505 Spencer Dr #101 · West Palm Beach, FL 33409

$199,995

2 bd · 2.0 ba · 1,033 sqft · Condo public records · 128 Days on market

Built 1977 $771/mo HOA · 28% 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 +20.0/30.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully remodeled 2 bedroom/2 bathroom unit with washer and dryer in a great location. Updated Floors, kitchen and bathrooms. Amenities include pool, and secured parking. Great investment opportunity. Centrally located near good schools, restaurants, shopping centers and highways. Building does not have reserves but you can purchase the unit with 10% down using our finance company.

Key facts

• Remodeled unit
• Washer and dryer
• Centrally located

Tags

• REMODELED UNIT
• WASHER AND DRYER
• UPDATED FLOORS
• SECURED PARKING
• POOL
• CENTRALLY LOCATED

Property features AI

Finance

• Other: Association pool
• Financial info: Pets not allowed
• HOA & community: Monthly association fee; Association amenities include elevator(s) and pool; Association fee covers common areas, structural maintenance, pool(s), and trash

Exterior

• Parking: Garage with 1 covered space
• Utilities: Central heating and cooling
• Home design: Attached property; 4-story building; First floor entry/entry level 1; Exterior lighting
• Construction: Block construction; Effective year built
• Exterior features: Balcony; Open balcony/porch

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom on main level
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First floor entry; Elevator; Updated/remodeled condition
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 soft (-0.1%/yr); 189 active listings in the ZIP; 10 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 $2,801/mo this rent would consume 50% of the median local household income ($67k/yr) (locally 1333% 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

• It's been on market 128 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,995 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.40% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.56×
• Total profit: $-24,662
• Equity at exit: $29,820

10-year hold

• IRR: -11.6%
• Equity multiple: 0.44×
• Total profit: $-31,536
• Equity at exit: $17,292

Cash invested: $55,999 (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 33409

• Home prices YoY: -25.6%
• Rents YoY: -0.1%
• Active inventory: 189
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,801 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$65 /mo · $785/yr
• Insurance: −$83
• HOA: −$771
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $244

Break-even live

Break-even rent $2,492

Max offer price $199,995

Occupancy floor 86%

Sensitivity live

Price	-10% $357	-5% $301	+0% $244	+5% $188	+10% $131
Rent	-10% $23	-5% $134	+0% $244	+5% $355	+10% $465
Rate	-1.0pp $345	-0.5pp $295	base $244	+0.5pp $192	+1.0pp $140

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: $49,999
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2615 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$2,950	$2.31	3d	1	0.57mi
2665 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$3,005	$2.36	25d	1	0.57mi
2671 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$3,005	$2.36	25d	1	0.57mi
2677 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$3,005	$2.36	25d	1	0.57mi
2683 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$3,005	$2.36	25d	1	0.58mi
2689 Hiawatha Ave West Palm Beach, FL	3.0	2.0	1276	$2,950	$2.31	3d	1	0.58mi
290 Courtney Lakes Cir West Palm Beach, FL	1.0–3.0	1.0–2.0	1069	$2,705	$2.53	20d	19	0.78mi
1979 Brandywine Rd Unit 1979-108 West Palm Beach, FL	3.0	2.0	1395	$3,205	$2.30	25d	1	1.19mi
2018 Whitney Rd West Palm Beach, FL	3.0	2.0	1169	$3,100	$2.65	0d	1	1.35mi
4855 Elmhurst Rd West Palm Beach, FL	3.0	2.0	1427	$3,600	$2.52	25d	1	1.49mi

HOA detail condo

• Monthly dues: $771 · $9,252/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $199,995 Active 128 DOM
2. 2026-06-17
   days on market $199,995 Active 127 DOM
3. 2026-06-16
   days on market $199,995 Active 126 DOM
4. 2026-06-15
   days on market $199,995 Active 125 DOM
5. 2026-06-13
   days on market $199,995 Active 123 DOM
6. 2026-06-09
   days on market $199,995 Active 119 DOM
7. 2026-06-07
   days on market $199,995 Active 117 DOM
8. 2026-06-04
   days on market $199,995 Active 114 DOM
9. 2026-06-03
   days on market $199,995 Active 113 DOM
10. 2026-06-01
    days on market $199,995 Active 111 DOM
11. 2026-05-31
    days on market $199,995 Active 110 DOM
12. 2026-02-10
    listed $199,995 Active
13. 2025-10-31
    historical
14. 2025-03-11
    price $199,995
15. 2025-02-12
    listed $214,995 Active
16. 2025-02-12
    historical
17. 2025-02-10
    listed $214,995 Active
18. 2023-07-31
    soldstatus $210,000
19. 2023-05-12
    soldstatus $100,000
20. 2023-05-02
    soldstatus $100,000 Closed
21. 2023-04-13
    historical Active Under Contract
22. 2023-03-23
    listed $125,000 Active
23. 2021-10-01
    historical
24. 2021-09-21
    listed $104,900 Active
25. 2000-08-01
    soldstatus $41,000
26. 1987-12-01
    soldstatus $41,500
27. 1980-01-01
    soldstatus $40,000

ⓘ 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: $785 · $65/mo
• Projected year-2 tax: $1,660 · $138/mo
• Expected delta: +$875/yr (+$73/mo · 111.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 23 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: $33,611
• − Mortgage interest: −$11,203
• − Property taxes: −$785
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,689
• − Management: −$2,689
• − HOA: −$9,252
• − Depreciation: −$5,818
• Taxable income: $175
• Est. tax owed @ 24.0%: −$42
• After-tax cash flow: $2,888/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): 33,489
• Household income: $67,073
• Rent vs Own: 55.3% rent · 44.7% own
• Severe rent burden: 1333.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Hispanic / Latino 36% Black 31% White 27% Two or more races 21% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 4% Cuban 8% Dominican 1%
• Common ancestry: Hispanic 8% Romanian 1% Lithuanian 1%
• Foreign-born: 34% · Canada, Jamaica
• Languages at home: 55% English-only · Spanish 30% French/Haitian/Cajun 10% Other Indo-European 2%

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: ▼ -128.54%
• Current HPI: 374.2506
• Rent YoY: ▼ -0.15%
• 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

+400.0% since first listed

16 events — show timeline

• 2026-02-10 Listed $199,995 MARMLS
• 2025-10-31 Listing Removed — MARMLS
• 2025-03-11 Price Changed $199,995 MARMLS
• 2025-02-12 Listing Removed — MARMLS
• 2025-02-12 Listed $214,995 MARMLS
• 2025-02-10 Listed $214,995 MARMLS
• 2023-07-31 Sold (Public Records) $210,000 Public Records
• 2023-05-12 Sold (Public Records) $100,000 Public Records
• 2023-05-02 Sold (MLS) $100,000 Beaches MLS
• 2023-04-13 Contingent — Beaches MLS
• 2023-03-23 Listed $125,000 Beaches MLS
• 2021-10-01 Listing Removed — Beaches MLS
• 2021-09-21 Listed $104,900 Beaches MLS
• 2000-08-01 Sold (Public Records) $41,000 Public Records
• 1987-12-01 Sold (Public Records) $41,500 Public Records
• 1980-01-01 Sold (Public Records) $40,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $785 · +2.7% YoY. Source: county tax records.