232 NW 4th Ave · Gainesville, FL 32601

$325,000

3 bd · 2.0 ba · 1,475 sqft · MultiFamily · 137 Days on market

Built 1930 Fair condition 4,486 sqft lot

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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 +22.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

You must see this investment opportunity just steps from the heart of Downtown Gainesville! Located at 232 NW 4th Ave, this income-producing property is a 2/1 single family home with a 1/1 attached unit (functioning as a duplex) and offers tremendous potential for renovation, rental income, or redevelopment. Each unit offers unique outdoor spaces: the front unit boasts a welcoming open front porch with swing, while the back unit enjoys its own fenced area and a cozy back porch. It is tenant occupied through end of July 2026. The unbeatable downtown location, flexible zoning, and strong rental demand make this an outstanding investment option. Opportunities like this in the Gainesville downtown core are rare - schedule your showing today!

Key facts

• Fenced area
• Open front porch
• Attached unit

Tags

• INCOME PRODUCING PROPERTY
• ATTACHED UNIT
• UNIQUE OUTDOOR SPACES
• OPEN FRONT PORCH
• FENCED AREA
• COZY BACK PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $325k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#97 in FL, #1,480 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Alachua (urban): math 49% / reading 54% proficiency, ranked #30 of 73 in FL (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.2%/yr); 139 active listings in the ZIP; lower-income renter base — watch delinquency; 1,774 units permitted in Alachua County in 2024 (984 in 5+ unit buildings).
• At $3,514/mo this rent would consume 139% of the median local household income ($30k/yr) (locally 3429% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Alachua County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $91k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago; this cycle's ask has dropped $70k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $286,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
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: 1.08% ✓
• Cap rate: 8.25%
• Cash-on-cash: 6.99%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.24% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-10,755
• Equity at exit: $48,459

10-year hold

• IRR: 9.0%
• Equity multiple: 1.76×
• Total profit: $69,106
• Equity at exit: $28,100

Cash invested: $91,000 (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 32601

• Home prices YoY: -27.7%
• Rents YoY: 5.2%
• Active inventory: 139
• Price-to-rent: 22.5×

Monthly cashflow live

• Estimated rent: $3,514 medium
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$738
• Net cashflow: $530

Break-even live

Break-even rent $2,843

Max offer price $325,000

Occupancy floor 80%

Sensitivity live

Price	-10% $755	-5% $642	+0% $530	+5% $418	+10% $305
Rent	-10% $252	-5% $391	+0% $530	+5% $669	+10% $808
Rate	-1.0pp $694	-0.5pp $613	base $530	+0.5pp $446	+1.0pp $360

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,410
1× unit	1	1	$1,104
Total (3 units)			$3,514

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-21
   days on market $325,000 Active 137 DOM
2. 2026-06-18
   days on market $325,000 Active 134 DOM
3. 2026-06-17
   days on market $325,000 Active 133 DOM
4. 2026-06-16
   days on market $325,000 Active 132 DOM
5. 2026-06-15
   days on market $325,000 Active 131 DOM
6. 2026-06-14
   days on market $325,000 Active 129 DOM
7. 2026-06-13
   days on market $325,000 Active 128 DOM
8. 2026-06-10
   days on market $325,000 Active 126 DOM
9. 2026-06-09
   days on market $325,000 Active 125 DOM
10. 2026-06-08
    days on market $325,000 Active 124 DOM
11. 2026-06-07
    days on market $325,000 Active 123 DOM
12. 2026-06-05
    days on market $325,000 Active 120 DOM
13. 2026-06-03
    days on market $325,000 Active 119 DOM
14. 2026-06-02
    days on market $325,000 Active 118 DOM
15. 2026-06-01
    days on market $325,000 Active 117 DOM
16. 2026-05-31
    days on market $325,000 Active 116 DOM
17. 2026-05-30
    days on market $325,000 Active 115 DOM
18. 2026-03-18
    price $350,000 747-char remark

    Show marketing remark (747 chars)

    You must see this investment opportunity just steps from the heart of Downtown Gainesville! Located at 232 NW 4th Ave, this income-producing property is a 2/1 single family home with a 1/1 attached unit (functioning as a duplex) and offers tremendous potential for renovation, rental income, or redevelopment. Each unit offers unique outdoor spaces: the front unit boasts a welcoming open front porch with swing, while the back unit enjoys its own fenced area and a cozy back porch. It is tenant occupied through end of July 2026. The unbeatable downtown location, flexible zoning, and strong rental demand make this an outstanding investment option. Opportunities like this in the Gainesville downtown core are rare - schedule your showing today!

19. 2026-02-27
    price $375,000 747-char remark

    Show marketing remark (747 chars)

    You must see this investment opportunity just steps from the heart of Downtown Gainesville! Located at 232 NW 4th Ave, this income-producing property is a 2/1 single family home with a 1/1 attached unit (functioning as a duplex) and offers tremendous potential for renovation, rental income, or redevelopment. Each unit offers unique outdoor spaces: the front unit boasts a welcoming open front porch with swing, while the back unit enjoys its own fenced area and a cozy back porch. It is tenant occupied through end of July 2026. The unbeatable downtown location, flexible zoning, and strong rental demand make this an outstanding investment option. Opportunities like this in the Gainesville downtown core are rare - schedule your showing today!

20. 2026-02-04
    listed $395,000 Active 747-char remark

    Show marketing remark (747 chars)

    You must see this investment opportunity just steps from the heart of Downtown Gainesville! Located at 232 NW 4th Ave, this income-producing property is a 2/1 single family home with a 1/1 attached unit (functioning as a duplex) and offers tremendous potential for renovation, rental income, or redevelopment. Each unit offers unique outdoor spaces: the front unit boasts a welcoming open front porch with swing, while the back unit enjoys its own fenced area and a cozy back porch. It is tenant occupied through end of July 2026. The unbeatable downtown location, flexible zoning, and strong rental demand make this an outstanding investment option. Opportunities like this in the Gainesville downtown core are rare - schedule your showing today!

21. 2025-11-10
    listed $650,000 Active
22. 2025-11-10
    historical
23. 2025-07-05
    historical $1,500
24. 2025-06-25
    price $1,500
25. 2025-05-25
    price $1,600
26. 2024-07-14
    listed $1,300
27. 2023-12-20
    historical $1,300
28. 2023-10-14
    price $1,300
29. 2023-09-21
    listed $1,400
30. 2011-04-06
    historical
31. 2010-09-22
    listed $279,800
32. 2010-06-12
    historical
33. 2008-06-12
    listed $279,800
34. 2008-06-12
    historical
35. 2008-01-18
    listed $139,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,168
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,373
• − Management: −$3,373
• − Depreciation: −$9,455
• Taxable income: $1,262
• Est. tax owed @ 24.0%: −$303
• After-tax cash flow: $6,058/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This single-family home with a 1/1 attached unit offers moderate renovation potential and is located in a desirable downtown Gainesville location. It requires updates to appliances, fixtures, and exterior elements to increase its value.

Repairs flagged

• Major Kitchen appliances — Old and worn, need replacement.
• Major Bathroom fixtures — Dated and in need of replacement.
• Moderate Roof — Aged and showing wear, needs inspection and possible repair or replacement.
• Moderate Exterior siding — Paint is peeling, needs repainting.
• Moderate Hardwood floors — Worn, needs refinishing or replacement.
• Moderate Paint on interior walls — Chipping, needs repainting.
• Moderate Windows — Old, may need replacement or repair.
• Moderate HVAC unit — Old, may need replacement or repair.
• Minor Landscaping — Overgrown, needs trimming and possibly new plants.

Value-add opportunities

• Both Replace kitchen appliances — Modern appliances will attract more buyers and renters.
• Both Replace bathroom fixtures — Up-to-date fixtures will appeal to both buyers and renters.
• Both Paint exterior siding and roof — Fresh paint and a new roof will improve curb appeal and increase value.
• Both Refinish hardwood floors — Refinished floors will make the home more attractive and increase its value.
• Both Replace HVAC unit — A new HVAC system will improve comfort and energy efficiency, attracting more buyers and renters.
• Both Trim and plant landscaping — A well-maintained yard will enhance curb appeal and attract more buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Old and worn, need replacement.	Major	$15,000–50,000
Bathroom fixtures · Dated and in need of replacement.	Major	$15,000–50,000
Roof · Aged and showing wear, needs inspection and possible repair or replacement.	Moderate	$3,000–15,000
Exterior siding · Paint is peeling, needs repainting.	Moderate	$3,000–15,000
Hardwood floors · Worn, needs refinishing or replacement.	Moderate	$3,000–15,000
Paint on interior walls · Chipping, needs repainting.	Moderate	$3,000–15,000
Windows · Old, may need replacement or repair.	Moderate	$3,000–15,000
HVAC unit · Old, may need replacement or repair.	Moderate	$3,000–15,000
Landscaping · Overgrown, needs trimming and possibly new plants.	Minor	$500–3,000
Total estimated repair cost · 9 items		$48,500–193,000

Value-add ROI direction

• Both Replace kitchen appliances — Modern appliances will attract more buyers and renters. ↑
• Both Replace bathroom fixtures — Up-to-date fixtures will appeal to both buyers and renters. ↑
• Both Paint exterior siding and roof — Fresh paint and a new roof will improve curb appeal and increase value. ↑
• Both Refinish hardwood floors — Refinished floors will make the home more attractive and increase its value. ↑
• Both Replace HVAC unit — A new HVAC system will improve comfort and energy efficiency, attracting more buyers and renters. ↑
• Both Trim and plant landscaping — A well-maintained yard will enhance curb appeal and attract more buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Alachua
• NCES district ID: 1200030
• Math proficiency: 49% ▼ -9.00%
• Reading proficiency: 54% ▼ -3.00%
• Median HH income: $42,683
• Composite: 43.31/100
• National rank: #3038
• State rank: #30 of 73 in FL

Livability — Gainesville

• Score: 81/100
• State rank: #97
• US rank: #1480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gainesville, FL
• County: Alachua County · 218,005 people
• City population: 188,348
• Metro: Gainesville, FL
• Population (ZIP): 23,180
• Household income: $30,352
• Rent vs Own: 76.0% rent · 24.0% own
• Severe rent burden: 3429.0

Population outlook (Alachua County) Hauer SSP2

• Today (2025): 289,834 people
• By 2030: 305,873 · +5.5%
• By 2040: 335,246 · +15.7%
• By 2050: 364,719 · +25.8%
• By 2075: 436,665 · +50.7%
• By 2100: 482,920 · +66.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Hispanic / Latino 13% Two or more races 12% Black 11% Asian 6%
• Hispanic origin (detail): Puerto Rican 2% Cuban 3%
• Common ancestry: Romanian 3% Slovak 3% Scotch-Irish 2%
• Foreign-born: 10% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 10% Other Indo-European 3% German/W. Germanic 1%

Political lean MEDSL · Alachua

• 2024 margin: Strong D (+21.0) · D 59.7% · R 38.8% · Other 1.5%
• 2008→2024 swing: -0.6pp no change · 2008: 21.6pp · 2024: 21.0pp
• All cycles: 2024: D+21.0 2020: D+27.2 2016: D+22.5 2012: D+17.3 2008: D+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -125.81%
• Current HPI: 327.9985
• Rent YoY: ▲ 5.24%
• Metro: Gainesville, 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

+150.2% since first listed

18 events — show timeline

• 2026-03-18 Price Changed $350,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-27 Price Changed $375,000 Stellar MLS as Distributed by MLS Grid
• 2026-02-04 Listed $395,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-10 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2025-11-10 Listed $650,000 Stellar MLS as Distributed by MLS Grid
• 2025-07-05 Rental Removed $1,500 APPFOLIO
• 2025-06-25 Price Changed $1,500 APPFOLIO
• 2025-05-25 Price Changed $1,600 APPFOLIO
• 2024-07-14 Listed for Rent $1,300 APPFOLIO
• 2023-12-20 Rental Removed $1,300 APPFOLIO
• 2023-10-14 Price Changed $1,300 APPFOLIO
• 2023-09-21 Listed for Rent $1,400 APPFOLIO
• 2011-04-06 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2010-09-22 Listed $279,800 Stellar MLS as Distributed by MLS Grid
• 2010-06-12 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-06-12 Listing Removed — Stellar MLS as Distributed by MLS Grid
• 2008-06-12 Listed $279,800 Stellar MLS as Distributed by MLS Grid
• 2008-01-18 Listed $139,900 Stellar MLS as Distributed by MLS Grid