610 51st St, West Palm Beach, FL 33407

Here’s a concise analysis of the multi-family property at 610 51st St, West Palm Beach, FL 33407, and its refinancing potential:

Property Snapshot:

• Address: 610 51st St, West Palm Beach, FL 33407
• Property Type: MultiFamily (often listed as a duplex or triplex with various configurations).
• Estimated Value: $356,900 (your input). Online estimates vary, some as high as $367,000. An appraisal is vital to confirm precise value.
• Size: 1,200 sqft, 4 beds, 2 baths (this typically indicates multiple units or a main house with an accessory unit).
• Built: 1958 (older property, significantly impacts insurance costs).
• Last Sold: $75,000 in October 2001 (indicates significant equity growth for the current owner). Also sold for $50,000 in 1991.
• Current Status: Zillow indicates the property is in pre-foreclosure, which is a critical and urgent factor.
• No HOA Fees: Confirmed as N/A.

Key Financials & Considerations for Refinancing (Multi-Family):

• Significant Equity: Substantial equity has been built since the 2001 purchase, which is generally favorable for refinancing.
• Property Taxes: $3,380/year in 2024 (approx. $282/month).
• Homeowner’s/Commercial Insurance: Extremely high for a 1958 multi-family property in West Palm Beach. Online estimates like $128/month are likely grossly understated. Actual costs could range from $500 to $1,500+ per month, potentially even higher for multi-family. This is a primary concern. Multi-family insurance is often more expensive than single-family due to increased liability and complexity.
• Refinance Rates (Multi-Family): Current Florida multi-family fixed rates (for properties typically $1M+) can range from 5.87% to 7.97% APR, with smaller balance loans potentially falling into different categories.
• Rental Income: As a multi-family property, consistent and verifiable rental income from all units will be crucial for lenders to assess debt service coverage ratio (DSCR).

Market Context (33407 Zip Code):

• Buyer’s Market: Home prices in 33407 were down 4.0% year-over-year in June 2025, with a median sale price of $360,000. Homes are taking longer to sell (88 days).
• Risk Factors: The area has moderate flood and wildfire risk, and extreme wind risk, contributing to high insurance costs.

Urgent Recommendations:

1. Address the Pre-Foreclosure Status IMMEDIATELY: This is the most critical issue. Contact the lender and seek legal counsel to understand the implications and all available options. Refinancing might be impossible or extremely difficult until this is resolved.
2. Obtain Multiple Realistic Insurance Quotes: This is paramount. For a 1958 multi-family property in West Palm Beach, you need specialized quotes. The actual cost will heavily impact the feasibility and affordability of a refinance.
3. Obtain a Professional Appraisal: Essential for confirming the definitive current market value, especially given the varying online estimates and the multi-family nature. This will also verify the exact number of units and their configuration.
4. Provide Detailed Financials: Be prepared to provide comprehensive income and expense statements for all units to potential lenders.
5. Seek Specialized Lending Advice: Work with a mortgage broker experienced in multi-family and distressed property refinancing.