4000 Greenwood Ave · West Palm Beach, FL 33407

$499,000

4 bd · 2.0 ba · 1,568 sqft · MultiFamily public records · 97 Days on market

Built 1958

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +3.3/5.0
• 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: 2 units. confirmed

Listing remarks

Investor Special! Priced for quick sell. This meticulously renovated duplex offers a income producing opportunity. Both units have been renovated. Unit Specifications (Two Identical Units) Layout: 2 Bedrooms / 1 Bathroom per side. Rental Income: $3850 a month Lease Ends: February 2027 and April 2027 Kitchen: Solid wood cabinetry, granite countertops, quartz countertops and modern appliances. Both units rented on annual lease. Climate: Individual central AC systems for each unit. Convenience: In-unit washer and dryer included in both residences. Infrastructure & "Peace of Mind" Upgrades Unlike most vintage properties in WPB, this building has been modernized for maximu

Key facts

• Solid wood cabinetry
• Quartz countertops
• Modern appliances

Tags

• PREMIUM FINISHES
• SOLID WOOD CABINETRY
• GRANITE COUNTERTOPS
• QUARTZ COUNTERTOPS
• MODERN APPLIANCES
• INDIVIDUAL CENTRAL AC SYSTEMS

Property features AI

Finance

• Financial info: Two separate rental units (each unit leased); Unit rents reported: $1,950 and $1,900

Exterior

• Parking: Two parking spaces; Parking spaces assigned to units
• Utilities: Cable available; Public sewer
• Home design: Single-story building
• Construction: Block construction; Built-Up roof
• Exterior features: Less than quarter acre lot

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: Two bedrooms (each unit: 2 bedrooms)
• Flooring: Laminate; Tile; Vinyl
• Bathrooms: One full bathroom (each unit: 1 full bathroom)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Impact glass windows
• Laundry & utility: Washer and dryer; Electric meter

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $499k).
• Recommended offer: $454k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 3.8% in West Palm 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 82/100 on livability (#75 in FL, #1,255 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment C-, crime 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 (+3.1%/yr); 305 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $7,181/mo this rent would consume 144% of the median local household income ($60k/yr) (locally 2157% 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 $3k of loan paydown is wiped out by about $15k 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.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $140k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($454k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 25y ago; this cycle's ask has dropped $80k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $213k; list at $499k implies a 134% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $454,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 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. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F 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?
8. 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.
9. 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.
10. 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: 1.44% ✓
• Cap rate: 12.37%
• Cash-on-cash: 21.70%
• DSCR: 1.97
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.08% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.58×
• Total profit: $80,532
• Equity at exit: $74,403

10-year hold

• IRR: 23.2%
• Equity multiple: 3.00×
• Total profit: $279,362
• Equity at exit: $43,144

Cash invested: $139,720 (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 33407

• Rents YoY: 3.1%
• Active inventory: 305
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $7,181 high
• Mortgage (P&I): −$2,617
• Tax from tax record: −$322 /mo · $3,866/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,508
• Net cashflow: $2,526

Break-even live

Break-even rent $3,983

Max offer price $499,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$7,182
Total (2 units)			$7,181

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 37th St West Palm Beach, FL	3.0	2.0	1426	$3,600	$2.52	24d	1	0.12mi
3808 Westview Ave West Palm Beach, FL	4.0	3.0	1617	$3,100	$1.92	24d	1	0.17mi
619 37th St West Palm Beach, FL	3.0	2.0	1414	$3,350	$2.37	24d	1	0.17mi
636 35th St West Palm Beach, FL	3.0	2.0	1133	$3,500	$3.09	24d	1	0.25mi
436 38th St West Palm Beach, FL	4.0	3.0	1479	$6,500	$4.39	24d	1	0.38mi
933 30th Ct West Palm Beach, FL	3.0	1.5	1085	$3,100	$2.86	24d	1	0.46mi
401 42nd St West Palm Beach, FL	3.0	1.0	1100	$4,950	$4.50	24d	1	0.46mi
401 42nd St West Palm Beach, FL	3.0	1.0	1400	$4,950	$3.54	15d	1	0.46mi
406 35th St West Palm Beach, FL	3.0	2.0	1835	$8,000	$4.36	24d	1	0.47mi
511 32nd St West Palm Beach, FL	4.0	3.5	2052	$18,500	$9.02	5d	1	0.47mi
419 30th St West Palm Beach, FL	3.0	2.5	2104	$7,700	$3.66	24d	1	0.63mi
5101 Spruce Ave West Palm Beach, FL	3.0	3.0	1151	$3,100	$2.69	24d	1	0.71mi
424 51st St Unit 426 West Palm Beach, FL	3.0	2.0	1230	$3,500	$2.85	11d	1	0.73mi
216 32nd St West Palm Beach, FL	3.0	3.0	1846	$6,200	$3.36	24d	1	0.74mi
202 32nd St West Palm Beach, FL	3.0	2.0	1636	$5,995	$3.66	24d	1	0.76mi
5203 N Flagler Dr West Palm Beach, FL	3.0	1.5	1458	$6,000	$4.12	24d	1	0.79mi
5301 N Flagler Dr West Palm Beach, FL	4.0	3.0	1616	$6,000	$3.71	24d	1	0.84mi
411 26th St West Palm Beach, FL	4.0	3.5	1847	$6,900	$3.74	24d	1	0.84mi
411 26th St West Palm Beach, FL	3.0	3.5	1847	$6,900	$3.74	8d	1	0.84mi
1563 40th St West Palm Beach, FL	4.0	2.0	1680	$3,600	$2.14	4d	1	0.93mi
629 56th St West Palm Beach, FL	4.0	2.0	1689	$3,100	$1.84	15d	1	0.93mi
2800 N Flagler Dr #404 West Palm Beach, FL	3.0	3.0	2063	$7,200	$3.49	24d	1	0.96mi
5600 N Flagler Dr West Palm Beach, FL	1.0–3.0	2.0	1192	$6,000	$5.03	21d	8	0.99mi
716 21st St West Palm Beach, FL	4.0	2.0	1560	$3,800	$2.44	18d	1	1.03mi
716 21st St West Palm Beach, FL	4.0	2.0	1560	$3,800	$2.44	5d	1	1.03mi
735 20th St West Palm Beach, FL	4.0	3.0	1767	$3,600	$2.04	8d	1	1.05mi
735 20th St West Palm Beach, FL	4.0	3.0	1767	$3,800	$2.15	24d	1	1.05mi
1101 Grant St West Palm Beach, FL	4.0	2.0	1726	$2,995	$1.74	16d	1	1.16mi
266 Colonial Ln Palm Beach, FL	3.0	2.5	2012	$45,000	$22.37	24d	1	1.32mi
565 Lilac Ct West Palm Beach, FL	3.0	2.0	1250	$3,000	$2.40	18d	1	1.34mi
1805 N Flagler Dr #107 West Palm Beach, FL	3.0	2.0	1237	$2,995	$2.42	4d	1	1.34mi
926 14th St West Palm Beach, FL	4.0	2.0	1050	$3,000	$2.86	15d	1	1.50mi

Listing history 50 events

1. 2026-06-18
   price $499,000 Active 97 DOM
2. 2026-06-18
   days on market $535,000 Active 97 DOM
3. 2026-06-17
   days on market $535,000 Active 96 DOM
4. 2026-06-16
   days on market $535,000 Active 95 DOM
5. 2026-06-15
   days on market $535,000 Active 94 DOM
6. 2026-06-13
   days on market $535,000 Active 92 DOM
7. 2026-06-09
   days on market $535,000 Active 88 DOM
8. 2026-06-08
   days on market $535,000 Active 87 DOM
9. 2026-06-07
   days on market $535,000 Active 86 DOM
10. 2026-06-04
    days on market $535,000 Active 83 DOM
11. 2026-06-03
    days on market $535,000 Active 82 DOM
12. 2026-06-02
    days on market $535,000 Active 81 DOM
13. 2026-06-01
    days on market $535,000 Active 80 DOM
14. 2026-05-31
    days on market $535,000 Active 79 DOM
15. 2026-05-17
    price $535,000
16. 2026-05-09
    status Active
17. 2026-03-24
    price $569,900
18. 2026-02-13
    listed $578,800 Active
19. 2025-08-25
    historical
20. 2025-07-31
    listed $448,000 Active
21. 2021-02-09
    historical
22. 2020-11-09
    price $280,000
23. 2020-10-08
    listed $289,000 Active
24. 2015-12-09
    historical
25. 2015-10-20
    price $63,700
26. 2015-10-09
    price $109,000
27. 2015-09-21
    price $114,000
28. 2015-09-07
    status Active
29. 2015-09-01
    historical Contingent
30. 2015-08-19
    listed $115,000 Active
31. 2015-03-11
    historical
32. 2015-02-19
    price $85,000
33. 2015-02-17
    price $109,500
34. 2015-02-08
    price $112,500
35. 2015-01-15
    listed $115,000 Active
36. 2014-11-19
    historical
37. 2014-10-19
    historical Contingent
38. 2014-09-10
    price $99,900
39. 2014-08-29
    status Active
40. 2014-04-18
    historical
41. 2014-04-18
    price $119,900
42. 2014-04-12
    price $124,000
43. 2014-03-27
    listed $112,000 Active
44. 2006-12-04
    soldstatus $213,000
45. 2005-03-04
    soldstatus $151,000
46. 2005-01-09
    historical
47. 2004-12-27
    listed $154,900
48. 2002-10-30
    soldstatus $104,000
49. 2002-10-28
    soldstatus $104,000
50. 2002-10-08
    historical

ⓘ 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: $3,866 · $322/mo
• Projected year-2 tax: $4,142 · $345/mo
• Expected delta: +$276/yr (+$23/mo · 7.1%)

ⓘ 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 · 25 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,172
• − Mortgage interest: −$27,952
• − Property taxes: −$3,866
• − Insurance: −$2,495
• − Repairs & maintenance: −$6,894
• − Management: −$6,894
• − Depreciation: −$14,516
• Taxable income: $23,556
• Est. tax owed @ 24.0%: −$5,653
• After-tax cash flow: $24,660/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 — West Palm Beach

• Score: 82/100
• State rank: #75
• US rank: #1255

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Palm Beach, FL
• County: Palm Beach County · 1,438,312 people
• City population: 222,012
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 34,851
• Household income: $59,993
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 2157.0

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 0.62)
• Race & ethnicity: Black 54% White 21% Hispanic / Latino 20% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Hispanic 8% Lithuanian 1% Romanian 1%
• Foreign-born: 26% · Canada, Vietnam, Jamaica
• Languages at home: 72% English-only · Spanish 17% French/Haitian/Cajun 8% Other Indo-European 1%

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: ▼ -299.26%
• Current HPI: 363.3995
• Rent YoY: ▲ 3.08%
• 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

+613.3% since first listed

43 events — show timeline

• 2026-05-17 Price Changed $535,000 MARMLS
• 2026-05-09 Relisted — MARMLS
• 2026-03-24 Price Changed $569,900 MARMLS
• 2026-02-13 Listed $578,800 MARMLS
• 2025-08-25 Listing Removed — MARMLS
• 2025-07-31 Listed $448,000 MARMLS
• 2021-02-09 Listing Removed — MARMLS
• 2020-11-09 Price Changed $280,000 MARMLS
• 2020-10-08 Listed $289,000 MARMLS
• 2015-12-09 Listing Removed — Beaches MLS
• 2015-10-20 Price Changed $63,700 Beaches MLS
• 2015-10-09 Price Changed $109,000 Beaches MLS
• 2015-09-21 Price Changed $114,000 Beaches MLS
• 2015-09-07 Relisted — Beaches MLS
• 2015-09-01 Contingent — Beaches MLS
• 2015-08-19 Listed $115,000 Beaches MLS
• 2015-03-11 Listing Removed — Beaches MLS
• 2015-02-19 Price Changed $85,000 Beaches MLS
• 2015-02-17 Price Changed $109,500 Beaches MLS
• 2015-02-08 Price Changed $112,500 Beaches MLS
• 2015-01-15 Listed $115,000 Beaches MLS
• 2014-11-19 Listing Removed — Beaches MLS
• 2014-10-19 Contingent — Beaches MLS
• 2014-09-10 Price Changed $99,900 Beaches MLS
• 2014-08-29 Relisted — Beaches MLS
• 2014-04-18 Listing Removed — Beaches MLS
• 2014-04-18 Price Changed $119,900 Beaches MLS
• 2014-04-12 Price Changed $124,000 Beaches MLS
• 2014-03-27 Listed $112,000 Beaches MLS
• 2006-12-04 Sold (Public Records) $213,000 Public Records
• 2005-03-04 Sold (MLS) $151,000 Beaches MLS
• 2005-01-09 Listing Removed — Beaches MLS
• 2004-12-27 Listed $154,900 Beaches MLS
• 2002-10-30 Sold (Public Records) $104,000 Public Records
• 2002-10-28 Sold (MLS) $104,000 Beaches MLS
• 2002-10-08 Listing Removed — Beaches MLS
• 2002-08-28 Listed $104,900 Beaches MLS
• 2002-06-07 Sold (Public Records) $82,000 Public Records
• 2001-10-31 Sold (Public Records) $44,000 Public Records
• 2001-10-09 Sold (MLS) $44,000 Beaches MLS
• 2001-08-14 Listing Removed — Beaches MLS
• 2001-08-08 Listed $49,900 Beaches MLS
• 1999-09-23 Sold (Public Records) $75,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $3,866 · +8.2% YoY. Source: county tax records.