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745 Tallapoosa Street
West Palm Beach, FL

745 Tallapoosa Street

$650,000
3 bd • 2 ba • 1,646 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$650,000

Price/Sq.Ft

$395

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 745 Tallapoosa Street, West Palm Beach, FL 33405 offers several attractive features. At $394.90/sqft, it's priced approximately 5% below the average West Palm Beach price of $415/sqft, representing good value. The 3-bedroom, 2-bathroom layout in 1,646 sqft is well-suited for small families or as an investment property. Based on local rental rates, a 3-bedroom home could fetch around $2,513/month, potentially yielding a gross rental yield of 4.6% annually. The property's curb appeal is enhanced by well-maintained landscaping and an inviting entryway, which can positively impact resale value. The exterior paint appears to be in good condition, potentially saving on immediate maintenance costs.

The Bad

The lack of detailed information about the property's features, utilities, and systems is concerning. This absence of data makes it challenging to assess the true condition and potential hidden costs. The unknown year built raises questions about potential outdated systems or materials that may require costly updates. At 1,646 sqft, the home is slightly smaller than the average single-family home in West Palm Beach (typically around 1,800-2,000 sqft), which may impact its competitiveness in the market. The price of $650,000 is above the median home value in West Palm Beach (approximately $425,000 as of 2023), which could limit the pool of potential buyers.

The Ugly

The property's location in West Palm Beach exposes it to significant climate-related risks. Hurricane risk is high, potentially leading to insurance premiums 20-30% higher than the national average. Flood insurance may be necessary, adding $500-$1,000 annually to ownership costs. With no information on the HVAC system, there's a risk of an inefficient or outdated system, leading to high electricity costs in the hot, humid climate. The median income in the area ($68,079) suggests that this property may be out of reach for many local buyers, as it would require an income of approximately $150,000-$180,000 to comfortably afford (based on traditional lending standards), potentially limiting resale options.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for buyers with a household income of $150,000+ who can comfortably manage the mortgage and additional costs associated with homeownership in a hurricane-prone area. It's ideal for small families or professionals who value a central location in West Palm Beach. Investors looking for long-term appreciation potential in a growing Florida market may also find this property attractive, given the potential rental income and the property's pricing relative to the local market.

Not For

This property is not suitable for first-time homebuyers or those with limited budgets, given the high purchase price and potential for additional costs related to hurricane preparedness and insurance. It's also not ideal for large families needing more than 3 bedrooms or significantly more living space. Risk-averse buyers concerned about climate change impacts or those unwilling to take on the potential challenges of maintaining a home in a hurricane-prone area should look elsewhere.
Demographics
Area Median Income

$68,079

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Risk Assessment

Risk Analysis

Hurricane risk is a major concern, with potential for property damage and high insurance costs. Sea level rise in West Palm Beach could impact property values long-term, with some projections showing up to 1 foot of sea level rise by 2050. The unknown age of the property raises concerns about potential structural issues, outdated electrical systems, or plumbing problems that could require significant investment. The local real estate market in West Palm Beach has seen rapid appreciation, with home values up over 20% in the past year, raising the risk of a market correction that could impact property values.

Financials

Monthly Costs
Market Rent (3 bed)

$2,513

Get a detailed rental estimate on Zillow®

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,021,133

57.1% above list price

Median Price

$1,200,000

Based on 6 recent sales

Price per Sq.Ft

$623

Comparable Properties

1701 Florida Avenue, West Palm Beach, FL 33401
Price: $1,200,000
Sq.Ft: 1,580
Beds/Baths: 2/2
$/Sq.Ft:
$75992.3%
Sale Date: 12/17/2024
3308 Washington Road, West Palm Beach, FL 33405
Price: $1,500,000
Sq.Ft: 1,534
Beds/Baths: 2/2
$/Sq.Ft:
$978147.6%
Sale Date: 11/22/2024
1710 Florida Avenue, West Palm Beach, FL 33401
Price: $1,175,000
Sq.Ft: 1,696
Beds/Baths: 3/2
$/Sq.Ft:
$69375.4%
Sale Date: 10/28/2024
201 Greymon Drive, West Palm Beach, FL 33405
Price: $1,495,000
Sq.Ft: 1,831
Beds/Baths: 3/2
$/Sq.Ft:
$816106.8%
Sale Date: 11/21/2024
3349 E El Vedado Court E, West Palm Beach, FL 33405
Price: $326,800
Sq.Ft: 1,583
Beds/Baths: 3/2
$/Sq.Ft:
$20647.7%
Sale Date: 10/18/2024
4324 Garden Avenue, West Palm Beach, FL 33405
Price: $430,000
Sq.Ft: 1,522
Beds/Baths: 3/2
$/Sq.Ft:
$28328.5%
Sale Date: 10/27/2024

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