I am thinking about making an investment in the West Palm Beach neighborhood of Pinewood Park (between 59th and 45 st). Personally, I have not been to the neighborhood but have received information from my realtor and family members that the neighborhood is OK. From what I know I would categorize the neighborhood as class C, but what is throwing me off a little bit are the taxes. For an 1800 sqft home the taxes are about $5k/ year. This seems high to me but maybe it speaks to the fact that the neighborhood is turning around, or it could be the city needs more tax revenue.
Would this be a good neighborhood for a rental property? Any chance at appreciation for a buy and hold?
Any thoughts or ideas from individuals who are familiar with the area would be much appreciated.
That is more of a D class area. Taxes are based on the value of the property not the size of it. There won’t be significant appreciation in that neighborhood like there would be in better parts of WPB. I personally wouldn’t invest there but I focus on C+ or better areas. Everyone has their own strategy, risk tolerance and goals.
Depends on your investment strategy - you can check PAPA for comps, recent sales around the property address, or with a realtor for DOM - for a more accurate value. You can also check Section 8 to see what the going market rate is in Palm Beach - that's guaranteed rental income no matter what catastrophe is happening in the world. People live everywhere - as long as your financing is approved for the area and you have a solid exit strategy I see no issues.
@James D. Beaty , always happy to provide a no-BS second opinion.
That area code 33407 is not as bad as it seems. For rentals is great and that area comps has been getting better because My GC and myself has built a lot of new Construction homes in the area and the surrounding areas.
ONLY thing if you are going to do rentals, I suggest to have someone reliable to be able to follow up on the tenants on a monthly basis. THE PLUS is here you will hardly have any vacancies.