07-01 Sold (Public Records) $20,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $5,359 · +67.3% YoY. Source: county tax records.