2651 SE 2nd St · Boynton Beach, FL 33435

$750,000

4 bd · 4.0 ba · 2,298 sqft · MultiFamily public records · 102 Days on market

Built 1984

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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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.1/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Spacious multi unit home in exclusive community of Highpoint. Currently being used as a 6 unit sober house with almost $40,000 per year net income. The current owners have always had the property fully occupied and has always earned a profit every month! Investors dream! This property has a transferable sober house permit. Come inside and be greeted by spacious living areas, along with an inviting kitchen. All of the bedrooms are spacious as well and offer ample closet space. It is located just minutes to the Turnpike, I-95, Wellington, Boynton Beach, Downtown West Palm Beach, gorgeous area beaches and 3 international airports.

Key facts

• Four occupied units
• 4 parking spots
• Built 1984

Tags

• INCOME PRODUCING QUADPLEX
• FOUR OCCUPIED UNITS
• HIGH DEMAND RENTAL MARKET
• DESIRABLE GROWING NEIGHBORHOOD

Property features AI

Finance

• Financial info: Actual combined rent reported: $6,650
• HOA & community: Association fees billed annually

Exterior

• Parking: 4 total parking spaces; Other parking type
• Utilities: Public sewer; Cable not available
• Home design: Single-story building; Block construction
• Construction: Block construction; Year built unknown
• Exterior features: Less than quarter acre lot; Zoned R2

Interior

• Bedrooms: Total of 6 bedrooms across units
• Bathrooms: Total of 5 full bathrooms across units
• Interior features: Month-to-month unit available

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $992 ($12k/yr) — positive. Per door: $248/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $750k).
• Recommended offer: $682k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.3% in Boynton 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 72/100 on livability (#351 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+, cost of living B; Watch: amenities D+, crime D-, commute 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 (+3.6%/yr); 536 active listings in the ZIP; 37 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 $7,587/mo this rent would consume 134% of the median local household income ($68k/yr) (locally 1623% 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 $5k of loan paydown is wiped out by about $22k 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 102 days — a 9% lower offer ($682k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago; this cycle's ask has dropped $55k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $515k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $682,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D 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: 1.01% ✓
• Cap rate: 7.88%
• Cash-on-cash: 5.67%
• DSCR: 1.25
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.64% rent growth · sell at horizon

5-year hold

• IRR: -6.8%
• Equity multiple: 0.75×
• Total profit: $-53,445
• Equity at exit: $111,827

10-year hold

• IRR: 3.5%
• Equity multiple: 1.26×
• Total profit: $55,252
• Equity at exit: $64,846

Cash invested: $210,000 (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 33435

• Rents YoY: 3.6%
• Active inventory: 536
• Price-to-rent: 33.0×

Monthly cashflow live

• Estimated rent: $7,587 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$756 /mo · $9,076/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,593
• Net cashflow: $992

Break-even live

Break-even rent $6,332

Max offer price $750,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$7,588
Total (4 units)			$7,587

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1801 Coastal Bay Blvd Boynton Beach, FL	3.0	2.5	1978	$3,500	$1.77	24d	1	0.19mi
1801 Coastal Bay Blvd Unit 1801 Boynton Beach, FL	3.0	2.5	1978	$3,750	$1.90	24d	1	0.19mi
175 SE 27th Pl Boynton Beach, FL	4.0	2.0	1596	$3,800	$2.38	24d	1	0.22mi
135 SE 28th Ct Boynton Beach, FL	3.0	2.0	1890	$7,900	$4.18	24d	1	0.36mi
3261 Estancia Ln Boynton Beach, FL	3.0	3.5	2200	$4,950	$2.25	24d	1	0.43mi
211 Bayfront Dr Boynton Beach, FL	3.0	2.0	1674	$1,899	$1.13	22d	1	0.59mi
3218 Palm Dr Delray Beach, FL	3.0	3.0	2012	$15,000	$7.46	7d	1	0.65mi
711 SW 27th Way Boynton Beach, FL	3.0	3.0	1988	$12,000	$6.04	4d	1	0.66mi
3501 S Federal Hwy Boynton Beach, FL	3.0	3.0	1719	$3,350	$1.95	20d	1	0.68mi
3219 Karen Dr Delray Beach, FL	4.0	3.0	2358	$20,000	$8.48	24d	1	0.70mi
130 SW 14th Ave Unit 130 Boynton Beach, FL	4.0	3.0	1731	$3,690	$2.13	4d	1	0.70mi
130 SW 14th Ave Boynton Beach, FL	4.0	3.0	1731	$3,690	$2.13	20d	1	0.70mi
2866 SW 8th St Boynton Beach, FL	3.0	3.0	1954	$6,000	$3.07	5d	1	0.75mi
2866 SW 8th St Boynton Beach, FL	3.0	3.0	1954	$6,000	$3.07	24d	1	0.75mi
3951 N Ocean Blvd Gulf Stream, FL	3.0	2.0	1615	$15,250	$9.44	24d	1	0.77mi
4535 Coquina Rd Boynton Beach, FL	3.0	3.5	2536	$12,000	$4.73	24d	1	0.77mi
18 Hersey Dr Ocean Ridge, FL	3.0	3.0	2021	$13,500	$6.68	24d	1	0.82mi
11 Hersey Dr Ocean Ridge, FL	3.0	2.0	1579	$18,500	$11.72	24d	1	0.82mi
1351 S Federal Hwy Boynton Beach, FL	1.0–3.0	1.0–2.0	1394	$4,001	$2.87	1d	32	0.82mi
5501 N Ocean Blvd Ocean Ridge, FL	3.0	3.0	1685	$6,000	$3.56	24d	1	0.85mi
30 Hersey Dr Ocean Ridge, FL	4.0	4.0	1848	$7,900	$4.27	24d	1	0.86mi
1101 S Seacrest Blvd Unit 1101 Boynton Beach, FL	4.0	2.0	2498	$3,700	$1.48	16d	1	0.92mi
1101 S Seacrest Blvd Boynton Beach, FL	4.0	2.0	2498	$3,700	$1.48	22d	1	0.92mi
1101 S Seacrest Blvd Boynton Beach, FL	4.0	2.0	2498	$3,700	$1.48	7d	1	0.92mi
5550 Osprey Dr Ocean Ridge, FL	3.0	3.0	1811	$18,000	$9.94	24d	1	0.94mi
106 Beachway Dr Ocean Ridge, FL	3.0	3.5	2219	$25,000	$11.27	24d	1	1.01mi
5 Lake Eden Dr Boynton Beach, FL	3.0	2.5	2841	$5,700	$2.01	24d	1	1.03mi
2107 Campanelli Blvd Boynton Beach, FL	3.0	2.0	1624	$2,600	$1.60	24d	1	1.07mi
820 Canary Walk Delray Beach, FL	3.0	2.0	1650	$8,500	$5.15	24d	1	1.20mi
5801 N Ocean Blvd #208 Ocean Ridge, FL	3.0	2.0	1863	$4,500	$2.42	24d	1	1.20mi
15 Harbour Dr N Ocean Ridge, FL	3.0	2.0	1712	$9,995	$5.84	24d	1	1.25mi
100 Newlake Dr Boynton Beach, FL	1.0–3.0	1.0–2.0	1261	$3,054	$2.42	1d	22	1.26mi
2210 NE 3rd Ave Delray Beach, FL	3.0	4.5	2300	$10,000	$4.35	3d	1	1.31mi
145 SE 3rd Ave Unit 145 Boynton Beach, FL	3.0	2.0	1953	$4,000	$2.05	24d	1	1.36mi
2515 Venetian Ct Boynton Beach, FL	3.0	2.5	1624	$3,150	$1.94	24d	1	1.41mi
2414 Venetian Way Boynton Beach, FL	3.0	2.5	1990	$3,200	$1.61	14d	1	1.44mi
107 N Swinton Cir Delray Beach, FL	3.0	2.0	1582	$5,500	$3.48	24d	1	1.45mi

Listing history 14 events

1. 2026-05-01
   price $750,000
2. 2026-03-28
   status Active
3. 2026-03-27
   historical
4. 2026-02-11
   listed $805,000 Active
5. 2021-12-01
   soldstatus $515,000
6. 2021-11-23
   soldstatus $515,000 Closed 635-char remark

   Show marketing remark (635 chars)

   Spacious multi unit home in exclusive community of Highpoint. Currently being used as a 6 unit sober house with almost $40,000 per year net income. The current owners have always had the property fully occupied and has always earned a profit every month! Investors dream! This property has a transferable sober house permit. Come inside and be greeted by spacious living areas, along with an inviting kitchen. All of the bedrooms are spacious as well and offer ample closet space. It is located just minutes to the Turnpike, I-95, Wellington, Boynton Beach, Downtown West Palm Beach, gorgeous area beaches and 3 international airports.

7. 2021-10-21
   historical Active Under Contract 635-char remark

   Show marketing remark (635 chars)

   Spacious multi unit home in exclusive community of Highpoint. Currently being used as a 6 unit sober house with almost $40,000 per year net income. The current owners have always had the property fully occupied and has always earned a profit every month! Investors dream! This property has a transferable sober house permit. Come inside and be greeted by spacious living areas, along with an inviting kitchen. All of the bedrooms are spacious as well and offer ample closet space. It is located just minutes to the Turnpike, I-95, Wellington, Boynton Beach, Downtown West Palm Beach, gorgeous area beaches and 3 international airports.

8. 2021-10-20
   historical Active Under Contract
9. 2021-10-08
   listed $499,900 Active 635-char remark

   Show marketing remark (635 chars)

   Spacious multi unit home in exclusive community of Highpoint. Currently being used as a 6 unit sober house with almost $40,000 per year net income. The current owners have always had the property fully occupied and has always earned a profit every month! Investors dream! This property has a transferable sober house permit. Come inside and be greeted by spacious living areas, along with an inviting kitchen. All of the bedrooms are spacious as well and offer ample closet space. It is located just minutes to the Turnpike, I-95, Wellington, Boynton Beach, Downtown West Palm Beach, gorgeous area beaches and 3 international airports.

10. 2021-10-08
    listed $499,900 Active

    Show marketing remark (635 chars)

    Spacious multi unit home in exclusive community of Highpoint. Currently being used as a 6 unit sober house with almost $40,000 per year net income. The current owners have always had the property fully occupied and has always earned a profit every month! Investors dream! This property has a transferable sober house permit. Come inside and be greeted by spacious living areas, along with an inviting kitchen. All of the bedrooms are spacious as well and offer ample closet space. It is located just minutes to the Turnpike, I-95, Wellington, Boynton Beach, Downtown West Palm Beach, gorgeous area beaches and 3 international airports.

11. 2001-10-17
    soldstatus $108,000
12. 2001-10-17
    soldstatus $108,000
13. 2001-08-23
    historical
14. 2001-08-15
    listed $116,900

ⓘ 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: $9,076 · $756/mo
• Projected year-2 tax: $9,076 · $756/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 · 28 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $91,044
• − Mortgage interest: −$42,012
• − Property taxes: −$9,076
• − Insurance: −$3,750
• − Repairs & maintenance: −$7,284
• − Management: −$7,284
• − Depreciation: −$21,818
• Taxable loss: −$179
• Est. tax savings @ 24.0%: +$43
• After-tax cash flow: $11,945/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 — Boynton Beach

• Score: 72/100
• State rank: #351
• US rank: #6098

Category grades

Amenities D+ Commute F Cost of living B Crime D- Employment C Housing A+ Health & safety B+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boynton Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 148,060
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 37,833
• Household income: $67,979
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1623.0

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 0.65)
• Race & ethnicity: White 41% Black 40% Hispanic / Latino 15% Two or more races 10%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Cuban 2% Dominican 1%
• Common ancestry: Hispanic 23% Romanian 2% Lithuanian 2%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 61% English-only · French/Haitian/Cajun 24% Spanish 11% 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: ▼ -345.86%
• Current HPI: 371.0527
• Rent YoY: ▲ 3.64%
• 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

+541.6% since first listed

14 events — show timeline

• 2026-05-01 Price Changed $750,000 MARMLS
• 2026-03-28 Relisted — MARMLS
• 2026-03-27 Listing Removed — MARMLS
• 2026-02-11 Listed $805,000 MARMLS
• 2021-12-01 Sold (Public Records) $515,000 Public Records
• 2021-11-23 Sold (MLS) $515,000 Beaches MLS
• 2021-10-21 Contingent — Beaches MLS
• 2021-10-20 Contingent — Beaches MLS
• 2021-10-08 Listed $499,900 Beaches MLS
• 2021-10-08 Listed $499,900 Beaches MLS
• 2001-10-17 Sold (Public Records) $108,000 Public Records
• 2001-10-17 Sold (MLS) $108,000 Beaches MLS
• 2001-08-23 Listing Removed — Beaches MLS
• 2001-08-15 Listed $116,900 Beaches MLS

Property tax history

+8.4%/yr

Latest (2025): $9,076 · -7.0% YoY. Source: county tax records.