5713 Elmwood St, Mangonia Park, FL 33407

Here’s a detailed analysis of the property at 5713 Elmwood St, Mangonia Park, FL 33407, focusing on its refinancing potential:

Property Snapshot:

• Address: 5713 Elmwood St, Mangonia Park, FL 33407
• Property Type: Single Family Home
• Estimated Value: Your input: $274,300. Zillow’s Zestimate is significantly higher at $370,416. Other nearby properties on Elmwood St are estimated in the $280K-$320K range. A professional appraisal is essential to confirm the precise current market value, especially with such a wide range in online estimates.
• Size: 1,296 sqft (your input and consistent with public records). The number of bedrooms varies in records: your input is “– beds,” but a recent listing on Jupiter indicates 3 beds, 1 bath, 1,296 sqft. Trulia and Realtor.com show 1 bath. Crucially, confirm the actual number of bedrooms and bathrooms.
• Built: 1973 (An older home, which is a significant factor for homeowner’s insurance in Florida).
• Last Sold: Public records are conflicting for this specific address:
  • One source indicates a last sale on August 25, 2020, for $345,000.
  • Another indicates February 15, 2019, for $287,000.
  • Realtor.com shows $66,900 in 1998.
  • Trulia for 5712 Elmwood (next door) shows a sale in 1991 for $55,000. It is CRITICAL to verify the actual last sale date and price for the current owner of 5713 Elmwood St through county property records to accurately assess their equity.
• Lot Size: Approximately 5,869 – 6,100 sqft (varying records).
• Features: Concrete Block/Stucco exterior, Asphalt/Composition roof.
• HOA Fees: Confirmed as No HOA Dues. This is a significant positive, as it eliminates a recurring monthly cost.

Key Financials & Considerations for Refinancing:

• Equity: The equity position depends heavily on the actual last purchase price. If the current owner bought it for $345,000 in 2020 and the current value is around $274,300, they might have negative equity (loan balance higher than value), which would make a traditional refinance difficult. However, if Zillow’s $370,416 Zestimate is accurate, then there would be substantial equity. This discrepancy in estimated value and last sale price must be resolved through an appraisal.
• Property Taxes: Public records for 5713 Elmwood St are conflicting. Trulia shows $718 for 2024 (approx. $60/month). Redfin also shows $51/month. These amounts are extremely low for a Florida home in this value range. Other nearby homes in the same zip code have much higher taxes. You must verify the exact 2024 property tax bill for this specific address from the Palm Beach County Property Appraiser’s office. This is a non-negotiable step for accurate financial planning, as a typical tax bill for a $275K-$375K home in this area would be several thousand dollars annually.
• Homeowner’s Insurance: EXTREMELY CRITICAL AND SIGNIFICANT. For a 1973-built home in Mangonia Park, Florida, insurance costs will be very high. Online estimates for Mangonia Park and the broader Florida market consistently show much higher figures than the $37/month implied by some online calculators.
  • NerdWallet states the average Florida homeowners insurance is $2,625 annually ($219/month).
  • MoneyGeek states Florida’s average is $7,554 annually ($630/month) for $250K dwelling coverage, being the sixth most expensive state. They also note that older homes, specifically those built before 1975, can have much higher premiums.
  • Bankrate shows average annual premiums for West Palm Beach (a nearby, larger city) at $8,821 for $300K dwelling coverage.
  • Factors that will heavily influence the actual premium include:
    • Age and condition of the roof: An asphalt roof from 1973 would likely need replacement soon or be uninsurable without a new roof. A newer roof (less than 15 years old) with proper documentation can significantly reduce premiums.
    • Wind mitigation features: Documentation of impact windows, hurricane shutters, or a strong roof-to-wall attachment are crucial for discounts.
    • Four-point inspection: Lenders and insurers will absolutely require a 4-point inspection (HVAC, electrical, plumbing, roof) for a home built in 1973. If any major systems are original, they may need to be updated.
  • It is absolutely imperative to obtain multiple, realistic, current quotes from various insurance providers specializing in Florida, specifically for a 1973-built home. This will likely be the largest non-mortgage monthly expense and could easily be $400-$700+ per month.
• Estimated Refi Payment: Your input: $1,875/mo. This figure should be re-evaluated after getting accurate tax and insurance quotes, as those will significantly impact the total monthly payment.
• Refinance Rates: As of July 22, 2025, current Florida 30-year fixed refinance APRs are averaging around 6.75% to 6.95%. Your specific rate will depend on your credit score, loan-to-value (LTV) ratio, and the lender.

Market Context (Mangonia Park, FL 33407):

• Buyer’s Market: The 33407 zip code and Mangonia Park as a whole are generally considered a buyer’s market. Home prices in Mangonia Park were down 29.8% month-over-month in June 2025 (median sold price $396,500), and down 4.0% year-over-year for the 33407 zip code (median sold price $360,000). Homes are taking longer to sell (median 100 days in Mangonia Park, 88 days in 33407). This means there’s less competition among buyers and potentially more room for negotiation if selling, but also a more cautious lending environment.

Recommendations for Refinancing:

1. Verify All Core Property Data:
   • Last Sale Price/Date: Get the official purchase date and price for the current owner from Palm Beach County property records.
   • Bed/Bath Count: Confirm the exact number of bedrooms and bathrooms.
   • Square Footage: Reconfirm the heated living area.
2. Verify 2024 Property Taxes: Obtain the precise annual property tax bill for 5713 Elmwood St directly from the Palm Beach County Property Appraiser’s website. Do not rely on highly variable online estimates.
3. Obtain Multiple Realistic Homeowner’s Insurance Quotes IMMEDIATELY: This is the most crucial step for an older home in Florida. Contact several independent insurance agents. Provide them with detailed information about the home’s build year (1973), the exact age of the roof, and any documented wind mitigation features. Be prepared for high premiums.
4. Get a Professional Appraisal: This will provide an unbiased and accurate current market value. Given the discrepancy in online estimates and the potential impact on equity, a professional appraisal is indispensable.
5. Define Your Goal: What is the primary purpose of refinancing? Lowering the current interest rate, pulling cash out (if sufficient equity exists), or changing the loan term? If you intend to do a cash-out refinance, consider using some funds for essential updates (e.g., roof, HVAC, electrical, plumbing) that could improve insurability and reduce future costs.
6. Review Your Credit Score: A strong credit score (typically 740+) will be essential to qualify for the best interest rates and terms.
7. Shop Around for Lenders: Compare interest rates, APRs (which include fees), and closing costs from several different mortgage lenders. Pay close attention to points and fees, as these can add significantly to the overall cost.
8. Prepare for 4-Point Inspection: Lenders will almost certainly require a 4-point inspection for a home built in 1973. Be proactive and understand the condition of the HVAC, electrical, plumbing, and roof systems.

Refinancing this property has potential due to its market value, but the accuracy of equity calculation, the potentially very high property taxes, and the extremely high cost of homeowner’s insurance for an older home in Florida will be the primary determinants of its feasibility and affordability.