3621 Morton Ave · West Palm Beach, FL 33405

$888,000

4 bd · 2.0 ba · 1,456 sqft · MultiFamily public records · 51 Days on market

Built 1945 6,969 sqft lot

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Why this score? — see what drove the D 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 +12.4/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• DSCR +3.7/10.0
• Rent growth +3.4/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

* * * * * INVESTORS LOOK AT THE CAP RATE * * * * * * * EXCELLENT INVESTMENT OPPORTUNITY IN GROWING AREA, THIS LISTING CONSISTS OF A 3 BEDROOM 1 BATH HOUSE, A 1 BEDROOM EFF / MOTHER INLAW , AND 2 (2) BEDROOMS 1 BATH EACH , SEPARATE BUILDING , CENTRALLY LOCATED JUST A FEW BLKS FROM INTERCOASTAL, CLOSE TO I-95,SCHOOLS, PARKS, TWO SEPARATE BLDS, ON AN OVERSIZED LOT. POTENTIAL LAUNDRY ROOM, POSSIBLE COIN LAUNDRY FOR EXTRA INCOME, OR TEAR DOWN AND BUILD 2 TOWNHOMES, POSSIBLY 3 WITH PERMISSION, ETC. .

Key facts

• Centrally located
• Oversized lot
• Growing area

Tags

• INVESTMENT OPPORTUNITY
• GROWING AREA
• CENTRALLY LOCATED
• OVERSIZED LOT
• POTENTIAL LAUNDRY ROOM

Property features AI

Finance

• Financial info: Four total units; Gross monthly income reported at $3,260; Tenants pay cable TV, electricity, sewer and water; Pets allowed with no restrictions; Three units in the community

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Sewer available; Water connected; Three separate electric meters
• Home design: Triplex property; One level per unit; Resale condition; Faces west of US-1
• Construction: Frame and stucco construction; Composition shingle roof; Built as a 2-story building
• Exterior features: Open porch; Covered porch; Shed(s); Fenced yard; Fruit trees; Room for a pool; Asphalt road frontage; Not waterfront

Interior

• Flooring: Ceramic tile
• Heating & cooling: Window/wall heating; Wall/window air conditioning units
• Interior features: Ceramic tile flooring; Storm windows and single-hung metal windows
• Laundry & utility: Washer hookup; Exterior laundry area

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $888k.

Deal economics

• At list price, monthly cash flow is $-140 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $863k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $695k (21.7% below list).
• Recommended offer: $695k (21.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Zoned schools: Palmetto Elementary School (math 34% / reading 40%, grade F, #1,609 of 2,144 statewide, top 77%, 537 students, 82% FRL); Forest Hill Community High School (math 20% / reading 41%, grade F, #434 of 667 statewide, top 66%, 2,407 students, 66% 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 34% at this address vs 50% district-wide (-16 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 (+3.4%/yr); 212 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k 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 51 days — a 3% lower offer ($861k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $87k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $888k implies a 1213% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $695,100 (21.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.78% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.68%
• DSCR: 0.97
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.44% rent growth · sell at horizon

5-year hold

• IRR: -17.0%
• Equity multiple: 0.40×
• Total profit: $-149,927
• Equity at exit: $132,404

10-year hold

• IRR: -8.2%
• Equity multiple: 0.48×
• Total profit: $-130,076
• Equity at exit: $76,778

Cash invested: $248,640 (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 33405

• Rents YoY: 3.4%
• Active inventory: 212
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $6,951 medium
• Mortgage (P&I): −$4,657
• Tax from tax record: −$605 /mo · $7,254/yr
• Insurance: −$370
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,460
• Net cashflow: $-140

Break-even live

Break-even rent $7,128

Max offer price $863,266

Occupancy floor 97%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,687
1× unit	1	1	$1,942
1× unit	2	1	$2,322
Total (3 units)			$6,951

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: $222,000
• Closing costs: $26,640
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
423 Avenida Alegre West Palm Beach, FL	4.0	2.0	1700	$6,500	$3.82	2d	1	0.12mi
340 Walton Blvd West Palm Beach, FL	3.0	2.5	1854	$4,000	$2.16	7d	1	0.19mi
236 Greymon Dr West Palm Beach, FL	3.0	2.0	1813	$8,500	$4.69	24d	1	0.28mi
300 Buckingham Rd West Palm Beach, FL	3.0	2.0	1600	$15,000	$9.38	24d	1	0.40mi
3210 Vincent Rd West Palm Beach, FL	3.0	2.0	1551	$8,500	$5.48	24d	1	0.43mi
3800 Washington Rd West Palm Beach, FL	2.0–3.0	2.0	1318	$10,000	$7.59	20d	4	0.43mi
3800 Washington Rd West Palm Beach, FL	2.0–3.0	2.0	1318	$10,000	$7.59	1d	6	0.43mi
3800 Washington Rd West Palm Beach, FL	2.0–3.0	2.0	1318	$10,000	$7.59	7d	5	0.43mi
3111 S Dixie Hwy West Palm Beach, FL	3.0	1.0–2.0	1024	$5,172	$5.05	5d	17	0.45mi
3901 S Flagler Dr West Palm Beach, FL	2.0–5.0	2.0–5.0	2266	$9,167	$4.05	21d	6	0.46mi
3901 S Flagler Dr West Palm Beach, FL	2.0–5.0	2.0–5.0	2266	$9,000	$3.97	2d	6	0.46mi
712 Tuscaloosa St West Palm Beach, FL	4.0	2.0	1390	$4,495	$3.23	24d	1	0.50mi
719 Briggs St West Palm Beach, FL	3.0	2.0	1328	$3,500	$2.64	20d	1	0.52mi
604 Piedmont Rd West Palm Beach, FL	4.0	2.0	1329	$3,500	$2.63	7d	1	0.55mi
353 E Lakewood Rd West Palm Beach, FL	3.0	2.0	1440	$5,650	$3.92	24d	1	0.68mi
3025 Robert Rd West Palm Beach, FL	4.0	2.0	1678	$3,146	$1.87	7d	1	0.70mi
240 Almeria Rd West Palm Beach, FL	3.0	3.0	1092	$9,000	$8.24	3d	1	0.71mi
5003 Garden Ave West Palm Beach, FL	4.0	2.0	1220	$2,950	$2.42	14d	1	0.76mi
832 Green St #1 West Palm Beach, FL	3.0	2.0	1700	$4,550	$2.68	11d	1	0.82mi
5008 Parker Ave West Palm Beach, FL	3.0	2.0	1318	$4,000	$3.03	24d	1	0.84mi
904 Ortega Rd West Palm Beach, FL	3.0	1.0	910	$3,500	$3.85	5d	1	0.85mi
605 Sunset Rd West Palm Beach, FL	3.0	2.0	1434	$4,000	$2.79	24d	1	0.90mi
1041 W Lakewood Rd West Palm Beach, FL	3.0	2.5	1857	$4,300	$2.32	24d	1	0.92mi
616 Upland Rd West Palm Beach, FL	3.0	2.0	1456	$4,500	$3.09	24d	1	0.97mi
616 Upland Rd West Palm Beach, FL	3.0	2.0	1456	$4,500	$3.09	20d	1	0.97mi
727 Bunker Rd West Palm Beach, FL	3.0	1.0	875	$3,200	$3.66	20d	1	1.01mi
945 Sunset Rd Unit 1 West Palm Beach, FL	3.0	3.0	1505	$5,300	$3.52	24d	1	1.06mi
110 Wilson Rd West Palm Beach, FL	3.0	1.0	1433	$8,000	$5.58	24d	1	1.06mi
727 Fernwood Dr West Palm Beach, FL	3.0	3.0	1667	$7,200	$4.32	24d	1	1.07mi
833 Ardmore Rd West Palm Beach, FL	3.0	2.5	1132	$4,500	$3.98	16d	1	1.09mi
833 Ardmore Rd West Palm Beach, FL	3.0	2.5	1132	$4,500	$3.98	15d	1	1.09mi
512 Revere Rd West Palm Beach, FL	4.0	2.0	1371	$3,395	$2.48	24d	1	1.15mi
512 Revere Rd West Palm Beach, FL	4.0	2.0	1371	$3,395	$2.48	15d	1	1.15mi
2109 Dock St West Palm Beach, FL	3.0	2.0	1593	$3,500	$2.20	2d	1	1.27mi
410 Franklin Rd West Palm Beach, FL	4.0	2.0	1388	$3,300	$2.38	24d	1	1.46mi
255 Cortez Rd West Palm Beach, FL	3.0	2.0	1674	$22,500	$13.44	24d	1	1.48mi

Listing history 27 events

1. 2026-06-18
   days on market $888,000 Active 51 DOM
2. 2026-06-17
   days on market $888,000 Active 50 DOM
3. 2026-06-16
   days on market $888,000 Active 49 DOM
4. 2026-06-15
   days on market $888,000 Active 48 DOM
5. 2026-06-13
   pricedays on market $888,000 Active 46 DOM
6. 2026-06-09
   days on market $899,900 Active 42 DOM
7. 2026-06-08
   days on market $899,900 Active 41 DOM
8. 2026-06-07
   days on market $899,900 Active 40 DOM
9. 2026-06-04
   pricedays on market $899,900 Active 37 DOM
10. 2026-06-03
    days on market $919,900 Active 36 DOM
11. 2026-06-02
    days on market $919,900 Active 35 DOM
12. 2026-06-01
    days on market $919,900 Active 34 DOM
13. 2026-05-31
    days on market $919,900 Active 33 DOM
14. 2026-05-19
    price $929,900
15. 2026-05-06
    price $949,900
16. 2026-04-28
    listed $975,000 Active
17. 2009-12-22
    historical
18. 2009-12-17
    soldstatus $67,653
19. 2009-08-09
    historical
20. 2009-08-09
    listed $229,000
21. 2008-12-05
    historical
22. 2008-03-05
    listed $290,000
23. 2007-01-09
    listed $329,000
24. 2005-12-29
    historical
25. 2005-07-22
    listed $389,000
26. 2003-06-04
    soldstatus $100,000
27. 1972-01-01
    soldstatus $18,500

ⓘ 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: $7,254 · $605/mo
• Projected year-2 tax: $7,370 · $614/mo
• Expected delta: +$116/yr (+$10/mo · 1.6%)

ⓘ 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 · 27 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: $83,412
• − Mortgage interest: −$49,742
• − Property taxes: −$7,254
• − Insurance: −$4,440
• − Repairs & maintenance: −$6,673
• − Management: −$6,673
• − Depreciation: −$25,833
• Taxable loss: −$17,203
• Est. tax savings @ 24.0%: +$4,129
• After-tax cash flow: $2,449/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): 19,780
• Household income: $87,341
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 1055.0

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: Majority Hispanic (51%)
• Race & ethnicity: Hispanic / Latino 51% White 44% Two or more races 24% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 5% Cuban 17% Dominican 2%
• Common ancestry: Scotch-Irish 2% Slovak 2% Romanian 2%
• Foreign-born: 37% · Canada, Guatemala, Jamaica
• Languages at home: 50% English-only · Spanish 44% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -662.68%
• Current HPI: 509.781
• Rent YoY: ▲ 3.44%
• 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

+4926.5% since first listed

14 events — show timeline

• 2026-05-19 Price Changed $929,900 Beaches MLS
• 2026-05-06 Price Changed $949,900 Beaches MLS
• 2026-04-28 Listed $975,000 Beaches MLS
• 2009-12-22 Listing Removed — Beaches MLS
• 2009-12-17 Sold (Public Records) $67,653 Public Records
• 2009-08-09 Listed $229,000 Beaches MLS
• 2009-08-09 Listing Removed — Beaches MLS
• 2008-12-05 Listing Removed — Beaches MLS
• 2008-03-05 Listed $290,000 Beaches MLS
• 2007-01-09 Listed $329,000 Beaches MLS
• 2005-12-29 Listing Removed — Beaches MLS
• 2005-07-22 Listed $389,000 Beaches MLS
• 2003-06-04 Sold (Public Records) $100,000 Public Records
• 1972-01-01 Sold (Public Records) $18,500 Public Records

Property tax history

+7.2%/yr

Latest (2025): $7,254 · +11.3% YoY. Source: county tax records.