3961 SW Greenwood Way Unit B · Palm City, FL 34990

$239,900

2 bd · 2.0 ba · 1,337 sqft · Condo public records · 27 Days on market

Built 1986 $687/mo HOA · 28% of rent

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Why this score? — see what drove the D- 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 +8.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully updated 2 bedroom, 2 bathroom condo with a true den that can easily function as a 3rd bedroom. Located in a gated community in the heart of Palm City, this move-in ready home features freshly painted interiors, updated flooring throughout the main living areas and bedrooms, upgraded fans and fixtures, and new tile floors on the screened in patio. Enjoy low maintenance living with an association that includes cable, internet, exterior pest control, exterior insurance, common grounds maintenance, and gated access. Golf enthusiasts will appreciate the public golf course and the option for membership access to the private course, both within the community. Residents

Key facts

• Gated community
• New tile floors
• Sports complex

Tags

• GATED COMMUNITY
• UPDATED FLOORING
• NEW TILE FLOORS
• PUBLIC GOLF COURSE
• MEMBERSHIP ACCESS
• SPORTS COMPLEX

Property features AI

Finance

• Financial info: Pets allowed with restrictions (breed, number, and size limits)
• HOA & community: Community managed by Advantage Property Management LLC; Monthly HOA fee of $687; HOA amenities include basketball court, clubhouse, jogging path, park, pool, and sidewalks; HOA covers cable TV, insurance, internet, grounds maintenance, pest control, security, trash, and common areas

Exterior

• Parking: Assigned parking and guest parking (1 total assigned/covered slot not indicated as carport)
• Security: Security guard; Smoke detectors
• Utilities: Public water; Public sewer; Cable available; Electricity available; Sewer available; Water available
• Home design: Condominium; One level; Resale condition; Faces northwest
• Construction: Concrete construction; Flat and tile roof
• Exterior features: Screened porch; Porch; Not waterfront; Private road frontage

Interior

• Kitchen: Disposal; Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Ceiling fans for cooling
• Interior features: Entrance foyer; Walk-in closets; Split bedroom layout; Furnished
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $-217 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (16.0% below list).
• Meets the 1% rule at list price ($2k rent vs $240k).
• Recommended offer: $202k (16.0% below list) — sets the bar for cash-flow.
• Cap rate 5.2% vs local median 2.6% in Palm City — 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 79/100 on livability (#140 in FL, #2,113 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Martin (suburban): math 52% / reading 53% proficiency, ranked #24 of 73 in FL (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Citrus Grove Elementary (math 69% / reading 69%, grade A-, #399 of 2,144 statewide, top 19%, 600 students, 25% FRL); Hidden Oaks Middle School (math 82% / reading 71%, grade A, #33 of 571 statewide, top 6%, 940 students, 23% FRL) — zoned schools average 24% FRL vs 41% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 73% at this address vs 52% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Martin average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-0.1%/yr); 452 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 737 units permitted in Martin County in 2024 (167 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Martin County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $110k; list at $240k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $201,592 (16.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 1.04% ✓
• Cap rate: 5.21%
• Cash-on-cash: -3.87%
• DSCR: 0.83
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -27.3%
• Equity multiple: 0.11×
• Total profit: $-59,613
• Equity at exit: $35,770

10-year hold

• IRR: -50.0%
• Equity multiple: -0.44×
• Total profit: $-96,397
• Equity at exit: $20,742

Cash invested: $67,172 (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 34990

• Home prices YoY: -29.7%
• Rents YoY: -0.1%
• Active inventory: 452
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,486 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$136 /mo · $1,634/yr
• Insurance: −$100
• HOA: −$687
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $-217

Break-even live

Break-even rent $2,761

Max offer price $201,592

Occupancy floor —

Sensitivity live

Price	-10% $-81	-5% $-149	+0% $-217	+5% $-285	+10% $-353
Rent	-10% $-413	-5% $-315	+0% $-217	+5% $-119	+10% $-20
Rate	-1.0pp $-96	-0.5pp $-156	base $-217	+0.5pp $-279	+1.0pp $-342

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4004 SW Osprey Creek Way Palm City, FL	3.0	2.0	1542	$2,700	$1.75	25d	1	0.08mi
2687 SW Egret Pond Cir Palm City, FL	3.0	2.0	1722	$2,200	$1.28	25d	1	0.22mi
4211 SW Egret Pond Ter Palm City, FL	3.0	2.0	1557	$2,350	$1.51	25d	1	0.25mi
2621 SW Egret Pond Cir Palm City, FL	2.0	2.0	1442	$2,475	$1.72	25d	1	0.30mi
3821 SW Coquina Cove Way Unit 205 Palm City, FL	2.0	2.0	1100	$2,220	$2.02	25d	1	0.44mi
3505 SW Quail Meadow Trl Unit A Palm City, FL	2.0	2.0	1331	$2,500	$1.88	15d	1	0.44mi
3641 SW Coquina Cove Way Palm City, FL	1.0–3.0	1.0–2.0	987	$2,312	$2.34	15d	11	0.48mi
3599 SW Sunset Trace Cir Palm City, FL	2.0	2.5	1236	$2,200	$1.78	23d	1	0.77mi
3579 SW Sunset Trace Cir Palm City, FL	2.0	2.5	1236	$2,300	$1.86	25d	1	0.82mi
3662 SW Sunset Trace Cir Palm City, FL	3.0	2.0	1296	$2,500	$1.93	15d	1	0.83mi
2735 SW Mariposa Cir Palm City, FL	2.0	2.0	1612	$2,800	$1.74	25d	1	1.06mi
1880 SW Springfield Ct Palm City, FL	2.0	2.0	1525	$2,950	$1.93	25d	1	1.12mi
2868 SW Shinnecock Hills Ct Palm City, FL	3.0	2.0	1451	$3,000	$2.07	25d	1	1.38mi

HOA detail condo

• Monthly dues: $687 · $8,244/yr
• Likely covers: internetcablelandscapingsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-21
   days on market $239,900 Active 27 DOM
2. 2026-06-18
   days on market $239,900 Active 24 DOM
3. 2026-06-17
   days on market $239,900 Active 23 DOM
4. 2026-06-16
   days on market $239,900 Active 22 DOM
5. 2026-06-15
   days on market $239,900 Active 21 DOM
6. 2026-06-14
   days on market $239,900 Active 19 DOM
7. 2026-06-13
   days on market $239,900 Active 18 DOM
8. 2026-06-10
   days on market $239,900 Active 16 DOM
9. 2026-06-09
   days on market $239,900 Active 15 DOM
10. 2026-06-08
    days on market $239,900 Active 14 DOM
11. 2026-06-07
    days on market $239,900 Active 13 DOM
12. 2026-06-03
    days on market $239,900 Active 9 DOM
13. 2026-06-02
    days on market $239,900 Active 8 DOM
14. 2026-06-01
    days on market $239,900 Active 7 DOM
15. 2026-05-31
    days on market $239,900 Active 6 DOM
16. 2026-05-31
    days on market $239,900 Active 5 DOM
17. 2026-05-25
    listed $239,900 Active
18. 2016-06-26
    historical
19. 2016-06-26
    historical
20. 2016-01-11
    price $110,000
21. 2014-10-07
    historical
22. 2014-05-29
    historical
23. 2010-12-20
    soldstatus $110,000
24. 2010-12-17
    price $125,000
25. 2010-12-17
    soldstatus $110,000
26. 2010-11-21
    listed $125,000
27. 2010-11-11
    historical
28. 2010-05-10
    listed $125,000
29. 2009-11-02
    listed $125,000
30. 2009-04-24
    listed $125,000
31. 2008-05-25
    listed $125,000
32. 2008-05-25
    listed $125,000
33. 1997-07-16
    soldstatus $86,000
34. 1992-09-09
    soldstatus $83,400

ⓘ 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: $1,634 · $136/mo
• Projected year-2 tax: $1,991 · $166/mo
• Expected delta: +$358/yr (+$30/mo · 21.9%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 6 d/yr ≥106°F today · 19 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: $29,837
• − Mortgage interest: −$13,438
• − Property taxes: −$1,634
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,387
• − Management: −$2,387
• − HOA: −$8,244
• − Depreciation: −$6,979
• Taxable loss: −$6,431
• Est. tax savings @ 24.0%: +$1,543
• After-tax cash flow: $-1,059/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: Martin
• NCES district ID: 1201290
• Math proficiency: 52% ▼ -14.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $52,482
• Composite: 45.1/100
• National rank: #2690
• State rank: #24 of 73 in FL

Livability — Palm City

• Score: 79/100
• State rank: #140
• US rank: #2113

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm City, FL
• County: Martin County · 165,223 people
• City population: 30,592
• Metro: Port St. Lucie, FL
• Population (ZIP): 30,592
• Household income: $129,560
• Rent vs Own: 9.2% rent · 90.8% own
• Severe rent burden: 249.0

Population outlook (Martin County) Hauer SSP2

• Today (2025): 172,383 people
• By 2030: 180,192 · +4.5%
• By 2040: 194,114 · +12.6%
• By 2050: 204,992 · +18.9%
• By 2075: 229,641 · +33.2%
• By 2100: 232,146 · +34.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 10% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Cuban 3%
• Common ancestry: Romanian 4% Italian 3% Scotch-Irish 2%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 90% English-only · Spanish 6% Russian/Polish/Slavic 1% Tagalog/Filipino 1%

Political lean MEDSL · Martin

• 2024 margin: Solid R (+31.1) · D 34.1% · R 65.2%
• 2008→2024 swing: -17.5pp toward R · 2008: -13.6pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+24.6 2016: R+26.9 2012: R+22.9 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.81%
• Current HPI: 328.9662
• Rent YoY: ▼ -0.09%
• Metro: Port St. Lucie, 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

+187.6% since first listed

18 events — show timeline

• 2026-05-25 Listed $239,900 Beaches MLS
• 2016-06-26 Listing Removed — MCRTC
• 2016-06-26 Listing Removed — MCRTC
• 2016-01-11 Price Changed $110,000 MCRTC
• 2014-10-07 Listing Removed — Beaches MLS
• 2014-05-29 Listing Removed — MCRTC
• 2010-12-20 Sold (Public Records) $110,000 Public Records
• 2010-12-17 Sold (MLS) $110,000 MCRTC
• 2010-12-17 Price Changed $125,000 MCRTC
• 2010-11-21 Listed $125,000 MCRTC
• 2010-11-11 Listing Removed — MCRTC
• 2010-05-10 Listed $125,000 MCRTC
• 2009-11-02 Listed $125,000 MCRTC
• 2009-04-24 Listed $125,000 MCRTC
• 2008-05-25 Listed $125,000 MCRTC
• 2008-05-25 Listed $125,000 Beaches MLS
• 1997-07-16 Sold (Public Records) $86,000 Public Records
• 1992-09-09 Sold (Public Records) $83,400 Public Records

Property tax history

+0.2%/yr

Latest (2025): $1,634 · -1.0% YoY. Source: county tax records.