4640 W Lucerne Lakes Blvd Blvd #505 · Greenacres, FL 33467

$109,380

1 bd · 1.0 ba · 900 sqft · Condo public records · 20 Days on market

Built 1980 $587/mo HOA · 30% of rent

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Why this score? — see what drove the C 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 +22.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1 Bedroom 1 bath condo located in the 55+ community of Lucerne Lakes. Large walk in closet, common laundry, extra storage cage. Maintenance includes cable and water. Community offers large clubhouse, lobby, theater with entertainment, billiards, bocce and shuffleboard, library, tennis, 2 heated swimming pools, hot tub, whirlpool and sauna. Bus service from the clubhouse to shopping, medical and excursions. Lake Worth Beach 10 miles away. Close to turnpike, shopping and medical.

Key facts

• Clubhouse
• Renovated kitchen
• Updated countertops

Tags

• RENOVATED KITCHEN
• UPDATED COUNTERTOPS
• LARGE WALK-IN CLOSET
• UPDATED BATHROOM
• COMMON LAUNDRY FACILITIES
• CLUBHOUSE

Property features AI

Finance

• Other: Building area listed from public records
• Financial info: Pets not allowed; Property is in a senior community
• HOA & community: Association present; monthly HOA fee; Association amenities include: Billiard room, Clubhouse, Elevators, Fitness center, Laundry, Pool, Shuffleboard court, Spa/Hot tub, Tennis courts, Bocce ball, Courtesy bus, Library, Pickleball courts, Sidewalks, Street lights; HOA fee covers cable TV, grounds maintenance, security, sewer, trash, water, common areas, common real estate tax, and elevator

Exterior

• Parking: Assigned parking (1 space); No carport
• Security: Security patrol
• Utilities: Public water; Public sewer; Three-phase electric; Cable available
• Home design: Condominium; Resale property; 6-story building; Entry level details not specified
• Construction: Concrete construction; Other roof
• Exterior features: Building faces west; Waterfront: Yes (no specific waterfront features listed)

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Electric water heater
• Bedrooms: 1 bedroom on the main level
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Walk-in closet(s); Partially furnished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $109k.

Deal economics

• At list price, monthly cash flow is $174 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#490 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, amenities F, commute 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.
• Zoned schools: Discovery Key Elementary School (math 61% / reading 72%, grade B+, #473 of 2,144 statewide, top 23%, 1,050 students, 31% FRL); Woodlands Middle School (math 51% / reading 58%, grade B-, #183 of 571 statewide, top 34%, 1,551 students, 40% FRL) — zoned schools average 36% FRL vs 52% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.4%/yr); 665 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,974 units permitted in Palm Beach County in 2024 (1,012 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $756 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $48k; list at $109k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,739 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.76% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.80%
• DSCR: 1.30
• GRM: 4.7

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: -11.3%
• Equity multiple: 0.61×
• Total profit: $-11,924
• Equity at exit: $16,309

10-year hold

• IRR: -11.6%
• Equity multiple: 0.46×
• Total profit: $-16,386
• Equity at exit: $9,457

Cash invested: $30,626 (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 33467

• Rents YoY: -0.4%
• Active inventory: 665
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,929 high
• Mortgage (P&I): −$574
• Tax from tax record: −$144 /mo · $1,725/yr
• Insurance: −$46
• HOA: −$587
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $174

Break-even live

Break-even rent $1,709

Max offer price $109,380

Occupancy floor 86%

Sensitivity live

Price	-10% $236	-5% $205	+0% $174	+5% $143	+10% $112
Rent	-10% $21	-5% $97	+0% $174	+5% $250	+10% $326
Rate	-1.0pp $229	-0.5pp $201	base $174	+0.5pp $145	+1.0pp $116

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: $27,345
• Closing costs: $3,281
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4640 Lucerne Lakes Blvd W #605 Lake Worth, FL	2.0	1.0	900	$1,600	$1.78	16d	1	0.03mi
4760 Lucerne Lakes Blvd W #405 Lake Worth, FL	1.0	1.5	1000	$1,490	$1.49	25d	1	0.12mi
7281 Golf Colony Ct #204 Lake Worth, FL	1.0	1.0	857	$1,450	$1.69	13d	1	0.20mi
4640 Lucerne Lakes Blvd W Lake Worth, FL	2.0	1.0–2.0	960	$1,525	$1.59	5d	2	0.20mi
7250 Golf Colony Ct #104 Lake Worth, FL	2.0	2.0	815	$1,985	$2.44	25d	1	0.26mi
7250 Golf Colony Ct #104 Lake Worth, FL	2.0	2.0	815	$2,100	$2.58	0d	1	0.26mi
7257 Golf Colony Ct #203 Lake Worth, FL	2.0	2.0	790	$1,950	$2.47	8d	1	0.26mi
7178 Golf Colony Ct #101 Lake Worth, FL	2.0	2.0	735	$1,700	$2.31	25d	1	0.26mi
4575 Lucerne Lakes Blvd W #104 Lake Worth, FL	1.0	1.0	900	$1,275	$1.42	8d	1	0.28mi
4575 Lucerne Lakes Blvd W #104 Lake Worth, FL	1.0	1.0	900	$1,240	$1.38	13d	1	0.28mi
7118 Golf Colony Ct #103 Lake Worth, FL	2.0	2.0	790	$1,725	$2.18	25d	1	0.31mi
7137 Golf Colony Ct #202 Lake Worth, FL	2.0	2.0	735	$2,000	$2.72	5d	1	0.33mi
7137 Golf Colony Ct #202 Lake Worth, FL	2.0	2.0	735	$1,995	$2.71	16d	1	0.33mi
7149 Golf Colony Ct Lake Worth, FL	2.0	2.0	823	$2,098	$2.55	13d	2	0.34mi
7149 Golf Colony Ct Lake Worth, FL	2.0	2.0	823	$2,075	$2.52	3d	3	0.34mi
7149 Golf Colony Ct #104 Lake Worth, FL	2.0	2.0	790	$2,300	$2.91	25d	1	0.34mi
7091 Golf Colony Ct #201 Lake Worth, FL	2.0	2.0	735	$1,850	$2.52	15d	1	0.37mi
7101 Golf Colony Ct #102 Lake Worth, FL	2.0	2.0	790	$2,500	$3.16	25d	1	0.39mi
4682 Lucerne Lakes Blvd E #202 Lake Worth, FL	2.0	2.0	872	$1,800	$2.06	21d	1	0.40mi
4598 Lucerne Lakes Blvd E #101 Lake Worth, FL	2.0	2.0	872	$2,250	$2.58	6d	1	0.45mi
4598 Lucerne Lakes Blvd E #101 Lake Worth, FL	2.0	2.0	872	$2,250	$2.58	25d	1	0.45mi
4489 Luxemburg Ct #101 Lake Worth, FL	2.0	2.0	1005	$2,000	$1.99	25d	1	0.50mi
4471 Luxemburg Ct Lake Worth, FL	2.0	2.0	1005	$2,150	$2.14	25d	2	0.52mi
4471 Luxemburg Ct #101 Lake Worth, FL	2.0	2.0	1005	$2,300	$2.29	19d	1	0.52mi
4539 Luxemburg Ct Lake Worth, FL	2.0	2.0	1005	$2,250	$2.24	25d	1	0.54mi
4539 Luxemburg Ct Lake Worth, FL	2.0	2.0	1027	$2,250	$2.19	6d	1	0.54mi
4557 Luxemburg Ct Lake Worth, FL	2.0	1.5	1065	$2,400	$2.25	25d	1	0.54mi
4657 Fountains Dr S #206 Lake Worth, FL	1.0	1.0	882	$1,650	$1.87	13d	1	0.74mi
4345 Trevi Ct #204 Lake Worth, FL	2.0	2.0	1005	$2,100	$2.09	21d	1	0.81mi
4363 Trevi Ct #203 Lake Worth, FL	1.0	1.5	761	$1,650	$2.17	25d	1	0.83mi
4373 Trevi Ct Lake Worth, FL	2.0	1.5	1080	$2,500	$2.31	18d	1	0.84mi
4801 Esedra Ct Lake Worth, FL	2.0	2.0	1027	$2,075	$2.02	12d	2	0.86mi
4801 Esedra Ct #201 Lake Worth, FL	2.0	2.0	1005	$2,300	$2.29	25d	1	0.86mi
4266 Deste Ct #107 Greenacres, FL	2.0	2.0	978	$2,100	$2.15	25d	1	0.91mi
4284 Deste Ct #304 Greenacres, FL	1.0	1.0	716	$2,200	$3.07	18d	1	0.92mi
4832 Esedra Ct Lake Worth, FL	1.0–3.0	1.0–2.0	1026	$1,499	$1.46	4d	2	0.93mi
4236 Deste Ct #108 Greenacres, FL	1.0	1.0	716	$1,800	$2.51	18d	1	0.96mi
4242 Deste Ct Unit 208 Greenacres, FL	2.0	2.0	978	$2,500	$2.56	25d	1	0.96mi
4230 Deste Ct Unit 305 Greenacres, FL	1.0	1.0	716	$1,900	$2.65	6d	1	0.98mi
4254 Deste Ct #305 Greenacres, FL	1.0	1.0	716	$1,500	$2.09	25d	1	0.99mi

HOA detail condo

• Monthly dues: $587 · $7,044/yr
• Likely covers: watercablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   days on market $109,380 Active 20 DOM
2. 2026-06-18
   days on market $109,380 Active 17 DOM
3. 2026-06-17
   days on market $109,380 Active 16 DOM
4. 2026-06-16
   days on market $109,380 Active 15 DOM
5. 2026-06-15
   days on market $109,380 Active 14 DOM
6. 2026-06-13
   days on market $109,380 Active 12 DOM
7. 2026-06-09
   days on market $109,380 Active 8 DOM
8. 2026-06-08
   days on market $109,380 Active 7 DOM
9. 2026-06-07
   days on market $109,380 Active 6 DOM
10. 2026-06-04
    days on market $109,380 Active 3 DOM
11. 2026-06-03
    days on market $109,380 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $109,380 Active 1 DOM

ⓘ 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: $1,725 · $144/mo
• Projected year-2 tax: $1,725 · $144/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥106°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,142
• − Mortgage interest: −$6,127
• − Property taxes: −$1,725
• − Insurance: −$547
• − Repairs & maintenance: −$1,851
• − Management: −$1,851
• − HOA: −$7,044
• − Depreciation: −$3,182
• Taxable income: $815
• Est. tax owed @ 24.0%: −$196
• After-tax cash flow: $1,888/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 — Greenacres

• Score: 69/100
• State rank: #490
• US rank: #9008

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Palm Beach County · 1,438,312 people
• City population: 65,478
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 58,411
• Household income: $95,739
• Rent vs Own: 13.6% rent · 86.4% own
• Severe rent burden: 960.0

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 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 22% Two or more races 13% Black 10% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4% Cuban 4% Dominican 2%
• Common ancestry: Romanian 4% Scotch-Irish 3% Hispanic 3%
• Foreign-born: 24% · Canada, Jamaica, Vietnam
• Languages at home: 71% English-only · Spanish 17% French/Haitian/Cajun 5% Other Indo-European 3%

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: ▼ -288.94%
• Current HPI: 343.7738
• Rent YoY: ▼ -0.40%
• 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

+143.1% since first listed

13 events — show timeline

• 2026-06-01 Listed $109,380 Beaches MLS
• 2025-10-21 Sold (Public Records) $48,000 Public Records
• 2025-10-03 Sold (MLS) $48,000 Beaches MLS
• 2025-09-17 Pending — Beaches MLS
• 2025-09-04 Price Changed $49,000 Beaches MLS
• 2025-07-25 Price Changed $59,000 Beaches MLS
• 2025-06-07 Price Changed $69,000 Beaches MLS
• 2025-04-23 Price Changed $78,000 Beaches MLS
• 2025-04-07 Price Changed $85,000 Beaches MLS
• 2025-03-16 Listed $95,000 Beaches MLS
• 2003-09-02 Sold (Public Records) $27,500 Public Records
• 1983-05-01 Sold (Public Records) $41,000 Public Records
• 1981-01-01 Sold (Public Records) $45,000 Public Records

Property tax history

+16.4%/yr

Latest (2025): $1,725 · +504.1% YoY. Source: county tax records.