480 Executive Center Dr Unit 3C · West Palm Beach, FL 33401

$134,000

1 bd · 1.0 ba · 704 sqft · Condo public records · 163 Days on market

Built 1979 $606/mo HOA · 19% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Waterfront 1-bedroom, 1-bath condo in Breakwaters of the Palm Beaches, offering serene views from the balcony. Spacious layout with carpeted living areas and tile in the kitchen and bath. Community amenities include a swimming pool, tennis courts, and more, all in a convenient location near shopping and major roadways. Currently tenant-occupied at $1,650/month with lease ending April 2026, providing stable income until vacancy. This unit is ideal for investors seeking a long-term rental or end-users ready to move in after lease expiration. Excellent opportunity to own in a sought-after waterfront community. Current special assessment is $284.32 per month.

Key facts

• Serene views
• Community amenities
• Swimming pool

Tags

• WATERFRONT
• SERENE VIEWS
• COMMUNITY AMENITIES
• SWIMMING POOL
• TENNIS COURTS
• CONVENIENT LOCATION

Property features AI

Finance

• Financial info: Pets allowed with restrictions
• HOA & community: Monthly association fee; Association amenities include clubhouse, pool, and tennis courts; Association fee covers structure maintenance

Exterior

• Parking: Guest parking; One assigned space
• Security: Complex fenced; Secured elevator; Smoke detectors
• Utilities: Water available; Sewer available; Electric power; Central heating and cooling
• Home design: Condo/Apartment (unit in a multi-story building); 5-story building; Entry on level 3; Property is attached
• Construction: Block construction; Effective year built
• Exterior features: Balcony; Open balcony/patio; Association pool; Lakefront waterfront; Has a view; Faces east

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom located on the main level
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Bedroom on main level; Tile flooring

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $134k.

Deal economics

• At list price, monthly cash flow is $976 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $134k).
• Recommended offer: $118k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% 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 fast (+5.2%/yr); 506 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).
• At $3,203/mo this rent would consume 57% of the median local household income ($68k/yr) (locally 2953% 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 $926 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y 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 $87k; list at $134k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 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 1979 — 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: 2.39% ✓
• Cap rate: 15.03%
• Cash-on-cash: 31.20%
• DSCR: 2.39
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.15% rent growth · sell at horizon

5-year hold

• IRR: 29.4%
• Equity multiple: 2.28×
• Total profit: $47,937
• Equity at exit: $19,980

10-year hold

• IRR: 38.4%
• Equity multiple: 5.10×
• Total profit: $153,870
• Equity at exit: $11,586

Cash invested: $37,520 (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 33401

• Rents YoY: 5.2%
• Active inventory: 506
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $3,203 high
• Mortgage (P&I): −$703
• Tax from tax record: −$190 /mo · $2,281/yr
• Insurance: −$56
• HOA: −$606
• Vacancy / Maint / Mgmt: −$673
• Net cashflow: $976

Break-even live

Break-even rent $1,968

Max offer price $134,000

Occupancy floor 65%

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Clearwater Dr West Palm Beach, FL	2.0	1.0–2.0	727	$3,414	$4.70	24d	19	0.84mi
201 Clearwater Dr West Palm Beach, FL	2.0	1.0–2.0	731	$4,365	$5.97	11d	16	0.84mi
591 Evernia St West Palm Beach, FL	2.0	1.0–2.0	943	$4,270	$4.53	3d	26	1.23mi
651 Okeechobee Blvd West Palm Beach, FL	1.0–2.0	1.0–2.5	887	$3,000	$3.38	14d	5	1.26mi
1500 Centrepark Blvd West Palm Beach, FL	2.0	1.0–2.0	862	$2,624	$3.04	1d	18	1.28mi
1050 Blanche St West Palm Beach, FL	2.0	1.0–2.0	740	$2,838	$3.83	2d	8	1.31mi
480 Hibiscus St West Palm Beach, FL	1.0–2.0	1.5–2.0	885	$3,495	$3.95	24d	3	1.42mi
480 Hibiscus St West Palm Beach, FL	1.0–2.0	1.0–2.0	867	$3,600	$4.15	3d	4	1.42mi
499 Evernia St West Palm Beach, FL	2.0	1.0–2.0	827	$3,198	$3.87	3d	26	1.43mi
333 Fern St West Palm Beach, FL	2.0	1.0–2.0	1121	$3,974	$3.54	3d	1	1.48mi
1710 N Congress Ave West Palm Beach, FL	1.0–3.0	1.0–2.0	1210	$2,495	$2.06	24d	4	1.49mi

HOA detail condo

• Monthly dues: $606 · $7,272/yr
• Likely covers: waterpool
• ⚠ Special-assessment mentions:

  …ready to move in after lease expiration. Excellent opportunity to own in a sought-after waterfront community. Current special assessment is $284.32 per month.

Listing history 36 events

1. 2026-06-18
   days on market $134,000 Active 163 DOM
2. 2026-06-17
   days on market $134,000 Active 162 DOM
3. 2026-06-16
   days on market $134,000 Active 161 DOM
4. 2026-06-15
   days on market $134,000 Active 160 DOM
5. 2026-06-13
   days on market $134,000 Active 158 DOM
6. 2026-06-09
   days on market $134,000 Active 154 DOM
7. 2026-06-07
   days on market $134,000 Active 152 DOM
8. 2026-06-04
   days on market $134,000 Active 149 DOM
9. 2026-06-03
   days on market $134,000 Active 148 DOM
10. 2026-06-01
    days on market $134,000 Active 146 DOM
11. 2026-05-31
    days on market $134,000 Active 145 DOM
12. 2026-01-06
    listed $134,000 Active
13. 2025-12-19
    historical
14. 2025-08-04
    listed $149,000 Active
15. 2025-07-28
    historical
16. 2025-03-25
    listed $165,000 Active
17. 2020-08-21
    historical
18. 2020-01-23
    listed $110,000 Active
19. 2017-11-27
    soldstatus $87,000
20. 2017-11-06
    status Pending
21. 2017-11-02
    soldstatus $87,000 Sold
22. 2017-10-11
    status Pending
23. 2017-10-11
    historical
24. 2017-06-27
    listed $91,000 Active
25. 2016-11-15
    price $91,000
26. 2015-11-23
    listed $93,000 Active
27. 2013-11-05
    soldstatus $79,900
28. 2013-06-13
    soldstatus $40,000
29. 2013-05-17
    soldstatus $40,000 Sold
30. 2012-10-18
    listed Contingent
31. 2006-01-26
    historical
32. 2005-11-04
    listed $175,000
33. 2001-02-22
    soldstatus $31,000
34. 2001-02-15
    soldstatus $31,000
35. 2000-12-31
    historical
36. 2000-12-26
    listed $32,000

ⓘ 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: $2,281 · $190/mo
• Projected year-2 tax: $2,281 · $190/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 · 25 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: $38,434
• − Mortgage interest: −$7,506
• − Property taxes: −$2,281
• − Insurance: −$670
• − Repairs & maintenance: −$3,075
• − Management: −$3,075
• − HOA: −$7,272
• − Depreciation: −$3,898
• Taxable income: $10,658
• Est. tax owed @ 24.0%: −$2,558
• After-tax cash flow: $9,150/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): 33,698
• Household income: $67,967
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 2953.0

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 0.68)
• Race & ethnicity: White 43% Black 32% Hispanic / Latino 17% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 3%
• Common ancestry: Hispanic 6% Slovak 2% Romanian 2%
• Foreign-born: 26% · Canada, Jamaica, China
• Languages at home: 73% English-only · Spanish 13% French/Haitian/Cajun 7% Other Asian/Pacific 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: ▼ -324.96%
• Current HPI: 367.0978
• Rent YoY: ▲ 5.15%
• 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

+318.8% since first listed

25 events — show timeline

• 2026-01-06 Listed $134,000 MARMLS
• 2025-12-19 Listing Removed — MARMLS
• 2025-08-04 Listed $149,000 MARMLS
• 2025-07-28 Listing Removed — MARMLS
• 2025-03-25 Listed $165,000 MARMLS
• 2020-08-21 Listing Removed — MARMLS
• 2020-01-23 Listed $110,000 MARMLS
• 2017-11-27 Sold (Public Records) $87,000 Public Records
• 2017-11-06 Pending — Beaches MLS
• 2017-11-02 Sold (MLS) $87,000 MARMLS
• 2017-10-11 Pending — MARMLS
• 2017-10-11 Listing Removed — Beaches MLS
• 2017-06-27 Listed $91,000 Beaches MLS
• 2016-11-15 Price Changed $91,000 MARMLS
• 2015-11-23 Listed $93,000 MARMLS
• 2013-11-05 Sold (Public Records) $79,900 Public Records
• 2013-06-13 Sold (Public Records) $40,000 Public Records
• 2013-05-17 Sold (MLS) $40,000 Beaches MLS
• 2012-10-18 Listed — Beaches MLS
• 2006-01-26 Listing Removed — Beaches MLS
• 2005-11-04 Listed $175,000 Beaches MLS
• 2001-02-22 Sold (Public Records) $31,000 Public Records
• 2001-02-15 Sold (MLS) $31,000 Beaches MLS
• 2000-12-31 Listing Removed — Beaches MLS
• 2000-12-26 Listed $32,000 Beaches MLS

Property tax history

+9.4%/yr

Latest (2025): $2,281 · +3.6% YoY. Source: county tax records.