5600 N Flagler Dr #1004 · West Palm Beach, FL 33407

$190,000

2 bd · 2.0 ba · 1,170 sqft · Condo public records · 5 Days on market

Built 1978 $1355/mo HOA · 37% of rent

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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 +22.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 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

PRICED TO SELL! Don't miss the opportunity to grab this 10th floor Intracoastal View unit in the booming Northwood area of West Palm Beach! Building has a tiki bar area, beach with swimming area in Intracoastal, grills, heated pool, gym, Sauna, and library. Lots of social activites scheduled for residents as well! This unit is ready for someone to come in and make it their own. Easy to Show!

Key facts

• Tiki bar area
• Sauna
• Intracoastal view

Tags

• INTRACOASTAL VIEW
• TIKI BAR AREA
• BEACH WITH SWIMMING AREA
• HEATED POOL
• GYM
• SAUNA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $190k).
• Cap rate 8.3% 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; 37 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 $3,702/mo this rent would consume 74% 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 $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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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 $72k; list at $190k implies a 162% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $68/mo; HOA is 37% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 5→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $190,000

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.95% ✓
• Cap rate: 8.25%
• Cash-on-cash: 7.00%
• DSCR: 1.31
• GRM: 4.3

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-14,182
• Equity at exit: $28,330

10-year hold

• IRR: 3.1%
• Equity multiple: 1.23×
• Total profit: $12,366
• Equity at exit: $16,428

Cash invested: $53,200 (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: 4.3×

Monthly cashflow live

• Estimated rent: $3,702 high
• Mortgage (P&I): −$996
• Tax from tax record: −$184 /mo · $2,207/yr
• Insurance: −$79
• Flood insurance flood zone: −$68 /mo · $821/yr
• HOA: −$1,355
• Vacancy / Maint / Mgmt: −$777
• Net cashflow: $242

Break-even live

Break-even rent $3,396

Max offer price $190,000

Occupancy floor 88%

Sensitivity live

Price	-10% $350	-5% $296	+0% $242	+5% $188	+10% $134
Rent	-10% $-51	-5% $96	+0% $242	+5% $388	+10% $534
Rate	-1.0pp $338	-0.5pp $290	base $242	+0.5pp $193	+1.0pp $143

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5600 N Flagler Dr West Palm Beach, FL	1.0–3.0	2.0	1192	$4,500	$3.77	21d	8	0.04mi
5200 N Flagler Dr #2004 West Palm Beach, FL	2.0	2.0	1235	$3,800	$3.08	8d	1	0.20mi
5200 N Flagler Dr West Palm Beach, FL	2.0	2.0	1233	$3,375	$2.74	25d	2	0.20mi
5203 N Flagler Dr West Palm Beach, FL	3.0	1.5	1458	$6,000	$4.12	25d	1	0.21mi
510 56th St West Palm Beach, FL	2.0	1.0	1152	$3,800	$3.30	22d	1	0.23mi
517 55th St West Palm Beach, FL	2.0	2.0	1238	$4,550	$3.68	25d	1	0.23mi
424 51st St Unit 426 West Palm Beach, FL	3.0	2.0	1230	$3,500	$2.85	11d	1	0.26mi
436 51st St West Palm Beach, FL	2.0	1.0	968	$3,750	$3.87	25d	1	0.27mi
5101 Spruce Ave West Palm Beach, FL	3.0	3.0	1151	$3,100	$2.69	25d	1	0.30mi
4444 N Flagler Dr West Palm Beach, FL	1.0	1.0	765	$4,613	$6.03	3d	1	0.57mi
4444 N Flagler Dr West Palm Beach, FL	2.0	2.0	1300	$4,579	$3.52	25d	1	0.57mi
4444 N Flagler Dr West Palm Beach, FL	1.0	1.0	765	$5,263	$6.88	17d	1	0.57mi
4444 N Flagler Dr Unit 4444-306 West Palm Beach, FL	1.0	1.0	925	$3,395	$3.67	25d	1	0.58mi
4444 N Flagler Dr Unit 4334-2008 West Palm Beach, FL	1.0	1.0	885	$4,150	$4.69	25d	1	0.58mi
401 42nd St West Palm Beach, FL	3.0	1.0	1400	$4,950	$3.54	15d	1	0.65mi
401 42nd St West Palm Beach, FL	3.0	1.0	1100	$4,950	$4.50	25d	1	0.65mi
522 W 2nd St Riviera Beach, FL	3.0	1.0	900	$2,895	$3.22	25d	1	0.70mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	5d	1	0.89mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$3,950	$3.66	4d	1	0.89mi
3940 N Flagler Dr #206 West Palm Beach, FL	1.0	1.0	1078	$4,950	$4.59	25d	1	0.89mi
230 Colonial Ln Palm Beach, FL	2.0	2.0	1436	$20,000	$13.93	25d	1	0.93mi
619 37th St West Palm Beach, FL	3.0	2.0	1414	$3,350	$2.37	25d	1	0.98mi
701 37th St West Palm Beach, FL	3.0	2.0	1426	$3,600	$2.52	25d	1	1.01mi
306 34th St West Palm Beach, FL	2.0	1.0	1443	$4,650	$3.22	25d	1	1.09mi
3415 N Flagler Dr West Palm Beach, FL	2.0	2.0	1174	$9,950	$8.48	8d	1	1.10mi
3410 Poinsettia Ave West Palm Beach, FL	2.0	1.0	1257	$3,350	$2.67	12d	1	1.12mi
636 35th St West Palm Beach, FL	3.0	2.0	1133	$3,500	$3.09	25d	1	1.13mi
415 32nd St Unit 1 West Palm Beach, FL	1.0	1.0	700	$3,600	$5.14	25d	1	1.20mi
517 31st St West Palm Beach, FL	2.0	1.5	1406	$3,150	$2.24	25d	1	1.28mi
300 Inlet Way #2 Palm Beach Shores, FL	1.0	1.0	729	$4,000	$5.49	25d	1	1.29mi
245 30th St West Palm Beach, FL	2.0	2.0	1271	$9,000	$7.08	25d	1	1.31mi
120 Inlet Way #204 Palm Beach Shores, FL	2.0	2.0	1345	$10,000	$7.43	25d	1	1.43mi
932 31st St West Palm Beach, FL	3.0	2.0	850	$3,000	$3.53	25d	1	1.43mi
933 30th Ct West Palm Beach, FL	3.0	1.5	1085	$3,100	$2.86	25d	1	1.45mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	22d	1	1.49mi
158 E 23rd St Riviera Beach, FL	2.0	2.0	1110	$2,900	$2.61	25d	1	1.49mi
106 Linda Ln #4 Palm Beach Shores, FL	2.0	2.5	1118	$3,500	$3.13	25d	1	1.49mi

HOA detail condo

• Monthly dues: $1,355 · $16,260/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-03-11
   status Pending
2. 2025-11-04
   status Pending
3. 2025-10-29
   listed $190,000 Active
4. 2024-06-13
   historical
5. 2024-03-04
   price $449,988
6. 2024-01-27
   listed $495,888 Active
7. 2022-02-04
   historical
8. 2022-01-31
   listed $349,900 Active
9. 2022-01-24
   historical
10. 1990-08-09
    soldstatus $72,500

ⓘ 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: $2,207 · $184/mo
• Projected year-2 tax: $2,207 · $184/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 9/10 Extreme FEMA zone C · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 5 d/yr ≥105°F today · 17 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: $44,428
• − Mortgage interest: −$10,643
• − Property taxes: −$2,207
• − Insurance: −$1,771
• − Repairs & maintenance: −$3,554
• − Management: −$3,554
• − HOA: −$16,260
• − Depreciation: −$5,527
• Taxable income: $911
• Est. tax owed @ 24.0%: −$219
• After-tax cash flow: $2,685/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

+162.1% since first listed

10 events — show timeline

• 2026-03-11 Pending — Beaches MLS
• 2025-11-04 Pending — Beaches MLS
• 2025-10-29 Listed $190,000 Beaches MLS
• 2024-06-13 Listing Removed — Beaches MLS
• 2024-03-04 Price Changed $449,988 Beaches MLS
• 2024-01-27 Listed $495,888 Beaches MLS
• 2022-02-04 Listing Removed — Beaches MLS
• 2022-01-31 Listed $349,900 Beaches MLS
• 2022-01-24 Coming Soon — Beaches MLS
• 1990-08-09 Sold (Public Records) $72,500 Public Records

Property tax history

+0.3%/yr

Latest (2025): $2,207 · +3.6% YoY. Source: county tax records.