432 21st St #2 · West Palm Beach, FL 33407

$389,000

3 bd · 2.0 ba · 1,382 sqft · Condo · 178 Days on market

Built 2023

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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 +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• 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

For Sale 3bed/2bath condo in West Palm Beach. Second floor unit on a recently built modern 2 story building, large dining/living area, open kitchen, stainless steel appliances, washer/dryer in unit. Quiet area, a couple of blocks from Northwood Village's restaurants and shops, close to elementary school, major roads, and highways. The property is currently rented until 03/31/2027.

Key facts

• Recently built
• First floor unit
• Open kitchen

Tags

• FIRST FLOOR UNIT
• RECENTLY BUILT
• OPEN KITCHEN
• STAINLESS STEEL APPLIANCES
• WASHER DRYER IN UNIT
• QUIET AREA

Property features AI

Finance

• Financial info: Lease considered; No pet restrictions
• HOA & community: HOA fees billed monthly

Exterior

• Parking: Two or more parking spaces
• Utilities: Electric service
• Home design: 2-story building; Entry on second level; New construction
• Construction: Block construction
• Exterior features: Property is attached

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Second-floor entry; Other interior features
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $389k.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $389k).
• Recommended offer: $342k (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 rising (+3.1%/yr); 305 active listings in the ZIP; 40 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 $4,027/mo this rent would consume 81% 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 $3k of loan paydown is wiped out by about $12k 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 178 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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

• 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 $342,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. 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?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.04% ✓
• Cap rate: 7.81%
• Cash-on-cash: 5.43%
• DSCR: 1.24
• GRM: 8.1

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: -7.8%
• Equity multiple: 0.71×
• Total profit: $-31,269
• Equity at exit: $58,001

10-year hold

• IRR: 1.9%
• Equity multiple: 1.14×
• Total profit: $14,758
• Equity at exit: $33,634

Cash invested: $108,920 (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: 8.1×

Monthly cashflow live

• Estimated rent: $4,027 high
• Mortgage (P&I): −$2,040
• Tax est. 1.5%: −$486 /mo · $5,835/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$846
• Net cashflow: $493

Break-even live

Break-even rent $3,403

Max offer price $389,000

Occupancy floor 83%

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2585 Spruce Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	841	$3,225	$3.83	1d	122	0.21mi
1805 N Flagler Dr #107 West Palm Beach, FL	3.0	2.0	1237	$2,995	$2.42	3d	1	0.25mi
716 21st St West Palm Beach, FL	4.0	2.0	1560	$3,800	$2.44	17d	1	0.29mi
716 21st St West Palm Beach, FL	4.0	2.0	1560	$3,800	$2.44	5d	1	0.29mi
411 26th St West Palm Beach, FL	3.0	3.5	1847	$6,900	$3.74	7d	1	0.30mi
411 26th St West Palm Beach, FL	4.0	3.5	1847	$6,900	$3.74	24d	1	0.30mi
735 20th St West Palm Beach, FL	4.0	3.0	1767	$3,600	$2.04	7d	1	0.32mi
735 20th St West Palm Beach, FL	4.0	3.0	1767	$3,800	$2.15	24d	1	0.32mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	1125	$4,500	$4.00	1d	7	0.33mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	998	$4,250	$4.26	18d	4	0.33mi
1801 N Flagler Dr West Palm Beach, FL	1.0–2.0	1.0–2.0	998	$4,250	$4.26	24d	3	0.33mi
565 Lilac Ct West Palm Beach, FL	3.0	2.0	1250	$3,000	$2.40	17d	1	0.34mi
1803 N Flagler Dr #310 West Palm Beach, FL	2.0	1.0	995	$3,000	$3.02	18d	1	0.34mi
1617 N Flagler Dr Unit 9B West Palm Beach, FL	2.0	2.5	1817	$8,900	$4.90	13d	1	0.40mi
1551 N Flagler Dr West Palm Beach, FL	2.0	2.0	1175	$5,098	$4.34	24d	3	0.43mi
1551 N Flagler Dr Unit (Annual/Seasonal) Uph 11 West Palm Beach, FL	2.0	2.0	1625	$6,000	$3.69	14d	1	0.43mi
1551 N Flagler Dr West Palm Beach, FL	2.0	2.0	1175	$5,050	$4.30	21d	3	0.43mi
1551 N Flagler Dr Unit Uph-2 West Palm Beach, FL	2.0	2.0	1175	$3,750	$3.19	24d	1	0.44mi
245 30th St West Palm Beach, FL	2.0	2.0	1271	$9,000	$7.08	24d	1	0.57mi
823 14th St West Palm Beach, FL	3.0	1.0	1000	$3,495	$3.50	24d	1	0.57mi
1101 Grant St West Palm Beach, FL	4.0	2.0	1726	$2,995	$1.74	15d	1	0.58mi
1104 State St Unit C West Palm Beach, FL	3.0	1.0	875	$3,000	$3.43	24d	1	0.58mi
517 31st St West Palm Beach, FL	2.0	1.5	1406	$3,150	$2.24	24d	1	0.61mi
926 14th St West Palm Beach, FL	4.0	2.0	1050	$3,000	$2.86	14d	1	0.65mi
216 32nd St West Palm Beach, FL	3.0	3.0	1846	$6,200	$3.36	24d	1	0.67mi
202 32nd St West Palm Beach, FL	3.0	2.0	1636	$5,995	$3.66	24d	1	0.67mi
3410 Poinsettia Ave West Palm Beach, FL	2.0	1.0	1257	$3,350	$2.67	11d	1	0.74mi
306 34th St West Palm Beach, FL	2.0	1.0	1443	$4,650	$3.22	24d	1	0.78mi
3415 N Flagler Dr West Palm Beach, FL	2.0	2.0	1174	$9,950	$8.48	7d	1	0.80mi
406 35th St West Palm Beach, FL	3.0	2.0	1835	$8,000	$4.36	24d	1	0.81mi
933 30th Ct West Palm Beach, FL	3.0	1.5	1085	$3,100	$2.86	24d	1	0.83mi
636 35th St West Palm Beach, FL	3.0	2.0	1133	$3,500	$3.09	24d	1	0.85mi
917 N Flagler Dr #311 West Palm Beach, FL	2.0	2.0	968	$3,000	$3.10	24d	1	0.86mi
1115 Windsor Ave West Palm Beach, FL	4.0	3.0	1377	$3,500	$2.54	18d	1	0.87mi
921 8th St West Palm Beach, FL	3.0	1.0	1000	$3,395	$3.40	24d	1	0.94mi
805 N Olive Ave West Palm Beach, FL	1.0–2.0	1.0–2.0	852	$3,704	$4.35	3d	15	0.97mi
1319 13th St West Palm Beach, FL	3.0	2.0	1215	$3,200	$2.63	24d	1	0.98mi
619 37th St West Palm Beach, FL	3.0	2.0	1414	$3,350	$2.37	24d	1	0.98mi
436 38th St West Palm Beach, FL	4.0	3.0	1479	$6,500	$4.39	24d	1	0.98mi
701 37th St West Palm Beach, FL	3.0	2.0	1426	$3,600	$2.52	24d	1	1.00mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $389,000 Active 178 DOM
2. 2026-06-17
   days on market $389,000 Active 177 DOM
3. 2026-06-16
   days on market $389,000 Active 176 DOM
4. 2026-06-15
   days on market $389,000 Active 175 DOM
5. 2026-06-13
   days on market $389,000 Active 173 DOM
6. 2026-06-09
   days on market $389,000 Active 169 DOM
7. 2026-06-07
   days on market $389,000 Active 167 DOM
8. 2026-06-04
   days on market $389,000 Active 164 DOM
9. 2026-06-03
   days on market $389,000 Active 163 DOM
10. 2026-06-01
    days on market $389,000 Active 161 DOM
11. 2026-05-31
    remarks 383-char remark
12. 2026-05-31
    listed $389,000 Active 160 DOM

ⓘ 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 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: $48,319
• − Mortgage interest: −$21,790
• − Property taxes: −$5,835
• − Insurance: −$1,945
• − Repairs & maintenance: −$3,866
• − Management: −$3,866
• − Depreciation: −$11,316
• Taxable loss: −$299
• Est. tax savings @ 24.0%: +$72
• After-tax cash flow: $5,984/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

+0.0% since first listed

4 events — show timeline

• 2026-05-31 Relisted — MARMLS
• 2025-12-03 Listed $389,000 MARMLS
• 2025-11-19 Listing Removed — MARMLS
• 2024-11-21 Listed $389,000 MARMLS